Amy Morris

Sources tell Bloomberg that SpaceX is boosting its target IPO valuation to more than $2 trillion, which would be bigger than all but five of the companies in the S&P 500 index.

Some tariff news from the White House.

The Trump administration will maintain 50 percent tariffs on many imported steel, aluminum and copper products while simplifying duties for goods made with negligible amounts of those metals.

The Trump administration will also impose tariffs on certain imported medications with rates of as much as 100 percent, pressuring drug makers to manufacture more in the U.S.

Attorney General Pam Bondi is being removed from her post as head of the Justice Department.

President Trump posted on social media that Bondi will transition to a, quote, important new job in the private sector.

It's not clear what that job would be.

Constitutional lawyer Rob McWhirter says Bondi might have a hard time in the private sector.

Constitutional lawyer Rob McWhirter on balance of power

Trump says Deputy Attorney General Todd Blanch will step in to serve as acting.

Democratic Representative Robert Garcia posted on social media that Bondi is still legally obligated to appear for a hearing on Capitol Hill regarding the Justice Department's handling of the Epstein files.

Bloomberg White House correspondent Jeff Mason has more on Trump's motivation to oust his attorney general.

Bloomberg's Jeff Mason on balance of power.

Sources tell Bloomberg that SBA Communications is exploring options, including a potential sale after receiving preliminary takeover interest.

Any deal would be large considering the size of the company and its debt load, with SBA having an enterprise value of about $34 billion, including debt.

SBA shares gained 14% in regular trading.

Tesla posted one of its worst sales quarters in years, missing Wall Street expectations, as the carmaker struggles to turn around its core business and navigate an increasingly challenged electric vehicle market.

Bloomberg's Detroit Bureau Chief David Welch says the company did manage to top last year's sales, but there's been a steady decline over a number of years.

Bloomberg's David Welch on Bloomberg Intelligence.

Tesla shares fell more than 5% in regular trading.