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Yahoo
3 hours ago
- Yahoo
Trump v Musk: 10 ways they can further hurt each other
The falling-out between the world's richest person and the president of the world's largest economy will have consequences – for both of them. Elon Musk, as the boss of multiple companies including Tesla, and Donald Trump, who has benefited from Musk's support in his journey to the White House, have had a mutually beneficial relationship up until now. Here are 10 ways in which Musk and Trump could hurt each other if they fail to broker a peace deal. Cancel government contracts related to Musk's businesses Responding to Musk's criticism of his tax and spending bill, Trump wrote on his Truth Social platform on Thursday that cancelling the billionaire's government contracts would be a straightforward way to save money. 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts. I was always surprised that Biden didn't do it!' Trump said. In 2024, the New York Times reported that Musk's companies – which include electric vehicle maker Tesla and rocket company SpaceX – have over the past year been promised $3bn across nearly 100 different contracts with 17 federal agencies. Investigate Musk's alleged drug use The New York Times and the Wall Street Journal have made allegations of heavy drug use by Musk, raising questions about Nasa requirements for its contractors – including SpaceX – to maintain a drug-free workforce. The Times alleged that Musk has received advanced warning of the tests. SpaceX has been contacted for comment. Responding to the Times allegations on X last month, Musk wrote: 'to be clear, I am NOT taking drugs!' In 2024 he said he sometimes used ketamine on a doctor's prescription. Challenge Musk's immigration status Steve Bannon, a Trump ally and influential 'alt-right' figure, told the Times on Thursday that Musk's immigration status should be investigated. 'They should initiate a formal investigation of his immigration status, because I am of the strong belief that he is an illegal alien, and he should be deported from the country immediately,' Bannon said of South Africa-born Musk, who is a US citizen. Use general presidential powers against Musk When Trump was elected, observers pointed to the myriad ways in which a Musk-friendly White House administration could benefit the financial interests of the world's richest person. That benign environment, which includes awarding of government contracts and directing federal agencies giving Musk's businesses an easier ride, could of course be turned hostile. Richard Pierce, a law professor at George Washington University and a specialist in government regulation, told the Guardian at the time: 'All federal regulators and prosecutors work for the president. He can tell them to do something or not to do something with the understanding that he will fire them if they disobey.' Ostracise Musk from the Maga movement Trump, as the leader of the 'Make America great again' vanguard, can close doors on Musk. The Republican congressman Troy Nehls excoriated the billionaire on Thursday, telling him: ''You've lost your damn mind.' He added: 'Enough is enough.' Musk can handle such opprobrium and, given his considerable wealth, he is an important source of funding for Republican politicians. Turn X against the White House Musk used his X platform, and his more than 220 million followers on it, to rally support for Trump's victory in the 2024. It also provided a platform for rightwing views that helped publicise the Maga agenda. Theoretically, Musk could at least use his own X account to criticise Trump with as much regularity as he pumped the president's policies (the Tesla chief executive is a prolific user of his own platform). However, this also depends on Musk's influence with the US electorate. Five out of 10 US adults say they have an unfavourable view of Musk, according to the Pew Research Center. But it should be noted that seven out of 10 Republicans or Republican-leaning adults hold a favourable view – he's not going to sway many Democrats who dislike Trump anyway. Form a new political movement Musk, who is worth more than $300bn (£220bn), could divert his considerable financial resources away from the Republican party and start a new political entity. Musk spent $250m on getting Trump elected in 2024, signalling his willingness to invest heavily in politics. On Thursday he posted a poll on X and asked: 'Is it time to create a new political party in America that actually represents the 80% in the middle?' More than 80% of the 4.8 million respondents voted 'yes'. Create geopolitical problems with his businesses The Starlink satellite broadband platform, owned by Musk's SpaceX, is playing a key rule in Ukraine's fight against a Russian invasion, while China is an important manufacturing and consumer base for Tesla. Through his businesses, Musk also has political contacts around the world and is regularly photographed in the company of global leaders. However, any damage Musk causes to Trump's international standing or interests will have to be balanced with any knock-on effect on his own businesses. Create problems for Nasa Nasa has a close relationship with Musk's SpaceX, with the company's Dragon spacecraft being used to transport the agency's astronauts to and from the International Space Station. Musk immediately pledged to decommission Dragon in the wake of the Trump spat on Thursday – before quickly signalling an about-face. Nonetheless, SpaceX is a crucial part of Nasa's ISS operations. Tell-all on Trump Musk has been a fixture of Trump's inner circle for a considerable period of time and, as the contents of his X account show, he is capable of taking multiple damaging swipes at people. However, members of Trump's inner circle will have had the same access to Musk, whose personal life is becoming a media staple.
CNN
5 hours ago
- CNN
Former ‘Diddy' girlfriend reveals ‘love contract'
Former 'Diddy' girlfriend reveals 'love contract' A former romantic partner for Sean 'Diddy' Combs using the pseudonym 'Jane' described feeling financially coerced and revealed Combs is still paying for her rent, even as she testified against him at trial. Prosecutors hope the testimony by 'Jane' will drive home charges that include sex trafficking, racketeering conspiracy and transportation to engage in prostitution. Combs has pleaded not guilty to all charges. 01:30 - Source: CNN Trump on Musk: 'The poor guy's got a problem' In a phone call with CNN's Dana Bash, President Donald Trump said he is 'not even thinking about' billionaire Elon Musk and won't be speaking to him in the near future. The comments come a day after Trump and Musk traded barbs on social media as their relationship deteriorated in spectacular public fashion. 00:43 - Source: CNN No aliens here: Research disputes possible 'signs of life' on another planet In response to hints of "biosignatures" found on a world called K2-18b, new research suggests there's a lot of uncertainty surrounding the exoplanet. CNN's Ashley Strickland reports on the ongoing scientific discourse around the search for extraterrestrial life. 00:43 - Source: CNN Reporter: Trump made $1 billion in crypto in 9 months CNN's Erin Burnett talks with Forbes Magazine's Dan Alexander about President Donald Trump's stunning ownership of billions of dollars worth of crypto. 02:19 - Source: CNN Russia launches strikes across Ukraine Russia launched waves of drones and ballistic missiles at multiple targets across a broad swath of Ukraine overnight killing at least four people in the capital Kyiv and wounding around 40 across the country. 00:32 - Source: CNN See moment Trump criticized Musk in Oval Office President Trump said he was 'very disappointed' with Elon Musk, as the tech billionaire and former adviser continues to blast Trump's massive tax and spending cuts package. The bill is estimated to add $2.4 trillion to the deficit over the next decade. Musk responded on X in real-time saying that he never saw the bill before it passed and said the elimination of America's electric vehicle tax incentives has nothing to do with his opposition to Trump's bill. 01:15 - Source: CNN Minneapolis Fed official reacts to report questioning US inflation data accuracy Some economists are questioning the accuracy of recent US inflation data amid federal staffing shortages impacting the Bureau of Labor Statistics. Federal Reserve Bank of Minneapolis President & CEO Neel Kashkari discusses how he's looking at other data sets beyond BLS with CNN's Erin Burnett. 01:55 - Source: CNN Judge threatens to remove 'Diddy' from his own trial US District Judge Arun Subramanian warned the defense team for Sean 'Diddy' Combs that he will be removed from the New York City court room where he is on trial facing charges that include racketeering, sex trafficking and transportation to engage in prostitution. 01:18 - Source: CNN German leader on 'terrible' impact of Trump's tariffs In an interview with CNN's Jake Tapper, German Chancellor Friedrich Merz talks about the impact President Trump's tariffs are having on the auto industry. 01:13 - Source: CNN Do home water filters remove fluoride? Dr. Sanjay Gupta explains. CNN's Chief Medical Correspondent Dr. Sanjay Gupta answers your questions about filtering out fluoride from your tap water and explains why it's not really necessary. 01:20 - Source: CNN Chinese researchers charged with smuggling Two Chinese researchers have been charged with smuggling a "potential agroterrorism weapon" into the US in a wad of tissues, according to an FBI affidavit. CNN's Max Foster explains how laboratory testing discovered a sample containing a DNA sequence with the potential to cause a fungal disease that could decimate crops, and impact human health. 01:10 - Source: CNN Trump administration takes hundreds of migrant children out of their homes, into government custody The Trump administration is taking hundreds of migrant children already residing in the United States out of their homes and into government custody, at times separating them from their families and making it more difficult for them to be released, according to multiple sources familiar with the matter. 01:13 - Source: CNN Venezuelans in Florida react to Trump's new travel ban President Donald Trump signed a proclamation to ban travel from several countries to the US, citing security risks, with one of the countries being Venezuela. Venezuelans in Florida reacted to the ban, with one worrying about their visa. 01:14 - Source: CNN DNC Trolls Trump with Taco Truck The Democratic National Committee parked a taco truck outside the RNC headquarters in Washington DC Tuesday, as a way to troll the president over an acronym created by a Financial Times commentator about the president's frequent walk backs and pauses to his tariff's. 00:52 - Source: CNN Greta Thunberg sails to Gaza Greta Thunberg has set sail with eleven other activists to Gaza. The activist group they're part of, The Freedom Flotilla Coalition, is attempting to bring aid and raise international awareness over the ongoing humanitarian crisis in the territory. 00:59 - Source: CNN Cassie Ventura's friend testifies Diddy held her over a balcony Bryana Bongolan, a friend of Cassie Ventura who goes by Bana, testified today about an incident with Sean 'Diddy' Combs in 2016 when she said that she was 'held over a 17-story balcony' by the music mogul. CNN's Elizabeth Wagmeister reports. 01:48 - Source: CNN Record rain floods Mexico City, traps people Mexico City was hit with record rainfall that didn't relent for more than five hours Monday night, marking the heaviest rain since 2017, according to water management officials. CNN's Valeria León walks a flooded avenue of the nation's capital after emergency crews worked through the night to rescue several trapped drivers. 00:43 - Source: CNN ICE chief defends agents wearing masks during immigration raids Acting ICE Director Todd Lyons is defending federal immigration agents for wearing masks during raids across the US, citing safety concerns. The tactic has sparked backlash and raised questions about transparency and accountability. 00:58 - Source: CNN Analysis: Why Ukraine's drone attack on Russia just changed the world CNN's Jim Sciutto explains why Ukraine's large-scale drone attack on Russian air bases thousands of miles behind the front lines struck fear into the heart of every global superpower 01:05 - Source: CNN Social media video appears to show escaped inmate A video posted online appears to show Antoine Massey, one of two men who remains on the run after escaping a New Orleans jail, declaring his innocence. Deputy US Marshal Brian Fair told CNN that the US Marshals Service received the video Monday and that the agency is looking into it. 01:08 - Source: CNN
Forbes
9 hours ago
- Forbes
How Stablecoins Are Changing Global Finance
Stable Coin. Stablecoins Cryptocurrencies Stable Market Price Value Coin Currency. The U.S. Senate has taken a major step toward regulating stablecoins by advancing the GENIUS Act—a bill that could reshape the digital finance landscape. Still under discussion, the legislation proposes strict reserve and transparency rules for issuers and signals growing government interest in crypto oversight. Stablecoins are crypto tokens that are typically pegged to the U.S. dollar. They allow users to transact within blockchain ecosystems without the volatility of traditional cryptocurrencies. Today, two clear leaders dominate the market. Yet, while Washington begins drafting policy, stablecoins have already found product-market fit in places far beyond Capitol Hill. The global use of stablecoins is growing steadily, regardless of whether the market is in a bull or bear phase. In Latin America, sub-Saharan Africa, and among crypto-native startups, they've quietly emerged as a preferred tool for payments, payroll, and preserving value in unstable economies. So what does this bottom-up adoption mean for the future of global finance? Are stablecoins here to stay, or will they be replaced by Central Bank Digital Currencies? And if they are here to stay, how to ride this trend? According to DefiLlama, the current market capitalization of stablecoins is around $250 billion, which is still a small share of the global M2 money supply, approximately 1%. In other words, we're still early. To understand where the growth might come from, it's worth examining what stablecoins are used for—and why they've become so popular. Stablecoins market capitalization. The first is USDT (Tether), the largest stablecoin by market capitalization. Interestingly, Tether has also emerged as one of the most financially efficient companies in the world on a per-employee basis. According to a tweet published by Avichal Garg, co-founder of Electric Capital, the company generated an estimated $85.6 million in profit per employee in 2024: Profit per Employee (USD) vs. Company The second major player is USDC, issued by U.S.-regulated firm Circle. The company went public on June 5, under the ticker CRCL, with its stock surging over 200% on its first day of trading—pushing its market capitalization above $20 billion, according to Barron's. These two companies currently dominate the stablecoin space. Others worth mentioning include: • USDS (formerly DAI), which started as a decentralized stablecoin but has become only partially decentralized due to its large holdings of U.S. Treasuries and USDC. • USD1, a politically charged entrant tied to Donald Trump's network, which has generated some discomfort among Democratic lawmakers. Rep. Maxine Waters (D–Calif.), the ranking member of the House Financial Services Committee, voiced strong objections during a joint hearing on digital assets, stating: 'I object to this joint hearing because of the corruption of the President of the United States and his ownership of crypto and his oversight of all of the agencies.' Stablecoins are enjoying instant product-market fit: everyone needs access to crypto dollars — a version of the U.S. dollar that can be easily converted back to fiat, yet offers several advantages over traditional USD. While much of the attention on stablecoins focuses on regulation and market cap, their real momentum comes from how they're being used: The most obvious example of stablecoin usage is international payments. Sending U.S. dollars across borders with the traditional banking system typically involves SWIFT. Banks charge between $5 and $50 per transaction, often around $20, regardless of the transfer amount. That means sending $1,000 could cost users up to 2–5% in fees. In addition, the SWIFT transfers can take several business days to settle. Compared to transferring the same amount via stablecoins, even in the worst case, fees might only be a few dollars, and the transaction typically settles within minutes. That's at least 10 times cheaper and potentially 100 times faster. There's also another major benefit: users avoid capital controls, currency conversion hurdles, and heavy compliance bottlenecks, particularly relevant when sending money from or to countries with restrictive financial systems. The second use case — using stablecoins as a means of payment — is less advanced, largely due to regulatory inertia. Governments generally want citizens to transact in their local currencies, and stablecoins challenge that sovereignty. The lack of clarity discourages businesses from accepting them, especially given the lingering memory of Operation Choke Point, when certain industries were unofficially cut off from banking services. Despite the current U.S. administration's relatively crypto-friendly stance, the stablecoin bill GENIUS Act has yet to pass through Congress. This uncertainty keeps most merchants and payment providers on the sidelines. Once clear legislation is enacted, trust in stablecoins like USDT and USDC will likely surge. As for CBDCs, a concept that is often met with skepticism in the cryptocurrency community, the need for a government-backed digital dollar seems increasingly unnecessary. According to U.S. Treasury International Capital data, Tether's treasury holdings alone rival those of sovereign investors like Germany or Saudi Arabia. Meanwhile, Circle's portfolio is comparable to that of Thailand or Sweden. With such significant exposure to U.S. debt and growing political opposition to CBDCs—including campaign promises from Donald Trump to block their development—stablecoins may have already secured their place as the preferred digital dollar infrastructure in the United States. The third major use case—decentralized finance —is where stablecoins are already thriving. They serve as the foundational currency for DeFi applications, enabling lending, borrowing, swapping, yield farming, and more—all without centralized intermediaries. The functionality mirrors traditional finance but with key advantages: it's global, permissionless, and often more efficient. According to Dune Analytics data in the DeFi Report 2024–2025 , approximately 151 million wallet addresses interacted with DeFi protocols in 2024. While this figure likely includes duplicates, it provides a useful upper bound for estimating user activity. By comparison, World Bank data from 2021 shows that 4.6 to 4.9 billion people used traditional banking services globally. This also underscores the early stage of adoption of DeFi. But, once frameworks are established, DeFi usage could accelerate rapidly. Following these three cases, it's fair to say that stablecoins are here to stay. And this may only be the beginning: as crypto infrastructure intersects with artificial intelligence, stablecoins could enable AI agents to transact autonomously, unlocking programmable, real-time finance. So, how can investors position themselves to benefit from this trend? There are many ways, some of them look obvious, like buying CRCL as it has become a public company, or investing in Coinbase stocks (COIN), a company which is steadily growing its own layer two DeFi ecosystem. Some are more complicated, like finding companies to invest in that adopt stablecoins in their operations — for payments, payroll, or international transfers — and which are likely to scale faster than their peers, thanks to lower costs and global reach. Check Stripe, PayPal, and Deel as examples. On the decentralized side, assuming a favorable regulatory framework materializes, in a next way of adoption, DeFi applications could rapidly pull users away from traditional banks. In that case, there is significant upside in owning tokens or equity in platforms like Uniswap, Aave, or even Hyperliquid — all of which are well-positioned to become foundational players in the next generation of financial infrastructure. Derivative DEX trading volumes. But don't forget the risks to watch. Transformation won't come without resistance. The banking lobby remains one of the most powerful political forces in the world, and it's unlikely to welcome a shift toward 'magic internet money' without a fight. Regulatory headwinds, political gridlock, and coordinated opposition from legacy institutions are all real risks investors should keep in mind. But we know that fortune, at least in markets driven by emerging technologies, often favors the brave.
