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Trump and Musk can both hurt each other in their feud. Here's how.

Trump and Musk can both hurt each other in their feud. Here's how.

Yahoo4 hours ago

An explosive breakdown in the relationship between President Donald Trump and his biggest political donor turned part-time employee, Tesla CEO Elon Musk, has been foreshadowed since their alliance first took shape. When Trump brought Musk along for the ride as he moved back into the White House, the looming question was always how long the two could possibly stay in sync. After all, neither the most powerful person in the world nor the richest person on Earth is known for keeping his ego in check.
The main thrust of the Trump-Musk feud boils down to who can assert dominance over the other. In the intense back-and-forth that had everyone glued to their screens Thursday, we saw bullies used to getting their way desperately trying to find leverage over each other. But unlike the flame wars of old, where internet trolls would hurl insults at each other across message board forums, Trump and Musk can do serious damage to each other in the real world — and to the rest of us in the process.
Musk first gained access to Trump through his vast fortune; he donated almost $300 million during last year's election and hasn't been afraid to throw his money around in races this year. Though he said in May he would be 'spending a lot less' on funding political races, he has also been quick to threaten pumping money into the midterms should lawmakers back the massive budget bill currently working its way through the Senate. And Musk has made clear that he expects a return on his investments, having already snidely claimed on his X platform that Trump would have lost and Democrats would have taken Congress without his backing.
Trump is reportedly more focused on the midterms than he was during his first term, worried that a new Democratic majority would lead to more investigations and/or a third impeachment. While he's already sitting on $600 million to help hold on to a GOP majority, Musk's money could throw a spanner in the works, especially if he follows through on his public musing about bankrolling a third party to 'represent the 80% of Americans in the middle.' Though Trump has his own social media platform, Truth Social, X remains a much louder microphone to amplify Musk's messaging to the right, including his supposed 'bombshell' about Trump's presence in the Jeffrey Epstein files. (Musk provided no evidence for the claim and Trump has previously denied any involvement with Epstein's criminal behavior.)
Trump, in turn, has threatened Musk's lucrative government contracts, which would include billions of dollars funneled toward his SpaceX company, as well as the subsidies that Tesla receives for its electric car production. Musk responded by warning about cutting off access to SpaceX launches, which would potentially cripple NASA and the Defense Department's ability to deploy satellites. But that would prove a double-edged sword for Musk, given how large a revenue stream those contracts have become.
By Thursday evening, Musk had already backed down from his saber-rattling about restricting access to the Dragon space capsule, but he could change his mind again. That he made the threat in the first place has raised major alarm bells among national security officials. The Washington Post reported Saturday that NASA and the Pentagon have begun "urging [Musk's competitors] to more quickly develop alternative rockets and spacecraft" to lessen his chokehold on the industry.
Notably, Trump isn't alone in his fight against Musk, though as ever those wading into the brawl have their own motives. Former White House strategist Steve Bannon took the opportunity to launch a broadside against Musk. 'People including myself are recommending to the president that he pull every contract associated with Elon Musk,' Bannon told NBC News on Thursday night. Bannon requested that 'major investigations start immediately' into, among other things, Musk's 'immigration status, his security clearance and his history of drug abuse.' There are already several federal investigations of Musk's companies that have been underway for years, which critics had previously worried might be stonewalled due to his influence with Trump.
While the extremely public breakup makes for high drama and more than a little schadenfreude, the pettiness masks a deeper issue. The battle Musk and Trump are waging is predicated on both wielding a horrifying amount of unchecked power. In a healthy system of government, their ability to inflict pain on each other wouldn't exist, or at least such an ability would be severely blunted. Musk being able to funnel nearly unlimited amounts of spending into dark money super PACs is an oligarchical nightmare. Trump using the power of the presidency to overturn contracts and launch investigations at a whim is blatant authoritarianism in action.
In theory, there are still checks to rein each of them in before things escalate much further. Musk's shareholders have been unhappy with his rocky time in government, and the war of words with Trump sent Tesla's stock price tumbling once more. Trump needs to get his 'One Big Beautiful Bill Act' passed into law and — next year — ensure Congress doesn't fall into Democrats' hands. Trump and Musk have incentives, then, to stay in each other's good graces despite their wounded pride.
Trump made clear to NBC News in an interview Saturday that he has no real interest in patching things up with Musk, warning that there will be "very serious consequences" if his one-time ally funds Democratic campaigns. Even if the two eventually reach a détente, it's unlikely to be a lasting peace, not so long as one feels his authority is challenged by the other. The zero-sum view of the world that Trump and Musk share, one where social Darwinism and superior genetics shape humanity, doesn't allow for long-term cooperative relationships. Instead, at best they will return to a purely transactional situationship, but one where the knives will gleefully come back out the second a new opening is given.
Most importantly, there is no protagonist when it comes to the inciting incident in this duel, as a total victory won't benefit the American people writ large. Trump wants Congress to pass his bill to grant him more funding for deportations and to preserve his chances of staying in power. Musk wants a more painful bill that will slash the social safety net for millions. No matter what the outcome is as they battle for supremacy over each other, we're the ones who risk being trampled.
This article was originally published on MSNBC.com

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Apple is about to answer a burning question about its future
Apple is about to answer a burning question about its future

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time24 minutes ago

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Apple is about to answer a burning question about its future

Apple is about to reveal what's next for its most important products at its annual Worldwide Developer's Conference on Monday. This year, the stakes are significantly higher than usual. Apple announced its long-awaited push into artificial intelligence at last year's event by introducing Apple Intelligence, a suite of AI-powered features for the iPhone and other products. But delays and underwhelming capabilities have put Apple on its back fo ot. The company has struggled to convince consumers and Wall Street that it's a leader in the crucial technology, which is expected to overhaul the way people work, communicate and find information online. Now, one year after introducing Apple Intelligence, the company is on the hook to prove at this week's Worldwide Developer Conference (WWDC), a key annual event for the company, that it can make a name for itself in the AI space as its chief rivals like Google continue to charge ahead. At this year's WWDC, which kicks off Monday with a keynote address from Apple CEO Tim Cook and other executives at 10 a.m. PT, don't expect Apple to show off a flashy new iPhone or Apple Watch. Instead, the company will outline new capabilities for its current devices that lay the foundation for where it could be going next. 'WWDC, from a developer conference perspective, is maybe more interesting than others,' said Carolina Milanesi, president and principal analyst at technology analysis firm Creative Strategies. 'It does give consumers a peek as to what they can expect coming to whatever device that they already own.' How much or how little those software updates incorporate Apple Intelligence could be telling. Apple did not immediately respond to CNN's request for comment regarding its WWDC plans and AI strategy. Apple's AI struggles are larger than just a product delay. The bigger issue is that Apple's current AI tools don't offer experiences that are notably different from what you can get elsewhere. Apple Intelligence can summarize text messages, identify real-world surroundings with the iPhone's camera, erase unwanted objects from photos, rewrite emails and prioritize notifications. But those features are similar to capabilities offered by other companies such as Google, OpenAI and Samsung. In fact, rivals like Google and OpenAI are already moving one step further with technology they claim can execute tasks for consumers rather than just answering questions or generating summaries. There are benefits to waiting; Apple has largely been able to avoid the embarrassing AI gaffes of its rivals, with one exception. Apple is also known for popularizing new technologies rather than being first, as was the case with smartwatches and tablets, two categories it now dominates. But Apple has yet to prove it can do the same with AI. And it doesn't sound like that's going to change at WWDC, according to Bloomberg's Mark Gurman, who wrote the event 'may be a letdown from an AI standpoint,' citing 'people within the company.' However, the report did say Apple may open its models to developers so that non-Apple apps can incorporate text summarization and its other AI-powered features. The company may also announce an AI-powered battery management tool, according to Bloomberg. But Dan Ives, global head of technology research for Wedbush Securities and an Apple bull, isn't concerned about whether Apple makes significant AI announcements on Monday. He thinks Apple has a big opportunity to monetize Apple Intelligence moving forward despite its slow rollout, he wrote in a June 6 report. Google, whose Android operating system is the only major rival to Apple's iOS, has been barreling ahead with new AI tools and services. Its annual I/O developers conference was entirely focused on AI, with the company showing how the tech will be incorporated into everything from its ubiquitous search engine to its popular Chrome browser and Gmail. At that event, Google also announced an upgraded version of its AI-generated video engine that made headlines and raised alarm for its ability to create startingly realistic clips. 'I think it's becoming clearer how far behind they (Apple) are in AI,' Deepwater Asset Management managing partner Gene Munster told CNN in March. Samsung is also said to be partnering with AI startup Perplexity to package its app and digital assistant into its Galaxy phones, according to Bloomberg. This comes after Motorola incorporated AI technology from several companies, including Perplexity, on its new Razr flip phone – further underscoring that the technology could play a bigger role in smartphones. That presents a major opportunity for Apple; it's the world's second-largest phone maker by market share and also the only mobile device company to completely control both the hardware and software of its products. That crucial benefit has long been an advantage for Apple, giving it more freedom to develop exclusive features tailored for its products on its own timeline rather than coordinating with partners. Wedbush Securities estimates that '25% of the world's population will eventually access AI through an Apple device over the next few years,' Ives wrote. But Apple has yet to execute on that potential with AI, and the clock is ticking. 'We need more time to complete our work on these features so they meet our high quality bar,' Apple CEO Tim Cook said in reference to the more personal version of Siri on the company's May earnings call. 'We are making progress, and we look forward to getting these features into customers hands.' There's a growing belief in the tech industry that some new type of device could one day supplant, or at least partially replace, the smartphone. And those devices, unsurprisingly, will largely run on AI. Eddy Cue, the longtime Apple executive that leads the company's services division, even acknowledged this, saying during his testimony in Google's search antitrust trial that 'you may not need an iPhone 10 years from now,' Bloomberg reported. Veteran former Apple designer Jony Ive and OpenAI CEO Sam Altman are also partnering to develop a new AI hardware product, the pair announced last month. Companies like Google, Samsung and Meta are also investing in smart glasses with built-in digital assistants that can identify objects in a person's environment as a potential successor to the smartphone. That doesn't mean iPhones will become obsolete anytime soon, nor does it mean consumers will switch to Android or avoid upgrading because of a lack of new AI features. But in the near term, AI could give Apple another means to encourage iPhone upgrades if executed properly. Apple Intelligence is only supported on newer models, specifically the iPhone 15 Pro and later, meaning customers with older phones must upgrade to use it. Apple touted the iPhone 16 as being 'built for Apple Intelligence' when announcing the device in September. Cook said during Apple's most recent earnings call that year-over-year iPhone 16 performance was stronger in countries where Apple Intelligence was available than those where it was not available, perhaps an indication that its AI efforts are somewhat helping sales. The fact that people carry their iPhones – along with their AirPods and Apple Watch – everywhere they go could give Apple's Siri a leg up compared to rivals like Amazon's Alexa. That is, if Apple does it right. 'The fact that Siri knows me so much more, just because my main driver, from a phone perspective, is an iPhone will make that interaction even more valuable than what Alexa does,' said Milanesi. '(Alexa) sees me in my home context, but doesn't necessarily come with me in the outside world. So that is the potential right now.'

I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate.
I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate.

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I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate.

I have a complicated money issue. About 3 years ago, my mother-in-law was widowed and she subsequently was evicted from her rental home that she could no longer afford. Even though her late husband made a six-figure income for 30 years, they had no savings and routinely filed for bankruptcy (every 7 years) due to her being irresponsible with credit. To save her from being homeless after the eviction, my husband and I let my mother-in-law move in with us for 6 months, but it quickly became an untenable situation as my husband and his mother do not get along. So we purchased a condo in a high-cost-of-living area and have been allowing her to live in it rent-free since 2022. I bought my mother-in-law a condo — and she took out a $30,000 car loan. Now she refuses to get a roommate. I have $1,000 in credit-card debt. Will I be able to hide my inheritance from the bank? 'He failed in his fiduciary duty': My brother liquidated our mother's 401(k) for her nursing home. He claimed the rest. 'The situation is extreme': I'm 65 and leaving my estate to only one grandchild. Can the others contest my will? My new husband gave me a contract and told me to 'sign here' — but I refused. It was the best decision of my life. We've previously asked her to contribute $500 a month to cover the HOA, but she always comes up with excuses as to why she can't pay. We've suggested that she get a roommate so she's not out any money. Again, more excuses and she refuses to change. Our total payment for the condo is $2,800 a month. While we can technically afford it, I am resentful that she doesn't pay her fair share. She has received a small inheritance, an annuity and also receives Social Security so she's not penniless. We are a double-income household, but I really want to quit my job to be a stay-at-home mom as I have 3 young kids. If I do that, we can't afford to pay for the condo. Please help me with some advice on this seemingly impossible situation. I don't want to make my mother-in-law homeless, but I don't want to light myself on fire to keep someone else warm either as she refuses to contribute towards the roof over her head. Also, she recently filed for bankruptcy again and promptly 'bought' a $30,000 used car on 25% interest. Please help. I am at my wits end and I think about this daily. Wife & Daughter-in-Law Related: 'He gave me a week to get out': My son and I bought a house — now I'm homeless and living in a car. Can I sue him? It's time for her to meet you halfway. There's a world of options in between a $2,800 condo and homelessness, but the only way you are going to open that world up for your mother-in-law is to start toughening up and making it clear that the former option is no longer available. You have young children, and a retirement to plan for and while this condo will increase in value, you need to start reining in your expenses. If your mother-in-law can afford to buy a $30,000 car, she can afford to show more financial independence. My first question is how did she get a loan for $30,000 in the first place, if she has declared bankruptcy and does not have a job? Even with her annuity and Social Security, there is something fishy going on here, and she is either lying to the bank or lying to you. It's time for a reality check: no more free housing. Perhaps if you present the alternative options, she will be more agreeable to stay, but give her a timeframe to make up her mind. The AARP Foundation has a local assistance directory for local programs, the eldercare locator to connect with local services, livable communities and senior-living house. You could also open a joint checking account for your mother-in-law to automatically deposit $500 every month after she receives her Social Security, and you could pay the HOA from that account. Alternatively, she could set up a standing order to pay you. That might nudge her towards more accountability, although her spendthrift habits will be difficult to break. As I told this woman, who was frustrated with a friend who couldn't hold down a job and went on vacation using her credit card, the desire to spend money and escape 'reality' could be related to an underlying depressive disorder or anxiety. Your mother-in-law may have mental-health problems that go deeper than her unwillingness or inability to pay her way. That said, if she sold the car and lived near public transportation, she would have enough money to put a deposit on a rental. It's time to get tough. She is not calling the shots, if you are paying the bills: It's a roommate or eviction. The backdrop is grim for senior living, and your mother-in-law needs to know she has a family that is prepared to support her, within reason. Senior living is, experts say, experiencing a shortage. 'At the current rate of development, the U.S. will add only 191,000 units by 2030,' says NIC MAP, a data service. 'We need 560,000 new units to keep up with demand. This leaves a gap of nearly 370,000 units, which is a shortfall that could leave thousands of seniors without access to quality senior housing.' Last year, the Department of Housing and Urban Development (HUD) announced $115 million in grant funding to support the development and improvement of rental housing for low-income seniors. This is a national problem as an increasing number of people over 50 don't believe they'll be able to remain in their home into retirement. You can read more here. Lay out the options for her and make clear the status quo is untenable. Don't miss: ​​'He gave me a week to get out': My son and I bought a house — now I'm homeless and living in a car. Can I sue him? Previous columns by Quentin Fottrell: 'I wish Dad were here': I received $500,000 after my late father's wrongful-death lawsuit. My adviser suggests annuities. How do I invest it? 'They are as different as day and night': My son is upset that his brother got more financial support. Now it's payback time. What should I do? I ate noodles during law school and graduated debt-free. Now my sister needs money. Is it OK to say no? My daughter's boyfriend, a guest in my home, offered to powerwash part of my house — then demanded money 'I'm not wildly wealthy, but I've done well': I'm 79 and have $3 million in assets. Should I set up 529 plans for my grandkids? How do I make sure my son-in-law doesn't get his hands on my daughter's inheritance? Circle's stock is having another big day. What the blockbuster IPO has meant for other cryptocurrency plays. 'I was pushed out of her life when she was 18': My estranged daughter, 29, misuses drugs. Should I leave her my Roth IRA?

This Bitcoin Trader Went From A $1 Billion Long Position To Begging For Donations
This Bitcoin Trader Went From A $1 Billion Long Position To Begging For Donations

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This Bitcoin Trader Went From A $1 Billion Long Position To Begging For Donations

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. "James Wynn" has dominated conversations on cryptocurrency Twitter for risky Bitcoin bets. Wynn appeared unstoppable at first, but his victory lap was brief. The high-risk trader is not yet willing to throw in the towel. A popular saying goes, 'Quit while you're ahead.' For "James Wynn," however, this likely means nothing. The pseudonymous cryptocurrency trader who rose to prominence for catching Pepe early in 2023 grabbed headlines in May for a $1 billion long bet on Bitcoin on the decentralized exchange Hyperliquid, using 40x leverage. What could go wrong? Well... everything. But it was not apparent at first. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . At first, it seemed like the market could not go against Wynn. Bitcoin surged to record highs above $110,000 and Wynn's unrealized profit swelled to $100 million. 'People see the trades and think it's some high-level stupid gambling kind of thing, and yes it is,' Wynn said at the time. 'But it is backed by my own thesis, which in turn, is a calculated risk.' Wynn doubled down by opening similar leverage positions on memecoins like Pepe, TRUMP and FARTCOIN, betting that Bitcoin would go higher. 'Bitcoin is dying to breakout higher. My target remains the same of 115-118k by the end of next week. However, could easily happen within a matter of hours even,' he said. But this prediction failed to materialize. Bitcoin instead began to retreat from its highs and Wynn's high-risk positions unraveled spectacularly, turning a $100 million paper profit into a $17.5 million total account loss. Trending: New to crypto? on Coinbase. 'I've decided to give perp trading a break,' Wynn said in the aftermath. 'Its been a fun ride. Approx $4m into $100m and then back down to a total account loss of $17,500,000. The time has come for me to return to where I came from. The place that helped carve me into the gigantic degenerate I'am today.' Wynn's hiatus did not last long. He was back on Monday asking his followers for donations to 'fight the market making cabal,' promising full refunds, presumably after beating this supposed cabal. It is unclear what victory in this fight will look like. But this lack of clarity did not stop followers from sending approximately $54,000 in donations to Wynn, as an analysis of his wallet on Arkham Intelligence showed. At least $20,000 of these funds have been sent to Hyberliquid to support another risky 40x BTC long with a liquidation price of about $103,600. At last look, Bitcoin is trading near $106,000. Arkham reported on Tuesday that this new position came within $70 of liquidation before the market rebounded, putting the high-risk trader $60,000 in profit. 'I'm trying [sic] swap inflationary fiat currency for hard capped deflationary real money at a rate of 40x leverage yet you all say I'm gambling,' Wynn said on Wednesday. 'We don't have time. Speed matters. The dollar is collapsing in real time. I'm doing everything I can to acquire as much $BTC so I don't go down with the sinking ship. What are you doing?' Read Next: A must-have for all crypto enthusiasts: . Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Image: Shutterstock This article This Bitcoin Trader Went From A $1 Billion Long Position To Begging For Donations originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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