Today is Monday, May 5, 2025.
It is the 125th day of the year.
240 days remain.
WHAT’S ON TAP
NOTABLE & NOTEWORTHY: ELON MUSK scores another major victory for SPACEX.
GRACE POTTER nails the national anthem and LADY GAGA sets a new record. More in SHOWBIZ.
Pee-wee Herman’s bike sells at auction and more details about Netflix’s “Little House on the Prairie” reboot. Details in CASTING CALL.
PRINCE HARRY gives yet another interview. Details in ROYALS.
###
TARIFF TALK
– The Wall Street Journal reports that China’s security czar is in talks to meet with Trump officials in the United States to discuss the administration’s demands for curbing the flow of fentanyl into the country. Chinese industrial companies are responsible for the chemicals that create the dangerous and harmful drug, often in Mexico. Sources tell the Journal the Chinese government wants to use these negotiations as an “on-ramp” to negotiate new trade terms.
– In another report, China’s trade officials are eager to begin formal talks to reduce tariffs, which have been clobbering their economy. The ruling Communist Party first wants guarantees from the Trump administration that they’re willing to negotiate in earnest.
– During an interview on “Meet the Press” yesterday, PRESIDENT TRUMP explicitly said he intends to negotiate and bring down the 145% tariffs on Chinese goods.
– Chinese ecommerce giant TEMU – known for its low-cost, low-quality, mass-manufactured junk – said on Friday it is working with American suppliers and infrastructure to continue shipping products that avoid tariffs.
###
ELON MUSK’s plan to incorporate the land around the Starbase SPACEX facility in South Texas succeeded on Saturday, where residents of the area overwhelmingly voted to approve incorporating the town, 212 to 6.
Almost all residents are already SpaceX employees. The milestone marks a relatively breakneck speed in developing the area; construction on the launch facilities began less than 7 years ago.
But the work for more autonomy over the land and launch schedule continues. Efforts are underway to win support in the Texas state legislature that would take some authority from the county and give it to the new city of Starbase – in particular, the unilateral ability to close a popular nearby beach to accommodate launches. SpaceX currently only has permission for 5 launches a year from that location and seeks to up that number to 25. [via Local12]
SPEAKING OF SPACE: The Trump administration’s budget plan released on Friday would shift much of NASA’s space flight operations to private contractors. The proposed funding would allow NASA to complete its next two planned Artemis missions, which would return humans to the Moon. The current project costs more than $4 BILLION per launch and is 140% over its budget. (By comparison, a typical launch of SpaceX’s STARSHIP costs about $100 MILLION).
AND SPEAKING OF BILLIONAIRES: Investor WARREN BUFFETT said over the weekend he intends to retire at the end of the year. He’s 94 years old.
Buffett’s company, Berkshire Hathaway, is currently sitting on a record cash pile of about $347.7 BILLION. If that money were parked in a basic high yield savings account earning 5%, he’d make earn interest of about $47 MILLION – every day.
###
A report from Realtor.com suggests the typical American family needs to earn 70% to buy a typical home than they did just six years ago.
Considering rising home values and costs of borrowing, a typical household needs to earn around $114,000 a year – a $47,000 increase from 2019. That’s well above the typical income of $80,600 a year.
On the bright side, these costs have been pretty flat over the last year. [via New York Post]
###
MOVE OVER, BENSON BOONE: An Olympic medalist has submitted his recent stunt to set the record for the most backflips completed in 24 hours.
Frederick Richard – better known on social media as “Frederick Flips” – live-streamed the feat over the weekend, eventually completing 1,111 backflips from a standing position. If certified, that should be enough to break the previous record of 1,002.
In addition to bragging rights, Richard is hoping to raise $100,000 to promote gymnastics in Africa. You can donate here >
###
AND THE WINNER IS…: The more than 5,000 runners participating in the 2026 Los Angeles Marathon will need to adjust their plans due to a scheduling conflict with the 2026 Oscars.
Both cannot occur on Sunday, March 15 as originally planned, since the Dolby Theatre, home to the Oscars, is located on Hollywood Blvd, right on the marathon route.
So, after a six-week debate, which included the fact that the marathon is always typically held on the third Sunday in March, and was technically announced first, the March 15th date goes to the Oscars.
It is unclear who had the final say in the matter or who in the local government scheduled the two major events on the same day to begin with. [via Billboard]
###
Keep reading with a 7-day free trial
Subscribe to Morning Martini to keep reading this post and get 7 days of free access to the full post archives.