‘A classic bait and switch scam': California Democrat calls out Trump amid Social Security cuts
After Elon Musk called social security a "Ponzi scheme," lawmakers like Rep. Dave Min are hearing about the cuts he has planned. He joins The Weekend to weigh in.
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Yahoo
44 minutes ago
- Yahoo
6 Times Internet Rumors Caused the Stock Market To Plummet
Stock prices can rise and fall with news, and with the unfiltered world of the internet at everyone's fingertips, news travels faster than ever. This can be great news for traders and investors looking to profit from rising prices, but this can also hurt investors when bad news breaks. And with the massive influence of media companies and CEOs being able to post their thoughts instantly online, this can come with devastating effects. Explore More: Read Next: Here's a few examples of internet rumors causing the stock market to drop suddenly. And yes, many of them are because Elon Musk tweeted something. The Twitter account for Associated Press was hacked in April of 2013, announcing an explosion at White House injuring President Obama in the process. Within minutes the White House Twitter account posted the President was fine, and the Associated Press quickly announced their Twitter account was hacked. The Dow dropped nearly 140 points instantly, but recovered within minutes of the White House poste stating the President was fine. Check Out: In May of 2023, a fake AI-generated image of black smoke billowing out of the Pentagon building was circulated online and by some media outlets, causing the stock market to drop temporarily. The S&P 500 dropped 0.3% within minutes of the news breaking, but recovered after it was debunked as a fake image. In April of 2022, Musk announced he was going to purchase social media platform Twitter. But less than a month later, Musk seemingly paused the deal in a post that read, 'Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users.' Twitter stock dropped 18% during pre-market trading that day. Then, in July of 2022, he seemingly called the deal off completely in a letter to the SEC trying to back out of the deal due to misleading information. Again, the stock dropped when the news broke. Musk casually posted on May 1, 2020 that 'Tesla stock price is too high imo.' This caused shares of Tesla stock to sell off quickly and ended the day 10% lower than it began. But it recovered quickly and was up nearly 20% by the end of the month. Hertz announced in 2021 that they were fully embracing electric cars, and were going to place an order of 100,000 Teslas to add to their rental fleet. The stock price jumped quickly, but then a post by Musk pumped the brakes on the price action. Musk's post in response to an investor thanking him read: 'If any of this is based on Hertz, I'd like to emphasize that no contract has been signed yet.' While Tesla stock took a small 4% loss for the day, Hertz fared far worse. Over the next few weeks, Hertz stock price dropped over 30%. Musk mentioned being in talks with airlines about adding Starlink as an internet service provider in the sky. Airline internet provider Gogo was impacted by this post, with their stock dropping nearly 5% during trading that day. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard The 5 Car Brands Named the Least Reliable of 2025 The New Retirement Problem Boomers Are Facing This article originally appeared on 6 Times Internet Rumors Caused the Stock Market To Plummet Sign in to access your portfolio
CNBC
an hour ago
- CNBC
Why Elon Musk turned against Trump's $5 trillion mega tax and spending bill
President Donald Trump is pushing to pass a sweeping tax and spending bill by July 4, but the proposal is already sparking fierce internal GOP debate. The bill combines 2017 tax cut extensions with new Trump-era proposals, including deductions on American-made auto loans and changes to child tax credits. But not everyone is on board. Elon Musk has launched a high-profile feud with Trump over the bill, and key Republican senators are warning that the bill could add trillions to the national debt.
Fox News
2 hours ago
- Fox News
State Department reveals plan to deliver 'life-saving' meals to 1.4M starving children
FIRST ON FOX: The U.S. State Department and Secretary Marco Rubio punched back at claims that contracts providing Ready-to-Use Therapeutic Foods (RUTFs) have been halted and affirmed the agency will continue its commitment to "delivering critical humanitarian aid." "As USAID transitions under the State Department, our commitment to delivering critical humanitarian aid remains steadfast and aligned with America's foreign policy priorities," a senior State Department official told Fox News Digital in an exclusive statement. "We are proud to continue working with our local partners to deliver life-saving ready-to-use therapeutic food. Most recently, an additional $50 million in RUTFs was approved. This is enough to nourish over one million of the world's most vulnerable children." RUFTs' contracts and operations were previously overseen by the United States Agency for International Development (USAID). However, oversight now lies with the State Department after USAID merged into the agency in February, largely influenced by then-Department of Government Efficiency (DOGE) head Elon Musk. RUTFs are pre-packaged, nutrient-rich, ready-to-eat meals that help prevent malnutrition, mainly in children. Some countries even refer to RUTFs as a form of medicine. The State Department's comments come after Secretary Rubio faced questions from lawmakers on Capitol Hill in a May hearing, when Democratic Rep. Gabe Amo of Rhode Island confronted Rubio in a heated exchange, saying the agency was intentionally "freezing" RUTF aid to countries in need. "You need to figure out why they're not moving, because it isn't an impediment for us," Rubio fired back. Amo responded, "No, you need to figure [that] out, sir," and said that the secretary "refused to make" a commitment to ensuring effective RUTF distribution. "We're going to continue to do food aid," Rubio answered. "We're going to do more food aid than any other country on the planet, times 10." A source at the State Department revealed to Fox News Digital that key partnerships with non-profit RUTF producers, MANA and Edesia, have been active since March 2. Additionally, 1.4 million boxes of RUTFs were approved on May 26. Fox also obtained an internal document and action memorandum for Jeremy Lewin, a former DOGE employee now overseeing the transition of merging USAID with the State Department, from USAID's Dianna Darney de Salcedo. The document called for urgent approval to move food commodities and RUFTs that were stored in warehouses to be shipped for use. The sensitive but unclassified document also revealed a request to approve a new Title II award, valued at $35 million, which sources say was several times less than initially estimated, to cover the costs of warehouses, shipping overseas, transporting inland, programming and distribution. Fox News Digital spoke to MANA CEO Mark Moore, who outlined a detailed timeline of RUTF federal contract negotiations and the challenges the non-profit faced as USAID merged into the State Department at the beginning of 2025. At one point, before the State Department and the Trump administration proposed contracts in May, Moore told Fox News, "We're all looking at June and July running out of these old contracts and saying we're just going to have to close the doors." He noted that "if this new order didn't come out, we'd really be screwed going into the summer." "It is trending the right way, and we're thrilled," Moore added. Fox News Digital reached out to Rep. Gabe Amo and Edesia but did not receive a response. Preston Mizell is a writer with Fox News Digital covering breaking news. Story tips can be sent to and on X @MizellPreston
