Crypto Hit By Market Upheaval
"Bloomberg Crypto" covers the people, transactions, and technology shaping the world of decentralized finance. Today's guests: Ava Labs President John Wu, Bitfarms CEO Ben Gagnon, Bloomberg's Vildana Hajric and Olga Kharif. (Source: Bloomberg)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
16 minutes ago
- Yahoo
Uber CEO Wants Customers Using More Than One Product
Uber CEO Dara Khosrowshahi talks about adding the company's first chief operating officer since 2019 and trying to get customers to use more than one product. "People who use multiple products on Uber tend to transact with us much one of the reasons I wanted to get an experienced operating executive to really focus on the overall relationship with the customer rather than, you know, separate P&Ls," he told Bloomberg's Tom Giles at the Bloomberg Tech summit in San Francisco. Sign in to access your portfolio
Yahoo
30 minutes ago
- Yahoo
Tesla Plunges After Musk Escalates Attacks on Trump Tax Bill
(Bloomberg) -- Tesla Inc.'s shares sank the most in almost three months as Elon Musk and President Donald Trump's simmering feud devolved into a public war of words between two of the world's most powerful people. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Where Public Transit Systems Are Bouncing Back Around the World The Global Struggle to Build Safer Cars Trump on Thursday said he was 'very disappointed' by the Tesla chief executive officer's criticism of the president's signature tax policy bill. Musk fired back in several social media posts, saying in one that 'without me, Trump would have lost the election.' The president later floated terminating federal contracts and subsidies extended to Musk's companies and said that he had asked the Tesla and SpaceX leader to leave his administration, which Musk said was a 'lie.' Tesla's shares fell 15% as the volleys continued, the stock's biggest intraday decline since March 10. The loss knocked about $156 billion off the automaker's market value. The spat highlights how policies advanced by Trump and Republican lawmakers put billions of dollars at risk for Tesla. Trump's massive tax bill would largely eliminate a credit worth as much as $7,500 for buyers of some Tesla models and other electric vehicles by the end of this year, seven years ahead of schedule. That would translate to a roughly $1.2 billion hit to Tesla's full-year profit, according to JPMorgan analysts. After leaving his formal advisory role in the White House last week, Musk has been on a mission to block the president's signature tax bill that he described as a 'disgusting abomination.' The world's richest person has been lobbying Republican lawmakers — including making a direct appeal to House Speaker Mike Johnson — to preserve the valuable EV tax credits in the legislation. Separate legislation passed by the Senate attacking California's EV sales mandates poses another $2 billion headwind for Tesla's sales of regulatory credits, according to JPMorgan. Taken together, those measures threaten roughly half of the more than $6 billion in earnings before interest and taxes that Wall Street expects Tesla to post this year, analysts led by Ryan Brinkman said in a May 30 report. Tesla didn't immediately respond to a request for comment. The House-passed tax bill would aggressively phase-out tax credits for the production of clean electricity, and other sources years earlier than scheduled. It also includes stringent restrictions on the use of Chinese components and materials that analysts said would render the credits useless and limits the ability of company's to sell the tax credits to third parties. Tesla's division focused on solar systems and batteries separately criticized the Republican bill for gutting clean energy tax credits, saying that 'abruptly ending' the incentives would threaten US energy independence and the reliability of the power grid. The clean energy and EV policies under threat were largely enacted as part of former President Joe Biden's Inflation Reduction Act. The law was designed to encourage companies to build a domestic supply chain for clean energy and electric vehicles, giving companies more money if they produce more batteries and EVs in the US. Tesla has a broad domestic footprint, including car factories in Texas and California, a lithium refinery and battery plants. With those Biden-era policies in place, US EV sales rose 7.3% to a record 1.3 million vehicles last year, according to Cox Automotive data. --With assistance from Kara Carlson, Keith Laing, Josh Wingrove and Kate Sullivan. (Updates shares, adds Trump, Musk comments starting in the second paragraph.) Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P.
Bloomberg
44 minutes ago
- Bloomberg
Uber CEO Shares Updates on an Autonomous Future
Uber CEO Dara Khosrowshahi unpacks his strategy for the company's future while refining new technologies and Robotaxis on the cusp of the autonomous revolution with Bloomberg's Tom Giles at Bloomberg Tech in San Francisco. (Source: Bloomberg)
