Bloomberg News Now May 27, 2025: SpaceX Starship Rocket Destroyed, Musk on Spending Bill, More
May 28, 2025
SpaceX faced dramatic setbacks with its Starship rocket, including a mid-flight explosion. Elon Musk voiced strong opinions on a controversial spending bill. On Wall Street, consumer confidence is up, with the S&P 500 seeing a notable increase. Meanwhile, NVIDIA gears up for earnings amidst challenges in the tech sector, including contract cancellations and shipping issues. Legal disputes involving the Department of Homeland Security also come into play, highlighting the complexities of federal contracts.
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SpaceX's Starship Setback
- SpaceX's ninth Starship test flight faced major issues, leading to an explosion mid-flight after losing control.
- This event marked the third setback following two previous explosive test flights in January and March.
Musk's Take on Spending Bill
- Elon Musk sees the recent domestic spending bill as large but flawed, doubting it can be both big and beautiful.
- His view contrasts President Trump's endorsement of the spending package.
Trump's Negotiation Skills Recognized
- President Trump is praised as a skilled negotiator who successfully brought the EU to trade talks.
- His past tariff tactics also forced China to agree to a phase one trade deal.