Hello, my most beloved subscribers!

Marty McFly had one major weakness/strength in the “Back to the Future” movies: He did not like to be called a “chicken.” I mention that because he’s a fictional teenager from a popular film franchise, but it’s surprising how often fiction can mirror reality, don’t you find?

News you Need2Know

• Musk critiques Trump’s big bill, bringing bromance …

• I’m not ‘chickening out’ on tariffs, says Trump

• 🚀 SpaceX launches another Starship rocket, but it …

• Macy’s shares up 1% as it makes less money than la …

• Why ‘wrench attacks’ on wealthy crypto holders are …

• Be at the airport 45 minutes before a flight, says …

Also: “Wrench attacks.”

—Matt Davis, Need2Know Chedditor

Companies mentioned in today’s newsletter

$SPACEX.P ( 0.0% )  $M ( ▼ 3.79% )  $WMT ( ▼ 0.15% )  $HD ( ▼ 1.28% )  $TGT ( ▼ 1.57% )  $UAL ( ▲ 0.36% )  

FROM OUR WASHINGTON CORRESPONDENT

Musk critiques Trump’s big bill, bringing bromance to a close

Elon Musk, once a frequent presence at President Donald Trump’s side, not to mention the biggest financial backer of Trump’s candidacy, is once again running his tech companies—and disparaging the $5 trillion domestic policy bill the GOP-led House passed last week.

Musk told "CBS Sunday Morning" that he was disappointed by the legislation, saying it "undermines the work that the DOGE team is doing."

"I think a bill can be big or it can be beautiful," Musk told CBS News, "but I don't know if it can be both. My personal opinion."

The comments underscore the new distance between Musk and Washington, after a rough few months where his slash-and-burn approach to the federal bureaucracy drew loud protests from Democrats and private grumbling from many Republicans, as well as a Senate report highlighting that Musk’s conflicts of interest in running DOGE could be worth up to $2.37 billion.

Call it a break, or call it a break-up: It’s not clear who dumped whom. But polls also showed Musk was deeply unpopular as the head of DOGE. Trump started telling aides Musk would “leave soon” in early April, after Musk’s vocal support for a Republican Supreme Court judge in Wisconsin backfired. Last week Musk told a gathering in Qatar that he would spend “a lot less” on political campaigns from now on.

That has concerned some Republicans, although longtime Trump ally Steve Bannon described the move as Musk “taking his toys and going home.”

Whether Musk jumped or whether he was pushed, the world’s richest man is now focusing more of his time on Tesla and SpaceX. A group of large investors in Tesla has demanded that Musk commit to work at least a 40-hour week at the carmaker, to address what they are calling a “crisis” as European sales fell by half in April.

Questions about what exactly he achieved through his DOGE — or Department of Government Efficiency effort — are also being raised, with Musk only producing about 15 percent of the $1 trillion in annual budget savings he had promised.  

And a judge ruled yesterday that 14 states’ lawsuits could proceed against DOGE over constitutional concerns.

Musk lamented that DOGE became “a whipping boy for everything” yesterday at a panel event at Starbase in Texas, the town his company employees were elected to run in early May.

He also seemed, at least for Musk, slightly humbled by the experience in the Trump administration as a special adviser.

“The federal bureaucracy situation is much worse than I realized,” he said. “I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.”

—Margaret Chadbourn

I’m not ‘chickening out’ on tariffs, says Trump

President Donald Trump dismissed suggestions that he is "chickening out" on imposing high tariffs, a criticism popularized through the acronym “TACO” by The Financial Times, which stands for “Trump Always Chickens Out.”

In response to a reporter's inquiry on the term, Trump called the question “nasty” and explained his negotiation strategy: “You call that chickening out? It’s called negotiation. I set a ridiculous high number and I go down a little bit, you know, a little bit.”

Trump defended his approach, which has involved threats of extreme tariffs followed by smaller adjustments during negotiation periods. For instance, he raised a 145% tariff on Chinese goods, later reducing it to 30% for 90 days of discussions. Similarly, he proposed a 50% tariff on European Union goods starting in June but delayed it to July 9 to allow room for negotiations. These moves have caused volatility in the stock market, with investors initially selling off amid fears of slower growth and higher costs, but rebounding as Trump pulls back on his threats.

Despite criticism of his strategy, Trump argued that it has driven substantial economic benefits for the U.S., asserting it led to $14 trillion in new investments, though this figure remains unverified. He told the reporter: “Don’t ever say what you said. To me, that’s the nastiest question.”

🚀 SpaceX launches another Starship rocket, but it tumbles out of control

SpaceX launched its mega rocket, Starship, for the ninth time from its Starbase facility in Texas on Tuesday evening, but the mission fell short of its main objectives when the spacecraft tumbled out of control and, let’s say, broke apart.

Despite its impressive 403-foot height, the rocket experienced multiple failures. Initially, the mission aimed to release a series of mock satellites post-liftoff, but a malfunction with the door prevented this from happening.

As the spacecraft ascended and skimmed space, it quickly began spinning uncontrollably toward an uncontrolled landing in the Indian Ocean. SpaceX later confirmed the failure, stating the spacecraft experienced "a rapid unscheduled disassembly," their technical term for bursting apart.

“Teams will continue to review data and work toward our next flight test,” SpaceX said in a statement.

Elon Musk, CEO of SpaceX, noted in a post on X that this launch represented a “big improvement” compared to the previous two demos, which ended in, let’s say, flaming debris over the Atlantic Ocean. He promised a faster pace of launches, aiming for a Starship launch every three to four weeks for the next three flights.

This mission marked the first time a Starship, intended for moon and Mars travel, flew with a recycled booster. SpaceX flight commentator Dan Huot reflected the challenges by saying: “Not looking great with a lot of our on-orbit objectives for today.”

NASA requires SpaceX to achieve major improvements with Starship to meet future goals, including landing astronauts on the moon, something we last did as a country 56 years ago.

Today on the ‘gram: Nvidia profits loom

Post of the day: The #TACO Trade

Quote of the Day

Macy’s shares up 1% as it makes less money than last year

Macy’s $M ( ▼ 3.79% ) reported mixed results for its first quarter, surprising some analysts by surpassing sales expectations but lowering its profit outlook for the year due to the impact of tariffs and cautious consumer spending.

The department store reported $4.79 billion in sales, better than the $4.42 billion projected by analysts, but still lower than the $5 billion in sales recorded during the same period last year. Comparable sales, including online performance, declined 2%, though Bloomingdale’s and Bluemercury showed growth. CEO Tony Spring emphasized a cautious approach, stating, “We are not just broadly increasing price. We’re being incredibly surgical about the situation with tariffs.”

Retailers, including Macy’s, have struggled with the volatility stemming from the U.S. trade war and tariffs. Industry giants like Walmart $WMT ( ▼ 0.15% ) , Target $TGT ( ▼ 1.57% ) , and Home Depot $HD ( ▼ 1.28% ) have either raised prices or absorbed costs associated with tariffs.

Shares rose 1% after the report, reflecting cautious optimism.

Should you check your 401(k) today?

👎️ 

No.

Why ‘wrench attacks’ on wealthy crypto holders are on the rise

A “wrench attack,” a term popularized by an online comic, refers to physically coercing someone, let’s say, by hitting them repeatedly with a wrench, until they surrender their private keys or passwords.

Phil Ariss of TRM Labs, a crypto tracing firm, emphasized the rise of such attacks, telling the AP: “Criminal groups already comfortable with using violence to achieve their goals were always likely to migrate to crypto.”

Factors such as cryptocurrency’s decentralized nature and irreversible transactions make it attractive to thieves. As Ariss noted, these attackers can transfer large sums of wealth with “a few clicks,” eliminating the need to transport stolen physical items like cash or jewelry.

Key attributes of cryptocurrency make its owners vulnerable. Holdings are accessed via private keys and transactions are permanent, meaning stolen funds are irretrievable. While many users employ “cold wallets” to safeguard assets from hacking, these methods cannot protect against a physical threat demanding access to passwords. The recent case in New York mirrors other high-profile wrench attacks, such as thieves in France cutting off a crypto executive’s finger to gain access to their wallet.

Be at the airport 45 minutes before a flight, says your dad United

If I’m taking a flight, I get to the GATE two hours beforehand. If I’m later than that, you don’t want to be around me. Ask my wife, who would prefer to just meet me at the gate five minutes before boarding, based on how I handle airports.

Good news for people like me. Bad news for people like my wife…

United Airlines $UAL ( ▲ 0.36% ) is tightening its check-in window for domestic flights in the United States, requiring travelers to check in at least 45 minutes prior to departure starting June 3. The new policy applies to customers traveling with or without checked bags, aligning check-in deadlines to create consistency across the board. Currently, passengers flying without checked luggage have until 30 minutes before departure to check in. A United spokesperson explained the rationale, stating the change “brings greater consistency for our customers and conforms with the policies of many other airlines.”

Here's how United’s updated check-in policy compares to other major U.S. carriers:

• United Airlines: From June 3, check-in closes 45 minutes prior to departure for domestic flights. Check-in deadlines for international routes vary, with some requiring up to 90 minutes in advance.

• Delta Air Lines: Domestic flights require check-in at least 30 minutes ahead if no bags are checked, and 45 minutes if luggage is being checked. International flights mandate a 1-hour minimum, with some airports requiring earlier check-ins.

• American Airlines: Domestic flights impose a 45-minute check-in deadline (including luggage), while international flights generally require passengers to check in 60 minutes ahead of departure.

• Southwest Airlines: Domestic check-ins for passengers with checked luggage must be completed 45 minutes prior to departure. Late baggage may not make it aboard. For international flights, the deadline is set at 60 minutes, with select airports requiring earlier arrivals.

• Alaska Airlines: Domestic travelers need to check in 50 minutes before departure, whereas international passengers must complete the process 60 minutes prior. Exceptions exist for specific airports, such as Guadalajara, Mexico, which requires a 90-minute check-in deadline.

My favorite airport in the world is now Guadalajara, Mexico.

Poll of the Day: Set doors to manual

Poll Results: Replicant line judges R us

We asked: Who's a better line judge at the French Open in tennis?

You answered:

🟩🟩🟩🟩🟩🟩 Le robot. Mon dieu! (242 votes)

 🟨🟨🟨🟨🟨⬜️ L'humane. C'est simple! (217 votes)

459 Votes — via @beehiiv polls

Coming soon: The Disruptors

Airing on Tuesday Jun 3 at 8:30 p.m. ET wherever you watch Cheddar, The Disruptors dives deep into the lives and minds of visionary entrepreneurs, innovators, and change-makers who are revolutionizing industries and shaping the future. Each episode will profile a different disruptor, exploring their personal journeys, motivations, challenges, and the groundbreaking solutions they’ve brought to the world. Find out more at the Disruptors website!