Latest news with #GwynneShotwell
Daily Mail
3 days ago
- Business
- Daily Mail
How much Elon Musk stands to lose in Trump spat as his staggering government contracts are revealed
Elon Musk 's revenge war against Donald Trump has seen the Tesla billionaire savage his former boss with toxic insults on his platform X. But it might be the president who gets the last laugh - as the fallout threatens to lose the SpaceX founder billions of dollars. Trump has threatened to cut off huge federal loans and subsidies to Musk's companies after they fell out over the 'Big Beautiful Bill'. In the last twenty or so years, the tech guru's firms have received some $38billion in government contracts, according to The Washington Post. 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' Trump wrote on Thursday. 'I was always surprised that Biden didn't do it!' The threat came after the world's richest man, worth over $330billion, torched Trump's 'Big Beautiful Bill' as a ' disgusting abomination,' largely because it's projected to add trillions of dollars to the deficit. Tesla and SpaceX - Musk's biggest companies - have received by far the most help from the government over the years. SpaceX President and COO Gwynne Shotwell estimates that SpaceX has gotten $22billion in federal spending. And last year alone, at least a quarter of the rocket designer's revenue came directly from federal contracts valued at $3.8billion. Tesla has already had $11.4billion in regulatory credits from environmentally-focused federal and state programs looking to boost the number of zero-emission vehicles. At least $2.1billion of that total has been to help Tesla develop new cars and improve upon its battery technology, according to advocacy group Good Jobs First. Trump hasn't yet said he wants to get rid of these regulatory credits, which is good for Musk because his companies get these credits for free and can sell them for virtually 100 percent profit. Though these credits make up a relatively small percentage of Tesla's revenue, they represent a staggering 32 percent of the company's profits since 2014, according to E&E News. What could be worrying to Musk is that there are 52 ongoing contracts with seven different government agencies that are set to pay his companies an additional $11.8 billion over the next few years, according an analysis from The Post. If Musk as DOGE chief was able to cancel government contracts he felt were wasteful, there's no reason to believe Trump as president wouldn't be able to do the same to Tesla, SpaceX and others. Starlink, a satellite internet service, is one of Musk's smaller companies and is far less reliant on government assistance. While Tesla and SpaceX have received billions, Starlink has only gotten about $6 million from various federal agencies in 2022 and 2023. That includes a pledge from the Department of Defense back in 2022 to buy $1.9million worth of Starlink technology. Though Starlink may be able to weather a potential boycott from Trump, investors are worried about Tesla's fortunes given its large reliance on the federal government. Shares of Tesla plummeted nearly 12 percent on Thursday, when the worst of the jabs between Trump and Musk were happening. It's stark reversal from just several months ago, when Trump was helping Musk sell Tesla cars on the South Lawn of White House. Before markets closed on Thursday, Musk dramatically claimed that Trump is in the Epstein files, which he said explained why they haven't been released in full by the Justice Department. Trump didn't directly respond to the Epstein accusation, instead posting what amounted to a shrug on Truth Social. He also shifted the focus back to the 'big, beautiful bill,' which he continues to vehemently support despite Musk's qualms. 'I don't mind Elon turning against me, but he should have done so months ago,' Trump wrote. 'This is one of the Greatest Bills ever presented to Congress.' Musk's attacks on the bill further complicates its passage in the Senate, where the 53 GOP senators already weren't in lockstep on certain provisions.
National Post
29-04-2025
- Business
- National Post
CIV Launches with $210M Fund to Back and Build Companies Reshaping Critical Industries
Article content Article content VENICE BEACH, Calif. — CIV, an investment firm focused on backing and building transformative companies reshaping critical industries, today announced the close of its inaugural CIV Fund One. The fund is oversubscribed with more than $210 million in capital commitments. Article content 'The defining companies of this century will reimagine the systems that underpin our economy and society.' Article content Founded by seasoned entrepreneurs and investors, CIV operates on the principle that civilization advances through bold technological innovation. CIV Fund One targets a projected $70 trillion U.S. market opportunity by 2050* for ongoing industrial transformation, strategically responding to critical shifts including artificial intelligence transforming the global economy, reshoring of manufacturing and supply chains, and surging energy demand. Article content CIV Fund One is backed by a distinguished group of founding limited partners, including StepStone Group, Gwynne Shotwell (President and COO, SpaceX), Brown Advisory, Fred Wilson (Co-Founder, Union Square Ventures), and a global network of leading institutions, endowments, family offices, and founders. Article content Gwynne Shotwell, President and COO, SpaceX said: 'What sets CIV apart is their conviction and hands-on approach. They're not just investors—they're active company builders who help founders execute and scale from day one.' Article content CIV's strategy is rooted in its ability to operate as both investor and company builder. The firm combines deep operating experience, a flexible capital model, and a global advisory network—creating structural advantages from company formation to scale. CIV partners directly with exceptional founders—and when the right company doesn't yet exist, it co-founds and incubates one in-house. Article content CIV's early investments reflect this hybrid strategy. The firm invested in Senra Systems, a next-gen manufacturing business applying automation to the wire harness industry. CIV also co-founded and seeded The Nuclear Company, a fleet-scale nuclear energy platform powering the AI and industrial economy. Additional Fund One investments include Base Power, Crux, and Verse—companies advancing scalable solutions in energy, fintech, and strategic supply chains. Article content CIV was founded by Patrick Maloney, Jeff Rosenthal, and Abhijoy Mitra—entrepreneurs and investors who have financed, built and scaled category-defining companies. Together, their combined expertise provides CIV-backed founders with a distinct operational and strategic advantage. Article content Maloney is an EY Entrepreneur of the Year and previously founded Inspire, a clean energy company acquired by Shell. Rosenthal co-founded Summit, the influential global thought leadership communities, is the co-owner of Powder Mountain, and has been a Senior Advisor to SpaceX, Colossal Biosciences, Scopely, Calm, Masterclass, and Goodleap, among others. Mitra was previously a General Partner at Coatue, leading venture and growth investments in industrial technology and climate innovation. Article content 'The defining companies of this century will reimagine the systems that underpin our economy and society, ' said Patrick Maloney, Co-Founder and CEO, CIV. ' We actively partner with visionary founders to build businesses that address the most pressing challenges of our time. When the best company exists, we back it. When it doesn't, we partner with outlier founders to build it.' Article content 'CIV is a firm built for founders, by founders,' said Jeff Rosenthal, Co-Founder and Managing Partner, CIV. 'Great founders don't just build businesses, they define movements and reshape markets. CIV exists to empower them with the resources and global relationships that help them execute at scale.' Article content 'The global economy is undergoing a fundamental shift,' added Abhijoy Mitra, Co-Founder and Managing Partner, CIV. 'What's needed isn't just capital, it is long-range vision and operating capabilities. We've built CIV to deliver both.' Article content CIV is an investment firm that backs and builds transformative companies reshaping the world's most critical industries. By combining deep operating expertise, a flexible capital model, and a unique global advisory network, CIV creates structural advantages for visionary founders tackling society's most urgent challenges. When the best company exists, we back it. When it doesn't, we partner with exceptional founders to develop groundbreaking ideas, build new companies, and accelerate their growth. Article content Article content Article content Article content Article content Article content
Yahoo
24-03-2025
- Business
- Yahoo
SpaceX Preps New Starlink Dishes, Including One for Gigabit Speeds
PCMag editors select and review products independently. If you buy through affiliate links, we may earn commissions, which help support our testing. SpaceX is developing a new dish meant to offer gigabit internet to customers, a big boost from current download speeds, which are closer to 200Mbps. The dish was mentioned in a webinar for Starlink resellers, according to a person who watched the presentation. It appears customers will need to buy the new dish to access gigabit speeds. SpaceX will also need to roll out its planned upgrade for the Starlink constellation, which will involve a broader range of radio spectrum for the satellite internet system. Apple AirPods Pro 2 ANC Earbuds With USB-C Charging Case for $169.99 (List Price $249.00) New Apple iPad 11" 128GB Wi-Fi Tablet (2025 Release) for $328.86 (List Price $349.00) Sony WH-1000XM5 Wireless Noise Canceling Headphones for $249.99 (List Price $399.99) Sonos Move 2 Wireless Portable Bluetooth Speaker (Black) for $359.00 (List Price $449.00) Blink Mini 2 Indoor Wireless 1080p Camera (2-Pack) for $37.99 (List Price $69.99) Apple Watch Series 10 (GPS, 42mm, Black, S/M, Sports Band) for $299.00 (List Price $399.00) Fire TV Stick 4K Max Streaming Player With Remote (2023 Model) for $39.99 (List Price $59.99) Amazon Fire HD 10 32GB Tablet (2023 Release, Black) for $94.99 (List Price $139.99) Fitbit Inspire 3 Health and Fitness Tracker (Midnight Zen/Black) for $69.95 (List Price $99.95) *Deals are selected by our commerce team The company is still awaiting FCC clearance for the upgrades, but the proposed enhancements promise to boost Starlink's speeds to rival ground-based fiber networks. It's possible SpaceX will release the gigabit dish later this year, but that depends on whether the company's Starship vehicle can successfully deploy third-generation Starlink satellites. 'Next generation, we'll have smaller beams, more capacity per beam, lower latency,' SpaceX's President Gwynne Shotwell in November, adding that the resulting Starlink speeds will reach as high as 2 gigabits. SpaceX may market the gigabit product to business customers before consumers, following its of offering its most services to enterprises. In the meantime, SpaceX's webinar also mentioned releasing a refreshed flat for enterprise buyers. The company has already discounted the existing flat high-performance dish from $2,499 to $1,499 — a sign it's trying to clear out inventory. The other notable news is that SpaceX is preparing another device model to follow the dish, which currently costs $499 in the US. SpaceX didn't immediately respond to a request for comment. But satellite experts have told us they expect customers will need a new dish to access gigabit speeds since the current Starlink hardware isn't built to support the additional radio bands needed to drive the gigabit speeds. However, SpaceX's planned upgrades for the Starlink network could still deliver speed improvements to users on existing dishes. 'Starlink is also asking the FCC for permission to relax the power limits applicable to their existing Ku-band links and allow the satellites to operate at lower altitudes and lower elevation angles,' satellite industry analyst Tim Farrar told us in October. 'So the throughput for existing Ku-band dishes would improve, and it could be more feasible to aggregate multiple terminals and get gigabit downlink speeds that way.'
Muscat Daily
12-03-2025
- Business
- Muscat Daily
Jio Partners with SpaceX to offer Starlink internet in India
Mumbai, India – Jio Platforms Limited (JPL) has announced a strategic agreement with SpaceX to offer Starlink's satellite broadband services to its customers across India. The collaboration, subject to regulatory approval for SpaceX to operate in India, aims to enhance Jio's broadband offerings by integrating Starlink's advanced satellite internet technology. The agreement will see Jio making Starlink's solutions available through its extensive retail network and online platforms. By leveraging Jio's position as the world's largest mobile data operator and Starlink's status as a leader in low Earth orbit satellite technology, the partnership seeks to provide reliable high-speed internet across India, including its most remote and underserved regions. Jio will not only retail Starlink equipment but will also offer customer support for installation and activation. This initiative aligns with Jio's commitment to expanding internet accessibility for enterprises, small and medium businesses, and rural communities. Starlink's satellite-based service will complement JioAirFiber and JioFiber, ensuring connectivity in areas where traditional broadband infrastructure is challenging to establish. Mathew Commen, Group CEO of Reliance Jio, hailed the agreement as a 'transformative step towards seamless broadband connectivity for all.' He added, 'By integrating Starlink into Jio's broadband ecosystem, we are expanding our reach and enhancing the reliability of high-speed internet, empowering communities and businesses across India.' Gwynne Shotwell, President and Chief Operating Officer of SpaceX, welcomed the collaboration, stating, 'We applaud Jio's commitment to advancing India's connectivity. We look forward to working together and securing the necessary authorisations from the Government of India to provide Starlink's high-speed internet services to more people and businesses.' Jio and SpaceX are also exploring additional areas of cooperation to further strengthen India's digital infrastructure.
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Express Tribune
11-03-2025
- Business
- Express Tribune
India signs deal to acquire Starlink internet service
An Indian telecom company has reached an agreement with SpaceX to provide Starlink internet services in India, according to Indian media reports. The deal marks a significant step towards expanding Starlink's global reach. The licence application for Starlink has reportedly reached an advanced stage, with initial approval nearing completion. However, the Indian telecom company clarified that SpaceX will need to secure the necessary permits to sell Starlink in India before the deal becomes fully operational. According to international media, the collaboration between the Indian company and SpaceX will focus on introducing Starlink equipment in retail outlets, offering Starlink services to business customers, and exploring the possibility of providing internet to rural communities, schools, and healthcare centres. Gwynne Shotwell, SpaceX's Chief Operating Officer, expressed excitement about the partnership, stating, "We are thrilled to work with the Indian company and look forward to bringing the benefits of Starlink to the people of India." Currently, Elon Musk's business interests in India are limited to the social media platform X (formerly Twitter). However, his electric vehicle company, Tesla, is expected to enter the Indian market soon. Last month, Tesla posted job advertisements in India, shortly after Prime Minister Modi's meeting with Musk.
