Forbes Daily: Elon Musk And Trump Reignite Feud Over Spending Bill
The billionaire investor gifted $6 billion in Berkshire Hathaway shares to five charities: most went to the Bill & Melinda Gates Foundation Trust, with other contributions to the Sherwood Foundation, the Howard G. Buffett Foundation, NoVo Foundation and the Susan Thompson Buffett Foundation.
Buffett says nearly all—around 99.5%—of his estate is intended for philanthropic causes. As the world's fifth-wealthiest person, he helped form the Giving Pledge in 2010, and has promised to give away his fortune in his lifetime or by the time of his death.The feud between President Donald Trump and his former ally, Elon Musk, was reignited once again over the president's signature spending bill, which the Senate was still debating Tuesday morning. Musk, who has criticized the legislation, said he would back primary challenges against GOP lawmakers voting for the bill, prompting Trump to threaten to scrap government subsidies for Musk's firms.
Oracle cofounder Larry Ellison surged into the spot of the world's second-richest person in Forbes' latest ranking of the top 10 wealthiest, becoming $56 billion richer than he was at the start of June thanks to a 32% jump in Oracle's stock price. Ellison, worth an estimated $262 billion, surged past Meta's Mark Zuckerberg and Amazon's Jeff Bezos, who each dropped one spot.
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In an interview with NBC News, New York City mayoral candidate Zohran Mamdani said he doesn't believe 'we should have billionaires,' prompting backlash from some of the nation's wealthiest people, like David Sacks, President Donald Trump's crypto czar. Sacks warned Silicon Valley to align with the Trump Administration, as Mamdani criticized the city's wealth inequality. TECH + INNOVATION
Illustration by Samantha Lee for Forbes via Google Gemini AI
Will Somerindyke's firm Regulus Global quickly became one of America's largest international arms dealers, but now, amid Silicon Valley's defense tech frenzy, he's looking to make the jump from munitions middleman to manufacturer. He's been quietly working on Union, a new venture-backed startup he claims will modernize ammunition factories, and is now in talks to raise a series A funding round, with hundreds of millions of dollars committed. Regulus, where Somerindyke is still chairman and majority owner, will be its first customer.
Harry Stebbings wants to be Europe's top early stage investor: At 28 years old, the podcaster-turned-venture-capitalist manages some $650 million through his firm, 20VC. 'Europe has more than enough money,' Stebbings tells Forbes . 'What it doesn't have is great regulatory frameworks or a great VC ecosystem.' In 2024, venture capitalists poured $209 billion into the U.S, compared to just $51 billion in Europe. MONEY + POLITICS
In the latest feud over the protests in Los Angeles, the Trump Administration sued L.A. Monday, claiming its sanctuary city policies promote attacks on law enforcement. The lawsuit alleges the sanctuary city ordinance, which prohibits federal resources from being used for federal immigration enforcement, is unconstitutional, as the administration has sued other cities over similar policies.
As a result of an executive order from President Donald Trump, the National Park Service started posting signs in federal parks and monuments that encourage visitors to report information 'negative about either past or living Americans'—but some respondents are pushing back on the so-called 'snitch signs.' Forbes reviewed screenshots of hundreds of comments submitted through the feedback site linked through a QR code on the signs between June 5 to 19, and found the vast majority to be positive about the parks service, tour guides and more. DAILY COVER STORY This Startup Built A Hospital In India To Test Its AI Software.
Pi Health cofounders Geoff Kim (left) and Bobby Reddy Maria Ponce
As longtime cancer doctors with regulatory experience, Pi Health cofounders Geoff Kim and Bobby Reddy knew that completing clinical trials took far too long.
Clinical trials are an enormous bottleneck in drug development, and Kim and Reddy thought the AI-enabled software they'd been building at Pi Health could help do them faster and cheaper. But first they needed to prove that software could help overseas hospitals and smaller community cancer centers handle the documentation required to get through regulatory approval. So they found a site in Hyderabad, a major technology and pharmaceutical center in southern India, and built a 30-bed, state-of-the-art cancer hospital.
Pi Health Cancer Hospital opened in September 2023, and began running clinical trials last year. It's participated in eight so far, including one that helped lead to a drug for esophageal cancer being approved in India just seven months after the first Indian patient was enrolled in the study. That's less than half the time such a process would typically take and a major validation point for the software, one that Kim and Reddy believe will help them attract more customers.
To date, the Cambridge, Mass.-based startup has raised some $40 million at a valuation of nearly $100 million. It is generating revenue, with signed contracts of more than $70 million. And it is working on nearly 20 clinical studies for five global pharmaceutical companies.
WHY IT MATTERS Only 8% of cancer patients in the U.S. participate in clinical studies, limiting understanding of the disease and the way that it affects diverse populations. It also means drug approvals take longer and cost more than they would if the limited pool of patients weren't a bottleneck.
Pi Health's software aims to lower the burden.
MORE Meet India's Self-Made Biologics Brewmaster Billionaire FACTS + COMMENTS
The Formula One racing movie starring Brad Pitt , F1 , topped box office charts over the weekend. It is the first theatrical hit for Apple's film and television production studios:
$55.6 million: The amount the film grossed at the domestic box office over the weekend, according to Hollywood trade publications
$200 million: The movie's production budget
At least $40 million: The amount the film's sponsorships brought in, Forbes estimates STRATEGY + SUCCESS
If you're on the job hunt, AI can be a helpful tool—but be careful about relying on it too much, which could make your application seem generic. Try using the technology to brainstorm potential employers or job titles to search for, or for inspiration on questions to ask in interviews. And while many use AI to draft cover letters and other materials, be sure to proofread and edit AI-generated content before submitting it. VIDEO
One of today's biggest pop stars told Forbes she has helped raise more than $1 million from ticket sales to support issues like mental health, animal welfare and LGBTQ+ rights. Which artist is it?
A. Olivia Rodrigo
B. Beyoncé
C. Sabrina Carpenter
D. Rihanna
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire.
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News24
7 minutes ago
- News24
Hamas says it's discussing proposals after Trump Gaza ceasefire push
Hamas is discussing a ceasefire proposal mediated by Egypt and Qatar, with support from Donald Trump, to address the Gaza conflict. Israeli airstrikes in Gaza continue to kill civilians, including children, amid worsening humanitarian conditions in the region. Trump stated that Israel supports a 60-day ceasefire and urged Hamas to finalise the deal to end the war. Palestinian militant group Hamas said on Wednesday it was discussing proposals for a Gaza ceasefire received from mediators, after US President Donald Trump said Israel backed a 60-day ceasefire in the war-ravaged territory. Nearly 21 months of war have created dire humanitarian conditions for the more than two million people in the Gaza Strip, where Israel has recently expanded its military operations against Hamas militants. The civil defence agency said Israeli forces killed at least 33 people on Wednesday. Trump urged Hamas on Tuesday to accept a 60-day ceasefire, saying Israel had agreed to finalise such a deal. The Israeli government has not commented on that claim. Hamas said in a statement on Wednesday it was "conducting national consultations to discuss what we received from the proposals of the... mediators". READ | Israel steps up campaign in Gaza ahead of Netanyahu's US visit It said it aimed "to reach an agreement that guarantees ending the aggression, achieving the withdrawal (of Israel from Gaza) and urgently aiding our people in the Gaza Strip". Without directly mentioning Trump's remarks, Israeli Foreign Minister Gideon Saar said that "a large majority within the government and the population is in favour" of a deal to free hostages held by Hamas in Gaza. "If the opportunity arises, it must not be missed!" Saar wrote on X. Out of 251 hostages seized by Palestinian militants during Hamas' 2023 attack that triggered the war, 49 are still held in Gaza, including 27 the Israeli military says are dead. Abed Rahim Khatib/Anadolu via Getty Images On the ground in southern Gaza, civil defence spokesperson Mahmud Bassal told AFP that five members of the same family were killed in an Israeli air strike on Wednesday that hit a tent housing displaced people in the Al-Mawasi area. Despite being declared a safe zone by Israel in December 2023, Al-Mawasi has been hit by repeated Israeli strikes. Children covered in blood AFP footage from the area showed makeshift tents blown apart as Palestinians picked through the wreckage, trying to salvage what was left of their belongings. One man held a pack of nappies, asking: "Is this a weapon?" Another resident, Maha Abu Rizq, against a backdrop of destruction, said: They came here thinking it was a safe area and they were killed... What did they do? AFP footage from nearby Khan Yunis city showed infants covered in blood being rushed into Nasser Hospital. One man carrying a child whose face was smeared with blood screamed: "Children, children!" Some appeared terrified while others lay still on hospital beds in bloodied bandages and clothes as medics treated them. Further north, Bassal said four people from the same family were killed in a pre-dawn Israeli air strike on a house in Gaza City, and another five in a drone strike on a house in the central Deir el-Balah area. Bassal later reported seven killed in a strike in Gaza City, five more killed by Israeli army fire near an aid distribution site close to the southern city of Rafah, and a further death following Israeli fire near an aid site in the centre of the territory. They are the latest in a string of deadly incidents that have hit people waiting for food. Bassal said a further four people were killed in an air strike on a tent for displaced people southwest of Gaza City and two in an air strike on a school housing displaced people in Gaza City's Zeitun neighbourhood. Media restrictions in Gaza and difficulties in accessing many areas mean AFP is unable to independently verify the tolls and details provided by rescuers. Contacted by AFP, the Israeli military said it "is operating to dismantle Hamas military capabilities" in line with "international law, and takes feasible precautions to mitigate civilian harm". On Tuesday, the military said that in recent days its forces had expanded operations across Gaza. Ceasefire push After months of stalled mediation efforts to bring an end to the war, Trump said on social media on Tuesday that a new ceasefire push has Israel's support. "Israel has agreed to the necessary conditions to finalise the 60 Day CEASEFIRE, during which time we will work with all parties to end the War," Trump said. He added that Qatari and Egyptian mediators, who have been in direct contact with Hamas throughout the war, would deliver "this final proposal". I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better - IT WILL ONLY GET WORSE. Trump is due to host Israeli Prime Minister Benjamin Netanyahu at the White House next week. Israel launched its offensive in response to Hamas' 7 October 2023 attack, which resulted in the deaths of 1 219 people, mostly civilians, according to an AFP tally based on Israeli official figures. Israel's retaliatory military campaign has killed at least 57 012 people in Gaza, also mostly civilians, according to the Hamas-run territory's health ministry. The United Nations considers its figures reliable.
Boston Globe
31 minutes ago
- Boston Globe
Musk vows to start a third party. Funding's no issue, but there are others.
Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Even some of Musk's own supporters have expressed doubts about the direction he now plans to take, preferring that he stay focused on the business ideas that fueled his net worth of roughly $400 billion. Advertisement But as his improbable bid to buy Twitter and front-and-center role in the 2024 election showed, Musk has defied expectations before. If nothing else, he could make life difficult for lawmakers he says have reneged on their promise to cut spending. Advertisement 'Every member of Congress who campaigned on reducing government spending and then immediately voted for the biggest debt increase in history should hang their head in shame!' Musk wrote on X, the social media platform he bought when it was still named Twitter, this week. 'And they will lose their primary next year if it is the last thing I do on this Earth.' Musk, who didn't respond to a request for comment, has already identified his next target: the reelection campaign of Rep. Thomas Massie (R-Kentucky), who opposes Trump's signature legislative package. Urged to support Massie by former GOP congressman Justin Amash, a Trump foe who declared himself an independent in a 2019 op-ed decrying the two-party system as an 'existential threat,' Musk replied, 'I will.' Representative Thomas Massie speaks to the media following a vote to stop a government shutdown at the Capitol on March 11. Ricky Carioti/The Washington Post Massie did not respond to a request for comment Tuesday about Musk starting a third party, but he posted a Fox News story about the chief executive's plans to donate to his campaign. 'An interesting thing just happened,' Massie wrote on X. With Trump already working to defeat Massie next year, the race in northern Kentucky appears to be the first to pit the two billionaires against each other. On Capitol Hill, where the Senate passed the massive tax and spending bill Tuesday afternoon, there were few signs of alarm about Musk. Sen. Markwayne Mullin (R-Oklahoma), when asked by reporters Monday evening about Musk's threats to punish Republicans who vote for Trump's plan, said the billionaire is not top of mind at the Capitol. 'Doesn't matter, doesn't matter at all, no. It's not even been a conversation of ours,' he said. 'I mean, if we ran every time someone said something about our election, we'd live in fear the whole time.' Advertisement Senator Markwayne Mullin bounces a rubber ball through the Ohio Clock Corridor on Monday, on Capitol Hill. Tom Brenner/For The Washington Post Unless that someone is Trump. Two Republican lawmakers who have been at odds with Trump both said in rapid succession this week that they would not seek reelection. Rep. Don Bacon (Nebraska), who has taken issue with Trump's tariffs and policy toward Russia, announced his retirement Monday. The day before, Sen. Thom Tillis (North Carolina) said he would not seek a third term after Trump vowed to punish him for opposing his legislative package. That leaves Massie as one of the only points of Republican resistance in Congress to Trump's agenda. Musk's decision to cast himself as a potential third-party leader raises questions about his political vision. It has just been in the last few years that he has evolved from Democratic-leaning Trump critic to staunchly Republican Trump acolyte. Trump allies mocked his latest incarnation. 'I think it's the ketamine talking in the middle of the night,' said Trump pollster Jim McLaughlin, referring to media reports about Musk's drug use that he has denied. 'Trump is the Republican Party right now. He is the conservative movement. There's not a hankering for a third party with Elon Musk.' A Gallup poll last year found that 58 percent of U.S. adults agree that a third party is needed in the U.S. because the Republican and Democratic parties 'do such a poor job' of representing the American people. Support for a third party has averaged 56 percent since 2003, according to Gallup. History shows that third-party candidates are rarely victorious. Ross Perot, one of the most successful independent candidates for president in American history, received about 19 percent of the popular vote and no electoral college votes. Advertisement 'Third parties are traditionally spoilers or wasted votes,' said Lee Drutman, senior fellow at the New America think tank. 'But if Musk's goal is to cause chaos and make a point and disrupt, it gets a lot easier.' Ralph Nader's presidential bid in 2000 was a classic example of a disruptive campaign, Drutman said, contributing to an outcome so close that Republican George W. Bush prevailed over Democrat Al Gore only after the Supreme Court weighed in. Ralph Nader acknowledges his mother at an event at the National Press Club before watching the election night voting unfold. Lucian Perkins/TWP The trend in the U.S. toward increased political polarization also makes it more difficult for third-party candidates, Drutman said. When Perot ran in 1992, Bill Clinton and George H.W. Bush were both running as centrists, allowing Perot to argue that there wasn't much daylight between the two major parties. By contrast, the differences between Kamala Harris and Donald Trump in the 2024 election were much more stark. America's political diversity also complicates matters, Drutman said. 'If there clearly was a party in the center that was more popular than the Democrats or the Republicans, then someone would have organized it by now,' he said. 'It's not like we've just been waiting for Elon Musk to show up.' Musk entered politics in earnest during the 2024 presidential election. Beyond his massive financial investment, Musk frequently appeared alongside Trump at rallies and cheered him on over X. But since Trump's win, Musk's experience in politics has been turbulent. Earlier this year, the billionaire and groups affiliated with him donated more than $20 million in a bid to help conservatives take control of the Wisconsin Supreme Court. In the final stretch of the campaign, Musk drew derision for wearing a foam cheesehead at a town hall and for directing his America PAC to pay registered voters for signing petitions. A couple of voters won $1 million prizes. Advertisement But even with the race flooded with Musk's cash, the conservative judicial candidate — whom Trump also endorsed — lost by a wide margin in April. Musk's personal presence in the race did his candidate harm, said Barry Burden, director of the University of Wisconsin's Elections Research Center. Conservative voters appreciated Musk's money, but that wasn't enough to overcome negative perceptions of an ultra-wealthy outsider injecting himself into the state's politics, Burden said, adding that Musk's presence galvanized greater liberal turnout. 'A new party is going to benefit most from Musk if they can draw on his resources but keep him in the background,' Burden said. 'And if he can portray himself as an innovator and a tech entrepreneur — and somebody who is really contributing to the American economy and funding this new operation without being its front person — I think that's probably going to lead to the most success.' Musk floated his idea of a new party nearly one month ago on June 5, after days of criticizing the massive GOP tax bill as a measure that would burden the country with 'crushingly unsustainable debt.' 'Is it time to create a new political party in America that actually represents the 80% in the middle?' Musk wrote, along with a poll. Since then, Musk has regularly posted about starting a new party and going after lawmakers who vote for the spending bill. 'If this insane spending bill passes, the America Party will be formed the next day,' Musk wrote Monday. Advertisement A person who has served as a sounding board for Musk, speaking on the condition of anonymity to discuss a sensitive matter, questioned Musk's ultimate strategy in undermining a party he had hoisted to victory beyond wanting 'to be in the driver's seat.' 'I agree our government is broken, but it's a tougher problem to fix than landing a rocket,' the person said. Paul Kane contributed to this report.
The Hill
32 minutes ago
- The Hill
White House summons House GOP holdouts threatening Trump megabill
A cross-section of House Republicans — from hardline conservatives to moderates — are headed to the White House on Wednesday to meet with President Trump about the party's 'big, beautiful bill' of tax cut and spending priorities. The meetings come as GOP leaders lean on Republican holdouts who have voiced serious opposition to the bill, threatening leadership's hopes of getting it to the president's desk by July 4. Hardliners are vowing to vote against the procedural rule for the bill, which would bring the House floor to a standstill. Rep. Ralph Norman (R-S.C.), a member of the conservative House Freedom Caucus who voted against the rule in committee early Wednesday, said he was headed to the White House to meet with Trump, along with other lawmakers in the group. A source familiar with the matter told The Hill that the White House invited Freedom Caucus members to the gathering. Most Republican lawmakers relented on their concerns with the bill when it came up in the House the first time after Trump and the White House deployed a strong pressure campaign, cajoling the members to get on board. This time around, however, some members are demanding changes to the Senate-passed version of the legislation to win their support. Deficit hawks in the House Freedom Caucus and beyond are furious that the Senate version of the bill does not adhere to the House framework hammered out months ago, which called for dollar-for-dollar spending reductions to offset tax cuts. House Freedom Caucus Chair Andy Harris (R-Md.) said that without those changes, a group of members in his caucus and beyond will sink the procedural rule vote to tee up debate on the bill, dealing an embarrassing blow to GOP leaders. 'Hopefully it goes back to Rules [Committee], gets moved closer to the House position, and the Senate gets called back into town,' Harris said. 'Senate never should have left town. The President asked us to stay until this issue was resolved and the Senate left town.' GOP sources, though, say leaders are not interested in making any changes — arguing that the Senate made the bill more conservative in some areas and more moderate in other areas, but it is overwhelmingly similar to what the House passed last month. Asked about the White House wanting the House to pass this version of the bill, Harris said: 'Well, the White House doesn't have a voting card.' Speaker Mike Johnson (R-La.) met with a group of deficit hawks, including many in the House Freedom Caucus, Wednesday morning. He told The Hill on the way into the gathering that he planned to tell lawmakers 'we gotta get this done.' He departed the meeting more than 40 minutes later, telling The Hill it was 'productive, we're moving forward,' but being non-committal on if the House would vote on the procedural rule Wednesday, as planned. 'We'll see,' he said. Harris said nothing had changed in his stance after that meeting. Norman, meanwhile, said the Freedom Caucus has 'a three-point plan' of demands to win their support for the bill. In some policy debates of the past, GOP leaders have been able to win the support of 11th-hour holdouts by promising future reforms favored by the critics. But Norman said that won't work this time. Instead, he said conservatives will demand changes to the current bill, which would require it to return to the Senate. 'I'm done with promises,' Norman said. 'The best thing is to send the bill back [to the Senate].' 'What we will add is a three-point plan that [indicates]: this is what it will take to get a yes. And it's what the president wants.' It is not just deficit hawks headed across Pennsylvania Avenue: A group of moderate House Republicans — Reps. Mike Lawler (R-N.Y.), David Valadao (R-Calif.) and Dan Newhouse (R-Calif.) — were spotted entering the West Wing Wednesday morning, according to CNN. Centrists have raised concerns about the Medicaid cuts in the bill and the aggressive rollback of green-energy tax credits, some of which benefit their districts. Valadao staked his opposition to the Senate's bill over the weekend, voicing concerns about Medicaid provisions in the legislation. 'I support the reasonable provisions in H.R. 1 that protect Medicaid's long-term viability and ensure the program continues to serve our most vulnerable, but I will not support a final bill that eliminates vital funding streams our hospitals rely on, including provider taxes and state directed payments, or any provisions that punish expansion states,' Valadao said in a statement on Saturday. 'President Trump was clear when he said to root out our waste, fraud, and abuse without cutting Medicaid and I wholeheartedly agree,' he continued. 'I urge my Senate colleagues to stick to the Medicaid provisions in H.R. 1 — otherwise I will vote no.' Valadao and Newhouse are the two remaining House Republicans who voted to impeach Trump following the Jan. 6, 2021, attack on the Capitol. Mike Lillis contributed.
