Israel Set to Hold Rates as Inflation Spikes, Gaza War Escalates
Israel's central bank is set to keep interest rates on hold for the 11th time in a row, amid increased military operations in Gaza and an uptick in inflation.
The Bank of Israel will maintain its base rate at 4.5% on Monday, according to all analysts polled in a Bloomberg survey.
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US Bonds Drop as Strong Job Data Trims Bets on Two 2025 Fed Cuts
Treasuries fell as faster-than-expected US job growth prompted traders to trim back bets that the Federal Reserve will cut interest rates this year. The declines on Friday pushed yields across maturities higher by at least five basis points. Yields on benchmark 10-year notes rose more than six basis points to 4.45%, while two-year rates — most sensitive to the Fed's monetary policy — climbed seven basis points to 3.99%.
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Musk Blinks First in Bitter Trump Feud That Cost Him $34 Billion
(Bloomberg) -- When Elon Musk and Donald Trump joined forces during the presidential campaign, there was always a question over how long their alliance would last and who would prevail if it didn't work out. 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 The Global Struggle to Build Safer Cars After the public spat between the world's richest man and its most-powerful leader spun out of control, the answer was clear: it was Musk who eventually backed down when Tesla Inc.'s stock price tanked and his net worth crumbled by $34 billion. The two billionaires have stopped swapping social media barbs since Thursday evening. But the damage to Musk's business empire will be difficult repair — with Tesla's stock up only about 4% in pre-market trading, recouping on a fraction of its previous day's slide. After the fight wiped a record $153 billion from the market value of the electric carmaker Thursday and dragged down broader indexes, it became clear that Musk had the most to lose. And he blinked, pulling back from a threat to idle SpaceX's astronaut-carrying vehicle and heeding the online advice to back off from a series of attacks. At various points Musk claimed credit for Trump's victory, endorsed his impeachment and even suggested the president was implicated in the sex crimes of Jeffrey Epstein. By 9:20 p.m., Musk had calmed, telling a user on his X platform that cooling off for a couple of days was ' good advice.' The conflict marks a turning point in a relationship that defined the first several months of Trump's return to office, when Musk and his small band of young techie coders raced through the government, seeking to slash spending, shutter agencies and cut the federal workforce. It also sends a warning shot to other billionaires who recently threw their support behind Trump, reminding them of the danger of crossing a president who is known to carry a grudge. Musk's so-called Department of Government Efficiency seemed to embody Trump's pledge to radically shrink the size of the government and act by executive order, circumventing Congress' constitutional power over the purse strings. The effort ultimately fell short of its goal of cutting $1 trillion from the budget by ferreting out government waste — mustering just $180 billion of savings, by its own accounting. But when Musk left his role late last month, the two appeared on good terms at an Oval Office press conference, where Musk said he expected to remain a friend and adviser to the president. The tension began when Musk started attacking Trump's signature legislation, the so-called 'big beautiful bill' that would extend the Republican's first-term tax cuts and tack on some new ones. To offset some of the cost, it also included spending cuts, including the elimination of a $7,500 tax credit for electric-vehicle buyers that JPMorgan Chase & Co. analysts estimate would deal a hit of roughly $1.2 billion to Tesla's full-year profit. Musk, who was also upset by Trump's decision to withdraw the nomination of his associate Jared Isaacman to lead the National Aeronautics and Space Administration, started using his social-media feed to urge senators to kill the tax bill, calling it an 'disgusting abomination' that would worsen the deficit and add to the national debt. The opposition left Republican lawmakers in the awkward position of choosing sides between Musk, who has quickly become a key financial backer for the party's political efforts, and Trump, the singular political force who has reshaped the party in his image. Musk's position, though, was largely waved off by the White House as a difference of opinion until the moment when Trump was asked about Musk's lobbying during a televised meeting in the Oval Office with German Chancellor Friedrich Merz. 'I'm very disappointed in Elon. I've helped Elon a lot,' Trump said during the meeting. 'He said the most beautiful things about me, and he hasn't said bad about me personally, but I'm sure that'll be next.' It was then that a remarkable scene began to unfold. Musk started to rebuke Trump, firing off rebuttals on social media as the president spoke. 'Such ingratitude,' Musk posted, citing his financial support for Republicans during the 2024 election. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.' The two went on to argue about the nature of Musk's departure from the White House. 'Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!,' Trump posted. Musk responded that Trump's claim he was asked to leave was 'such an obvious lie' and 'so sad.' It continued to escalate. Musk floated the idea of creating a new political party 'that actually represents the 80% in the middle' and continued to egg Trump on after the president threatened to cut off government contracts for Musk's companies. That would pose a major hit to Musk, since SpaceX and Tesla have received is $22.5 billion from federal unclassified contracts since the 2000 fiscal year, according to Bloomberg Government data. Musk appeared unconcerned about the financial risk of angering Trump. He responded 'yes' to an X user's suggestion Trump be impeached and replaced by Vice President JD Vance and argued that the president's tariff regime would tip the country into a recession. Musk also needled Trump over his past relationship with Epstein: 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT!' Musk wrote. The White House declined to comment on the Epstein accusation. On Wall Street, the reaction was swift and punishing. A selloff in Tesla stock built as the two traded barbs, driving it down at once point as much as 18%, before paring the loss slightly by the end of the trading day. Several people in the party with ties to both Trump and Musk — as well as random social-media posters — tried to find a quick off-ramp for hostilities and clear a pathway to peace. By late afternoon, with the power Trump wields threatening to wipe out a good chunk of Musk's wealth, the message finally started to sink in. In a reply to billionaire Bill Ackman, an ally of both Trump and Musk who said they should 'make peace for the benefit of our great country,' Musk responded: 'You're not wrong.' Cavs Owner Dan Gilbert Wants to Donate His Billions—and Walk Again 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 The SEC Pinned Its Hack on a Few Hapless Day Traders. The Full Story Is Far More Troubling ©2025 Bloomberg L.P.
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If Elon Musk's Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Get?
We've seen the headlines that reveal how rich the world's top billionaires are — but it's hard to comprehend just how rich they are. Consider this: Let's say you had $1 billion in your bank account and had to spend $100,000 every day, for an entire year. After 365 days, you would still have $963,500,000 (nine hundred sixty-three million five hundred thousand). Discover More: Find Out: Over the last two decades, billionaires have ballooned their wealth to unparalleled levels. In 2005, Microsoft co-founder Bill Gates ranked as the world's richest person, with a net worth of $46.5 billion, as reported by CNN. Today, that title belongs to Tesla CEO Elon Musk, whose net worth stands at $368 billion as of June 5, according to the Bloomberg Billionaires Index. Even when adjusted for inflation, Gates' former net worth would be equivalent to roughly $76 billion in today's dollars. It is worth noting that other billionaires have also increased their wealth during the same time. For instance, tech billionaires Mark Zuckerberg and Jeff Bezos are worth $229 billion and $227 billion, ranking second and third globally. For many Americans, this trend is not sitting well. The sky-high cost of living has catalyzed support for redistributive tax policies, especially among younger voters and the progressive base of the Democratic Party. While higher taxation may or may not happen in the years to come, here's hypothetically how much you'd get if the world's richest man gives a check to every American. The United States Census Bureau estimates the current population to be around 341 million people, ranking only behind India and China. If Musk's enormous $390 billion were equally divided in the U.S., each person would receive $1,144 (rounded to the nearest dollar). A couple would receive $2,288, while a family of four would get $4,576. Despite the enormous wealth of billionaires, much of their fortune is tied up in stocks, real estate, and other holdings. Only a small percentage of their assets is held in cash. Based on data from Forbes, Musk has a 12% ownership stake in Tesla and to date, he remains the largest shareholder in the $1.15 trillion electric vehicle company. This is in addition to a 42% slice in SpaceX and a 54% interest in xAI, among many other businesses. Interestingly, Bloomberg reported that Musk's financial holdings appreciated by 77% after joining the campaign trail with President Donald Trump late last year, as reported by Bloomberg. Investors became bullish on Tesla and Musk became the first person to ever reach a net worth exceeding $400 billion. Since then, Tesla's market value has fluctuated as a result of volatile market conditions, macroeconomic factors and the threat of a global trade war. More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on If Elon Musk's Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Get? Sign in to access your portfolio
