Tech billionaire Elon Musk was born in South Africa but emigrated at age 17 and eventually became a naturalized U.S. citizen.

A proposed regulatory change would allow Elon Musk’s satellite company and others like it to get a license without having to sell shares to Black South Africans.

During CNBC’s Squawk Box Monday, co-host Andrew Ross Sorkin asked Tennessee Senator Bill Hagerty about the president’s recent outrage at Walmart. The mega retail chain’s CFO warned last week that consumers might start to see higher prices on products as soon as June.