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President Trump and Elon Musk are embroiled in a public feud over Trump's "big, beautiful bill," with Trump attacking Musk's reliance on government subsidies for companies like Tesla via Truth Social, while Musk counters that his businesses would survive without them and calls for ending oil and gas subsidies. This conflict coincides with a deepening divide between Trump and Silicon Valley, exacerbated by changes in the bill that favor fossil fuels and tax green energy. Meanwhile, a significant setback occurred when a provision to protect the AI industry from state regulations was removed from the bill after Sen. Marsha Blackburn rejected a compromise, resulting in a near-unanimous Senate vote to strip it. The bill's future is uncertain as key Republican senators remain uncommitted, potentially dooming its passage. Musk has intensified the drama by threatening to unseat Republican supporters of the bill in primaries, leveraging his substantial political donations from 2024. As Senate amendments continue and the House prepares to vote, the clash between Trump and Musk, alongside Silicon Valley's broader discontent, underscores significant political and economic tensions.
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Paramount Global (PARA) settled a lawsuit with President Donald Trump for $16 million over claims of election interference by CBS, stemming from edited versions of a 60 Minutes interview with Kamala Harris in October. Trump alleged the edits misled the public, though CBS defended its editorial choices as standard practice for clarity and brevity. The settlement, which excludes an apology, mandates CBS to release future presidential candidate interview transcripts and is seen as pivotal for Paramount’s merger approval with Skydance Media. No funds go directly to Trump; the remainder after plaintiff fees will support a future presidential library. This follows similar settlements, including Disney’s $15 million agreement with Trump over defamation claims and Meta’s $25 million payout for suspending his social media accounts. Critics suggest these resolutions by media and tech giants aim to preserve White House access and avoid retribution. Meanwhile, Trump-appointed FCC Chair Brendan Carr is probing CBS’s editing practices and other networks for political bias, alongside ongoing lawsuits against various media entities. Paramount’s internal editorial tensions, including the departure of 60 Minutes executive producer Bill Owens citing reduced independence, and Chair Shari Redstone’s scrutiny of story content, further complicate the narrative around media autonomy and corporate strategy amid regulatory and political pressures.
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Kraken has introduced a groundbreaking initiative by rolling out tokenized U.S. equities for non-U.S. users on the Solana blockchain, in partnership with Backed's xStocks. This phased launch includes 60 tokenized assets, such as prominent U.S. stocks and ETFs, accessible for 24/7 trading through the Kraken app. Beyond mere market exposure, these tokens offer unique flexibility, enabling users to withdraw them to self-custodial wallets, use them as collateral in DeFi, and trade continuously. Kraken co-CEO Arjun Sethi emphasized the initiative’s goal of empowering individuals by removing geographical and institutional barriers to financial markets. Backed co-founder Adam Levi highlighted tokenized equities as a pivotal evolution in crypto, bridging traditional finance with decentralized systems for greater access and efficiency. With plans to expand to other fast blockchains, Kraken and Backed aim to redefine global capital market access, making it non-permissioned and self-custodial. This development, first reported by TheStreet on July 1, 2025, marks a significant step toward democratizing financial opportunities worldwide.
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The S&P 500 achieved a record high by the end of the first half of 2025, marking a remarkable recovery from a 19% plunge in April triggered by fears over President Trump’s tariffs. Despite challenges like AI competition from China and Middle East tensions, the market rebounded swiftly, with investors capitalizing on pullbacks. A notable 10% drop followed Trump’s "Liberation Day" tariff announcement on April 2, but the index recovered within a month as tariff delays eased concerns. Retail investors played a significant role, with a record $3 billion in net purchases on April 3. Bullish sentiment prevails, as noted by experts like Charles Schwab’s Joe Mazzola and Interactive Brokers’ Steve Sosnick, who highlight a sense of invincibility among traders. Looking ahead, Wall Street, including Fundstrat’s Mark Newton and Morgan Stanley’s Mike Wilson, remains optimistic, citing pressure on money managers to outperform and improving corporate profit outlooks. With potential Federal Reserve rate cuts in sight, the market is poised for further gains despite possible third-quarter consolidation.
