Oaktree's Howard Marks: Markets in 'limbo' waiting on finalization on tariffs
Howard Marks, Oaktree Capital Management co-chairman, joins CNBC's Money Movers' to discuss how Marks' investing outlook has changed since Trump's tariffs announcements, what doesn't make sense to Marks, and more.
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Elon Musk appears to delete some explosive X posts amid feud with Trump
Elon Musk has appeared to delete some of his posts on his social media platform X that escalated his bitter feud with President Donald Trump this week. One post, no longer available as of Saturday morning, accused Trump of being mentioned in "files" of the late sex offender Jeffrey Epstein. Musk's accusation, which the White House has disputed, marked an escalation in the public spat between the men. " page doesn't exist. Try searching for something else," said the X page that once displayed Musk's post. On Thursday, Musk also responded "yes" to a user's post that called for Trump to be impeached and replaced with Vice President JD Vance. That post was also no longer available as of Saturday morning. In an interview on Friday with "manosphere" comedian Theo Von, Vance said Musk was making a "huge mistake" going after Trump, while attempting to downplay the billionaire's attacks as an "emotional guy" who got frustrated. It was not immediately clear why Musk deleted the posts. The White House did not immediately respond to CNBC's request for comment. Nonetheless, it's the latest twist in the rapidly deteriorating relationship between the onetime allies. Just over one week ago, Trump and Musk exchanged compliments at the conclusion of Musk's official time leading the Department of Government Efficiency. But their relationship devolved this week as the two men exchanged barbs on social media, stemming in large part from Musk's vocal opposition to Trump's "big, beautiful bill," CNBC previously reported. In one of the now-deleted posts, Musk accused Trump of being mentioned in files related to Epstein, without providing any evidence of his claim. Musk alleged, "that is the real reason they have not been made public." White House press secretary Karoline Leavitt rejected Musk's allegations. "This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted," she said in a statement to CNN.
CNBC
3 hours ago
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Amazon CEO: People in their 20s tend to make this mistake—I was 'lucky' to avoid it
Amazon CEO Andy Jassy has spent the past 28 years helping turn the e-commerce giant into one of the biggest companies on earth. But the 57-year-old executive didn't start his career with aspirations of being a high-powered CEO. In a May 15 podcast appearance on "How Leaders Lead with David Novak," Jassy said he too often sees young people who think they should be entering the professional world knowing what they want to do with the rest of their lives. "I have a 21-year-old son and a 24-year-old daughter, and one of the things I see with them and their peers is they all feel like they have to know what they want to do with their life at that age," he said. "And I really don't believe that's true." Before Jassy landed at Amazon in 1997 at age 29, he tried his hand at sportscasting, sports production, product management and entrepreneurship, he said. On top of that, he spent time working at a retail golf store, coaching his high school soccer team and investment banking. Even though many of those jobs didn't work out as he might've hoped, the experiences helped him understand the type of career that he wanted — and didn't want — to have, he said. "I think early on it's just as important to learn what you don't want to do as what you want to do because it actually helps you figure out what you want to do," said Jassy. "I do feel like one of the lucky parts for me was that I tried lots of things and was able to sort for myself what appealed to me and what didn't."Jassy credited his eventual success to his willingness to find out what he was good at and what he liked, rather than doggedly following a strong vision of what he wanted to do: "I think your attitude is an embarrassing amount of your success or lack thereof." Being reliable, trustworthy, hard-working and a good learner are more important than being good at every single thing you try, Jassy added. "I feel like those are things that you can control. It's actually amazing to me how often people don't. I worked hard at those things over time," he said. The Amazon CEO isn't alone in preaching dependability: Being a reliable and hard worker is the No. 1 way to build a strong reputation in the workplace, author and former Google executive Maha Abouelenein told CNBC Make It on Oct. 9. Having a consistent level of effort and doing your best to anticipate the needs of those around you will get you recognized, no matter where your career takes you, said Abouelenein. "Reputation is like a currency," she said. "It's the only thing you own, and I want you to invest in it ... Without your [personal brand], you can't do anything."
CNBC
5 hours ago
- CNBC
'Bitcoin Family' hides crypto codes etched onto metal cards on four continents after recent kidnappings
A wave of high-profile kidnappings targeting cryptocurrency executives has rattled the industry — and prompted a quiet security revolution among some of its most visible evangelists. Didi Taihuttu, patriarch of the so-called "Bitcoin Family," said he overhauled the family's entire security setup after a string of threats. The Taihuttus — who sold everything they owned in 2017, from their house to their shoes, to go all-in on bitcoin when it was trading around $900 — have long lived on the outer edge of crypto ideology. They travel full-time with their three daughters and remain entirely unbanked. Over the past eight months, he said, the family ditched hardware wallets in favor of a hybrid system: Part analog, part digital, with seed phrases encrypted, split, and stored either through blockchain-based encryption services or hidden across four continents. "We have changed everything," Taihuttu told CNBC on a call from Phuket, Thailand. "Even if someone held me at gunpoint, I can't give them more than what's on my wallet on my phone. And that's not a lot." CNBC first reported on the family's unconventional storage system in 2022, when Taihuttu described hiding hardware wallets across multiple continents — in places ranging from rental apartments in Europe to self-storage units in South America. As physical attacks on crypto holders become more frequent, even they are rethinking their exposure. This week, Moroccan police arrested a 24-year-old suspected of orchestrating a series of brutal kidnappings targeting crypto executives. One victim, the father of a crypto millionaire, was allegedly held for days in a house south of Paris — and reportedly had a finger severed during the ordeal. In a separate case earlier this year, a co-founder of French wallet firm Ledger and his wife were abducted from their home in central France in a ransom scheme that also targeted another Ledger executive. Last month in New York, authorities said, a 28-year-old Italian tourist was kidnapped and tortured for 17 days in a Manhattan apartment by attackers trying to extract his bitcoin password — shocking him with wires, beating him with a gun, and strapping an Apple AirTag around his neck to track his movements. The common thread: The pursuit of crypto credentials that enable instant, irreversible transfers of virtual assets. "It is definitely frightening to see a lot of these kidnappings happen," said JP Richardson, CEO of crypto wallet company Exodus. He urged users to take security into their own hands by choosing self-custody, storing larger sums on hardware wallets, and — for those holding significant assets — exploring multi-signature wallets, a setup typically used by institutions. Richardson also recommended spreading funds across different wallet types and avoiding large balances in hot wallets to reduce risk without sacrificing flexibility. That rising sense of vulnerability is fueling a new demand for physical protection with insurance firms now racing to offer kidnap and ransom (K&R) policies tailored to crypto holders. But Taihuttu isn't waiting for corporate solutions. He's opted for complete decentralization — of not just his finances, but his personal risk profile. As the family prepares to return to Europe from Thailand, safety has become a constant topic of conversation. "We've been talking about it a lot as a family," Taihuttu said. "My kids read the news, too — especially that story in France, where the daughter of a CEO was almost kidnapped on the street." Now, he said, his daughters are asking difficult questions: What if someone tries to kidnap us? What's the plan? Though the girls carry only small amounts of crypto in their personal wallets, the family has decided to avoid France entirely. "We got a little bit famous in a niche market — but that niche is becoming a really big market now," Taihuttu said. "And I think we'll see more and more of these robberies. So yeah, we're definitely going to skip France." Even in Thailand, Taihuttu recently stopped posting travel updates and filming at home after receiving disturbing messages from strangers who claimed to have identified his location from YouTube vlogs. "We stayed in a very beautiful house for six months — then I started getting emails from people who figured out which house it was. They warned me to be careful, told me not to leave my kids alone," he said. "So we moved. And now we don't film anything at all." "It's a strange world at the moment," he said. "So we're taking our own precautions — and when it comes to wallets, we're now completely hardware wallet-less. We don't use any hardware wallets anymore." The family's new system involves splitting a single 24-word bitcoin seed phrase — the cryptographic key that unlocks access to their crypto holdings — into four sets of six words, each stored in a different geographic location. Some are kept digitally through blockchain-based encryption platforms, while others are etched by hand into fireproof steel plates using a hammer and letter punch, then hidden in physical locations across four continents. "Even if someone finds 18 of the 24 words, they can't do anything," Taihuttu explained. On top of that, he's added a layer of personal encryption, swapping out select words to throw off would-be attackers. The method is simple, but effective. "You only need to remember which ones you changed," he said. Part of the reason for ditching hardware wallets, Taihuttu said, was a growing mistrust of third-party devices. Concerns about backdoors and remote access features — including a controversial update by Ledger in 2023 — prompted the family to abandon physical hardware altogether in favor of encrypted paper and steel backups. While the family still holds some crypto in "hot" wallets — for daily spending or to run their algorithmic trading strategy — those funds are protected by multi-signature approvals, which require multiple parties to sign off before a transaction can be executed. The Taihuttus use Safe — formerly Gnosis Safe — for ether and other altcoins, and similarly layered setups for bitcoin stored on centralized platforms like Bybit. About 65% of the family's crypto is locked in cold storage across four continents — a decentralized system Taihuttu prefers to centralized vaults like the Swiss Alps bunker used by Coinbase-owned Xapo. Those facilities may offer physical protection and inheritance services, but Taihuttu said they require too much trust. "What happens if one of those companies goes bankrupt? Will I still have access?" he said. "You're putting your capital back in someone else's hands." Instead, Taihuttu holds his own keys — hidden across the globe. He can top up the wallets remotely with new deposits, but accessing them would require at least one international trip, depending on which fragments of the seed phrase are needed. The funds, he added, are intended as a long-term pension to be accessed only if bitcoin hits $1 million — a milestone he's targeting for 2033. The shift toward multiparty protections extends beyond just multi-signature. Multi-party computation, or MPC, is gaining traction as a more advanced security model. Instead of storing private keys in one place — a vulnerability known as a "single point of compromise" — MPC splits a key into encrypted shares distributed across multiple parties. Transactions can only go through when a threshold number of those parties approve, sharply reducing the risk of theft or unauthorized access. Multi-signature wallets require several parties to approve a transaction. MPC takes that further by cryptographically splitting the private key itself, ensuring that no single individual ever holds the full key — not even their own complete share. The shift comes amid renewed scrutiny of centralized crypto platforms like Coinbase, which recently disclosed a data breach affecting tens of thousands of customers. Taihuttu, for his part, says 80% of his trading now happens on decentralized exchanges like Apex — a peer-to-peer platform that allows users to set buy and sell orders without relinquishing custody of their funds, marking a return to crypto's original ethos. While he declined to reveal his total holdings, Taihuttu did share his goal for the current bull cycle: a $100 million net worth, with 60% still held in bitcoin. The rest is a mix of ether, layer-1 tokens like solana, link, sui, and a growing number of AI and education-focused startups — including his own platform offering blockchain and life-skills courses for kids. Lately, he's also considering stepping back from the spotlight. "It's really my passion to create content. It's really what I love to do every day," he said. "But if it's not safe anymore for my daughters ... I really need to think about them."
