Trump and Jim Cramer Defend SpaceX as Musk Wants to Enter the Telecom Market

On Monday, Donald Trump and CNBC host Jim Cramer backed SpaceX after reports that Elon Musk’s company is negotiating with EchoStar to buy Boost Mobile, a U.S. carrier with about 7 million customers, or rent its network. SpaceX stock traded near $137, above its $135 initial public offering price. Musk wants a full U.S. phone service combining Starlink satellites with ground towers; AT&T, Verizon and T-Mobile previously refused his requests for network access. Boost leases capacity from AT&T and T-Mobile, and those leases may not transfer, so those carriers could block access; no deal has been reached. Trump said Musk should be protected if Democrats endanger SpaceX, after Democrats discussed probing Musk’s federal contracts if they win Tuesday’s midterm elections.