News18 Afternoon Digest: SC Seeks Ex-CJI Chandrachud Removal From Official Bungalow, Elon Musk Launches New Political Party & Other Stories
We are also covering: US Has Message For China In Birthday Greetings To Dalai Lama, Pune Woman's Statements Misleading, Inconsistent With FIR & other stories.
In today's News18 afternoon digest, we bring to you the latest on Elon Musk's new political party, Dalai Lama's birthday, Indian Govt Didn't Ask X To Block Reuters Account and other stories.
The Supreme Court administration formally wrote to the Union government, seeking the 'immediate vacation" of the official Chief Justice's residence and its return to the court's housing pool, citing that former CJI DY Chandrachud has stayed in the bungalow beyond the allowed timeframe. Read More
After a public fallout with his once-close friend, US President Donald Trump, Elon Musk launched a new political party in the United States to challenge what the tech billionaire described as the country's 'one-party system." Read More
The United States extended its birthday greetings to the Dalai Lama on Saturday (local time) and voiced support for the Tibetans' ability to freely choose their religious leaders 'without interference", in an apparent message to China. Read More
Dhurandhar Movie First Look: Ranveer Singh has unleashed his wrath in the first look from his upcoming film, directed by Aditya Dhar. Along with the promo, Dhurandhar's release date was also announced. While Ranveer has experimented with diverse roles throughout his career, this film seems different from anything he has done so far. Read More
Cricketer-turned-pundit David Lloyd believes Shubman Gill's takeover of India's Test batting reins from Virat Kohli is as seamless as the accession of a new ruler taking the throne after the death of the previous King or Queen. He feels the same about 'box office' Rishabh Pant taking the team to the 'next level' after MS Dhoni, saying that these signify that world-class players are not as irreplaceable as people think. Read More
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Economic Times
20 minutes ago
- Economic Times
tsla: Elon Musk's net worth dips by $14 Billion in a single day, Here's what investors are saying
Wall Street Grows Wary of Musk's Political Maneuvers Elon Musk Net Worth Takes a Major Hit ADVERTISEMENT Tesla's Sales and Shareholder Confidence Slipping ADVERTISEMENT Musk-Trump Rift Adds Fuel to the Fire The America Party: Strategic Move or Political Overreach? ADVERTISEMENT Musk Political Party Yet to Find Favor Among Investors FAQs Why did Elon Musk lose $14 billion in a single day? What is the 'America Party'? Tech billionaire Elon Musk, known for his sweeping influence in both the corporate and political arenas, suffered a sharp blow to his personal wealth and business standing on Monday. With Tesla shares tumbling 7 per cent, Musk's net worth fell by approximately $14 billion in a single day—an erosion tied closely to Wall Street's growing unease over his escalating political drop follows Musk's announcement of a new political outfit, the 'America Party,' and his increasingly public rift with U.S. President Donald Trump, a development that analysts say has distracted from Tesla's core business performance, as per a report by announcement of Musk's political venture comes at a time of volatility in the electric vehicle (EV) sector and heightened scrutiny of regulatory frameworks under the Trump administration. In a client note issued Monday, William Blair analyst Jed Dorsheimer downgraded Tesla stock from 'Buy' to 'Hold,' citing what he called a 'less favourable federal regulatory credit environment' resulting from recent legislation.'Investors are growing tired of the distraction,' Dorsheimer wrote, referring to Musk's increasing political theatrics and public feuds. The sentiment was echoed across trading desks, with Tesla's shares plunging by $24 apiece during an otherwise uneventful day for the broader Tesla's market value taking a dip, Musk's personal wealth—which remains the largest in the world—now stands at $391 billion, down from $405 billion the previous day, according to Forbes estimates. Despite the decline, he still maintains a commanding lead of over $100 billion compared to the next richest net worth slide comes amid a 32% drop in Tesla stock since President Trump's second term began—a stark contrast to the 4% gain logged by the S&P 500 benchmark in the same struggle is not confined to the stock market. Analysts at J.P. Morgan reported Monday that the company is headed toward its worst annual vehicle delivery numbers since 2022. Data from the first two quarters of 2025 reveal significant declines in deliveries, attributed in part to waning public sentiment towards Musk polling data compiled by Silver Bulletin indicates that 55% of Americans now hold an unfavourable view of Musk, up from 45% at the end of last year. The souring of opinion spans party lines—Democrats, Republicans, and independents alike have all expressed declining confidence in the Tesla CEO, as per a report by Forbes.'The concern isn't just political,' noted Wedbush analyst Dan Ives, a long-time supporter of Tesla stock. 'Musk diving deeper into politics and now trying to take on the Beltway establishment is exactly the opposite direction that Tesla investors and shareholders want him to take.'Initially viewed as a strategic alliance between two high-profile power players, the Musk-Trump relationship has deteriorated rapidly over the past few weeks. Musk reportedly contributed $288 million toward Trump's re-election campaign last year, positioning himself as a key political their alignment began to unravel following disagreements over Trump's recently signed fiscal package, which the Congressional Budget Office warns could expand the national debt by $3.4 trillion. Their feud reached a public climax last week when Trump labelled Musk a 'TRAIN WRECK' in a scathing post, while Musk retaliated by accusing the Trump administration of misrepresenting the controversial Epstein Files—a post he later launch of the 'America Party' is seen by some observers as an effort to channel public dissatisfaction into political capital. However, financial markets appear unconvinced, interpreting the move as a distraction from Tesla's operational priorities at a time when competition in the EV market is a twist of irony, Musk's losses on Monday—nearly $14 billion—were nearly equivalent to the total market capitalization of Rivian, Tesla's closest American rival in the EV Musk doubles down on political ambition, industry watchers and financial analysts are raising alarms over the implications for Tesla's long-term trajectory. With analysts now sounding cautionary notes and shareholders increasingly vocal in their discontent, questions remain about how Musk plans to balance corporate leadership with his emerging political the 'America Party' may yet shape U.S. political dynamics, its immediate impact on investor sentiment has been unambiguously negative. For now, the market message is clear: stakeholders would prefer the world's richest man to steer clear of Capitol Hill and return focus to the factory personal wealth dropped by approximately $14 billion on Monday, July 7, 2025, after Tesla shares fell by 7%. This sharp decline is tied to investor concerns over Musk's growing political involvement, particularly the launch of his new political outfit, the 'America Party.'The 'America Party' is a new political movement launched by Elon Musk. Although full details remain limited, it appears to be Musk's attempt to influence U.S. politics independently, diverging from traditional party lines and challenging political norms—an effort many investors view as a distraction from his business priorities.
Indian Express
24 minutes ago
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1993 serial blasts: Bombay HC says Abu Salem's 25-year jail term prima facie not over yet
The Bombay High Court on Monday prima facie observed that gangster Abu Salem, who has been sentenced to life imprisonment in the 1993 Mumbai serial blasts case, has not completed 25 years of incarceration to qualify for remission of his sentence. Salem has claimed that he has completed nearly 25 years in prison as per extradition treaty between India and Portugal and therefore he should be given a tentative date of release from jail. The HC admitted Salem's plea seeking remission and premature release from jail argued through senior advocate Rishi Malhotra and advocate Farhana Shah 'As per the Supreme Court judgment, it is recorded that the date of arrest is October 12, 2005. On completion of 25 years of incarceration, the central government is bound to exercise the powers of remission and release the applicant. Prima facie, it is clear that the 25 years of incarceration is yet to be completed,' a bench of Justices Ajey S Gadkari and Rajesh S Patil observed and admitted the plea. Additional Solicitor General Anil Singh for Union Ministry of Home Affairs (MHA) sought dismissal of Salem's plea stating that honouring the 25-year period mentioned in assurance will arise only when the 25 years were to expire, which will happen on November 10, 2030. The MHA said that it would abide by the period of 25 years at an appropriate time subject to remedies, which may be available. Salem, who was transferred from Taloja Central Prison in Navi Mumbai to Nashik Central Prison last year, was extradited to India from Portugal on November 11, 2005. He was placed under arrest on November 24, 2005, and subsequently tried for the offences he had been charged with. In September 2017, Salem was convicted in the Mumbai serial blasts case. Two years earlier, in 2015, he had been sentenced to life imprisonment for the 1995 murder of Mumbai-based builder Pradeep Jain. On July 11, 2022, the Supreme Court observed that the central government was bound to advise the President to exercise his powers of remission to release Salem after he completes 25 years in prison, in accordance with the sovereign assurance given by the Indian government to Portugal at the time of his extradition. However, the court declined to extend any special privilege to commute or restrict the sentence imposed on him. In October last year, Salem argued before the special court designated under the Terrorist and Disruptive Activities (Prevention) Act (TADA) that he had neared 25-year term and same included time spent as an undertrial and later as a convict, along with nearly three years of remission he was entitled to under prison rules. In December, 2024, the special court rejected Salem's claim, after which he approached the High Court. The MHA's affidavit in response stated that the plea was 'entirely misconceived, baseless and is based on a misplaced understanding of law'. The Centre further said that the petitioner should approach the SC for further clarification as it would be the appropriate forum. The MHA said that the petitioner's calculation was 'not correct' and he has 'attempted to combine two separate conviction periods undergone in separate cases to arrive at a conclusion' that he completed a conviction period of 24 years and nine months on December 31, 2024. However, the MHA in its May, 2025 affidavit claimed that till March 31, 2025 he had served 19 years, 5 months and 21 days. The HC will hear the plea in due course.
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Business Standard
30 minutes ago
- Business Standard
Delhi High Court rejects Celebi's plea against revoked security permit
The Delhi High Court on Monday dismissed Turkey-based company Çelebi Airport Services Private Limited's plea challenging the Indian government's decision to revoke its security clearance. The court said that 'once national security considerations are found to exist, it was not for the Court to 'second guess' the same.' 'As per settled law, once national security considerations are found to exist, on the basis of which the security clearance has been cancelled/revoked, it is not for the Court to 'second guess' the same,' the order said. Justice Sachin Datta upheld the revocation of security clearance of the Turkey-based firm by the Bureau of Civil Aviation Security (BCAS) in the interest of national security. On perusal of the relevant information, it transpires that there are compelling national security considerations involved, which impelled the Indian government to revoke the security clearance, the court said. 'While it would not be appropriate for this Court to make a verbatim reference to the relevant information/inputs, suffice it to say, that there is a necessity to eliminate the possibility of espionage and/or dual use of logistics capabilities which would be highly detrimental to the security of the country, especially in the event of an external conflict,' the order said. The court further noted that impelling geopolitical considerations, impinging upon the safety of the country, were also involved. '…the executive wing and not the judicial wing has the knowledge of India's geopolitical relationships to assess if an action is in the interest of India's national security,' the order stated. There was a considerable body of judicial dicta to the effect that the State is well within its rights to take pre-emptive measures to protect and preserve national security, the single-judge bench of the High Court said. 'No doubt, the principles of natural justice are sacrosanct; however, it is a compelling constitutional truth that security of the realm is the precondition for enjoyment of all other rights. The State/respondents are indeed justified in taking prompt and definitive action so as to completely obviate the possibility of the country's civil aviation and national security being compromised,' the court said. In its petition to the Delhi High Court, Çelebi Airport Services had said that public perception cannot be grounds for revocation of security clearance. The ground-handling company also submitted that it had been given no reason or opportunity for a hearing. 'We have been carrying the operations for 17 years without blemish. Then we received a letter on May 15 cancelling the security clearance. We were given no reason and no opportunity for hearing. It is because of public perception that the shareholding of the company is of Turkish nationals. But public perception cannot be grounds (for revocation of security clearance). There are 14,000 employees working. The entire business goes for a toss,' Çelebi's lawyers had told the court. Çelebi had also argued that the Indian government's decision to revoke its security clearance was 'arbitrary and devoid of specific reasons.' The Ministry of Civil Aviation, acting through the Bureau of Civil Aviation Security (BCAS), withdrew Çelebi's clearance on 15 May 2025, invoking national security grounds. The move came amid mounting diplomatic tensions after Turkey supported Pakistan during hostilities involving Operation Sindoor. At least seven airports in the country cancelled the services of Çelebi and its subsidiaries. Çelebi challenged the contract cancellations before the High Courts of Madras, Bombay and Gujarat, besides challenging the security revocation before the Delhi High Court. While the pleas are pending in the Gujarat and Bombay High Courts, the Madras High Court had in June granted interim protection to Çelebi Ground Services Chennai under Section 9 (interim protection to parties) of the Arbitration and Conciliation Act, 1996. Background Çelebi, a wholly owned Indian subsidiary of Turkish parent company Çelebi Aviation Holding, argued that the government's order lacked any prior notice or opportunity to respond. The company described the justification as 'vague' and 'unsubstantiated,' asserting that such actions jeopardise foreign investor confidence and threaten the livelihoods of Indian employees. 'Technically, it's an Indian company. There has to be a reasonable cause. We were not given prior notice,' Çelebi told the court. The company also clarified that while it has Turkish ownership, operational and managerial control of its Indian entity is handled by an India-based team, and that it has maintained a clean track record for over a decade at major airports. Solicitor General Tushar Mehta, appearing for the Central government, expressed national security concerns over the firm's presence, and said, 'The enemy can try 10 times and succeed once; a country has to succeed all the time.' 'In cases of civil aviation and national security, there cannot be a doctrine of proportionality,' he added. He also submitted that the individuals employed by the company in question, who are deployed at airports, have access to every corner of the airport as well as the aircraft. 'The government had inputs that it would be hazardous in this scenario, in which the country is in, to leave this activity in the hands of this company,' he said. Mehta maintained that the revocation was rooted in concerns over national security under the Aircraft Security Rules, particularly Rule 12. Rule 12 of the Indian Aircraft (Security) Rules, 2023, grants the Director General of Civil Aviation (DGCA) the power to suspend or cancel security clearances and security programmes. Following the revocation of clearance, Delhi International Airport Limited (DIAL) also terminated its contracts with Çelebi, and in Mumbai, Indothai, a domestic operator, was brought in to take over the firm's ground-handling services.
