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Inside the Chaos Swirling Through a D.N.C. Desperate for Cash

Inside the Chaos Swirling Through a D.N.C. Desperate for Cash

Just months into the tenure of a new party leader, Ken Martin, the Democratic National Committee's financial situation has grown so bleak that top officials have discussed whether they might need to borrow money this year to keep paying the bills.
Fund-raising from major donors — some of whom Mr. Martin has still not spoken with — has slowed sharply. At the same time, he has expanded the party's financial commitments to every state, and even to far-flung territories like Guam.
Fellow Democrats are grumbling that Mr. Martin, who quietly accepted a raise after taking the post, has been badly distracted by internal battles. So far, they say, he has been unable to help unite his party against Republicans, who control the federal government.
A protracted and public fight with David Hogg, the 25-year-old activist turned D.N.C. vice chair who blindsided party officials with a plan to challenge incumbent Democrats, made things worse. The clash included the leak of embarrassing audio of Mr. Martin questioning his own role and ended in Mr. Hogg's unceremonious exit this month.
That was soon followed by the news that two of the country's most influential labor leaders, who represent a combined 3.2 million workers, were also leaving the D.N.C. Both questioned the party's direction under Mr. Martin.
Rufus Gifford, who served as the finance chairman of Kamala Harris's 2024 campaign and maintains relationships with many top donors, suggested Democrats were being sent the wrong message at a time when they are desperately looking for 'fight and leadership.'
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Blue state GOP lawmakers urge major healthcare change for illegal immigrants

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Blue state GOP lawmakers urge major healthcare change for illegal immigrants

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Lululemon Is Cutting 150 Corporate Jobs
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Lululemon Is Cutting 150 Corporate Jobs

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The Robinhood founder who might just revolutionize energy, if he succeeds

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time12 minutes ago

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'I would like to transition from 'aspiring space company' to 'space company' sooner.' Bhatt's space ambitions date back to his childhood. He says that his dad, who worked as an optometrist in India, spent a decade applying to graduate physics programs in the United States, eventually taking a hard left turn and landing at NASA as a research scientist. He then proceeded to use the powers of reverse psychology on his son, says Bhatt. 'My dad worked at NASA through my whole childhood,' Bhatt said. 'He was very adamant: 'When you grow up, I'm not going to tell you you should study physics.' Which is a very effective way of convincing somebody to do exactly that.' Image Credits:Slava Blazer Photography / TechCrunch Now, at roughly the same age his father was when he joined NASA, Bhatt is making his own move into space, seemingly with an eye toward creating even more impact than at Robinhood. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW He's certainly taking a big swing with the effort. Traditional space solar power concepts have focused on massive geostationary satellites the size of small cities, using microwave transmission to beam energy to Earth. The scale and complexity made these projects perpetually '20 years away,' Bhatt said Wednesday night. 'Everything was too big,' Bhatt continued. 'The size of the array, the size of the spacecraft was the size of a small city. That's real science fiction stuff.' His solution is both far smaller and more nimble, he suggested. Most notably, instead of massive microwave antennas that require precise phase coordination, Aetherflux's satellites will use fiber lasers, essentially converting solar power back into focused light that can be precisely targeted at receivers on the ground. 'We take the solar power that we collect from the sun with solar panels, and we take that energy and put it into a set of diodes that turn it back into light,' Bhatt said. 'That light goes into a fiber where there's a laser, which then lets us point that down to the ground.' The idea is to launch a demonstration satellite in June of next year. National security, first While Bhatt envisions eventually building 'a true industrial-scale energy company,' he's starting with national defense – a strategic decision that could give America a significant advantage. The Department of Defense has approved funding for Aetherflux's program, recognizing the military value of beaming power to forward bases without the logistical nightmare of transporting fuel. 'It allows the U.S. to have energy out in the battlefield for deployed bases, and it doesn't have the limitation of needing to transport fuel,' Bhatt explained. The precision Bhatt is promising is pretty remarkable. Aetherflux's initial target is a laser spot 'bigger than 10 meters diameter' on the ground, but Bhatt believes they can shrink it to 'five to 10 meters, potentially even smaller than that.' These compact, lightweight receivers would be 'of little to no strategic value if captured by an adversary' and 'small enough and portable enough that you can literally bring them out into the battlefield.' While much remains to be seen, success for Aetherflux could potentially change the game for American military operations worldwide. 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Asked during the sit-down how he pressure-tests that spacecraft, Bhatt said that Aetherflux is pursuing a 'hardware-rich' approach, which means building and testing components while refining designs. 'The right balance is not waiting five years, 10 years, 15 years, 20 years, as is the case with many important space programs,' he said. 'People's careers are oftentimes shorter than that.' He also noted that if Aetherflux succeeds, the implications extend far beyond military applications. Space-based solar power could provide baseload renewable energy, or solar power that works day and night, anywhere on Earth. That might mean turning upside down the ways we currently think about energy distribution, offering power to remote locations without massive infrastructure investments, and providing emergency power during disasters. Aetherflux has already hired a mix of physicists, mathematicians, and engineers from Lawrence Livermore Labs, Rivian, Cruise, and SpaceX, among other places, and Bhatt said the 25-person organization is still hiring. 'If you are the kind of person that wants to work on stuff that's super, super difficult, please come and contact us,' he told attendees. He has more than his reputation riding on what happens from here. Bhatt self-funded Aetherflux's first $10 million, and he also contributed to a more recent $50 million round that was led by Index Ventures and Interlagos, and included Bill Gates's Breakthrough Energy Ventures, Andreessen Horowitz, and NEA, among others. Its timeline is aggressive, too. The plan is to launch a demonstration satellite precisely one year from now. But there's a prototype for Bhatt's approach. GPS started as a DARPA project before becoming ubiquitous civilian infrastructure. Similarly, Aetherflux is working closely with DARPA's beaming expert, Dr. Paul Jaffe, who Bhatt called 'a pretty good friend to our company.' Jaffe also works with other companies developing similar technology, positioning DARPA as a bridge between military applications and commercial potential. 'There's this precedent of doing stuff in space where there's a really important part of working with the government,' Bhatt said. 'But we actually think, over time, as the technology matures and things like [SpaceX's reusable super heavy-lift launch vehicle] Starship really open up commercial access to space, this is not going to be just a Department of Defense thing.'

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