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CNBC Daily Open: Elon Musk, founder of companies and political parties

CNBC Daily Open: Elon Musk, founder of companies and political parties

CNBC6 hours ago
When they lose a significant other, most men do indeed become a "TRAIN WRECK." Then they pick up the pieces of their lives and start living again — paying attention to their personal grooming, hitting the gym and discovering new hobbies.
What does the world's richest man do? He starts a political party.
Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named "American Party."
Few details have been revealed, but Musk said the party will focus on "just 2 or 3 Senate seats and 8 to 10 House districts," and will have legislative discussions "with both parties" — referring to the U.S. Democratic and Republican Parties.
It might be easier to realize Musk's dream of colonizing Mars than to bridge the political aisle in the U.S. government today.
To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.
Folks, here's direct democracy — and the powerful post-separation motivation — in action.Trump confirms tariffs will kick in Aug. 1. While that's another extension, tariffs could "boomerang" back to April levels for countries without deals. Separately, Trump announced on Sunday an additional 10% tariff on countries that align themselves with the BRICS bloc.
U.S. stock futures slipped early Monday stateside. Investors were concerned by another prickly tariff announcement. Asia-Pacific markets mostly fell on the news during Monday trading hours. South Korea's Kospi was one of the few to eke out a gain.
OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.
Elon Musk forms a new political party. On Saturday, the world's richest man said he has formed a new U.S. political party named the "American Party." In response, Trump derided Musk for going "off the rails" late Sunday stateside.
[PRO] European banks might not keep up their momentum. Despite outperforming almost all other sectors in the European markets — thanks to investment banking gains and an increase in deal-making — analysts caution bank stocks might have little upside in the second half.
Private credit's trillion-dollar boom is fueling warnings of a hidden financial contagion
Once a niche player catering to middle-market borrowers — or companies that fall between small businesses and large corporations, which are typically underserved by traditional banks — private credit has grown into a $1.7 trillion industry. It is now a key financing engine behind private equity deals, asset-based finance, and even retail investor portfolios.
Some caution that the boom, if left unchecked, could morph into the next source of systemic risk.
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Russia fires over 100 drones at Ukraine as Kremlin dismisses transport chief after travel chaos

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Russia fires over 100 drones at Ukraine as Kremlin dismisses transport chief after travel chaos

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Zohran Mamdani Gets Major Polling Boost in New York Mayoral Race
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  • Newsweek

Zohran Mamdani Gets Major Polling Boost in New York Mayoral Race

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Musk tweaks Trump with Jeffrey Epstein post
Musk tweaks Trump with Jeffrey Epstein post

The Hill

time26 minutes ago

  • The Hill

Musk tweaks Trump with Jeffrey Epstein post

Tech billionaire Elon Musk trolled President Trump early Monday with a post knocking the administration for making no arrests related to the Jeffrey Epstein case. Musk, Trump's former ally-turned-foe, posted an image to the social platform X of 'The Official Jeffrey Epstein Pedophile Arrest Counter,' set to '0000.' 'What's the time? Oh look, it's no-one-has-been-arrested-o'clock again …,' Musk captioned the photo. The post came after Axios reported on a new memo Sunday evening revealing the Justice Department and FBI have concluded there is no evidence that Epstein, a convicted sex offender, blackmailed powerful figures or kept a 'client list,' as many conspiracy theories suggest. The memo, according to Axios, also says there's no evidence to suggest Epstein was murdered — supporting a medical examiner's report that he died by suicide in a Manhattan jail in 2019. According to the news outlet, the two-page memo also suggests no one else involved in the Epstein case will be charged. The Hill has reached out to the Justice Department for comment. Trump's feud with Musk came to a head last month, when the Tesla chief executive said it was time to drop 'the really big bomb.' '[Trump] is in the Epstein files. That is the real reason they have not been made public,' Musk wrote on X at the time. 'Mark this post for the future. The truth will come out,' Musk followed up, minutes later. Trump, before he was elected in November, said he would have 'no problem' releasing files related to Epstein, something some lawmakers and many on social media have called for after the financier's death. The president last year denied any connection to Epstein, writing on social media, 'I was never on Epstein's Plane, or at his 'stupid' Island. Strong Laws ought to be developed against A.I. It will be a big and very dangerous problem in the future!' Musk's allegation last month came just minutes after Trump threatened to cancel government contracts with his 2024 campaign's largest contributor's companies. Earlier on Sunday, Trump issued a lengthy post attacking Musk for calling for a third party, saying, 'I am saddened to watch Elon Musk go completely 'off the rails,' essentially becoming a TRAIN WRECK over the past five weeks.' 'He even wants to start a Third Political Party, despite the fact that they have never succeeded in the United States – The System seems not designed for them,' he added. 'The one thing Third Parties are good for is the creation of Complete and Total DISRUPTION & CHAOS, and we have enough of that with the Radical Left Democrats, who have lost their confidence and their minds!'

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