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Yahoo
01-04-2025
- Business
- Yahoo
Elon Musk Pays Voters, Pours Cash Into $82 Million Wisconsin Race
(Bloomberg) — Elon Musk is seeking a repeat of the political victory he scored with President Donald Trump by deploying millions of dollars into what has become the most expensive judicial race in US history. What Frank Lloyd Wright Learned From the Desert Gold-Rush Fever Returns to Historic New Zealand Mining Town Bank Regulators Fight for Desks as OCC Returns to New York Tower London Clears Final Hurdle for More High-Speed Trains to Europe Musk, the world's richest person, is running the same playbook that helped propel Trump to the White House last year in a race to fill an open seat on Wisconsin's Supreme Court. Voters on Tuesday will decide whether to tip the balance of the state's highest court to conservatives, away from the left-leaning judges who currently hold a majority. A victory for former state attorney general Brad Schimel over Susan Crawford, the circuit court judge supported by Democrats, would be a boon for Musk's political strategy, an unorthodox approach that has involved handing $1 million checks to voters and has tested the limit of campaign finance laws. Success for Schimel could also be a broader win for Republicans to secure an ideological control of a battleground state's highest court, pushing it further to the right on abortion rights, labor laws and congressional map redistricting plans. It's a closely divided political state that went for Trump in 2024 and former President Joe Biden four years earlier. Two groups funded by the Tesla Inc. (TSLA) and SpaceX ( executive have spent $17 million to pay door knockers, buy broadcast ads and promote Schimel, his favored candidate, on X, the social media platform Musk owns. He's also given $3 million to the Republican Party of Wisconsin, according to filings with the Wisconsin Ethics Commission, making him the second-largest donor so far in 2025. Musk is even offering large sums of cash to voters, as he did with Trump supporters in Pennsylvania last fall. He gave away two $1 million checks to voters at a rally Sunday night. On Wednesday, a Green Bay man was awarded $1 million for signing a petition against activist judges circulated by America PAC, the super political action committee Musk founded last year. Candidates and outside groups combined have spent $82 million through March 30, according to the Wisconsin Democracy Campaign. That easily exceeds the previous high of $51 million, also set in the state in 2023. Musk in an interview with Fox News last week cited the potential for a liberal-leaning court to exert influence over the state's congressional map as a key driver for his involvement in the race. 'Well, the Democrats are trying to redraw the districts in Wisconsin, and we're trying to stop the Democrats from gerrymandering Wisconsin,' Musk said. 'That's what this whole Supreme Court Justice case is about.' Wisconsin — one of the most evenly divided states in the 2024 presidential election — has six of its eight House seats held by Republicans. But Musk also has a business interest, too. Tesla is seeking court permission to open four dealerships in Wisconsin, and in January filed a legal challenge to a state law that blocks car manufacturers from operating dealerships. The suit, the latest in a decade-long series of legal fights that Musk's electric-carmaker has engaged in over the right to sell directly to consumers, could make its way to the state's top court. The billionaire's role in Wisconsin politics could also serve as a referendum on Musk himself. The technology entrepreneur has become the public face of the Trump administration's efforts to radically reshape US government and shrink the federal workforce via his role with what's known as the Department of Government Efficiency. 'I've traveled all over the state, and voters are in a state of panic about Musk taking on Social Security, the VA, and the postal service,' Ben Wikler, the chair of the Wisconsin Democratic Party, said. 'The the idea that Musk can waltz into Wisconsin and buy our state's Supreme Court makes voters want to punch through a wall.' Schimel is also getting support from the Wisconsin chapter of Americans for Prosperity, backed by billionaire Charles Koch. The group started reaching out to voters about the the Supreme Court contest just days after the 2024 election. It says it's spent about $3.5 million and reached nearly 600,000 voters so far. 'We truly realize how this one Supreme Court race could effect the future of our state and of the country,' said Megan Novak, the state director of AFP-Wisconsin. She said that in addition to the impact on the House, a Crawford victory could lead to higher property taxes and diminished public safety. America PAC is also wading into two House special elections in Florida to replace two former Republican members — Mike Waltz and Matt Gaetz — who resigned their seats after being tapped by Trump to serve in his administration. It's spent $76,900 to back Randy Fine, a state lawmaker running for Waltz' seat, and $10,250 for Jimmy Patronis, Florida's chief financial officer. The elections, also scheduled for Tuesday, are both in solidly red districts. Some deep-pocketed Democrats have come to the aid of Crawford, whose campaign has raised $24.6 million, more than twice Schimel's haul. They include movie producer Steven Spielberg, venture capitalist John O'Farrell of Andreessen Horowitz and physician Karla Jurvetson. In Wisconsin, Musk's intervention has become a campaign issue raised by Crawford's supporters. A Better Wisconsin Together ad accuses Musk of trying to buy his way onto the state's Supreme Court. 'People don't like Elon Musk, so that's in our favor. He's very unpopular,' said Carlene Bechen, a community organizer in southern Dane County. 'But I'm also angry that Musk thinks he can buy everything.' —With assistance from Skylar Woodhouse and Peter Blumberg. LA Fire Victims Are Betting on a Radical Idea to Help Them Rebuild Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P.
Yahoo
01-04-2025
- Business
- Yahoo
Treasuries Extend Rally as Traders Brace for Next Tariff Wave
(Bloomberg) — Treasury yields fell as markets worried about the potential hit to economic growth from President Donald Trump's next round of tariffs What Frank Lloyd Wright Learned From the Desert Gold-Rush Fever Returns to Historic New Zealand Mining Town Bank Regulators Fight for Desks as OCC Returns to New York Tower London Clears Final Hurdle for More High-Speed Trains to Europe Benchmark 10-year yields (^TNX) were down about 4 basis points to roughly 4.17% on Tuesday, and touched the lowest level since March 11 after a Washington Post report that White House aides have drafted a proposal to impose tariffs of around 20% on at least most US imports. With Trump scheduled to unveil a plan for reciprocal tariffs on Wednesday afternoon in Washington, traders held onto bets that the Federal Reserve will deliver three quarter-point interest-rate reductions by year-end. Market participants are positioning for another solid stretch of performance for Treasuries after signs of cooling US growth drove a first-quarter rally that left benchmark 10-year yields down about a half-percentage point from their January peak. Trend-following hedge funds turned short US equities and long Treasuries last month and the rotation has room to run, according to analysis by Barclays. 'Virtually all aspects of President Trump's April 2 global tariffs announcement remain unclear,' said Oliver Blackbourn, a portfolio manager at Janus Henderson. 'What is less uncertain is that tariffs are likely to be bad for economic growth, consumers, and markets.' In a sign of how concern around the economic outlook is dominating the narrative, the bond market has gained to start the week even after New York Fed President John Williams warned on Monday that tariffs and other Trump administration policies could drive US inflation higher. Some marketwatchers are skeptical that investors will get the clarity on US trade policy they've been waiting for. BlackRock International warns there will be more uncertainty after April 2 and that US yields are likely to edge up from here. The rally 'does not make sense,' said Vasiliki Pachatouridi, head of EMEA iShares fixed-income strategy at BlackRock International. 'Inflation is still a sticking point, the hard data is not reflecting the picture the bond market is painting around recession and the expectation that the Fed is going to step in.' At Legal & General Investment Management, meanwhile, Chris Jeffery says the market will benefit from clarity on the most important aspects of Trump's overall tariff policy, even if April 2 won't be the end of the line. 'The uncertainty has been pretty destructive' said the firm's head of macro strategy, who has been overweight duration. 'Everything is down on the risk asset side.' —With assistance from Alice Gledhill. LA Fire Victims Are Betting on a Radical Idea to Help Them Rebuild Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT Israel Aims to Be the World's Arms Dealer How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P.
Yahoo
31-03-2025
- Business
- Yahoo
Trump to Target Ticket Scalping, Fees With New Executive Order
(Bloomberg) — President Donald Trump is expected to sign an executive order on Monday aimed at cracking down on ticket scalping and fees that drive up the costs of attending live events for consumers. What Frank Lloyd Wright Learned From the Desert Gold-Rush Fever Returns to Historic New Zealand Mining Town Bank Regulators Fight for Desks as OCC Returns to New York Tower The order directs the Federal Trade Commission to work with the Department of Justice to ensure that competition laws are enforced in the concert and entertainment industry — including the Better Online Ticket Sales, or BOTS, Act — and pushes state consumer protection authorities on enforcement, according to a fact sheet seen by Bloomberg News. It also seeks to 'ensure price transparency at all stages of the ticket-purchase process, including the secondary ticketing market.' Attorney General Pam Bondi and Treasury Secretary Scott Bessent will be asked to ensure that ticket resellers are complying with the tax code and other laws. The Treasury Department, DOJ and the FTC will also be directed to deliver a report within 180 days on the actions they've taken and to recommend additional regulations or legislation to protect consumers in the live concert and entertainment industry. The order was first reported by TMZ. Trump's actions are similar to moves taken by his predecessor, former President Joe Biden, to target what he labeled 'junk fees' — hidden charges that raised the prices of items like concert tickets, hotel rooms, the internet and other services and goods — that was part of a broader effort to address worries about rampant inflation during the Democrat's tenure. Biden's actions to bring more transparency to ticket pricing gained particular salience as the cost to attend major tours by pop icons such as Beyoncé and Taylor Swift skyrocketed and many fans were unable to secure tickets. In 2023, Ticketmaster, which is owned by Live Nation Entertainment Inc., agreed to display all-in pricing on its website for mandatory fees that previously didn't appear until checkout. Another ticketing website, SeatGeek, said it would allow customers to compare tickets with included fees. Under Biden, the Consumer Financial Protection Bureau had a prominent role in cracking down on hidden or surprise charges for consumers. But the agency, long a target of conservatives, has since been gutted by Trump. Trump's IRS Cuts Are Tempting Taxpayers to Cheat Google Is Searching for an Answer to ChatGPT LA Fire Victims Are Betting on a Radical Idea to Help Them Rebuild Israel Aims to Be the World's Arms Dealer How a US Maker of Rat-Proof Trash Bins Got Boxed in by Trump's Tariffs ©2025 Bloomberg L.P.
