Tesla Has $1.2 Billion at Risk in Trump Tax Bill
An all-but-doomed tax credit highlights just how much Elon Musk's biggest business has to lose under President Donald Trump.
Trump's massive tax bill would largely eliminate a credit worth as much as $7,500 for buyers of some Tesla Inc. 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.
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Politico
20 minutes ago
- Politico
Deadly Russian bombardment of Ukraine further dampens hopes for peace
KYIV, Ukraine — Russia struck Ukraine with a thunderous aerial bombardment overnight, further dampening hopes that the warring sides could reach a peace deal anytime soon days after Kyiv embarrassed the Kremlin with a surprising drone attack on military airfields deep inside Russia. The barrage was one of the fiercest of the three-year war, lasting several hours, striking six Ukrainian territories, and killing at least six people and injuring about 80 others, Ukrainian officials said Friday. Among the dead were three emergency responders in Kyiv, one person in Lutsk and two people in Chernihiv. The attack came after U.S. President Donald Trump said his Russian counterpart, Vladimir Putin, told him Moscow would respond to Ukraine's attack Sunday on Russian military airfields. It was also hours after Trump said it might be better to let Ukraine and Russia 'fight for a while' before pulling them apart and pursuing peace. Trump's comments were a remarkable detour from his often-stated appeals to stop the war and signaled he may be giving up on recent peace efforts. Ukrainian cities have come under regular bombardment since Russia invaded its neighbor in February 2022. The attacks have killed more than 12,000 civilians, according to the United Nations. 'Russia doesn`t change its stripes,' Ukrainian President Volodymyr Zelenskyy said. The war has continued unabated even as a U.S.-led diplomatic push for a settlement has brought two rounds of direct peace talks between delegations from Russia and Ukraine. The negotiations delivered no significant breakthroughs, however, and the sides remain far apart on their terms for an end to the fighting. Ukraine has offered an unconditional 30-day ceasefire and a meeting between Zelenskyy and Russian leader Vladimir Putin to break the deadlock. But the Kremlin has effectively rejected a truce and hasn't budged from its demands. 'The Kremlin continues efforts to falsely portray Russia as willing to engage in good-faith negotiations to end the war in Ukraine, despite Russia's repeated refusal to offer any concessions,' the Institute for the Study of War, a Washington-based think tank, said late Thursday. Further peace talks between Russia and Ukraine are expected in coming weeks, as is another exchange of prisoners of war. The attack involved 407 Russian drones and 44 ballistic and cruise missiles, Ukrainian air force spokesperson Yurii Ihnat said. Ukrainian forces said they shot down about 30 of the cruise missiles and up to 200 of the drones. The Kyiv emergency workers were killed while responding to the strikes. 'They were working under fire to help people,' the Interior Ministry said in a statement. Russia's Defense Ministry said it aimed at Ukrainian military targets with 'long-range precision weapons' and successfully struck arms depots, drone factories and repair facilities, among other targets. But fitting a pattern for Russian attacks throughout the war, Friday's bombardment also struck apartment buildings and other non-military targets, Associated Press reporters observed. In Kyiv, explosions were heard for hours as falling drone debris sparked fires across several districts, said Tymur Tkachenko, head of the Kyiv City Administration. He urged people to seek shelter. Vitalina Vasylchenko, a 14-year-old Kyiv resident, sheltered in a parking garage with her 6-year-old sister and their mother after an explosion blew one of their windows off its hinges. 'I heard a buzzing sound, then my dad ran to me and covered me with his hand,' she said. 'Then there was a very loud explosion. My whole life flashed before my eyes — I already thought that was it. I started having a panic attack. ... I'm shocked that I'm alive.' In Kyiv's Solomyanskyi district, a fire broke out on the 11th floor of a 16-story apartment building. Emergency services evacuated three people from the burning unit. The attack caused a blackout in some areas, and more than 2,000 households on Kyiv's eastern bank were without power, city officials said. Elsewhere, 10 people were injured by an aerial attack on the western city of Ternopil, regional governor Viacheslav Nehoda said. The strike damaged industrial and infrastructure facilities, left parts of the city without electricity, and disrupted water supplies. Russia also targeted the western Lviv and Khmelnytskyi regions, the northern Chernihiv region, and the central Poltava region, where at least three people were injured. In Russia, air defenses shot down 10 Ukrainian drones heading toward the capital early Friday, Moscow Mayor Sergei Sobyanin said. As a precaution, flights at Moscow airports were temporarily suspended overnight Thursday into Friday and then again late Friday afternoon. Ukrainian drones also targeted three other regions of Russia, authorities said, damaging apartment buildings and industrial plants. Three people were injured, officials said. Russia's Defense Ministry said that air defenses downed 174 Ukrainian drones over 13 regions early Friday. It added that three Ukrainian Neptune missiles were also shot down over the Black Sea. Ukraine struck airfields and other military targets in Russia, such as fuel storage tanks and transport hubs, the Ukrainian General Staff said. Also, a locomotive derailed early Friday in the Belgorod region after the track was blown up, Belgorod Gov. Vyacheslav Gladkov said. Russia has recently accused Ukraine of sabotaging the rail network.
CNN
20 minutes ago
- CNN
Attorney for mistakenly deported man talks to Erin Burnett
Attorney for mistakenly deported man talks to Erin Burnett CNN's Erin Burnett talks with Simon Sandoval-Moshenberg, attorney for Kilmar Abrego Garcia, the Maryland man mistakenly deported to El Salvador in March, who has been returned to the United States to face federal criminal charges. 02:37 - Source: CNN Automated CNN Shorts 10 videos Attorney for mistakenly deported man talks to Erin Burnett CNN's Erin Burnett talks with Simon Sandoval-Moshenberg, attorney for Kilmar Abrego Garcia, the Maryland man mistakenly deported to El Salvador in March, who has been returned to the United States to face federal criminal charges. 02:37 - Source: CNN Fareed Zakaria predicts who will 'win' in Trump-Musk battle CNN's Fareed Zakaria discusses the bitter feud between President Donald Trump and tech billionaire Elon Musk and who he predicts Republicans will side with in the end. 00:49 - Source: CNN Author on postpartum depression Author Sarah Hoover says post-partum depression made her feel 'monstrous' in unforeseen ways. She joined Isa's Book Club for an honest and unfiltered conversation about motherhood and her new memoir, 'The Motherload.' 00:40 - Source: CNN Lost DoorDash driver ends up on the tarmac at O'Hare Airport Surveillance video shows a delivery driver accidentally entering a 'unauthorized secured area' at Chicago O'Hare Airport, pulling up near parked planes before being stopped by airport staff, according to police. 00:33 - Source: CNN Activist Greta Thunberg discusses risky journey to Gaza delivering aid Greta Thunberg, Yasemin Acar and other activists are sailing to Gaza. The activist group they're apart of, The Freedom Flotilla Coalition, is attempting to bring aid and raise international awareness over the ongoing humanitarian crisis. In response, Israel says it is prepared for a 'wide range of scenarios.' 01:30 - Source: CNN Prosecutor warns women could face charges over miscarriages Amid a constantly changing reproductive landscape, West Virginia prosecutor Tom Truman is warning women who have miscarriages in his state that they could get in trouble with the law. Truman tells CNN's Pam Brown that although he personally wouldn't prosecute someone for a miscarriage, he made the suggestion out of an abundance of caution after hearing from other prosecutors and looking at the laws in West Virginia. 01:14 - Source: CNN Trump on Musk: 'The poor guy's got a problem' In a phone call with CNN's Dana Bash, President Donald Trump said he is 'not even thinking about' billionaire Elon Musk and won't be speaking to him in the near future. The comments come a day after Trump and Musk traded barbs on social media as their relationship deteriorated in spectacular public fashion. 00:43 - Source: CNN No aliens here: Research disputes possible 'signs of life' on another planet In response to hints of "biosignatures" found on a world called K2-18b, new research suggests there's a lot of uncertainty surrounding the exoplanet. CNN's Ashley Strickland reports on the ongoing scientific discourse around the search for extraterrestrial life. 00:43 - Source: CNN See reactions to the Trump-Musk feud See some reactions to the intense public feud that erupted between President Donald Trump and his one-time ally, billionaire Elon Musk. 01:05 - Source: CNN
CBS News
23 minutes ago
- CBS News
Judge approves landmark NCAA settlement, clearing way for schools to pay athletes directly
A federal judge signed off on arguably the biggest change in the history of college sports on Friday, clearing the way for schools to begin paying their athletes millions of dollars as soon as next month as the multibillion-dollar industry shreds the last vestiges of the amateur model that defined it for more than a century. Nearly five years after Arizona State swimmer Grant House sued the NCAA and its five biggest conferences to lift restrictions on revenue sharing, U.S. Judge Claudia Wilken approved the final proposal that had been hung up on roster limits, just one of many changes ahead amid concerns that thousands of walk-on athletes will lose their chance to play college sports. The sweeping terms of the so-called House settlement include approval for each school to share up to $20.5 million with athletes over the next year and $2.7 billion that will be paid over the next decade to thousands of former players who were barred from that revenue for years. In a letter penned by NCAA President Charlie Baker following the announcement, Baker wrote that the settlement "opens a pathway to begin stabilizing college sports. This new framework that enables schools to provide direct financial benefits to student-athletes and establishes clear and specific rules to regulate third-party NIL [name, image and likeness] agreements marks a huge step forward for college sports." The agreement brings a seismic shift to hundreds of schools that were forced to reckon with the reality that their players are the ones producing the billions in TV and other revenue, mostly through football and basketball, that keep this machine humming. The scope of the changes — some have already begun — is difficult to overstate. The professionalization of college athletics will be seen in the high-stakes and expensive recruitment of stars on their way to the NFL and NBA, and they will be felt by athletes whose schools have decided to pare their programs. The agreement will resonate in nearly every one of the NCAA's 1,100 member schools boasting nearly 500,000 athletes. Wilken's ruling comes 11 years after she dealt the first significant blow to the NCAA ideal of amateurism when she ruled in favor of former UCLA basketball player Ed O'Bannon and others who were seeking a way to earn money from the use of their name, image and likeness, or NIL — a term that is now as common in college sports as "March Madness" or "Roll Tide." It was just four years ago that the NCAA cleared the way for NIL money to start flowing, but the changes coming are even bigger. Wilken granted preliminary approval to the settlement last October. That sent colleges scurrying to determine not only how they were going to afford the payments, but how to regulate an industry that also allows players to cut deals with third parties so long as they are deemed compliant by a newly formed enforcement group that will be run by auditors at Deloitte. The agreement takes a big chunk of oversight away from the NCAA and puts it in the hands of the four biggest conferences. The ACC, Big Ten, Big 12 and SEC hold most of the power and decision-making heft, especially when it comes to the College Football Playoff, which is the most significant financial driver in the industry and is not under the NCAA umbrella like the March Madness tournaments are.
