Latest news with #Musk-led
Time of India
3 days ago
- Business
- Time of India
Elon Musk's SpaceX under investigation for crane accident in Texas; watch how it happened
Elon Musk's SpaceX is under investigation by the Occupational Safety and Health Administration (OSHA) following a recent crane accident at the company's Starbase, Texas, facility. The crane collapse was captured in a livestream by Lab Padre on YouTube, a channel focused on SpaceX. The video of the same was also shared on the social media platform X. Clips of the incident were widely shared across social media platforms. According to a report by CNBC, it was not immediately clear if any SpaceX workers sustained injuries as a result of the incident. Neither Musk nor other company executives have responded to requests for comment from the publication. Meanwhile, a spokesperson for OSHA informed CNBC that additional details will be made available once the investigation is complete. The incident reportedly occurred while the crane was involved in cleanup efforts following a recent Starship explosion at the site. Take a look at the video here: Tesla may have quite a history of workplace injuries Previously, SpaceX has been said to have faced scrutiny over its workplace safety record, which has reportedly exceeded the industry average in terms of injuries. In one 2014 incident, employee Simon LeBlanc died due to a hazard the company failed to address, according to OSHA. These developments come as SpaceX continues to face operational challenges, including a recent crane collapse and several explosions involving its Starship Super Heavy launch vehicle—the rocket intended to support Musk's long-term goal of Mars colonisation. Environmental groups in the US and Mexico have reportedly criticised the impacts of these incidents on local ecosystems, though SpaceX claims recent activities caused no harm. Starship is also tied to NASA's Artemis mission to return humans to the moon. However, uncertainty around NASA's upcoming budget—which is pending congressional approval—may affect upcoming collaborations with SpaceX. The Musk-led company has secured over $20 billion in federal contracts to date, mainly from NASA and the Department of Defence, the report adds.
Yahoo
5 days ago
- Business
- Yahoo
Job openings among the largest U.S. federal contractors have plummeted at 25x the rate of all other jobs amid DOGE cuts, report finds
While job openings have broadly remained steady, opportunities in private-sector government contractors have plummeted, according to new data from Indeed. A 15% drop in job listings for the 25 largest U.S. government contractors since Jan. 20 coincides with mass funding cuts facilitated by Elon Musk's Department of Government Efficiency. Elon Musk's mass spending cuts across the government have not just slashed the federal workforce, but may also have axed job opportunities among the largest government contractors in the private sector. Since the beginning of President Donald Trump's second term, job openings for the 25 private-sector companies with the largest government contracts have dropped 15%, according to a report published on Thursday by the Indeed Hiring Lab. Listings for all other jobs dipped only 0.6% in the same period. The precipitous drop in job opportunities at massive government contractors—such as Boeing, Honeywell and Deloitte (though the data does not analyze job openings for the individual companies)—coincides with the Musk-led Department of Government Efficiency's (DOGE) culling of private-sector contracts, part of the advisory's efforts to reduce so-called government waste and abuse. DOGE claims to have saved taxpayers $180 billion in workforce reductions, contract and lease cancellations, and other spending cuts, though experts warn the advisory's calculations are inaccurate and inflated. These cuts have made their mark on the private sector, with tech companies like Oracle and Leidos reportedly having contracts terminated by DOGE as part of the Pentagon's goal to slash $580 million in funding. The cuts have also hit Big Four consulting companies like Deloitte, which saw the elimination of at least 120 contracts totalling more than $1 billion, according to a Fortune analysis from April. Stark disparities in job opportunities available overall compared to the 25 major contractors may indicate these companies are starting to make tough decisions following DOGE cuts, according to Cory Stahle, the report's author and economist at the Hiring Lab. 'It's clear that these [cuts to government] funding are having an impact on some of these companies—hiring plans and where they see things going in the coming months—especially as they've seen potential pullback to their streams of funding from the government,' Stahle told Fortune. Companies have begun to report the impact of these cuts. Tech consultancy Accenture warned in March the Trump administration's cost-cutting could impact sales and revenue. Federal contracts make up about 8% of its global revenue and 16% of its Americas revenue in fiscal 2024. The company reported a quarterly earnings beat last week, but a 6% decrease in bookings. Chief financial officer Angie Park said the impact of federal funding cuts on the business, though, was 'immaterial.' Booz Allen Hamilton, a consultancy among the top 25 contractors, which derives about 98% of its revenue from government contracts, announced it would lay off about 2,500 employees, primarily staff involved in parts of the company working for non-defense U.S. agencies. 'All presidential transitions create some degree of near-term disruption, followed by opportunity,' Booz Allen CEO Horacio Rozanski said in an earnings call. 'We now see that these dynamics are indeed in play, at a rate and speed that is beyond what we originally expected.' What concerns Indeed's economist Stahle about the data related to job openings is how much government-contractor jobs have been impacted compared to the rest of the labor market. Since February 2024, job listings for positions at government contractors have plummeted 44%, according to the Indeed data, while all other listings have increased 14% since before COVID. While the number of job openings have more broadly stabilized, the recent data indicates the trend of government-contractor job listings 'is not changing the way the rest of the labor market is changing,' Stahle said. 'We're starting to see a break in patterns, which I think is what's most notable about this,' he added. Fewer job listings for these massive private-sector contractors may mean fewer opportunities for fired federal workers seeking news jobs, particularly as applications among this demographic soared in the spring as a result of DOGE's mass workforce cuts. Most of these fired federal employees are knowledge workers looking for white-collar positions usually offered by government contractors, according to Stahle. Not only are fewer job openings available to these federal workers, but also to college students and young professionals entering the workforce. 'The broader labor market impact could be much larger than a 25-company series might indicate,' Stahle said. 'We want to hit that soft landing we've been talking about for a couple years, and hopefully start to see things turn around. We don't want to continue to go down forever.' This story was originally featured on 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
CNBC
6 days ago
- Science
- CNBC
SpaceX crane collapse in Texas being investigated by OSHA
A SpaceX crane collapse at the company's Starbase, Texas facility on Tuesday has prompted an investigation by the Occupational Safety and Health Administration, the federal agency told CNBC in an email. The crane collapse was captured in a livestream by Lab Padre on YouTube, a SpaceX-focused channel. Clips from Lab Padre were widely shared on social media, including on X, which is owned by SpaceX CEO Elon Musk. It wasn't immediately clear whether any SpaceX workers were injured as a result of the incident. Musk and other company executives didn't respond to a request for comment. A spokesperson for OSHA told CNBC that more details will be available after the investigation is complete. SpaceX has a history of workplace injuries that exceed industry average, Reuters previously reported. In 2014, one of the company's employees, Simon LeBlanc, died on the job due to what OSHA concluded was a failure by the company to protect him from a clear hazard. Earlier this year, the Department of Government Efficiency (DOGE), a Musk-led effort by the Trump administration to slash the size of the federal government, cut OSHA's resources and shuttered at least 11 of its field offices. Through DOGE, Musk sought to reduce federal agency budgets, personnel and even certain regulations, limiting their ability to investigate and enforce existing laws. The SpaceX crane collapse followed a string of explosions and other setbacks for the company's Starship Super Heavy launch vehicle, the largest rocket ever flown, which is key to Musk's ambition to transport equipment and people to Mars. Environmental activists in the U.S. and Mexico say those explosions have harmed sensitive habitat, wildlife and marine life. SpaceX said, in posts online, that its activity had not harmed the surrounding area during the most recent explosion on June 18. Starship was previously expected to play an important part in NASA's effort to return to the moon. SpaceX had earned more than $20 billion in federal government contracts mostly from the Department of Defense and NASA. Meanwhile, NASA's proposed lean budget for the next year has not yet been authorized by Congress and could impact the agency's business with SpaceX, and shift the focus of its missions. Musk, who was President Donald Trump's biggest financial backer, sought to appoint his friend Jared Issacman, a commercial astronaut, to lead NASA under the second Trump administration. Trump withdrew his nomination of Isaacman as the president bickered with Musk in the waning days of the billionaire's formal involvement with the White House.
Hindustan Times
12-06-2025
- Business
- Hindustan Times
House passes $9.4B federal budget cuts targeting PBS, NPR, and foreign aid
(Bloomberg) -- The US House approved $9.4 billion in Elon Musk's DOGE federal spending cuts, with Republican moderates swallowing their concerns about cutting previously approved spending for foreign aid and public broadcasting. The White House's spending cancellation package passed the House on a 214 to 212 vote. It faces a more uncertain future in the Senate where moderates have voiced opposition to some of the cuts and could strip them out of the package. Senate Majority Leader John Thune said the Senate may amend the package before it votes on it in July. The bill would codify DOGE's unilateral cuts to the US Agency for International Development and the US Institute of Peace. USAID cuts have been criticized for endangering lives in developing countries that rely on help from the US. The measure also approves cuts of more than $1 billion for the entity that funds the Public Broadcasting System and National Public Radio. The cuts were designed by the Musk-led Department of Government Efficiency but opponents say only Congress can take away funding that it approved. The White House promised to send many more cut requests if this bill passed. 'It's very important for it to pass and if it does, it will be worth the effort and we'll send up additional packages,' White House Budget Director Russ Vought told House members last week. Skeptics of the House tax bill, which the Congressional Budget Office estimates will add $3 trillion to the national debt over 10 years, have cited making DOGE cuts permanent as key to their support. 'In DOGE we trust,' said Representative Tom McClintock of California. Cuts to rural PBS stations as well as to a successful foreign aid program to combat AIDS started by former President George W. Bush gave some Republican moderates pause but they dropped their opposition under pressure from GOP leaders. 'They're not touching the medical side of it, the medicine side, so I feel better than what I was hearing last week, that it was going to be a total cut,' Representative Don Bacon of Nebraska said of the anti-AIDS program known as PEPFAR. In the Senate, moderates Lisa Murkowski of Alaska and Susan Collins of Maine have said they would seek to strip out the anti-AIDS funding cuts. The bill would eliminate advanced funding for the Corporation for Public Broadcasting, which funds PBS and NPR, entities which have long been targeted by conservatives for alleged liberal bias. President Donald Trump has derided the outlets as a drain on taxpayer money that he says provide unfavorable coverage to him. The public media outlets receive a small portion of their funding from federal sources in addition to dollars from sponsors and individual donors. The networks have said that smaller stations could close as a result of the cut. The proposal was submitted by the Trump administration under a fast-track procedure that cannot be filibustered by minority Democrats in the Senate. If the Senate doesn't act within 45 days, the funds would be distributed. Critics of Musk's DOGE effort say that its unilateral cuts and mass firings are illegal under the 1974 Impoundments Control Act and the only way to legally rescind funding is to go through Congress. Vought has said that without Congress's approval, the administration has the right to simply refuse to spend the money, an assertion that would certainly be challenged in court. --With assistance from Gregory Korte. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
12-06-2025
- Business
- Yahoo
House Passes Musk's DOGE Cuts to PBS, NPR and Foreign Aid
(Bloomberg) -- The US House approved $9.4 billion in Elon Musk's DOGE federal spending cuts, with Republican moderates swallowing their concerns about cutting previously approved spending for foreign aid and public broadcasting. Shuttered NY College Has Alumni Fighting Over Its Future Trump's Military Parade Has Washington Bracing for Tanks and Weaponry NYC Renters Brace for Price Hikes After Broker-Fee Ban Do World's Fairs Still Matter? NY Long Island Rail Service Resumes After Grand Central Fire The White House's spending cancellation package passed the House on a 214 to 212 vote. It faces a more uncertain future in the Senate where moderates have voiced opposition to some of the cuts and could strip them out of the package. Senate Majority Leader John Thune said the Senate may amend the package before it votes on it in July. The bill would codify DOGE's unilateral cuts to the US Agency for International Development and the US Institute of Peace. USAID cuts have been criticized for endangering lives in developing countries that rely on help from the US. The measure also approves cuts of more than $1 billion for the entity that funds the Public Broadcasting System and National Public Radio. The cuts were designed by the Musk-led Department of Government Efficiency but opponents say only Congress can take away funding that it approved. The White House promised to send many more cut requests if this bill passed. 'It's very important for it to pass and if it does, it will be worth the effort and we'll send up additional packages,' White House Budget Director Russ Vought told House members last week. Skeptics of the House tax bill, which the Congressional Budget Office estimates will add $3 trillion to the national debt over 10 years, have cited making DOGE cuts permanent as key to their support. 'In DOGE we trust,' said Representative Tom McClintock of California. Cuts to rural PBS stations as well as to a successful foreign aid program to combat AIDS started by former President George W. Bush gave some Republican moderates pause but they dropped their opposition under pressure from GOP leaders. 'They're not touching the medical side of it, the medicine side, so I feel better than what I was hearing last week, that it was going to be a total cut,' Representative Don Bacon of Nebraska said of the anti-AIDS program known as PEPFAR. In the Senate, moderates Lisa Murkowski of Alaska and Susan Collins of Maine have said they would seek to strip out the anti-AIDS funding cuts. The bill would eliminate advanced funding for the Corporation for Public Broadcasting, which funds PBS and NPR, entities which have long been targeted by conservatives for alleged liberal bias. President Donald Trump has derided the outlets as a drain on taxpayer money that he says provide unfavorable coverage to him. The public media outlets receive a small portion of their funding from federal sources in addition to dollars from sponsors and individual donors. The networks have said that smaller stations could close as a result of the cut. The proposal was submitted by the Trump administration under a fast-track procedure that cannot be filibustered by minority Democrats in the Senate. If the Senate doesn't act within 45 days, the funds would be distributed. Critics of Musk's DOGE effort say that its unilateral cuts and mass firings are illegal under the 1974 Impoundments Control Act and the only way to legally rescind funding is to go through Congress. Vought has said that without Congress's approval, the administration has the right to simply refuse to spend the money, an assertion that would certainly be challenged in court. --With assistance from Gregory Korte. American Mid: Hampton Inn's Good-Enough Formula for World Domination New Grads Join Worst Entry-Level Job Market in Years The Spying Scandal Rocking the World of HR Software US Tariffs Threaten to Derail Vietnam's Historic Industrial Boom The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
