Money, Wealth & Power—A Daily Look at the Financial World
In a matter of weeks, the world’s most powerful tech founders have been reminded that artificial intelligence can erase fortunes as quickly as it mints them. Larry Ellison and Jeff Bezos have together seen more than $66 billion wiped from their paper wealth since the start of the year, a reversal that has turned the…
The Trump administration has quietly approved a sweeping change to the federal workforce, reclassifying roughly 50,000 civil servants into a new category that strips away many of their traditional job protections. The move, framed as a bid to boost accountability, effectively makes it far easier for political leaders to fire high‑ranking career officials who shape…
Traditional banks and crypto platforms are rapidly converging on a shared product shelf, from tokenized deposits to yield-bearing stablecoins. The same savings account or cross-border payment that once lived only inside a regulated bank is now being rebuilt on blockchains, while banks race to wrap those innovations in familiar compliance and consumer protections. The result…
The Dow Jones Industrial Average blasted through a historic ceiling as a furious rebound in technology shares sent the blue-chip index up 1,200 points and across the 50,000 mark for the first time. After a bruising stretch that had investors questioning whether the bull market had finally run out of steam, Wall Street instead delivered…
California is testing the limits of how far a single state can go in taxing extreme wealth, and the stakes reach far beyond Silicon Valley. A proposed one time levy on billionaires has ignited a fight between progressive unions, tech investors and even California Governor Gavin Newsom, while one economist warns the measure would be…
Robert Kiyosaki, the outspoken investor behind the bestseller Rich Dad Poor Dad, is not chasing the latest rally in Bitcoin or gold. Instead, he is openly waiting for both assets to carve out fresh lows while warning that a swelling mountain of government obligations poses an even greater danger to ordinary savers. His message heading…
Artificial intelligence is colliding with a hard physical limit: the electricity grid. Training large language models and running real‑time AI services now consumes so much power that the industry risks outgrowing the capacity of wind, solar, and existing transmission lines. In response, the same companies that once branded themselves as purely “digital” are quietly becoming…
President Donald Trump has opened a new front in his long-running tariff battles, authorizing duties of up to 25% on countries that keep trading with Iran. The move turns access to the US market into a lever for pressuring Tehran, but it also drags in a disparate cast of partners, from major powers to smaller…
Los Angeles has spent years promising to “solve” homelessness with record budgets, yet the tents and RVs keep multiplying along freeways and storefronts. The county has approved more than $840 million for its homelessness bureaucracy while unsheltered homelessness has still surged 10 percent over two years. The pattern is unmistakable: a fragmented system that fails…
President Donald Trump is trying to turn his long-running feud with federal tax authorities into a multibillion-dollar payday, arguing that the government owes him $10 billion for supposedly wrecking his finances and good name. At 79, he is not just seeking personal vindication, but attempting to shift the costs of his legal and political battles…