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Time of India
20-07-2025
- Business
- Time of India
How and why SpaceX is the reason Donald Trump administration cannot breakup with Elon Musk
Soon after a public spat between Elon Musk and Donald Trump, the Trump administration initiated a review of SpaceX 's contracts with the federal government in early June, a report has said, adding that the evaluation aimed to identify potential waste within the company's multibillion-dollar agreements. Citing sources familiar with the matter, a report by The Wall Street Journal says that after the review, the administration officials determined that most of these contracts could not be eliminated due to their critical importance to the Defense Department and NASA. A White House official confirmed to the publication that the review focused not just on SpaceX but on a range of companies with 'lucrative' government contracts . How Trump-Musk 'public spat' triggered review of SpaceX's government contracts Musk, once a close advisor to Trump, overseeing the "Department of Government Efficiency" (DOGE) cost-cutting effort, saw his relationship with the US President fracture after publicly criticising Trump's tax-and-spending bill. On June 5, Trump posted on Truth Social suggesting to 'terminate' government contracts with Musk's companies to save federal funds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ranked: The 25 Best Cities To Live In The World Learn More Undo On June 9, Josh Gruenbaum, Commissioner for the Federal Acquisition Service at the General Services Administration (GSA), reportedly sent an email to the Defense Department requesting data detailing all current SpaceX contracts and other transaction agreements. What Trump Administration officials concluded Despite the initial intent to cut ties, White House and agency officials, including those at the Pentagon, concluded after reviewing the data that the majority of SpaceX's deals were vital to the core missions of the Defense Department and NASA. The report noted that some contracts may still face ongoing scrutiny, and that SpaceX president Gwynne Shotwell met with White House officials during the review period. The report suggests that the Trump administration is highly dependent on SpaceX as the government has limited alternatives for many critical rocket launches and low-Earth-orbit satellite services, making Musk and his company an asset in space operations. Government agencies have expanded their work with SpaceX due to the company's technological capabilities and competitive pricing. While efforts have been made to foster competition through contract design and by encouraging other space companies to develop competing solutions, the report noted. Boat Smart Ring Active Plus: DON'T BUY A SMARTWATCH AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
20-07-2025
- Business
- Time of India
How Elon Musk's Neuralink calling itself ‘small disadvantaged business' may be a ‘problem' for the brain chip company
Elon Musk 's health tech startup Neuralink has labelled itself as a "small disadvantaged business.' This comes shortly before a financing round valued the company at $9 billion. Despite being owned by the richest man in the world, the brain chip implant company said this in a federal filing with the US Small Business Administration (SBA) earlier this year. This designation is typically given to businesses that are at least 51% owned and controlled by certain disadvantaged individuals. The Department of Justice has previously issued fines to companies for making false claims about their Small Disadvantaged Business (SDB) status, a NBC report claims, underscoring the serious nature of such declarations. However, no public record of Neuralink winning government contracts using this status has been found. Nuralink's SDB filing in April was first reported by the Substack-based news site MuskWatch. Which companies according to SBA can get an SDB status As per the SBA's website, an SDB designation indicates that a company is at least 51% owned and operated by one or more individuals who are both 'socially disadvantaged and economically disadvantaged.' The website also notes that holding an SDB designation may allow a business to 'gain preferential access to federal procurement opportunities." The SBA allows companies to self-certify this status. Despite Neuralink's net value and Musk being a majority owner, the company checked the SDB box, the report claims. The filing listed Jared Birchall , a company executive and head of Musk's family office, as the official contact. Birchall has yet to share a officla comment on the same, the report adds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo Neuralink is developing a brain-computer interface to help people with severe paralysis control devices using brain signals. The company recently raised $650 million at a $9 billion valuation, with backing from investors like ARK Invest and Founders Fund. The funding will support expanding patient access and creating new devices to strengthen the link between humans and AI. Boat Smart Ring Active Plus: DON'T BUY A SMARTWATCH AI Masterclass for Students. Upskill Young Ones Today!– Join Now
