Latest news with #OpenSecrets
Yahoo
13 hours ago
- Politics
- Yahoo
Trump Confronted Musk in Private Before Their Blowout Public Fight
This week, president Donald Trump and Elon Musk's bad blood burst into public view — but apparently, it had been brewing behind the scenes for some time. In a massive exposé looking behind the curtain of the year's biggest breakup, the New York Times revealed that the pair was already squabbling immediately after Musk's now-infamous farewell party — yes, the one that Musk showed up to with a mysterious black eye and a bizarre excuse. According to White House insiders who requested that the NYT keep them anonymous, Trump learned just ahead of Musk's now-infamous final Oval Office meeting last week that aviator Jared Isaacman, the billionaire's pick to lead NASA, had in recent years been a big-time donor to Democrats. Though many donations are public and easily accessible on databases like OpenSecrets, the information in that file was apparently news to the president. After playing nice during Musk's televised farewell, Trump apparently made his displeasure with the situation known. During the confrontation, Trump read the names out loud — which names, we don't know, because the NYT didn't reveal them — while reportingly shaking his head. This wasn't good, he told Musk. Attempting to defend his pick, Musk insisted that Isaacman's donations could be spun positively as proof that Trump, himself a former registered Democrat, was willing to hire people from different political backgrounds. The president, however, wasn't buying it, and suggested it showed only that the well-heeled SpaceX customer was a turncoat. Isaacman's nomination was ultimately rescinded after that tense exchange at the end of May. And according to the NYT's unnamed insiders, that debacle was the tipping point that took his increasing frustrations with the president to nuclear levels. Within just a few days, Musk began posting about the "abomination" that he consider's Trump's 2025 budget and tax proposal to be — and added in an apparent pedophilia allegation for good measure. The president, to his end, responded publicly to Musk's barbs the only way he knows how: with cruelty and aplomb. Along with threatening to cancel SpaceX's NASA contracts, Trump allegedly, per more reporting from the New York Times, decided to sell the cherry-red Tesla he purchased in March "as a show of support and confidence" for Musk. More on the Musk-Trump drama: Elon and Trump's Breakup Results In Hilarious Consequences For Dogecoin
Yahoo
2 days ago
- Business
- Yahoo
How Trump and Musk are still linked
Even though observers have long speculated that Donald Trump and Elon Musk would eventually fall out, few predicted the speed and ferocity with which their social media feud erupted. Since Musk pledged his full-throated support for the president following an assassination attempt in Pennsylvania less than a year ago, the political and business interests of the two men have become increasingly intertwined. In several key areas - including political funding, government contracts and their personal relationships - the two men have come to rely on each other, meaning ending the alliance is likely to be messy. That complicates the fallout from their rift and ensures that, wherever the row goes from here, they will continue to be linked – and have the potential to hurt each other in multiple ways. Over the course of the last year, Musk's donations to Trump and other Republicans have been enormous – totalling $290m (£214m) according to the campaign finance tracking site Open Secrets. Musk claimed on Thursday that the president won the election because of him, and complained about "ingratitude". There's an obvious counterexample. Earlier this year Musk shovelled $20m into a key judicial race in Wisconsin, however, his chosen Republican candidate lost by 10 percentage points in a state Trump won last November. Still, Musk's donations are a huge chunk of money that Republicans will miss as they try to hold their congressional advantage in the midterm elections in November 2026. It may have been a problem they were facing in any case. Musk has previously said he would contribute a "lot less" to campaigns in the future. But could the bust-up with the White House prompt Musk not just to withdraw but throw his money behind opposition to Trump? He hinted as such on Thursday when he posted a poll on X with the question: "Is it time to create a new political party in America that actually represents the 80% in the middle?" Musk's companies including SpaceX, its subsidiary Starlink and Tesla do a huge amount of business with the US government. SpaceX alone has been awarded $20.9bn (£16.3 billion) in US government contracts since 2008, according to analysis by BBC Verify. Trump realises this gives him leverage over the world's richest man. He posted on Truth Social on Thursday: "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!" Musk threatened to retaliate by decommissioning SpaceX's Dragon, which ferries astronauts and supplies to the International Space Station. But he later backed down from that threat. In practice, cancelling or withdrawing from government contracts would be a complicated and lengthy legal process, and for now and some time to come, the US government is likely to continue to do a significant amount of business with Musk's companies. No other company other than SpaceX can make Dragon and Falcon 9 rockets, and Nasa has committed to a number of space station and moon missions using SpaceX craft. Despite those commercial partnerships, Musk and his companies also face investigations from a number of government agencies – more than 30, according to a February report by the New York Times – and regulatory issues such as approval for Tesla's proposed driverless taxis. When Musk was given the task of setting up the cost-cutting Department of Government Efficiency (Doge) as one of Trump's key drivers of change inside the US federal government, he was given broad scope to choose his own staff. According to leaked lists of Doge employees, many of them previously worked for Musk's companies. And even though Musk left Doge a week ago, many of the staff remain in their government jobs. Some Doge employees also have deep ties to the Trump camp. Katie Miller - who worked in Trump's first administration and is married to the current White House Deputy Chief of Staff Stephen Miller - was Doge's spokesperson. However, CNN reported that Mrs Miller also left the government last week and is now working "full time" for Musk. There are others in the Trump administration whose loyalties may be tested by the feud. David Sacks, who Trump named as his top advisor on artificial intelligence and cryptocurrency, is close to Musk, having worked with the tycoon decades ago at PayPal. On X, many Silicon Valley executives along with Maga-world influencers were picking sides and parsing each of the back-and-forth messages posted by the president and the world's richest man. Polling firm YouGov carried out a snap survey on Thursday asking people who they would side with. The results indicated 70% of Republican respondents said Trump, compared to less than 1 in 10 who chose Musk. Trump and Musk: The 10 days that unravelled their relationship How bitter Trump-Musk feud escalated - and what happens next Trump and Musk trade insults as row erupts in public view
Yahoo
29-05-2025
- Business
- Yahoo
JD Vance wants the Bitcoin community to get involved in politics
Vice President JD Vance has a message for cryptocurrency holders: 'Don't ignore politics.' Vance issued the call to arms during his keynote speech at the Bitcoin 2025 conference in Las Vegas, Nevada. 'I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,' he added. The vice president emphasized the strategic and geopolitical importance of Bitcoin, noting that the U.S. must maintain leadership in the crypto industry to remain competitive in the new era of digital finance. 'What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions,' he said. 'The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.' During the 2024 federal elections, Fairshake, the largest crypto-related super PAC — political action committee — spent more than $26 million campaigning for Republican candidates and against Democrats, according to OpenSecrets. The industry's lobbying expenditure appears to be paying off. Since President Donald Trump emerged victorious in November's election, Bitcoin has appreciated more than 56% in price, currently trading at around $107,000, as of Thursday afternoon. The Trump administration has also embraced a friendlier stance when it comes to crypto policy. Trump's executive order 'Strengthening American Leadership in Digital Financial Technology' appointed a crypto 'Working Group' which has until July to submit legislative and regulatory proposals to advance digital assets. The Securities and Exchange Commission's new Crypto Task Force is also expected to publish the first-ever digital asset framework this year, which could result in institutional capital flowing into the industry. Meanwhile, 26 U.S. states have introduced Bitcoin strategic reserves, mirroring Trump's federal version. Arizona's two bills are headed to the House for a vote, and if passed, would allow the state Treasury and retirement system to invest up to 10% of its available funds into bitcoin. The regulatory shift in the U.S. may be influencing policy overseas too. Foreign governments have indicated a possible reset on crypto. For example, India's economic affairs secretary, Ajay Seth told Reuters in February that digital assets 'do not believe in borders.' Meanwhile, at least nine countries are now considering reserves of their own. That list includes Russia and Venezuela, however, suggesting the initiative could be in a bid to circumvent economic sanctions from the West. For the latest news, Facebook, Twitter and Instagram.
Newsweek
27-05-2025
- Business
- Newsweek
How Elon Musk's Political Donations Compare to Top 10
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Elon Musk outstripped all other political donors in the 2024 election cycle, contributing around $292 million to political causes. Musk, who owns Tesla and SpaceX, spent almost $100 million more than the second biggest contributor, American businessman Timothy Mellon, and millions more than the other top 10 contributors in 2024, according to data compiled by OpenSecrets. Why It Matters Financial support was a key factor in securing President Donald Trump's victory in the November 2024 presidential election Musk is one of Trump's key allies and after winning the presidential election he appointed Musk to the newly created, unofficial Department of Government Efficiency (DOGE). However, in legal documents Trump said that the Tesla CEO did not run the department; he has recently taken a step away from his political role to focus on Tesla and SpaceX. In May, Musk, the richest person in the world, said he plans to cut back on political spending, telling a conference he had "done enough." Elon Musk, center, looks on as President Donald Trump meets South African President Cyril Ramaphosa in the Oval Office at the White House on May 21, 2025, in Washington D.C. Elon Musk, center, looks on as President Donald Trump meets South African President Cyril Ramaphosa in the Oval Office at the White House on May 21, 2025, in Washington D.C. AP Photo/Evan Vucci What To Know According to the data recently shared on X, formerly Twitter, Musk donated $292 million to political causes in 2024. Mellon, also a Trump donor, spent $197 million. Coming in at third place was Miriam Adelson, an Israeli-American physician and Trump supporter. She spent $148 million on Republican campaigns.. Close behind, Richard and Elizabeth Uihlein, the billionaire owners of business supply company Uline, spent $144 million on Trump causes. Kenneth Griffin, the CEO of Citadel, spent $108 million on Republican candidates, trading company owners Jeffrey and Janine Yass spent $101 million and Paul Singer, a hedge fund manager, spent $67 million. The eighth and ninth biggest donors were to Democratic causes. Michael Bloomberg, a businessman and former mayor of New York City, donated $64 million to Democratic campaigns and Dustin Moskovitz, an American internet entrepreneur, spent $51 million. The 10th biggest spender, Marc Andreessen, a businessman and former software engineer, spent $42 million. OpenSecrets said these donations were mostly to a nonpartisan campaign group. Elon Musk topped all political donors in 2024 with nearly $300M in contributions. While both parties raised major funds, Democrats saw far fewer of the ultra-high-dollar contributions. — Political Polls (@PpollingNumbers) May 27, 2025 Meanwhile, the president also raised money from major companies. According to Rolling Stone, Chevron, ExxonMobil and Occidental Petroleum contributed to Trump's inauguration committee. Tech giants Amazon and Meta also donated $1 million each, along with Uber and Qualcomm. OpenSecrets found in November that Kamala Harris, Trump's Democratic rival, received $400 million from her 20 largest backers. What People Are Saying Elon Musk on cutting back on political spending: "If I see a reason to do political spending in the future, I will do it. I do not currently see a reason." What Happens Next Republicans and Democrats will be looking to bolster their coffers ahead of the November 2026 midterms.
Korea Herald
12-05-2025
- Business
- Korea Herald
Trump's tariffs not reactionary, says longtime adviser
David Scharf, NY lawyer with two decades of Trump ties, highlights Trump's reliance on businesspeople US President Donald Trump and his administration have been rocking the global trade landscape with talk and the imposition of unprecedentedly high tariffs since the first day in office, claiming that the import taxes will 'make America great again,' which has led some to call the US leader a reactionary, someone seeking to reverse and restore society to a state he believes existed before. But according to David Scharf, chair and co-managing partner at New York-headquartered law firm Morrison Cohen and someone who has over two decades of history with Trump, that is a major misconception. 'I had a front row seat to three years and ten months of intense preparation to come back to win the (presidential) election, to be able to govern quickly, to have policy papers and executive orders and everything ready to go,' said Scharf in a recent interview with The Korea Herald in Seoul. 'They're not policies that are shooting from the hip you know or just being reactionary. They have the guidance and the viewpoints of the president and he's been working for years to be ready to implement them.' The relationship between Scharf and Trump had ups and downs including Scharf representing Trump in a legal battle at one point and Trump later suing Scharf and his firm with allegations that they invaded his privacy. Scharf, however, noted that he and Trump reconciled their ties since 2011 and the lawyer now maintains a 'close relationship' with the US leader. 'The president operates within a sphere of 'the status quo has to change,'' said Scharf. 'So he'll say, 'I'm putting on these tariffs. Now come negotiate.' Wherever the negotiation goes, it's going to be better than the status quo.' Mentioning the importance of reaching out to the White House for communication for all foreign companies, especially Korean firms, the New York-based lawyer said they should focus on the advisors they are working with and the true levels of access and insights they can offer. 'Who are those people who are able to bring forward meetings and conversations and roundtables? ... You need to have the right person knocking on the door to be able to get an answer, but the door is not knocked and it's not a deep state secret or mystery. The invitations are available,' he said. OpenSecrets, a Washington, DC-based nonprofit organization specializing in tracking and publishing the money flows in politics, ranked South Korea, including its government and companies, No. 3 on the list of biggest lobbying countries in the US, as South Koreans spent nearly $300 million between 2016 and 2024. As much as Koreans rely on lobbying and lobbyists to get their voices heard in US politics, Scharf pointed out the personnel makeup of the Trump administration. 'This administration is not your traditional Washingtonian type of organization that's been deeply seated in the seats of Washington. It's a little bit of what outsiders would call a 'maverick government' that has a lot of businesspeople in it, starting with the president,' he said. 'They're all people from business and industry, and who do you turn to?" he said of the Trump administration. "You turn to similar people and people that you've trusted during the course of your career.' As Scharf has represented Korean companies since the 1990s, he said he believes that Korea shares many common values with Trump, such as hard work, innovation and a challenge-seeking culture. 'There's a vacuum in leadership right now here in Korea, and until that sorts itself out, people may feel that Korean businesses can get left behind because the diplomatic edge is not happening,' he noted. 'But my encouragement would be that there's opportunity for Korean companies to directly engage and communicate and participate in what's going on.' hwkan@
