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Business Insider
11-07-2025
- Business
- Business Insider
Trump's Big Beautiful Bill is quietly handing startups a shot at a faster payday
Under President Donald Trump's new tax bill, startup founders and investors might be able to turn their equity into a payday sooner than they think. The "One Big Beautiful Bill" Act, which became law last week, includes some key changes to the tax provisions for small businesses. The biggest changes are threefold. For one, the provisions now allow companies with larger fundraises under their belts to qualify as small businesses. They also increase the amount of profits that company stakeholders can receive tax-free after selling their shares. Most importantly, the provisions introduce a tiered system that brings tax benefits to investors faster. Previously, startup founders and investors were exempt from capital gains taxes on any profits from the company only if they got that profit five years after the stock was issued. That restriction could dissuade founders from taking an M&A deal or secondary sale in a startup's early years to avoid a massive tax hit. Now, those profits will be 50% tax-free after three years, 75% after four, and completely tax-free after five. Venture investors and startups who've caught on to the changes, and what they could mean for earlier startup exits, are buzzing. "With the previous five-year exit minimum, a lot of people don't get the benefit," said Luke Fischer, cofounder and CEO of geospatial tech startup SkyFi. "I think this looks like a forward-leaning administration that understands the reality of business and what that means for those folks to deploy their hard-earned capital, with the tax-free benefit, back into their own company or into a new company." Breaking down the changes The updates to Qualified Small Business Stock rules, or QSBS, expand the definition of a small business to include companies with less than $75 million in gross assets, up from the previous $50 million cap. Founders, investors, and employees who acquire a stake in a company before it hits $75 million in assets can now cash out down the line and get up to $15 million in profits per taxpayer from a sale of the startup's shares tax-free, or up to 10 times their initial investment in profits tax-free, whichever amount is greater. That's up from a previous $10 million profit cap. Some other limitations apply. Businesses that primarily sell services, like hospitals and law firms, don't qualify for QSBS benefits. Companies must also be registered as C corporations to qualify. Venture capital lawyer Chris Harvey pointed out that plenty of companies that last raised capital years ago and saw their assets hit $50 million or more, boxing them out of QSBS benefits, may now be eligible if their total assets don't exceed $75 million. That expansion also likely brings more Series A- and B-stage startups into the mix, he said. The average sizes of Series A and B funding rounds have decreased since the 2021 funding boom, which means startups may have raised less money overall later in their lifecycles, potentially extending their eligibility for QSBS benefits. "If you're at a company in that category and you have options, you might have previously thought, why even bother exercising my options. Now there may be a pathway for you," Harvey said. More M&A could be on the table The updated provisions' biggest promise could be the potential for more, earlier M&A. "Startups can now actually entertain an acquisition offer at three years," said Milad Alucozai, cofounder and general partner at Pamir Ventures. Before the July changes, any acquisition offers that a small business received before the five-year mark had a huge caveat: they'd be subject to massive taxes on any profits made from the deal. While startup M&A timelines can vary wildly, most data suggests that startups get acquired on average between the five- and ten-year mark. However, Alucozai said that he's seeing more companies, especially AI startups, get acquisition offers earlier as Big Tech and other industries scramble to scoop up AI assets and talent. The changes could also make secondary sales more attractive. While secondary transactions usually happen later in a startup's life, Menlo Ventures principal Deedy Das suggested that the new provisions could encourage founders to entertain those deals earlier on. "It probably will increase the willingness of early employees and founders to sell in three to five years after their equity vests with the huge tax benefit, so we'll likely see more secondary sales for good companies where there's a lot of investor demand," he said. Gray areas and brain drain Investors will overwhelmingly benefit from the QSBS expansions, since they hold nearly 60% of all qualified small business stock, according to Carta data from August 2024. Founders follow behind, with 26%. Employees hold about 10%. Employees with stock options aren't off the hook on taxes, either, since they have to pay to convert their options into shares and face taxes on that conversion. Founders and investors, on the other hand, generally own company stock from the jump. Harvey said more changes would need to be made to QSBS provisions for the tax benefits to apply fairly to employees, founders, and investors. He also pointed to a lack of clarity in the new provisions about how SAFEs, or simple agreements for future equity, would be handled. SAFEs are commonly used by pre-seed and seed-stage startups to raise capital and promise equity to an investor down the line. However, those investors would likely have to be able to convert their shares to equity before a startup hit $75 million in gross assets, Harvey said. That could get complicated, since SAFE conversions usually happen at the company's next fundraise, adding more money that could disqualify the startup from QSBS benefits. There's also always the potential for brain drain if employees get a chance to cash out and decide to leave the company, Alucozai said. But he thinks the changes will encourage more capital flow in the venture ecosystem overall, and perhaps give founders and employees staying for the long haul a boost along the way. "If you want to build for the long term, liquidity along the way is not a bad thing," he said.
Newsweek
26-05-2025
- Politics
- Newsweek
New Satellite Images Reveal Greater Damage to Pakistan Airbase After India Strike
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. New satellite imagery suggests India's missile strike on Pakistan's Nur Khan airbase earlier this month may have caused significantly more destruction than initially assessed. The images, shared by open source intelligence researcher Damien Symon, reveal that a major operations complex at the Rawalpindi-based airbase has been completely demolished. The facility, targeted during India's Operation Sindoor, sits near some of Pakistan's most sensitive military and nuclear infrastructure. The scope of the damage now appears broader than previously believed, hinting at a deeper strategic impact from the Indian strike. Newsweek has reached out to the foreign ministries of Pakistan and India for comment. Why It Matters The Nur Khan airbase is one of Pakistan's most strategically important facilities, housing transport aircraft and surveillance systems, and located just miles from the Strategic Plans Division and Pakistan Army headquarters. Its proximity to these institutions gives the airbase outsized importance in Pakistan's military ecosystem. The demolition of an entire operations center would suggest the strike had penetrated a critical node in Pakistan's defense infrastructure. A review of Nur Khan Airbase, Pakistan reveals the entire complex near India's strike location has now been demolished, suggesting the strike's effect went beyond the two special-purpose trucks - possibly presenting a broader footprint of the damage @TheIntelLab #SkyFi — Damien Symon (@detresfa_) May 25, 2025 What to Know Symon posted the new satellite images on social media, showing that the 7,000-square-foot operations complex near the site of the May 10 strike has been dismantled. Earlier imagery showed damage to two specialized military trucks, but the full teardown of the facility points to deeper internal damage. Symon told Hindustan Times that the decision to demolish the complex indicates restoration was "uneconomical or not viable," likely due to extensive structural and systemic damage. Its proximity to the blast zone may have compromised essential components such as wiring, internal systems, and the building's physical integrity. India's Operation Sindoor The strike on Nur Khan was part of India's broader retaliation under Operation Sindoor, launched after a deadly attack in the Kashmir town of Pahalgam on April 22. That attack, which India blamed on Pakistan-based militants, killed 26 civilians and was among the deadliest incidents in the region in recent years. In response, India launched strikes on eight Pakistani airbases using air-launched cruise missiles. A four-day military confrontation followed, involving drones, long-range artillery, and missile systems, before both sides agreed to halt operations. A BSF personnel during a retreat ceremony at the Attari-Wagah border, near Amritsar, Tuesday, May 20, 2025. The Border Security Force (BSF) has said the public flag-lowering retreat ceremony at three locations in Punjab along... A BSF personnel during a retreat ceremony at the Attari-Wagah border, near Amritsar, Tuesday, May 20, 2025. The Border Security Force (BSF) has said the public flag-lowering retreat ceremony at three locations in Punjab along the Pakistan frontier will begin on Wednesday, about two weeks after it was stopped following Operation Sindoor. More Shiva Sharma/AP Photo What People Are Saying India's Lieutenant Governor Manoj Sinha of Jammu and Kashmir said: "Terrorism and dialogue cannot go hand in hand. Our soldiers have the capability to respond to any challenge and eliminate the threat to ensure the safety and peace of our people." Pakistan's Lieutenant General Ahmed Sharif Chaudhry, Director General of Inter-Services Public Relations stated: "These blatant acts of aggression by India reflect the paranoia within the Indian mindset which continues to grow after the failure of each of its acts." What Happens Next The new evidence of extensive damage may prompt Pakistan to reassess its airbase resilience and trigger broader regional concerns over escalation control and strategic deterrence.
The Print
26-05-2025
- Politics
- The Print
Fresh satellite images reveal extent of damage at Nur Khan airbase, Pakistan takes down damaged structures
In other terms, while the strike may have targeted specific assets, it is believed that shrapnel impact and resulting fires caused significant structural damage to adjacent buildings, potentially compromising wiring and internal systems. Geo-intelligence and OSINT expert Damein Symon, associated with The Intel Lab, shared the satellite imagery dated 23 May on X Sunday. '…the entire complex near India's strike location has now been demolished, suggesting the strike's effect went beyond the two special-purpose trucks—possibly presenting a broader footprint of the damage,' Symon wrote. New Delhi: Fresh satellite imagery indicates that precision strikes by the Indian armed forces during Operation Sindoor caused significantly more damage to Pakistan Air Force's Nur Khan airbase in Rawalpindi than previously perceived. The latest visuals show that an entire complex near the strike site has been demolished. Given the extent of this secondary damage, the affected complex may have been deemed beyond repair and subsequently dismantled by Pakistani authorities. A review of Nur Khan Airbase, Pakistan reveals the entire complex near India's strike location has now been demolished, suggesting the strike's effect went beyond the two special-purpose trucks – possibly presenting a broader footprint of the damage @TheIntelLab #SkyFi — Damien Symon (@detresfa_) May 25, 2025 In a separate post Monday, Symon also shared satellite imagery of PAF's Murid airbase in Chakwal district, stating that the command & control building on the premises suffered structural damage. According to him, 'a section of the roof has collapsed as well, likely causing internal damage'. This report spotlights damage at Pakistan's Murid Airbase – the Indian Air Force strike has caused structural damage to a Command & Control building, a section of the roof has collapsed as well, likely causing internal damage @TheIntelLab #Skyfi — Damien Symon (@detresfa_) May 26, 2025 Murid was one of several strategic installations targeted during the early hours of 10 May, part of the Indian Air Force's second wave of coordinated strikes. These revelations appear to contradict Pakistan's earlier claim that its air defence systems had intercepted the incoming missiles and that all assets remained safe. The fresh imagery, along with additional visuals previously released by Maxar, presents a more realistic picture. Located in Chaklala, Rawalpindi, and adjacent to the Pakistan Army's General Headquarters (GHQ), Nur Khan is a high-value military installation and headquarters of the PAF's Air Mobility Command, which oversees the movement of troops, equipment and personnel. The command also plays a central role in logistics, VIP transportation and strategic missions, as well as aviator training. Nur Khan airbase hosts Squadrons No. 6, 10, 12, and 41 and serves both VVIP and military transport functions. Aircraft based there include C-130s, Saab 2000 Erieye AEW&C (Airborne Early Warning and Control) platforms and Pakistan's only two IL-78 aerial refuelling aircraft. Meanwhile, the Murid airbase in Chakwal, Punjab serves as a major hub for Pakistan's unmanned aerial vehicle (UAV) squadrons and is one of PAF's key forward operational bases. The base houses various UAVs, including locally developed models and imported Turkish and Chinese drones. According to multiple reports, Shahpar 1, Shahpar 2, Burraq, Falco, Bayraktar TB2S, Bayraktar Akinci, CH-4, and Wing Loong 2 are some of Pakistan's drones stationed at this air base. Also Read: The OSINT expert who debunked ISPR's claims: Damien Symon on disinfo, ethics & public perception What happened on 10 May Earlier this month, at a public event in Islamabad on 16 May, Prime Minister Shehbaz Sharif said he was woken at 2:30 am on the night of the strikes by a call from Field Marshal Asim Munir, then the Army Chief (General). Munir informed him that India had launched missile strikes on multiple key targets, including Nur Khan airbase. In a subsequent late night statement, the Inter-Services Public Relations (ISPR) Director General Lt Gen Ahmed Sharif Chaudhry confirmed that Indian strikes had targeted Nur Khan (Rawalpindi), Murid (Chakwal) and Rafiqui (Shorkot, Jhang district) air bases. Prior imagery released by American space tech company, Maxar Technologies, dated 10 and 11 May, revealed visible destruction across multiple Pakistani air bases, including Sukkur in Sindh, Rahim Yar Khan in southern Punjab, Mushaf in Sargodha, Jacobabad in northern Sindh, Bholari in Thatta district and Nur Khan in Rawalpindi. The visuals showed large craters on runways, damaged aircraft hangars and destruction to administrative and logistics buildings. As reported by thePrint earlier, it is reliably learnt that the actual loss may be higher than what Pakistan is showcasing, both officially and unofficially. Inputs indicate that the damage done was that at least one transport aircraft was destroyed, while two others suffered moderate to severe damage. A runway at one of the critical bases was also reportedly rendered non-operational for the foreseeable future. Adding to that PAF Air Marshal Masood Akhtar (Retd) on a Pakistani news channel said he had information that a Saab Erieye, an Airborne Early Warning and Control System (AEW&C), was destroyed when India struck the hangar at Bholari. After Pakistan deliberately targeted civilian infrastructure and Indian airbases, the armed forces launched a swift and calibrated retaliatory operation, striking key technical installations, command and control centres, radar systems and weapons depots. Colonel Qureshi said that air bases at Rafiqui, Murid, Chaklala, Rahim Yar Khan, Sukkur and Chunian were hit using air-launched precision munitions and missiles. In addition, radar facilities in Pasrur and the aviation base in Sialkot were also targeted. Incidentally, following the attack on the airbases, Pakistan which 'brusquely turned down' the request of Indian DGMO Lt Gen Rajiv Ghai on 7 May 'with an intimation that a severe response was inevitable and, in the offing,' reached out to him on 10 May to propose cessation of hostilities. India had launched Operation Sindoor on the night of 7 May, targeting nine terror training camps in Pakistan and Pakistan-occupied Kashmir (PoK) associated with Lashkar-e-Taiba (LeT) and Jaish-e-Mohammad (JeM). The strikes came in retaliation to the 22 April terror attack in Pahalgam carried out by terrorists trained and backed by Pakistan, which claimed 26 lives. (Edited by Amrtansh Arora) Also Read:
India Today
14-05-2025
- Politics
- India Today
Exclusive: Pak's VVIP jet near Indian Air Force strike zone on May 10, probe shows
Flight tracking data and exclusive satellite imagery reviewed by India Today's Open-Source Investigation (OSINT) team suggest that a VVIP aircraft matching the description used by Pakistani Prime Minister Shehbaz Sharif was present at the Nur Khan airbase around the time of the Indian Air Force (IAF) strikes on May 10, highlighting the strategic sensitivity and vulnerability of the country's most important Nur Khan Air Base, located adjacent to Islamabad, supports both Pakistan Air Force (PAF) operations and serves as the principal hub for the country's top VVIP air imagery from space company Satellogic provided exclusively to India Today TV by Earth intelligence platform SkyFi, provides new details of the events, which took place at Pakistan's most high-profile air base. The Pakistan government uses a white Gulfstream G450 (G-IV-X) almost exclusively for the Prime Minister, President and Foreign Ministers. The IAF targeted the air base in Rawalpindi that likely destroyed a command and control unit, satellite pictures showed. Satellite image of the Nur Khan airbase in Rawalpindi destroyed. advertisementThe aircraft in the imagery matches the profile of Pakistan's VVIP transport, notable for its length, tail shape and rear-mounted engines. It also lacks the visible blue tail marking the other Gulfstream operated by the Pakistan Army, often used by its army chief, General Asim PM'S PUBLIC MOVEMENTS ALIGN WITH AIRCRAFT PATHSThe subsequent movement of the aircraft further supports its identification. On May 12, the aircraft flew from Lahore to Sialkot using the PAK02 callsign, typically reserved for the Prime Minister. The destination and timing align with the PM's publicly reported travel. Flight tracking data shows movement of VVIP Gulfstream matching Pakistan Prime Minister Shehbaz Sharif's public itinerary. Two days later, the same aircraft flew to Beijing using the PAK03 callsign, consistent with the Foreign Minister's itinerary. Flight tracking data shows movement of VVIP Gulfstream matching Pakistan Prime Minister Shehbaz Sharif's public itinerary. Pakistan operates three Gulfstreams for VVIP use. At the time of the IAF strikes, data indicates that two Gulfstreams could have been present at the Nur Khan base while the other was positioned in Lahore. The satellite imagery taken hours after the impact, however, shows only one at the Rawalpindi base. Flight tracking data shows movement of VVIP Gulfstream matching Pakistan Prime Minister Shehbaz Sharif's public itinerary. REFUELLING TANKER ACTIVITY SEEN AFTER STRIKEThe same Satellogic imagery also reveals the presence of an Il-78 aerial refuelling tanker at Nur Khan following India's strike, indicating active military operations from the base even after the incident. The Il-78 is a key asset for in-flight refuelling and supports deep-strike or extended patrol operations by fighter Khan is not just an airbase, it is the nerve centre for Pakistan's VVIP and high-level military aviation. Its proximity to Islamabad, and its dual-use role, make it one of the most sensitive air installations in the the available satellite imagery following the strike has indicated absolute precision by the IAF so far, with no visible missed targets at any of the evidence offers context to why Pakistan sought a ceasefire so swiftly on May 10. The exposure of top government aircraft and aerial refuelling assets at the country's most critical base may have underscored the risk of further decision to strike with precision, without expanding the scope to high-value leadership targets, also suggests a deliberate signalling of capability without provocation - a message clearly received. IN THIS STORY#Pakistan#India-Pakistan#Operation Sindoor
Cedar News
29-04-2025
- Science
- Cedar News
Satellite Images Show B-2 Bombers, Refueling Tankers, and Submarine at Diego Garcia Base
Satellite imagery from April 19 captured by SkyFi and ordered by @MT_Anderson on X, shows that 6 B-2A 'Spirit' Long-Range Strategic Stealth Bombers and 6 KC-135 Aerial-Refueling Tankers remain at Naval Support Facility Diego Garcia in the Indian Ocean. In addition, imagery was also able to captured a rare sighting of a Ohio-Class Nuclear-Powered Cruise Missile Submarine docked at the base, believe to likely be the USS Georgia (SSGN-729).
