This Video Game Explains Why CEOs Keep Failing
What makes a company thrive? Bloomberg Opinion Columnist and Yale School of Management professor Gautam Mukunda says Baldur's Gate 3 is a masterclass. (Source: Bloomberg)
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Yahoo
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- Yahoo
Trump reluctant to confront China over support for Russia's war against Ukraine, Bloomberg reports
U.S. President Donald Trump is pulling back from pressuring China over its support for Russia's war effort, instead prioritizing other aspects of the U.S.-China relationship, U.S. and European officials familiar with internal discussions told Bloomberg. These officials, speaking anonymously, said that the administration has lowered the issue of Russia's war against Ukraine on its list of foreign policy priorities and is focusing on bilateral issues with Beijing, though they noted Trump could still shift course. The change in approach marks a departure from the long-held stance of the U.S. and its G7 partners, who have consistently called out China as a key enabler of Russia's war in Ukraine. In March, G7 foreign ministers condemned Beijing's support for Moscow and urged it to use its influence over Russian President Vladimir Putin to help end the war. However, Trump said that "nothing was discussed concerning Russia/Ukraine" during his recent call with Chinese President Xi Jinping. Officials suggest this pivot reflects Trump's desire to break with the foreign policy priorities of former President Joe Biden, who viewed relations with other governments largely through the lens of Russia's invasion of Ukraine. Instead, Trump's team is prioritizing issues like tariffs, technology restrictions, and rare earths. One official noted that Trump is reluctant to directly criticize China's role in aiding Russia while he continues talks with Putin aimed at brokering a ceasefire. At the same time, Trump ally Senator Lindsey Graham is pushing for new sanctions against Russia, including measures targeting Chinese and Indian purchases of discounted Russian oil. Graham's bill has gained over 80 co-sponsors in the Senate, signaling strong bipartisan support. U.S. officials have also expressed frustration at European countries that continue buying Russian energy while criticizing Beijing's exports to Moscow—exports that include dual-use components and sanctioned technologies used in weapons production. Despite Trump's current stance, the European Union has maintained public pressure on China, both through diplomatic channels and public statements. EU foreign policy chief Kaja Kallas recently accused Beijing of fueling Russia's war through dual-use exports. Moscow has continued to receive critical components from China, including drone parts, even as Beijing has restricted similar exports to Ukraine and the West. While the Biden administration and EU have sanctioned several Chinese firms involved in aiding Russia's military production, Trump has yet to impose any new penalties. Read also: 'Find and destroy' – how Ukraine's own Peaky Blinders mastered the art of bomber drones We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Bloomberg
an hour ago
- Bloomberg
UMichigan Economist on "B+" Jobs Report
Betsey Stevenson, University of Michigan, Professor of Economics and Public Policy speaks with Alix Steel and Romaine Bostick about the US jobs report. (Source: Bloomberg)
Yahoo
2 hours ago
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Musk-Trump Breakup Exposes Cracks in Wall Street's Meme Casino
(Bloomberg) -- It took less than a day for the great Donald Trump-Elon Musk split to reshape debates over billionaire power and influence in American capitalism. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn Trump Said He Fired the National Portrait Gallery Director. She's Still There. At another level, the breakup was a reminder of something else: the perils of personality-driven investing, a growing and lucrative business for the Wall Street bankers cranking out, rapid-fire, a never-ending array of new financial products. Few have done more to fuel these gambling spirits than the president and the world's richest man. In a matter of hours, a loosely connected web of Musk-linked trades — and a few tied to Trump — cratered as the public feud escalated. Dogecoin sank 10%; a publicly traded fund dangling SpaceX exploration for retail consumption slid 13%; leveraged bets amping up returns on Musk-related ventures lost a quarter of their value or more. Shares of Trump's media company slid. The spat — ignited by the deficit-expanding tax bill threatening Tesla's electric-vehicle subsidies — cooled on Friday and asset valuations steadied. But by then, investors had gotten the message loud and clear. 'You can go from being an incredible beneficiary one moment and then being bludgeoned the next,' said Peter Atwater, founder of Financial Insyghts. 'Anytime you are investing in something that is as crowded as these Elon Musk-related vehicles, you are going to be either the beneficiary or the victim of his standing.' The breakup drama was backdrop to a comparatively sleepy week in regular markets. The S&P 500 ended the week 1.5% higher, while the extended FANG index — which doesn't include Tesla — hit a record. The dollar touched its lowest level in about two years. Ten-year Treasury yields jumped more than 10 basis points this week, as Friday's jobs data eased concerns about an imminent economic slowdown. But for the casino crowd on Thursday, things got ugly. These investors aren't just trading stocks or crypto, they're paying for proximity to dominant personalities. Tesla is a financial avatar for Musk's ambitions. Trump's political resurgence reverberates across his media company, his fast-expanding crypto empire and MAGA-theme products across the broader industry. Each post, endorsement and headline is a chance to pull capital into the retail investment machine. It hasn't just drawn in risk junkies — it's built an entire product architecture, from speculative bets to more conventional funds tied to the fortunes of billionaire Musk. Vehicles like Baron Partners Fund and the Ark Innovation ETF got caught up in the selloff before markets rebounded on Friday. Tesla's sharp rout — its worst week since 2023 — was fueled by projections that the company faces a $1 billion hit to full-year profit, if it loses a tax credit from Trump's bill. Meanwhile, the president's businesses pushed deeper into the financial ecosystem. His media company was one step closer to launching the Truth Social Bitcoin ETF, the latest in a string of crypto-linked assets and 'MAGA'-themed investment vehicles. For those with the nerve to dive into the newfangled, the gains have been eye-popping at times. A closed-end fund with Space-X exposure, Destiny Tech100 Inc., surged about 500% in just a month after the Nov. 5 election. Dogecoin went from 15 cents to above 43 cents in November, when Ark surged by 26% in less than two weeks. Speculative spirits have run high since the pandemic but soared anew after Trump buddied up with Musk on the campaign trail and won the White House, backed by the $250 million the Tesla founder spent on the election. The meme ethos was cemented when Musk's program to cut government spending took its name from a crypto token born as a canine-themed joke. 'I put him in the separate category of the Zeus of personality cults, beyond anything that has ever happened,' said Jay Hatfield, CEO of Infrastructure Capital Management. 'We've never had anybody running a major company like him.' The result has been a speculative spasm that, until this week, was often insulated from old-school markets convulsed by Trump's on-again-off-again tariff threats. An element of the craze that infuriates Wall Street's old guard — the near-impossibility of forming a valuation case around things like crypto tokens and public vehicles for private holdings — proved a virtue at a time of rampant economic uncertainty. 'Retail traders — the bro trade component of retail — they've never really cared much about fundamentals,' said Dave Mazza, Chief Executive Officer at Roundhill Investments who in February launched a Tesla-focused product. 'These folks really believe in the narrative on stocks like Tesla and Palantir Technologies Inc. Some of these names are really dependent upon a dream premium and not what they actually do for business.' Another case in point: 16% of ETFs launched this year offer single-security strategies that use either leverage or options overlay, according to Bloomberg Intelligence's Athanasios Psarofagis. That's a record. Many target retail investors who trade aggressively, take on higher risk, and use them for dip buying. 'The rise of degen leverage and derivative products on the highest profile stocks makes a mockery of the idea that the market is 'allocating capital' in any rational way,' says Dave Nadig, an ETF industry expert. 'It's immensely profitable. That's why very few people are even suggesting there are any issues in ETF land.' --With assistance from Vildana Hajric and Isabelle Lee. Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Is Elon Musk's Political Capital Spent? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. 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
