South Africa Lawmakers Slam Starlink Plan Over ‘Back Door' Entry
South Africa's lawmakers challenged a plan to provide an alternative to Black ownership rules that will pave the way for Elon Musk's Starlink to operate in Africa's biggest economy.
'We are not going to accept a situation where our laws are going to be rewritten in Washington,' Sixolisa Gcilishe, a member of the leftist Economic Freedom Fighters, told a meeting on Tuesday in Cape Town.
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Fox News
15 minutes ago
- Fox News
Elon Musk posts 'Kill Bill' meme in latest push to nix Trump's 'big, beautiful bill'
Less than a week after leaving his position as head of the White House's Department of Government Efficiency, Elon Musk is calling on Americans to urge their senators and representatives to "kill" the "big, beautiful" budget bill backed by President Donald Trump. Musk has grown increasingly critical of Trump's "big, beautiful bill," claiming that if passed, it would increase the U.S. budget deficit by $5 billion. On Wednesday afternoon, Musk posted an image of the 2003 Uma Thurman movie "Kill Bill," appearing to reference his call to nix the Trump-backed bill. "We need a new bill that doesn't grow the deficit," Musk said on X. In another post, Musk urged: "Call your Senator, Call your Congressman, Bankrupting America is NOT ok! KILL the BILL." Musk said Tuesday afternoon that he "just can't stand it anymore." "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination," he said. "Shame on those who voted for it: you know you did wrong. You know it." Musk previously criticized the bill during an interview with CBS, noting he was "disappointed" in the spending bill because "it undermines" all the work his DOGE team was doing. The bill passed the House in late May, ahead of Memorial Day, largely along party lines. However, two Republicans did vote against the measure, citing insufficient spending cuts and a rising national debt. GOP Kentucky Sen. Rand Paul has also signaled he likely will not vote in favor of the bill in its current form, citing a debt ceiling increase that is a red line for him. Trump has lashed out at Paul and others for opposing the bill, but so far he has taken a more measured approach to Musk's criticism. "Look, the president already knows where Elon Musk stood on this bill," White House press secretary Karoline Leavitt said during a Tuesday afternoon briefing when asked about Musk's most recent criticism. "It doesn't change the president's opinion. This is one big, beautiful bill, and he's sticking to it," she said.
Yahoo
27 minutes ago
- Yahoo
Analyst says Tesla faces one big beautiful hit from Trump bill
Analyst says Tesla faces one big beautiful hit from Trump bill originally appeared on TheStreet. After demonstrating strong resilience and rising steadily in May 2025, Tesla () stock is off to a difficult start for June. CEO Elon Musk finally did what many experts have advocated for and shifted his focus away from Capitol Hill and back to his companies. When he announced plans to step away from the Department of Government Efficiency (DOGE), share prices surged and investors rejoiced. 💵💰💰💵 June stands to bring a highly anticipated event, as Tesla prepares to debut its fleet of autonomous robotaxis in Austin, Texas. Despite concern that its technology isn't ready, Musk has made it clear that the company will proceed with the launch as planned, even after admitting he is 'paranoid' about it. That isn't the only potential problem Tesla is facing, though. One Wall Street analyst recently speculated that a looming policy from the White House could significantly impact its bottom line. Over the past few months, Tesla stock has battled high volatility, primarily trending downward from January through April. Musk's focus shift from DOGE to Tesla and SpaceX helped spark momentum as the Spring season began, suggesting that a turnaround could be now all experts are convinced that the company's road to recovery will be smooth. JPMorgan analyst Ryan Brinkman recently highlighted a risk that Tesla is facing, one that stands to severely compromise its chances of getting share prices back to their previous highs. Brinkman's thesis centers around a piece of legislation that has been trending on Capitol Hill lately. It would represent a major policy achievement for President Donald Trump. Dubbed 'One Big Beautiful Bill Act,' it centers around tax cuts and social reforms, most of which would benefit the already wealthy. Trump's economic policies are often geared at benefiting corporations and wealthy individuals, such as the Tax Cuts and Jobs Act (TCJA), the landmark bill from his first term. However, Brinkman thinks that his newest bill is likely be shave up to 52% off Tesla's Earnings Before Interest and Taxes (EBIT), a key financial metric. 'The legislation would get rid of the $7,500 federal tax credit EV buyers receive, resulting in a $1.2 billion (19% of its EBIT) headwind for the company thanks to lower demand and margins,' reports Sherwood News. 'Additionally, [it] would outlaw the California Air Resources Board's ZEV program, which furnishes Tesla with regulatory credits. Without them, Tesla would have posted a loss last quarter.' More Tesla News: Billionaire fund manager dumps Tesla in favor of other tech stock Elon Musk, Tesla send bold message to Washington, DC Elon Musk gets devastating news as the 'anti-Tesla' catches on According to Brinkman's estimations, that could result in Tesla taking an additional $2 billion hit, amounting to roughly 33% of its EBIT. On a recent webinar, he stated that the market seemed completely oblivious to what the bill could mean for TSLA stock if passed. Brinkman isn't the only one concerned about what the bill could mean for Tesla. Elon Musk, who recently announced that he is done with his political responsibilities, recently expressed disappointment with Trump, stating that the bill 'increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.'The Tesla CEO noted that while he thinks the bill can be both big or beautiful, he is skeptical that it can be both. While he hasn't commented on what it could mean for Tesla, it is clear he doesn't approve of how Trump, someone he previously worked closely with, is approaching this major bill. Investing expert James "Rev Shark" DePorre recently raised the question of whether or not Wall Street will be forced to admit that there is a 'method to Trump's madness.' As it stands, the answer remains unknown, as economic conditions remain complicated and highly uncertain, making it hard to pinpoint broader market movements. If Tesla stock continues to struggle as the bill gains traction, though, other experts may join Brinkman in his argument that the EV leader could end up paying the price for Trump's policy. This could push shares downward at a highly critical says Tesla faces one big beautiful hit from Trump bill first appeared on TheStreet on Jun 3, 2025 This story was originally reported by TheStreet on Jun 3, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27 minutes ago
- Yahoo
Elon Musk, SpaceX have an exploding rocket ship problem
Elon Musk, SpaceX have an exploding rocket ship problem originally appeared on TheStreet. While Tesla prepares for the upcoming robotaxi launch, another Elon Musk company is facing new problems as a highly anticipated event approaches. SpaceX has been in full focus recently as the company looks toward its next rocket launch. Musk's space exploration and technology venture has encountered numerous challenges so far this year, prompting some questions about its future. 💵💰💰💵 The company entered 2025 with its sights set on reaching new milestones and sending more rockets into space. However, only a few months later, multiple test flights have resulted in rockets exploding, the effects of which have been felt by people on the ground. This trend has sparked concern from regulators as SpaceX continues its quest to send up more rockets. However, a recent incident has posed new problems for Musk and his company. Musk's grand ambitions to help usher in a new era of space travel and exploration are well known. Over the past few years, SpaceX emerged as a leader in the space tech market, becoming the most valuable privately held company in December noted, though, this year has seen the company experience several key setbacks, in the form of rockets exploding in mid-air during test flights in January and March 2025. These failed launches resulted in flights out of Orlando, Florida, being grounded due to falling debris from the rockets. On Tuesday. May 27, SpaceX sent up a Starship rocket as part of its ninth flight test, as many people watched closely, some in awe and some with concern. The fears of the latter group would quickly prove astute, though, as the rocket spiraled out of control before reaching mid-flight. 'When SpaceX's Starship thundered off the South Texas launchpad late Tuesday, employees cheered the world's largest and most powerful rocket's ability to surpass the previous two flawed missions,' Bloomberg reports. 'But halfway into the flight, the stainless-steel rocket exploded after leaking propellant and spinning out of control.' In a statement released following the launch, SpaceX touted the success of its Super Heavy booster, the first stage of the rocket's launch system. The company stated that the 'Starship's ninth flight test marked a major milestone for reuse with the first flight-proven Super Heavy booster launching from Starbase.' However, it proved unable to touch down smoothly and ended up slamming into the Gulf of Mexico in pieces. Shortly thereafter, the spacecraft began spiraling out of control. Musk posted on X afterward that fuel leaks had 'caused loss of main tank pressure during the coast and re-entry phase.' More Elon Musk News: Microsoft has good news for Elon Musk, bad news for Sam Altman Elon Musk makes unexpected promise after major tech meltdown Elon Musk faces growing legal Twitter/X problem That said, he failed to address several other problematic elements from the failed launch, including the fact that the rocket's doors did not open to deploy dummy satellites. This was described as a 'crucial test of the company's ability to deploy upgraded satellites,' which was intended to upgrade the internet unit of SpaceX subsidiary Starlink. In his X update, Musk attempted to frame SpaceX's latest launch as an overall success, despite the clear problems. He described it as a 'big improvement over the last flight,' highlighting that the Starship rocket had arrived at the scheduled ship engine cutoff, and noting that SpaceX had good data to he may not be overly concerned with the launch's results, it doesn't change the fact that SpaceX has had three launches end badly in 2025 this far. The combination of an overall smooth launch but an uncontrolled re-entry isn't likely to inspire confidence in the company's chances of safely sending rockets to Mars, something on which Musk is highly focused. 'This was a high-stakes test for Starship, and SpaceX faltered,' states industrial and transportation columnist Thomas Black. 'Although SpaceX has turned the space industry on its head by reducing drastically the costs of launches with its smaller Falcon 9 reusable rocket, the company is still in startup mode with Starship.' If Musk plans to continue his quest to help colonize Mars, SpaceX will likely need to start demonstrating progress on the safety front soon. As TheStreet reports, regulators have made it clear that they have concerns about the company, which may only intensify after the most recent Musk, SpaceX have an exploding rocket ship problem first appeared on TheStreet on May 29, 2025 This story was originally reported by TheStreet on May 29, 2025, where it first appeared.
