Latest news with #TheBoringCompany
Yahoo
09-07-2025
- Business
- Yahoo
Steve Davis left DOGE in May, but officials say he's still running the show
Though he officially left the U.S. government in May, Steve Davis — Elon Musk's low-flying former top lieutenant at the Department of Government Efficiency — continues to wield influence at DOGE, according to the WSJ. The outlet says Davis, who is a longtime Musk ally and insider, regularly gives directions to current DOGE officials and has privately dismissed his departure as 'fake news.' TechCrunch reached out earlier Wednesday to The Boring Company, Musk's tunneling company where Davis has held the president role, for comment. This behind-the-scenes involvement suggests that Davis — who is reportedly so frugal that he has sometimes signed off on costs as low as a few hundred dollars, and so loyal to Musk that he reportedly slept in the offices of X with his wife and newborn child after Musk took over the social media platform — remains more engaged than outsiders might realize. Given Musk's exit and his ongoing feud with President Trump, Davis's influence has created internal tension, adds the Journal, with staffers reportedly facing loyalty tests between Trump and Musk in closed meetings as the department battles White House efforts to shrink its power. The outlet cites current and former officials who say Musk allies want to establish 'DOGE 2.0,' focusing on government IT systems rather than job cuts, but adds there are critics who believe the team's continued involvement serves primarily to benefit Musk's business interests, including SpaceX, Tesla, and X.
TechCrunch
09-07-2025
- Business
- TechCrunch
Steve Davis left DOGE in May, but officials say he's still running the show
In Brief Though he officially left the U.S. government in May, Steve Davis — Elon Musk's low-flying former top lieutenant at the Department of Government Efficiency — continues to wield influence at DOGE, according to the WSJ. The outlet says Davis, who is a longtime Musk ally and insider, regularly gives directions to current DOGE officials and has privately dismissed his departure as 'fake news.' TechCrunch reached out earlier Wednesday to The Boring Company, Musk's tunneling company where Davis has held the president role, for comment. This behind-the-scenes involvement suggests that Davis — who is reportedly so frugal that he has sometimes signed off on costs as low as a few hundred dollars, and so loyal to Musk that he reportedly slept in the offices of X with his wife and newborn child after Musk took over the social media platform — remains more engaged than outsiders might realize. Given Musk's exit and his ongoing feud with President Trump, Davis's influence has created internal tension, adds the Journal, with staffers reportedly facing loyalty tests between Trump and Musk in closed meetings as the department battles White House efforts to shrink its power. The outlet cites current and former officials who say Musk allies want to establish 'DOGE 2.0,' focusing on government IT systems rather than job cuts, but adds there are critics who believe the team's continued involvement serves primarily to benefit Musk's business interests, including SpaceX, Tesla, and X.
Hindustan Times
06-07-2025
- Business
- Hindustan Times
Sequoia's Shaun Maguire slammed for racist jibe at Zohran Mamdani: ‘Comes from a culture that lies'
Shaun Maguire, a partner at Sequoia, has faced backlash for a series of racist posts against Zohran Mamdani. Maguire is a well known name in Silicon Valley, having led or co-led Sequoia's investments in SpaceX, The Boring Company, and X. Before joining Sequoia, the tech investor was a partner at Google Ventures. Partner at Sequoia Capital Shaun Maguire faces criticism for his racist posts on Zohran Mamdani.(AFP) On Saturday, Maguire made a series of derogatory comments against Zohran Mamdani, the Democratic nominee for mayor of New York City in the upcoming 2025 election. The comments did not focus on his policies but on his race and religion, sparking backlash against the tech investor. What Shaun Maguire said about Zohran Mamdani 'Mamdani comes from a culture that lies about everything. It's literally a virtue to lie if it advances his Islamist agenda,' Maguire posted on X. 'The West will learn this lesson the hard way,' he added. Zohran Mamdani is the son of Indian-American filmmaker Mira Nair and Ugandan academic Mahmood Mamdani. If elected, he could become New York City's first-ever Muslim mayor. A New York Times report on Thursday also revealed that the 33-year-old checked a box claiming he was 'Asian' but also 'Black or African American' when he applied to Columbia University in 2009. Shaun Maguire faces criticism The post drew widespread criticism on social media. 'A partner at Sequoia outs himself as a full-on anti-Muslim bigot. Usually when smart people are racist, they try to be subtle. But @shaunmmaguire is so lazy that he can't even be bothered to put some thought into his racism,' read one critical post on X among many other similar ones. American statistician Nate Silver labelled it as 'just a little casual racism from Silicon Valley's finest'. Slammed for bringing Mamdani's religion into the criticism, Maguire shared a clarification. He said that being Muslim does not equate to being an Islamist. 'People have lost the plot,' he said. 'Islamist != to Muslim 'Hezbollah, Hamas, Al-Qaeda, ISIS, The Taliban, The Ayatollahs in Iran, etc are Islamists 'Mamdani — a man who started an SJP chapter and defended Anwar al-Alawki — is an Islamist. He's doing his best to hide this but it's clear,' said the Silicon Valley investor.
Forbes
08-06-2025
- Business
- Forbes
Why Elon Musk's Attack On Trump Might Be A Genius Move
Is Musk the next Kingmaker? To many watching, Elon Musk's decision to publicly insult President Trump seemed self-destructive, if not outright irrational. After all, Trump is not merely a political contender; he is the sitting President of the United States. And his administration holds the keys to massive government contracts awarded to Musk's companies, including Tesla, SpaceX, Starlink, and The Boring Company. From electric vehicle subsidies to multi-billion-dollar defense and aerospace deals, Musk's empire is deeply intertwined with Washington policy. So why provoke the President? Why risk alienating the one person who could shut off the federal faucet? At first glance, Musk's recent behavior—mocking Trump's persona and publicly undermining his hallmark tax bill—seems reckless. But what if it is not? While some of this may sound far-fetched, it is not without basis—and not without bias. With significant financial exposure to both Tesla and SpaceX, there is naturally a tendency among investors and observers alike to view Musk's actions as part of a broader strategic play rather than a misstep. It is a theory shaped by both market history and hope. And given Musk's repeated success turning volatility into advantage, it remains a plausible—if highly speculative—possibility. What if the world's richest man is executing a deliberate and calculated power move—not for short-term gain, but for long-term positioning? Consider the numbers. In late 2024 and early 2025, Musk reportedly spent over $300 million supporting Trump's return to the White House—through media platforms, political donations, and influence networks. That support may have helped secure Trump's narrow path to reelection. Within months of Trump's victory, Musk's net worth surged by over $150 billion—a staggering 500x return on his political 'investment.' Arguably, it was the fastest rise in personal net worth in recorded human history. That type of asymmetric gain does not happen by accident. It happens by design. And Musk is still only 53 years old—a young man by political standards. He has decades ahead of him, along with a seemingly endless stream of ideas, energy, and capital. He may not be eligible to run for President himself (as a naturalized citizen), but he is more than capable of shaping who does—and what ideas dominate the political conversation. Importantly, Musk now controls X (formerly Twitter), one of the most powerful social media platforms in the world. With it, he can shape narratives, amplify allies, and control the flow of political discourse at a scale no traditional media outlet can match. He also has virtually unlimited capital at his disposal—far beyond the reach of any political action committee or super PAC. In effect, Elon Musk could become the most influential political kingmaker of our era. And let us not forget: many have underestimated Musk before—and paid dearly. Short-sellers have repeatedly tried to bet against him, only to be humiliated. Tesla has suffered steep declines, but time and again, the stock has rebounded with explosive force, wiping out billions in short positions. Betting against Musk has become a high-risk proposition, bordering on financial self-destruction. He thrives in volatility. He welcomes chaos. And he has mastered the art of turning doubt into dominance. During his brief but highly publicized 'Spring Internship' in the White House, Musk likely absorbed far more than just headlines. He got a firsthand view of how political messaging is crafted, how power is distributed, and how influence is accumulated—not just through policy, but through provocation, platform control, and personal brand. And perhaps this is not personal—it is transactional. Musk left the White House with what many interpreted as a symbolic 'golden key': access, influence, and alignment. Yet, within days of departing, he turned sharply critical. This timing suggests not a spontaneous outburst, but a calculated pivot. Some speculate that Trump's decision to reject Musk's preferred candidate for NASA Administrator may have played a role. Others point to the fact that Tesla—despite leading the EV revolution—was excluded from new vehicle credits in Trump's proposed tax package. The omission could cost Tesla billions. Was Musk's shift ideological? Possibly. But more likely, it was about money and control. And Trump likely understands that. To be clear, President Trump is doing nothing wrong in this exchange. In fact, he has remained composed, focused on his policy agenda, and largely above the fray. He appears presidential. And perhaps he recognizes what others may not: the proverbial sandbox is plenty big for both of them. There is room in American politics for powerful forces to compete—and coexist. Critics may call Musk's approach erratic, but history has shown that he often plays the long game better than anyone. Maybe this public feud is not a mistake. Maybe it is a strategic play to build influence, control narratives, and shape the next decade of power and innovation. Maybe, just maybe—it is genius. -------------------------- Disclosure: Past performance is no guarantee of future results. Please refer to the following link for additional disclosures: Additional Disclosure Note: The author has an affiliation with ERShares and the XOVR ETF. The intent of this article is to provide objective information; however, readers should be aware that the author may have a financial interest in the subject matter discussed. As with all equity investments, investors should carefully evaluate all options with a qualified investment professional before making any investment decision. Private equity investments, such as those held in XOVR, may carry additional risks—including limited liquidity—compared to traditional publicly traded securities. It is important to consider these factors and consult a trained professional when assessing suitability and risk tolerance.
CNA
05-06-2025
- Business
- CNA
Explainer-Does escalating spat with Trump pose regulatory threat for Musk businesses?
The risk U.S. transportation, environmental, communications and other regulators will take aim at Elon Musk's many businesses became a real threat after the billionaire's deep political ties with President Donald Trump disintegrated on Thursday. Below is a list of U.S. regulators who oversee Musk's companies, including automaker Tesla, rocket and satellite company SpaceX, brain implant company Neuralink, social media platform X and construction firm The Boring Company. Federal Communications Commission The Federal Communications Commission in April voted to open a review of the decades-old spectrum sharing regime between satellite systems sought by SpaceX. SpaceX wants access to new spectrum from the FCC in the coming years to speed deployment of satellite-based internet service. The review by the U.S. telecom regulator aims to allow a greater and more intensive use of spectrum for space activities. Existing reductions approved in the 1990s limit power usage that prevent better coverage from SpaceX's Starlink and other systems. Food and Drug Administration The FDA oversees the clinical trials for Neuralink, Musk's brain implant company, deciding whether such trials can take place and whether Neuralink can eventually sell its device to consumers. The agency already approved such trials in the U.S. Neuralink has also been pursuing clinical trials outside the U.S, including in Canada. The FDA had initially rejected Neuralink's request to start clinical trials, citing safety risks, Reuters reported in 2023. The agency has since given the startup approval to do clinical trials, which are ongoing. Environmental Protection Agency SpaceX faces environmental regulations from the EPA, which oversees the company's wastewater discharges at its operating site in Texas. The company's operations are also subject to environmental reviews under the National Environmental Policy Act, with several agencies including the Fish and Wildlife Service required to analyze the impact of the company's rocket launches and landings on land, water and wildlife. National Highway Traffic Safety Administration Tesla faces ongoing oversight from U.S. auto safety investigators about the safety of its vehicles especially when using advanced driver assistance systems. Last month, the National Highway Traffic Safety Administration asked Tesla to answer questions on its plans to launch a paid robotaxi service in Austin, Texas, in June, in order to assess how the electric vehicle maker's cars with full self-driving technology will perform in poor weather. NHTSA has been investigating Tesla's full self-driving collisions in reduced roadway visibility conditions since October. The agency said it is seeking additional information about Tesla's development of robotaxis "to assess the ability of Tesla's system to react appropriately to reduced roadway visibility conditions" as well details on robotaxi deployment plans and the technology being used. Federal Aviation Administration In September, the FAA proposed a $633,000 fine against SpaceX for failing to follow license requirements in 2023 before two launches. That investigation remains open. The FAA could also impose new restrictions or additional scrutiny after a series of explosions of SpaceX launches. Securities and Exchange Commission Musk is embroiled in litigation with the SEC over his 2022 takeover of Twitter, with Musk now due to respond to those allegations next month. The regulator also had opened an investigation into his company Neuralink according to a December letter from Musk's lawyer he posted on social media platform X. Federal Trade Commission The FTC is a consumer protection agency that ensures social media companies like Musk's platform X protect children's privacy and safeguard Americans' data. The FTC, which also enforces antitrust law, recently opened a probe into coordination between media watchdog groups, some of whom Musk has accused of orchestrating an illegal group advertiser boycott against his social media site.
