logo
Trump Teases Extra Episode of Elon Show After Icing Him Out

Trump Teases Extra Episode of Elon Show After Icing Him Out

Yahooa day ago

Donald Trump praised Elon Musk while announcing a joint press conference Friday that will take place amid tension with the billionaire DOGE head who is departing his government position.
In making the announcement, the president hinted that while Friday will officially mark his last day, he is expected to be a regular in Trump's orbit.
'This will be his last day, but not really, because he will, always, be with us, helping all the way,' Trump wrote amicably on Truth Social. 'Elon is terrific! See you tomorrow at the White House.'
Trump's words echoed that of Secretary of Commerce, Howard Lutnick, who expressed a similar rosy outlook Thursday night.
'I know Elon is still very very close to the President,' he said on Fox News' The Ingraham Angle, 'and I think he's going to stay exactly there.'
The Oval Office gathering comes as Musk has publicly distanced himself from a major piece of legislation to be considered by the Republican-controlled Senate: Trump's so-called 'Big, Beautiful Bill.'
The legislation, which passed the House by a single vote, would curtail the effectiveness of DOGE's work over the last few months, Musk worried.
'I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing,' Musk told CBS Sunday Morning in a preview released earlier this week.
Musk's Tesla opposes the bill as well, warning that an end to certain energy tax credits would 'threaten America's energy independence and the reliability of our grid.'
Musk had a back-and-forth with White House Deputy Chief of Staff Stephen Miller about the bill this week, with Miller claiming that DOGE's cuts couldn't be codified.
'You cannot cut discretionary spending (only mandatory) in a reconciliation bill. So DOGE cuts would have to be done through what is known as a rescissions package or an appropriations bill,' he wrote on X.
The bill's fate in the Senate remains uncertain, with some Republican calling for more cuts.
In addition to the budget proposal, Musk caused a stir last month when he objected to the president's sweeping tariffs, which he said would harm Tesla manufacturing.
He and others in the administration, like Miller, also differed when it came to visas for highly-skilled workers, with Musk opposing a clamp-down.
Yet Musk's departure was on 'good terms,' and the X owner is 'still friends with the president,' a senior Trump administration official told CBS.
'This isn't a separation, but just a return to the private sector for Musk,' the person added. 'He will continue to be a friend to the president, and we can characterize that as an 'adviser.''
Musk's status as a special government employee, which began January 20, lasted 130 days.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

ETFs and corporate treasuries should support bitcoin's uptrend in June as tariff uncertainty lingers
ETFs and corporate treasuries should support bitcoin's uptrend in June as tariff uncertainty lingers

CNBC

time22 minutes ago

  • CNBC

ETFs and corporate treasuries should support bitcoin's uptrend in June as tariff uncertainty lingers

In the tug of war between the macroeconomic and crypto adoption stories, blockchain adoption is starting to taking over the bitcoin narrative. Institutions and corporations combined to drive up bitcoin in May. The cryptocurrency ended the month about 10% higher, its second straight monthly rise, driven by strong inflows into bitcoin exchange-traded funds and continued purchases of bitcoin by corporate treasury departments. Bitcoin ETFs saw $5.6 billion in inflows this month, when the number of bitcoin held by public companies grew 4% to $85.6 billion, according to Bitcoin Treasuries . Investors expect the trend to continue in June, and to benefit bitcoin's long-term performance. The uncertainty of President Donald Trump's tariff policy has so far helped bitcoin more than hurt it – the initial sell-off in risk assets after Trump's tariffs were unveiled in April pulled it down to about $76,000, but bitcoin still finished the month up 13.5%. That said, analysts say not to dismiss the downside risk just yet. "The fact that significant policy adjustments can be made at any time, especially around tariffs, makes near-term pricing incredibly difficult," said Chris Rhine, head of liquid active strategies at Galaxy Digital. "The cumulative weight of this policy uncertainty will likely lead to a sharper slowdown in economic activity, particularly in consumer-driven end markets, increasing the likelihood of monetary policy support." In other words, lower interest rates. 1M mountain Bitcoin (BTC) in May Investors have cheered crypto's seeming decoupling from equities in recent weeks, benefiting when there's liquidity in the market and stocks do well, but also in risk-off scenarios where crypto has provided a haven from uncertainty. That best-of-both-worlds scenario has helped support bitcoin's price and bring new buyers to the market. Unfortunately, that dynamic hasn't been meaningfully tested yet, said Federico Brokate, head of U.S. business at 21Shares, a financial technology company focused on providing access to cryptocurrency investments through exchange-traded products. "The macro story is still very important," Brokate said. "If we continue to see that in June, that's going to be very bullish for the asset, price wise. We haven't seen this play out over a sustained period of time, so this is something that a lot of us will be paying attention to over the next few weeks." After reaching a new all-time high on May 22 of $111,999, bitcoin retreated to the $104,000 level Friday after Trump reignited fears of a trade war with China . In a social media post, the president claimed China "violated" its current trade agreement with the U.S., one day after Treasury Secretary Bessent said in a Fox News interview that U.S.-China trade talks "are a bit stalled." The shadow of unpredictability aside, investors are optimistic about bitcoin's direction, primarily monitoring bitcoin ETF flows, corporate treasury announcements and regulatory developments. After an early block, the 'GENIUS' Act, short for Guiding and Establishing National Innovation for U.S. Stablecoins, advanced to the Senate on May 19 and is likely to come up for a floor vote in early June. Whether it passes with bipartisan support or fails to pass, the outcome will likely have an impact on sentiment around bitcoin, Galaxy's Rhine said. Wells Fargo expects "a difficult road ahead" in light of a separate bill to regulate stablecoins in the House, analyst Andrew Bauch said in a note this week. From a technical standpoint, looking solely at price charts, bulls are likely to hold the reins in June, according to Tracy Jin, chief operating officer of crypto exchange MEXC. "[They'll] aim to defend the $109,000 support level, a potential target for downward pressure from hedge funds holding put options," she said. With a new record behind it, bitcoin has now opened the door to the $113,000 to $115,000 zone. That represents "serious resistance on the way to a strategic target of $130,000, Jin said, adding: "If the current pace is maintained and the $115,000 level is successfully overcome, the price may reach $130,000 in June."

Think your return to the office was rough? Musk faces some big challenges
Think your return to the office was rough? Musk faces some big challenges

Yahoo

time25 minutes ago

  • Yahoo

Think your return to the office was rough? Musk faces some big challenges

NEW YORK (AP) — Elon Musk is leaving Washington after a short but turbulent stint in government and getting back to his numerous businesses, each with their own set of issues for the billionaire to address. Start with his electric car company Tesla. While how much Musk accomplished in his role as President Donald Trump's chief cost-cutter is up for debate, it's clear his association with right-wing politics damaged Tesla's brand and tanked sales. Musk's social media platform X, formerly Twitter, needs to rebuild its advertising base; his aerospace company SpaceX appears to be financially promising but has seen some recent setbacks; and it's unclear if his satellite business Starlink can keep striking deals without Trump nearby. Here's a look at the state of some key Musk businesses. Tesla trouble Profits plunged 71% at Tesla in the first three months of the year right after a Chinese competitor claimed the mantle as the world's biggest electric car seller. The big question now: Will Musk's leaving Washington help lure buyers back? The answer is crucial to reviving profits because so much else is uncertain. Tesla's lineup of cars is aging and its foreign rivals have become much more competitive. They would be taking market share from Tesla even in the best of circumstances. Tesla's decision to close down factories as it retooled its best-selling Model Y, among other temporary problems, contributed to its struggles in the first quarter. But the blowback from Musk's time in Washington has some analysts and investors worried. In a note to clients, JP Morgan warned of 'unprecedented brand damage.' Wedbush Securities said at one point, 'This is a full blown crisis." And a group of smaller investors just Wednesday wrote to Tesla's board demanding it require Musk to spend at least 40 hours a week repairing its 'plummeting global reputation' among other problems. News earlier this week from Europe doesn't bode well: Sales in April plunged by half. Taxis with no driver Another big test for Musk: Will Tesla's launch of its first ever driverless taxis prove successful? Musk has been talking about robotaxis for more than a decade, but next month they may finally hit the road. He has promised to test 10 or 20 robotaxis in Austin, Texas, then ramp that up to hundreds of thousands by the end of next year. 'Can you go to sleep in our cars and wake up at your destination?' the billionaire asked investors in a conference call last month, then answered, 'I'm confident that will be available in many cities in the U.S. by the end of this year.' Investors are convinced Musk will deliver, judging by the 50% jump in Tesla stock since he made that statement. But he faces many challenges, not least is whether technically the taxis will work without hitting things — or people. Federal safety regulators last month requested data from Telsa on how the robotaxis will perform in low-visibility conditions. That request comes after an investigation into 2.4 million Teslas last year equipped with Full Self-Driving software after several accidents, including one in which a pedestrian was killed. Even if the Austin test goes off without a hitch, Musk faces another challenge: Waymo. The driverless taxi company owed by Google parent Alphabet just logged its ten-millionth trip and is now operating in San Francisco, Los Angeles, and several other cities. Ad rebound at X? After Musk bought Twitter in 2022 and opened it up to all manner of conspiracy theories, long-time advertisers began to flee. Then Musk made the situation worse when he threatened to 'name and shame' them, and sued them. Now advertisers are inching back, though maybe not for a good reason. 'Some big brands resumed spending on X in part to curry favor with the Trump administration, or to avoid potential retaliation by Musk,' said e-marketer analyst Jasmine Enberg,. 'But fear is not a sustainable motivator, and most were spending less than they were previously.' She expects X's ad business will rebound this year, but still be smaller than it was before Musk bought the company. Rockets red glare It's not clear how well Musk's rocket company SpaceX is faring because the private company doesn't disclose its finances. That said, news headlines point to both troubles and triumphs. First the bad development, which came just this week with a spinning explosion of one of the company's Starship mega rockets over the Indian Ocean. That followed explosions of two other Starships earlier this year that sprayed flaming debris across the Caribbean Ocean. Undeterred, Musk is vowing several more tests soon but the stakes are high and the clock is ticking. NASA hopes to use Starship for future missions to the moon, including one next year that will attempt a lunar orbit and then send the four astronauts aboard back home. The good news is that investors who have gotten a peek at SpaceX's finances apparently are excited. A private financing round for the company a few months ago followed by a private sale of shares recently have reportedly valued SpaceX at $350 billion, a big jump from a $210 billion estimated value just a year ago. It's business, not politics — or is it? A SpaceX satellite internet subsidiary called Starlink also has been striking deals to set up in foreign countries. But it's not clear how much is the result of cold business calculation and how much is due to politics, an advantage that could disappear as Musk leaves Washington. Accompanying Trump on his trip to Saudi Arabia earlier this month, Musk announced that the country had approved Starlink service for aviation and maritime use. That followed a decision to grant approval for the service by regulators in Bangladesh, whose garment industry would be devastated by Trump's threatened 37% tariff, along with a string of other deals in India, Pakistan and Lesotho in recent months. Next up: South Africa, maybe. Earlier this month, following Trump's Oval Office dressing down of that country's president, regulators in the country loosened a rule in a way that could help Starlink win a foothold in the country. Musk had called the rule requiring Black partial ownership of any new foreign venture 'openly racist." The country denies that politics influenced its decision. —- AP Writer Barbara Ortutay contributed to this story from San Francisco.

Qudian First Quarter 2025 Earnings: EPS: CN¥0.90 (vs CN¥0.38 loss in 1Q 2024)
Qudian First Quarter 2025 Earnings: EPS: CN¥0.90 (vs CN¥0.38 loss in 1Q 2024)

Yahoo

time26 minutes ago

  • Yahoo

Qudian First Quarter 2025 Earnings: EPS: CN¥0.90 (vs CN¥0.38 loss in 1Q 2024)

Revenue: CN¥25.8m (down 54% from 1Q 2024). Net income: CN¥150.1m (up from CN¥73.6m loss in 1Q 2024). EPS: CN¥0.90 (up from CN¥0.38 loss in 1Q 2024). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period Qudian shares are up 4.6% from a week ago. What about risks? Every company has them, and we've spotted 1 warning sign for Qudian you should know about. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store