Forbes Daily: Jeff Bezos Offloads Over $1.5 Billion In Amazon Stock
The bill institutes a $250 'visa integrity fee' starting in 2026 for non-immigrant U.S. visas, which include tourist, student and work visas. The added cost is designed to 'encourage lawful conduct among foreign nationals visiting the United States,' but tourism officials say anything that makes traveling to the country more expensive will act as a deterrent.
The U.S. will co-host the World Cup the same year the charge goes into effect, and the tournament's host cities are relying on filling stadiums and hotels with foreign visitors. As Trump implements the new fee and considers expanding the current 12-country travel ban, those host cities could see a big loss.
President Donald Trump unveiled new tariffs on Mexico and the European Union over the weekend. BRENDAN SMIALOWSKI/AFP via Getty Images
President Donald Trump announced his administration is imposing 30% tariffs on imports from the European Union and Mexico, hiking up the tariff rate for two of the U.S.'s biggest trading partners despite lengthy negotiations. It's part of a new wave of tariff notices the Trump administration has been sending out to trading partners in recent days, including to Japan, South Korea, Canada and Brazil.
The price of bitcoin surpassed $120,000 for the first time late on Sunday, the latest milestone for the world's most valuable cryptocurrency, which has continued to rally over the past few weeks. After a post-inauguration surge, the price of bitcoin fell to a low in April, before getting a boost starting in May in anticipation of the Senate's approval of federal stablecoin regulations.
Amazon founder Jeff Bezos has offloaded $1.5 billion worth of the company's shares in the last two weeks. MARCO BERTORELLO/AFP via Getty Images
Amazon founder Jeff Bezos hasn't been wasting any time since his lavish Venice wedding, as the billionaire has sold $1.5 billion worth of the company's shares in the last two weeks. The reason for the sales is unclear, as the company's stock has recovered from a steep drop at the beginning of the year. Forbe s estimates Bezos is now worth $238.2 billion. MONEY + POLITICS
Critics of New York mayoral candidate Zohran Mamdani, including billionaire Bill Ackman and controversial Sequoia Capital partner Shaun Maguire, have targeted the academic work of the Democratic politician's father, claiming it justifies suicide bombing. But experts told Forbes that the work of Mahmood Mamdani, a Columbia University professor, merely analyzes and does not promote these concepts, and is widely taught in undergraduate courses. SPORTS + ENTERTAINMENT
Jannik Sinner triumphed over Carlos Alcaraz for the men's title at Wimbledon.Jannik Sinner triumphed over his rival Carlos Alcarez to win the men's title at Wimbledon on Sunday, securing a $4 million prize one day after Iga Swiatek took home the women's title for the same amount. But tax analysts told Forbes their winnings will be cut nearly in half after paying required taxes.
Superman opened with an impressive $122 million at the domestic box office, the first big hit for DC Studios after a series of flops. The film's opening day Friday was the second-largest of the year—grossing $56.5 million, ahead of Disney's Lilo and Stitch but just behind A Minecraft Movie — despite some pushback over the movie from right-wing critics. SCIENCE + HEALTHCARE
Measles was officially eliminated from the U.S. 25 years ago, but as vaccination rates drop amid the spread of misinformation, the disease has returned with record numbers. Measles cases this year are at a level not seen since 1991, according to a recent CDC report, with over half of the confirmed cases in Texas. TRENDS + EXPLAINERS
The One Big Beautiful Bill Act signed by President Donald Trump last week contains dozens of complex tax and other provisions that have generated confusion and misinformation. Forbes has been combing through the law to help answer some of the most common questions, including those regarding the new $6,000 senior deduction, a higher SALT (state and local income taxes) deduction and the much-talked-about 'no tax on overtime and tips.'
More than a week after deadly flooding in Texas, state and local officials are increasingly taking the blame: The Texas Tribune found that Kerr County officials knew for a decade about the need for a better flood warning system, but state leaders repeatedly rejected its requests to pay the estimated $1 million cost. The county also used $10 million from the pandemic-era American Rescue Plan Act for other items—including pay raises—rather than storm-related infrastructure. DAILY COVER STORY Mexican Soccer Team Sells For More Than $120 Million To American-Led Group
Atlanta-based investment firm Innovatio Capital purchased Liga MX team Querétaro.In its 75-year history, Querétaro F.C. has never won a title in the top division of Mexican soccer, finishing 12th among the 18 teams in Liga MX this year. But six weeks after the conclusion of the season, the club, based about three hours northwest of Mexico City, has scored a major victory.
On Thursday, a group led by Marc Spiegel, founder and managing member of Atlanta-based investment firm Innovatio Capital, closed its purchase of Querétaro from Jorge Alberto Hank of Grupo Caliente, Mexico's largest sports betting company. The deal values the club at more than $120 million, a person with knowledge of the terms tells Forbes.
The deal could soon be followed by the sales of three more Liga MX teams, which are all expected to trade at higher prices than Querétaro. The clubs have been on the block to eliminate a cross-ownership issue within Liga MX, where four groups have each maintained significant stakes in two rival teams simultaneously.
Removing those conflicts of interest would help satisfy FIFA rules that do not permit multiple teams with common ownership to participate in its interleague competitions. The motivation for the divestitures, however, has more to do with a Liga MX investment being negotiated by New York-based Apollo Global Management, which ranks among the world's largest investment firms and manages more than $700 billion in assets.
WHY IT MATTERS 'For now, Liga MX valuations trail far behind MLS, where teams are worth an average of $690 million, according to Forbes estimates,' says Forbes assistant managing editor Brett Knight. 'But Liga MX has advantages over its American counterpart—including better TV viewership in the U.S.—and investors eager to own a sports franchise are starting to turn their attention south of the border. A deal with Apollo would overhaul the league's broadcast rights—and potentially represent a tipping point for Liga MX's entire business.'
MORE The Most Valuable MLS Teams 2025 FACTS + COMMENTS
A record-high share of Americans see immigration as a positive for the country, and a majority disapprove of President Donald Trump's handling of the issue, according to a new Gallup poll. While Trump campaigned on policies to target people with criminal records, since he took office, ICE has increasingly arrested and detained immigrants with no criminal history:
62%: The share of Americans who say they do not approve of Trump's recent immigration policies
78%: How many are in favor of offering pathways to citizenship for undocumented immigrants
1 million: The number of immigrants Trump has pledged to deport each year while in office STRATEGY + SUCCESS
Posting on LinkedIn is a great way to stand out to your professional network, but it's important to know what works and what doesn't on the platform. Avoid posting AI-generated content without adding human insight, and don't overshare your personal or professional trauma. Instead, consider posting inspiring transformation stories and putting your original thinking on display. VIDEO
Minor League Baseball teams are known for getting creative with their food options each summer, as fans flock to the ballpark to try new—and sometimes strange—menu items. Which of the following dishes is the Hub City Spartanburgers of Spartanburg, South Carolina, serving up this season?
A. Deep Fried Pizza
B. Cotton Candy Fries
C. Cheetos-Dusted Ice Cream
D. Insect Nachos
Check your answer.
Thanks for reading! This edition of Forbes Daily was edited by Chris Dobstaff and Caroline Howard.
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CNN
8 minutes ago
- CNN
Apple just spent $500 million to source a material that's critical for iPhones from the US
Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones domestically. As part of the partnership announced on Tuesday, Apple committed to buying rare earth magnets directly from MP Materials to help bolster its US supply chain. Apple will also collaborate with the company on a new recycling line in California, which will repurpose recycled rare earth materials to use in Apple products. The move is part of a $500 billion investment Apple announced earlier this year to expand its US operations as the Trump administration pushes to onshore technology manufacturing and reduce reliance on China. Rare earths, which are critical for everything from smartphones to TVs and military jets, have been a key bargaining chip in trade talks between Washington and Beijing. That's because China controls nearly all rare earths processing. 'American innovation drives everything we do at Apple, and we're proud to deepen our investment in the US economy,' Apple CEO Tim Cook said in a press release. 'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.' MP Materials' facility in Fort Worth, Texas, will create new magnet manufacturing lines specifically for Apple products. Shipments are expected to begin in 2027 and will eventually support 'hundreds of millions of Apple devices,' according to MP Materials. The materials will be delivered throughout the United States and around the world. Apple says the expansion will create dozens of new jobs. Both companies will also provide training to develop a US workforce for magnet manufacturing. China has a virtual monopoly on rare earth elements, which are critical components for everyday products from smartphones to wind turbines to LED lights and flat-screen TVs. They're also crucial for batteries in electric vehicles as well as MRI scanners and cancer treatments. The name rare earths is also a bit of a misnomer. The materials are found throughout the Earth's crust but are difficult and costly to extract and process. China has the only equipment needed to process some of the various elements and currently controls 92% of the global output in the processing stage. While the MP Materials deal could help Apple curry favor with Trump amid tariff threats, it also aligns with Apple's efforts to incorporate more recycled materials into its products – a plan already in place long before Trump took office. The iPhone 16e, which launched earlier this year, includes 30 percent recycled content, for example. Apple says it uses recycled rare earths in its major products, including in magnets found in the latest iPhones, iPads, Apple Watches, MacBook and Mac models. The Trump administration has been pushing for Apple and other tech giants to produce their products in the United States rather than rely on assembly facilities and supply chain operations largely located in China, India and Vietnam. 'I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,' Trump posted on Truth Social in May. 'If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.' Apple hasn't discussed plans to move iPhone manufacturing to the US, and doing so seems unlikely. That's because it would require the tech giant to upend how it builds its most lucrative product. Critically, Apple and MP Manufacturing's collaboration involves developing the talent pool needed for magnet manufacturing. That's part of the reason why it's so challenging to move iPhone production to the United States – America lacks the highly specialized labor required to do so, experts have said. 'The expertise to make each of the components is something that has to be worked on for a long period of time,' David Marcotte, senior vice president at international market research company Kantar, previously told CNN. Cook has also spoken about the labor gap in the past, describing the workforce in China as being a combination of 'craftsman' skills, 'sophisticated robotics' and 'the computer science world' when speaking at a Fortune Magazine event in 2017. But the commitment to invest in US-sourced rare earths is likely to please Trump. The president has touted Apple's previous investment announcement as a victory in his efforts to boost American manufacturing. Apple is just one of many tech giants that have expanded their American footprint over the past several months. Texas Instruments committed $60 billion to make semiconductors in the United States in June, and Taiwanese chipmaking giant TSMC invested $100 billion in US manufacturing in March. Leading AI chipmaker Nvidia also said it would build its supercomputers in the United States in April. – CNN's Chris Isidore contributed to this report
Time Magazine
10 minutes ago
- Time Magazine
Why Tomatoes Are Becoming a Lot More Expensive
Food prices have been quickly climbing for years now, and now there's another staple that could see prices soon shoot up: tomatoes. Mexican tomatoes are immediately being slapped with a 17% tariff, the U.S. Dept. of Commerce said on July 14, announcing it was withdrawing from a 2019 agreement that suspended tariffs on tomatoes imported from Mexico. That could affect a lot of grocery store tomatoes. Although the fruit—or vegetable, depending on who you ask—is also grown in Florida, about 70% of fresh tomatoes consumed in the U.S. come from Mexico, says David Ortega, a food economist at Michigan State University. Although the price of a bunch of tomatoes may only increase by a few dozen cents, the increase comes at a time when consumers are already sick of inflation, and when tariffs threatened by the Trump Administration could further drive up prices, he says. 'This is one of the most widely consumed fruits or vegetables in the U.S., and it's important to put it in the context of consumers' experience with food prices over the past few years,' Ortega says. 'They're stretched thin, and even a few cents adds up, especially for low-income households.' Why tomato prices are rising The spat between Mexican and U.S. farmers has a long history. In 1996, U.S. farmers complained to a trade court that Mexican farmers were 'dumping' tomatoes, meaning they were selling tomatoes to the U.S. at an artificially low price. In response to the complaint, Mexican farmers agreed to set a floor price on tomatoes in an effort to ensure that U.S. farmers were not being undercut. In exchange, the U.S. paused an investigation into whether Mexican farmers were unfairly dumping tomatoes in the U.S. market. The U.S. and Mexico have come to new agreements about the floor price for tomatoes four times since then, but farmers have complained that Mexico is still engaging in unfair trade practices. The market share of U.S. tomatoes has dropped to 30% from 80% since 1996, according to the Florida Farm Bureau, while Mexican tomato imports have increased 400%. Read More: The 9 Most Underrated Healthy Foods The Commerce Department first announced in April that it was withdrawing from the truce, which was called the Tomato Suspension Agreement, but said at the time that the tariffs on Mexico tomato imports would be 20.9%. That tariff was slightly reduced in Commerce Secretary Howard Lutnick's July 14 announcement formalizing the plans to withdraw. 'For far too long our farmers have been crushed by unfair trade practices that undercut pricing on produce like tomatoes,' he said. 'That ends today.' U.S. consumers may not see the effect of the new tariffs until the fall, says Ortega, because tomatoes are currently in season in the U.S. We rely on imported tomatoes more heavily in the winter. Why other food prices are going up, too The levying of tomato tariffs came a day before new government inflation data showed that food prices were continuing to rise. The Consumer Price Index, or CPI, showed that prices of beef and veal were up 10.6% in June from a year ago, that egg prices were up 27.3% and that coffee prices were up 13.4%. Overall, inflation rose 2.7% from a year ago. The rising prices of beef, eggs, and coffee are not directly related to tariffs, says Ortega. The price of beef is going up because a 2022 drought made it too expensive for farmers to keep livestock, and now the cattle inventory in the U.S. is extremely low. Americans still demand beef, though, so low supply and high demand is causing prices to surge. Egg prices increased from a year ago because of avian flu, although their price actually fell from a month ago. And coffee prices are climbing because climate change has affected crops in places like Brazil and Vietnam, Ortega says. Read More: Food Dyes Are Lurking in Surprising Places Still, tariffs aren't helping: U.S. producers depend on certain types of lean beef from Brazil to make ground beef, for instance, Ortega says, and the 10% tariff on almost all food imports is making that more expensive. Those 10% tariffs are affecting other food products as well. 'This marks the first inflation report where tariffs are beginning to show up materially in key categories—from appliances and furnishings to apparel and groceries,' said Daniel Hornung, senior fellow at MIT, about the CPI report. It is unlikely to be the last, he says, since businesses are working through their pre-tariff inventories and will likely be forced to pass price increases along to consumers soon. Not to mention the giant tariffs that the Trump Administration has pledged to levy on some of the places we get a lot of our food, says Ortega. Trump recently threatened Brazil with 50% tariffs. If they go into effect Aug. 1 as currently planned, they will drive up the price of beef, oranges, orange juice, and more. Many of those imports from Brazil can't easily be replaced by U.S. goods. Florida orange crops, for instance, have been heavily affected by citrus greening, which is a tree disease, and by devastating hurricanes. 'If these tariffs remain in place,' Ortega says, 'they will have a notable impact on food prices.'
CNN
13 minutes ago
- CNN
Apple just spent $500 million to source a material that's critical for iPhones from the US
Apple is investing $500 million in a deal with US rare earths company MP Materials as the iPhone maker faces pressure from President Donald Trump to produce its popular smartphones domestically. As part of the partnership announced on Tuesday, Apple committed to buying rare earth magnets directly from MP Materials to help bolster its US supply chain. Apple will also collaborate with the company on a new recycling line in California, which will repurpose recycled rare earth materials to use in Apple products. The move is part of a $500 billion investment Apple announced earlier this year to expand its US operations as the Trump administration pushes to onshore technology manufacturing and reduce reliance on China. Rare earths, which are critical for everything from smartphones to TVs and military jets, have been a key bargaining chip in trade talks between Washington and Beijing. That's because China controls nearly all rare earths processing. 'American innovation drives everything we do at Apple, and we're proud to deepen our investment in the US economy,' Apple CEO Tim Cook said in a press release. 'Rare earth materials are essential for making advanced technology, and this partnership will help strengthen the supply of these vital materials here in the United States.' MP Materials' facility in Fort Worth, Texas, will create new magnet manufacturing lines specifically for Apple products. Shipments are expected to begin in 2027 and will eventually support 'hundreds of millions of Apple devices,' according to MP Materials. The materials will be delivered throughout the United States and around the world. Apple says the expansion will create dozens of new jobs. Both companies will also provide training to develop a US workforce for magnet manufacturing. China has a virtual monopoly on rare earth elements, which are critical components for everyday products from smartphones to wind turbines to LED lights and flat-screen TVs. They're also crucial for batteries in electric vehicles as well as MRI scanners and cancer treatments. The name rare earths is also a bit of a misnomer. The materials are found throughout the Earth's crust but are difficult and costly to extract and process. China has the only equipment needed to process some of the various elements and currently controls 92% of the global output in the processing stage. While the MP Materials deal could help Apple curry favor with Trump amid tariff threats, it also aligns with Apple's efforts to incorporate more recycled materials into its products – a plan already in place long before Trump took office. The iPhone 16e, which launched earlier this year, includes 30 percent recycled content, for example. Apple says it uses recycled rare earths in its major products, including in magnets found in the latest iPhones, iPads, Apple Watches, MacBook and Mac models. The Trump administration has been pushing for Apple and other tech giants to produce their products in the United States rather than rely on assembly facilities and supply chain operations largely located in China, India and Vietnam. 'I have long ago informed Tim Cook of Apple that I expect their iPhone's that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,' Trump posted on Truth Social in May. 'If that is not the case, a Tariff of at least 25% must be paid by Apple to the U.S.' Apple hasn't discussed plans to move iPhone manufacturing to the US, and doing so seems unlikely. That's because it would require the tech giant to upend how it builds its most lucrative product. Critically, Apple and MP Manufacturing's collaboration involves developing the talent pool needed for magnet manufacturing. That's part of the reason why it's so challenging to move iPhone production to the United States – America lacks the highly specialized labor required to do so, experts have said. 'The expertise to make each of the components is something that has to be worked on for a long period of time,' David Marcotte, senior vice president at international market research company Kantar, previously told CNN. Cook has also spoken about the labor gap in the past, describing the workforce in China as being a combination of 'craftsman' skills, 'sophisticated robotics' and 'the computer science world' when speaking at a Fortune Magazine event in 2017. But the commitment to invest in US-sourced rare earths is likely to please Trump. The president has touted Apple's previous investment announcement as a victory in his efforts to boost American manufacturing. Apple is just one of many tech giants that have expanded their American footprint over the past several months. Texas Instruments committed $60 billion to make semiconductors in the United States in June, and Taiwanese chipmaking giant TSMC invested $100 billion in US manufacturing in March. Leading AI chipmaker Nvidia also said it would build its supercomputers in the United States in April. – CNN's Chris Isidore contributed to this report
