Latest news with #billionaire
Forbes
2 hours ago
- Business
- Forbes
Trump Questioned Extent Of Musk's DOGE Cuts, Report Says
President Donald Trump questioned the extent of the federal cuts made by billionaire adviser Elon Musk's Department of Government Efficiency, the The Wall Street Journal reported, bringing the savings into doubt as Musk ended his short stint as special government employee this week after making controversial cuts and layoffs within the federal government. DOGE claims it has saved an estimated $175 billion through workforce reductions, grant ... More cancellations, contract cancellations. (Photo by) Trump asked, 'Was it all bull****?' according to unnamed administration officials cited by the Journal on Friday, referring to Musk's vow to cut $1 trillion in government spending. Musk reiterated the promise during an Oval Office press conference with Trump on Friday, saying he was confident DOGE will produce '$1 trillion dollars of waste and fraud reduction' over time. Musk has seemingly pushed back the deadline for the $1 trillion in savings, as the billionaire Tesla chief said in March the ambitious cuts would be completed in roughly two months. Trump's purported doubt came as Musk's time as a special government employee came to an end Friday, though he and the president have maintained he will continue visiting the White House and acting as a friend and adviser. Forbes asked for comment from the White House and Musk, the latter of whom did not respond to the Journal's request for comment Friday. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here. The Musk-led department says it has saved an estimated $175 billion through workforce reductions, grant cancellations, contract cancellations and more. It also claims it has saved $1,086 per taxpayer. DOGE's claims of savings have been rife with inconsistencies and errors, according to multiple reports, suggesting the true savings figures are lower than what the agency has reported. For example, DOGE once claimed it saved $8 billion by cancelling an immigration contract that actually had a value of $8 million. A BBC analysis from April found that only about half of the itemized savings published by DOGE were linked to receipts or other forms of evidence. DOGE lists some receipts as being 'unavailable for legal reasons.' Prior to Trump's election and his time in government, Musk pledged to erase $2 trillion from federal spending—a vow that has since been reduced to $1 trillion. Many of the DOGE-directed cuts have been contested, with federal layoffs in particular seeing challenges in court. Some 216,000 federal employees were laid off in March, according to Challenger, Gray & Christmas. Agencies hit or expected to be targeted by the layoffs include the Department of Human Services, the Environmental Protection Agency, the Department of Education and several others. The firings have been contested in court, going as far as the Supreme Court last month, when the high court blocked a judge's order requiring employees at six federal agencies to be rehired. Inside Trump and Musk's Complicated Relationship (WSJ) How much has Elon Musk's Doge cut from US government spending? (Forbes) Supreme Court Blocks Judge's Order Requiring Employees At Six Federal Agencies To Be Rehired—For Now (Forbes)
Yahoo
2 hours ago
- Business
- Yahoo
How Much Did Taylor Swift Really Pay for Her Masters? Conflicting Reports Spark Debate
just reclaimed her legacy and her fans and famous friends are celebrating. The global superstar, who officially joined the billionaire club last year, announced Friday that she has successfully purchased the master recordings of her first six studio albums. The emotional milestone marks the end of a long and very public battle over ownership of her early music, something Taylor Swift has been open about over the years. Despite reports that she paid over a billion dollars to retrieve ownership of her music, a source told PEOPLE Magazine, "the rumored price range that was reported is highly inaccurate." According to a separate source who spoke to Billboard, Swift paid an estimated $360 million to buy the rights from Shamrock Capital, the private equity firm that previously purchased her catalog from music manager Scooter Braun in 2020. The amount is said to be close to what Shamrock initially paid for the rights after Braun's company, Ithaca Holdings, acquired Swift's former label Big Machine Records in 2019, and with it, her entire catalog up through "Reputation." At the time, Swift expressed her heartbreak and frustration, calling Braun a "bully" and lamenting that she was never offered a fair chance to buy back her life's work. 'Scooter has stripped me of my life's work, that I wasn't given an opportunity to buy,' she said in a now-famous Tumblr post. The ordeal led her to begin re-recording and releasing her previous albums as 'Taylor's Versions' in 2021, a move that fans praised as both brilliant and empowering. At this time, neither Swift nor Shamrock Capital has yet to disclose the true price of the sale. On Friday, the 14-time Grammy winner took to her website to share the news she never thought she'd be able to say. The music she spent decades creating is finally hers. 'I'm trying to gather my thoughts into something coherent, but right now my mind is just a slideshow,' Swift began in a heartfelt, handwritten-style message to fans. 'A flashback sequence of all the time I daydreamed about, wished for, and pined away for a chance to get to tell this news. All the times I was thiiiiiiiiiiis close, reaching out for it, only for it to fall through.' She continued, 'I almost stopped thinking it could ever happen, after 20 years of having the carrot dangled and then yanked away. But that's all in the past now.' Swift, whose "Eras Tour" completely shattered records and whose latest album "The Tortured Poets Department" debuted at No. 1, said the moment has brought her to tears, in the best way possible. 'I've been bursting into tears of joy at random intervals ever since I found out that this is really happening,' she shared. 'I really get to say these words: All of the music I've ever made … now belongs … to me.' The acquisition includes her self-titled debut ("Taylor Swift") and fan-favorite albums like "Fearless," "Speak Now," "Red," "1989," and "Reputation," the very works that launched her into superstardom. Taylor Swift is feeling the love, and it's coming from her closest friends. Just hours after the 14-time Grammy winner revealed she officially owns the rights to her original music catalog, longtime bestie was among the first to celebrate the milestone. 'YES YOU DID THAT TAY!!!' Gomez wrote on her Instagram Stories alongside a heartfelt message of pride. 'SO proud!' The 'Single Soon' singer has long stood by Swift, and the two have been vocal about their friendship for years. Gomez wasn't the only one to celebrate the "Love Story" singer. Her boyfriend, Kansas City Chiefs tight end , showed his support in a subtle yet meaningful way by "liking" the post. The post also received a wave of love from several of Swift's other famous friends and collaborators. Sportscaster , who is widely believed to have played a behind-the-scenes role in introducing Swift to Kelce, gave the post a like. So did actress , tour mates and Gracie Abrams, and even and , two members of Swift's growing inner circle ever since she began dating Kelce.
Fox News
3 hours ago
- Business
- Fox News
Trump posts video thanking Elon Musk as billionaire ends White House tenure
Print Close By Rachel Wolf Published May 31, 2025 The Trump White House released a video on Friday marking the end of Elon Musk's time working with the administration. The billionaire has been leading the newly formed Department of Government Efficiency (DOGE) since January. The video, which was posted on multiple social media platforms, is a highlight reel, starting with Musk's endorsement of President Donald Trump in July 2024, just after the then-candidate was nearly assassinated, and goes up to his last day in D.C. WHITE HOUSE DISCLOSES WHO WILL LEAD DOGE EFFORTS AFTER MUSK'S DEPARTURE In addition to the video, the White House published several posts on X thanking Musk for his service, including a list of "DOGE Wins," which include saving American taxpayers $170 billion, canceling approximately 523,000 active U.S. government credit cards/accounts it uncovered in an audit, cleaning up records at the Social Security Administration, among other initiatives. During a joint news conference on Friday, Trump awarded Musk a "key to the White House." The White House quoted the president as saying that "Elon's delivered a colossal change in the old ways of doing business in Washington… Elon Musk's service to America has been without comparison in modern history." WHAT'S NEXT FOR DOGE AFTER ELON MUSK'S DEPARTURE? 'ONLY JUST BEGUN' Another Republican leader joined Trump in recognizing the changes Musk worked to implement in Washington. House Speaker Mike Johnson thanked Musk for his "selfless, patriotic service" and praised both the billionaire and DOGE, saying they "dug through the bureaucracy and shined a light on MASSIVE waste, fraud, and abuse." "They have saved the American people BILLIONS of dollars, and are updating old and inefficient systems across the federal government — all while providing Republicans with a list of targets of pointless programs that Congressional action will address." MUSK OFFICIALLY STEPS DOWN FROM DOGE AFTER WRAPPING WORK STREAMLINING GOVERNMENT CLICK HERE TO GET THE FOX NEWS APP While some wonder about the future of DOGE, the Trump administration is insisting that the department will go on without Musk at the helm. The Tesla founder addressed this question as well just as Trump marked 100 days in office. He told a small group of reporters that "DOGE is a way of life, like Buddhism. You wouldn't ask who would lead Buddhism. Is Buddha needed for Buddhism?" A few days before the end of his White House tenure, Musk vowed in a post on X to go "back to spending 24/7 at work and sleeping in conference/server/factory rooms," a big switch from the Lincoln Bedroom, where the billionaire allegedly slept multiple times. However, Trump teased that even though it was Musk's last day, it wasn't "really, because he will, always, be with us, helping all the way." Print Close URL
Yahoo
8 hours ago
- Health
- Yahoo
All the Drugs Musk Took Every Day Listed in Bombshell Leak
Elon Musk's alleged drug use on the campaign trail was said to be on 'a much larger and more serious scale' than previously thought, an insider has revealed. A New York Times report published on Friday claimed Musk carried a box of narcotics around with him everywhere he went on the campaign trail, which is said to have contained Adderall and a number of other drugs. The billionaire also allegedly told people he was a chronic ketamine user—which had led him to develop severe bladder problems—and a frequent user of ecstasy and magic mushrooms. Given Musk's outsized and influential role in the early days of the second Trump administration, the effect drugs may have played on influencing his erratic behaviour—which has seen him mumble through interviews, throw an alleged Nazi salute on stage and appear to be going through dissociative episodes during public functions—cannot be understated. Here is a list of the drugs Musk is alleged to have taken while he was associated with Donald Trump, and the effects they may have on the body and mind. Ketamine Musk was reportedly taking ketamine daily around the time he began to endorse Trump for president, which can lead to psychological dissociation. 'If you've used too much ketamine, you can't really get work done, and I have a lot of work,' Musk told CNN in 2024. He's right—the drug encourages you to feel distant from your surroundings, which can become tilted or warped. The drug also causes surges in dopamine and serotonin, which can lead to wild mood swings, according to the Priory Group. Chronic ketamine use can also have a devastating effect on the bladder, and cause the user to develop a condition known as ketamine-associated cystitis. This can cause the user to develop an intense and urgent need to urinate after ingesting only a tiny amount of liquid, accompanied by pelvic pain and a burning sensation. Musk is reported to have told people that he was suffering bladder-related side effects. Long-term and chronic effects can cause severe damage to the kidneys and liver, as well as an increased heart rate, seizures, high blood pressure, and respiratory issues. In extreme cases, ketamine abuse can prevent a person from functioning normally and lead to heart attacks, organ failure and even death. Managing a ketamine comedown and fighting off cravings can be extremely challenging, especially when grappling with memory loss, mood swings, a shortened attention span and chronic pain. Many heavy users often find themselves taking more to stave off the comedown and numb the pain. Adderall Adderall is a potent amphetamine used to treat ADHD, and can make users experience increased physical energy, hyperexcitability, and elevated moods. However, long-term or improper use of the drug can result in severe cognitive and physical deterioration, with side-effects including nerve damage, seizures, psychosis, strokes and abnormal heart activity. The American Addiction Center notes that Adderall is particularly dangerous when mixed with other drugs, which Musk was rumoured to have done on a number of occasions. Mixing the drug can lead to increased chances of serious brain injury, damage to the liver and heart attacks, as well as increasing risk of an overdose. In the workplace Adderall can be used to achieve greater mental clarity and increase productivity in the short-term, although excessive use can also lead to restlessness and an inability to sleep—perhaps explaining Musk's propensity to sleep in his office. Adderall can also exacerbate existing mental illnesses, which could be an issue considering Musk says he takes ketamine to deal with depression. Ecstasy Also known as MDMA, ecstasy can give users an intense burst of energy followed by a feeling of euphoria. Users under its influence can feel extremely energetic, confident and affectionate towards others, with particularly strong batches sometimes even causing hallucinations. Once the euphoria wears off though users can experience intense comedowns and severe depression, which can lead to problems with concentration and an inability to sleep. Ecstasy can also induce psychosis when mixed with amphetamines, which Musk is alleged to have done. MDMA hangovers can sometimes take a few days to kick in, leading to a phenomenon known as 'Tuesday Blues' where users can be caught off-guard by an exceptionally low mood days after they assumed the drug had left their body. Mushrooms Like ecstasy, mushrooms can produce feelings of intense euphoria and cause the subject to hallucinate. Although there are few physical side-effects, usage can cause the subject to mentally disassociate, struggle to discern fantasy from reality and suffer from panic attacks and symptoms of psychosis, Desert Hope Treatment reports. Like other hallucinogens, mushrooms can also cause 'flashbacks' at a later date, which can cause the subject to suffer intense panic, dissociation, and even hallucinations at random intervals.
Yahoo
15 hours ago
- Business
- Yahoo
Musk leaves D.C. with black eye: 5 takeaways from Oval Office sendoff with Trump
Elon Musk arrived in Washington, D.C., with high hopes. He left with a literal and reputational black eye. President Donald Trump marked the end of Musk's tenure as a government employee with an event in the Oval Office May 30, where he thanked the billionaire for his work leading the Department of Government Efficiency and gave him a golden key. 'Elon's delivered a colossal change in the old ways of doing business in Washington,' Trump declared. The warm sendoff came after Musk struggled to unlock cost savings in the federal government, delivering far less than what he promised. He leaves Washington D.C. a much more polarizing figure, the subject of intense criticism and protests that have dinged his business empire. Musk showed up in the Oval Office dressed all in black, from his DOGE hat to his t-shirt and blazer. He also had a black eye given to him by his young son. More: Elon Musk's rise and fall: From Trump's chainsaw-wielding sidekick to a swift exit Musk's DOGE work, meanwhile, left his reputation badly bruised, which formed the subtext of much of the Oval Office gathering. Trump complained about the billionaire suffering "the slings and the arrows" and Musk said DOGE became a "bogeyman." Musk used DOGE to bulldoze through the federal government, shuttering whole agencies and instituting mass layoffs. The result, he said May 30, is about $160 billion in savings so far, far below the $2 trillion he talked about on the campaign trail and $1 trillion he pledged after Trump took office. Critics complained that he hurt vital programs with indiscriminate cutting and nonpartisan researchers calculated that most of the savings will be wiped out by the costs of reinstating workers whose firings were illegal, defending those cases in court, and other effects like lost revenue from shrinking the IRS. The resulting backlash took a toll. The billionaire is now stepping away from his government work to focus more on his businesses such as electric car company Tesla, which was targeted by protesters and has seen sales slip. Here are five takeaways from the Oval Office event. Musk's exit as the DOGE leader came as his designation as a "special government employee" ‒ which allowed him to stay on the job for 130 calendar days a year ‒ ended. "My time as a special government employee necessarily had to end, it was a limited-time thing," Musk said May 30. The billionaire vowed that DOGE's work will continue, though, calling it a "way of life" that is "permeating throughout the government." Musk also said he'll still continue to visit and consult with Trump. 'Elon's really not leaving, he's going to be back and forth… it's his baby," Trump said. Yet Musk has taken steps to distance himself from politics and the Trump administration after a tumultuous period. He recently said he plans to spend "a lot less" money on campaigns − after dropping $290 million getting Trump elected and $20 million on a losing judicial race in Wisconsin − and attracted attention for criticizing Trump's top legislative priority, saying it would add to the deficit and "undermine the work that the DOGE team is doing." The backlash to DOGE hurt Musk's reputation. He also suffered some physical pain recently, the result of "horsing around" with his 5-year-old son, X. "I said, 'Go ahead, punch me in the face.' And he did it," Musk said in the Oval Office in explaining his black eye. The injury prompted immediate speculation on social media. Musk's 14 children have been a source of fascination as he stepped into the public spotlight to lead the Department of Government Efficiency, with X spending weeks tagging along in the Oval Office and around Capitol Hill. The Oval Office meeting came the same day the New York Times reported that Musk allegedly frequently used drugs such as ketamine, ecstasy and psychedelic mushrooms while campaigning with Trump in 2024. The paper said it was unclear whether Musk used drugs while working for Trump in the Department of Government Efficiency. A reporter tried to ask Musk about his alleged drug use during the 2024 campaign. But Musk dodged the question and criticized the New York Times' reporting on Russian interference in the 2016 election. "Let's move on," Musk said, standing behind the president at the Resolute Desk. Musk, the CEO of carmaker Tesla and rocket company SpaceX, and owner of social-media platform X, acknowledged in March 2024 that he used prescription ketamine to combat bouts of depression. He worried corporate executives by smoking marijuana during a podcast in 2018. The New York Times story built on a Wall Street Journal story in January 2024 that alleged Musk used drugs such as LSD, cocaine, ecstasy and mushrooms. The campaign featured some erratic behavior, such as Musk jumping on stage behind Trump during an October rally in Butler, Pennsylvania. Musk didn't respond to reporters' questions related to his drug use, but he has previously acknowledged using "small amount" of ketamine "once every other week" and marijuana "almost never." The New York Times reported that his ketamine use was often enough to affect his bladder. Musk's shiner from his son wasn't the only physical incident that came up during the Oval Office event. Trump offered some advice for French President Emmanuel Macron after a video of Macron's wife apparently shoving him in the face in front of an open plane door went viral: "Make sure the door remains closed." Trump downplayed the incident when asked about it. "He's fine too. They're fine," Trump said. "They're two really good people I know them very well." Macron called speculation about the incident with his wife, Brigitte Macron, "nonsense," saying it showed the couple "joking around." The clip was taken after the couple landed in Hanoi, Vietnam, as part of a Southeast Asia tour. Trump also fielded a question about pardoning the rapper known as Diddy, saying he hadn't been approached about it but not ruling out the clemency move. Fox News Reporter Peter Doocey questioned Trump on May 30 about a possible pardon for Sean Combs, the musician who is on federal trial in New York for racketeering and sex trafficking. The two men have been friends in the past. "Well, nobody's asked," Trump replied. "I know people are thinking about it." Contributing: Joey Garrison This article originally appeared on USA TODAY: Trump gives Musk Oval Office sendoff after DOGE turbulence
