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Elon Musk is leaving his government role as a top adviser to President Donald Trump after spearheading efforts to reduce and overhaul the federal bureaucracy.His departure, announced Wednesday evening, marks the end of a turbulent chapter that included thousands of layoffs, the evisceration of government agencies, and reams of litigation. Despite the upheaval, the billionaire entrepreneur struggled in the unfamiliar environment of Washington, and he accomplished far less than he hoped.He dramatically reduced his target for cutting spendingfrom $2 trillion to $1 trillion to $150 billionand increasingly expressed frustration about resistance to his goals. Sometimes he clashed with other top members of Trump’s administration, who chafed at the newcomer’s efforts to reshape their departments, and he faced fierce political blowback for his efforts.Musk’s role working for Trump was always intended to be temporary, and he had recently signaled that he would be shifting his attention back to running his businesses, such as the electric automaker Tesla and the rocket company SpaceX.But administration officials were often vague about when Musk would step back from his position spearheading the Department of Government Efficiency, known as DOGE, and he abruptly revealed that he was leaving in a post on X, his social media website.“As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending,” he wrote. “The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government.”A White House official, who requested anonymity to talk about the change, confirmed Musk’s departure.Musk announced his decision one day after CBS released part of an interview in which he criticized the centerpiece of Trump’s legislative agenda by saying he was “disappointed” by what the president calls his “big beautiful bill.” The legislation includes a mix of tax cuts and enhanced immigration enforcement. Musk described it as a “massive spending bill” that increases the federal deficit and “undermines the work” of his Department of Government Efficiency, known as DOGE.“I think a bill can be big or it could be beautiful,” Musk said. “But I don’t know if it could be both.”Trump, speaking in the Oval Office on Wednesday, defended his agenda by talking about the delicate politics involved with negotiating the legislation.“I’m not happy about certain aspects of it, but I’m thrilled by other aspects of it,” he said.Trump also suggested that more changes could be made.“We’re going to see what happens,” he said. “It’s got a way to go.”Republicans recently pushed the measure through the House and are debating it in the Senate.Musk’s concerns are shared by some Republican lawmakers. “I sympathize with Elon being discouraged,” said Wisconsin Sen. Ron Johnson.Speaking at a Milwaukee Press Club event on Wednesday, Johnson added that he was “pretty confident” there was enough opposition “to slow this process down until the president, our leadership, gets serious” about reducing spending. He said there was no amount of pressure Trump could put on him to change his position.Speaker Mike Johnson has asked senators to make as few changes to the legislation as possible, saying that House Republicans reached a “very delicate balance” that could be upended with major changes. The narrowly divided House will have to vote again on final passage once the Senate alters the bill.On Wednesday, Johnson thanked Musk for his work and promised to pursue more spending cuts in the future, saying “the House is eager and ready to act on DOGE’s findings.”The White House is sending some proposed rescissions, a mechanism used to cancel previously authorized spending, to Capitol Hill to solidify some of DOGE’s cuts. A spokesperson for the Office of Management and Budget said the package will include $1.1 billion from the Corporation of Public Broadcasting, which funds NPR and PBS, and $8.3 billion in foreign assistance.Musk occasionally seemed chastened by his experience working in government.“The federal bureaucracy situation is much worse than I realized,” he told The Washington Post. “I thought there were problems, but it sure is an uphill battle trying to improve things in D.C., to say the least.”He also recently said that he’ll reduce his political spending, because “I think I’ve done enough.”Musk had previously been energized by the opportunity to reshape Washington. After putting at least $250 million behind Trump’s candidacy, he wore campaign hats in the White House, held his own campaign rallies, and talked about excessive spending as an existential crisis. He often tended to be effusive in his praise of Trump.“The more I’ve gotten to know President Trump, the more I like the guy,” Musk said in February. “Frankly, I love him.”Trump repaid the favor, describing Musk as “a truly great American.” When Tesla faced declining sales, he turned the White House driveway into a makeshift showroom to illustrate his support.It’s unclear what, if any, impact that Musk’s comments about the bill would have on the legislative debate, especially given his departure from the administration. During the transition period, when his influence was on the rise, he helped whip up opposition to a spending measure as the country stood on the brink of a federal government shutdown.His latest criticism could embolden Republicans who want bigger spending cuts. Republican Utah Sen. Mike Lee reposted a Fox News story about Musk’s interview while also adding his own take on the measure, saying there was “still time to fix it.”“The Senate version will be more aggressive,” Lee said. “It can, it must, and it will be. Or it won’t pass.”Only two RepublicansReps. Warren Davidson of Ohio and Thomas Massie of Kentuckyvoted against the bill when the House took up the measure last week.Davidson took note of Musk’s comments on social media.“Hopefully, the Senate will succeed with the Big Beautiful Bill where the House missed the moment,” he wrote. “Don’t hope someone else will cut deficits someday, know it has been done this Congress.”The Congressional Budget Office, in a preliminary estimate, said the tax provisions would increase federal deficits by $3.8 trillion over the decade, while the changes to Medicaid, food stamps and other services would reduce spending by slightly more than $1 trillion over the same period.House Republican leaders say increased economic growth would allow the bill to be deficit-neutral or deficit-reducing, but outside watchdogs are skeptical. The Committee for a Responsible Federal Budget estimates the bill would add $3 trillion to the debt, including interest, over the next decade.
Category:
E-Commerce
Stock markets are moving higher in premarket trading on Thursday as of the time of this writing. Two groups of stocks are doing particularly well: Big Techs Magnificent Seven and major chipmaker stocks. Shares in one stock that crosses over into both groupsNvidia Corporation (Nasdaq: NVDA)are currently up 6% in premarket trading. But NVDA isnt the only chip and tech stock that is up. Other major technology companies like Apple Inc. (Nasdaq: AAPL), Amazon.com, Inc. (Nasdaq: AMZN), and Broadcom Inc. (Nasdaq: AVGO) are also trending significantly higher. Why are Big Tech and chipmaker stocks surging this morning? It comes down to three pieces of news. Heres what you need to know. Markets and Big Tech jump on Trump tariff court ruling As of the time of this writing, market futures are trending higher this morning. S&P Futures are currently up 1.1%, Dow Futures are up 0.56%, and Nasdaq Futures are up 1.6%. The main reason for this broad surge in futures is a ruling issued by the U.S. Court of International Trade on Wednesday that declared President Trumps Liberation Day tariffs illegal. As CNBC notes, the three-judge panel ruled that the mechanism Trump used to invoke the tariffs without Congressional approvalthe International Emergency Economic Powers Act (IEEPA)doesnt grant the president the authority to impose universal tariffs. The judges declared that the Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs, and ordered not only a permanent halt to the tariffs but future modification to them as well. As Fast Company previously reported, multiple states and small businesses sued over the implementation of the tariffs. The judges also ruled against the Trump administration’s implementation of tariffs against Canada, Mexico, and China based on the importation of fentanyl into the United States, saying those separate tariffs fail because they do not deal with the threats set forth in those orders. Not all of Trumps tariffs have been ruled unlawful. The presidents tariffs on aluminum and steel can remain because they were not implemented under the IEEPA. The Court of International Trade gave the Trump administration 10 days to put a halt to the tariffs ruled illegal, but the Trump administration has already appealed the ruling, which may very likely end up before the Supreme Court. While the tariff situation is likely to continue to play out in the courts in the weeks ahead, news of the ruling has lifted futuresand Big Tech stocks. The companies that make up Big Tech’s Magnificent SevenGoogle, Amazon, Apple, Meta, Microsoft, Nvidia, and Teslafaced particular challenges from the tariffs since many of their products are sourced from China, the country that received the highest tariffs. If not directly sourcing their products from China, they still rely on supplies or components from the country, such as servers, that the tariffs have threatened to make acquiring more expensive. Heres how Big Techs Magnificent Seven stocks are currently trading based on the news: Alphabet Inc. (Nasdaq: GOOG): up 1.29% Amazon.com, Inc. (Nasdaq: AMZN): up 2.5% Apple Inc. (Nasdaq: AAPL): up 2.4% Meta Platforms, Inc. (Nasdaq: META): up 1.4% Microsoft Corporation (Nasdaq: MSFT): up 0.8% NVIDIA Corporation (Nasdaq: NVDA): up 6% Tesla, Inc. (Nasdaq: TSLA): up 2.49% Elon Musks time in the Trump administration comes to an end One of the Magnificent Seven stocksTeslais certainly getting a boost from the ruling against Trumps tariffs, but theres likely another reason why the stock is trending higher today, too. That reason is Elon Musk. On Wednesday, the CEO took to his social media platform X to announce that his time in the Trump administration has come to an end. As my scheduled time as a Special Government Employee comes to an end, I would like to thank President @realDonaldTrump for the opportunity to reduce wasteful spending, Musk wrote, adding, The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government. Musk joined the administration in January to head the controversial Department of Government Efficiency (DOGE). But his work with the administration and DOGE has cost his most well-known company, Tesla, dearly. Musk’s involvement in politics has alienated many of the carmakers fans across the globe, leading to plummeting Tesla sales in many key markets, including those in Europe and the United States. News that he is leaving DOGE and the Trump administration is something Tesla investors have been waiting to hear for a long timeand it’s contributing to TSLA stock moving higher this morning. Nvidias earnings lift chip stocks Finally, while many chipmaker stocks are also getting a lift today due to the Trump tariff ruling news, chipmaker and chipmaker-adjacent stocks, including chip machine maker ASML Holding N.V. (Nasdaq: ASML), are also seeing a boost thanks to Nvidias Q1 fiscal 2026 earnings results, which the company announced yesterday. Nvidia reported revenue of $44.1 billion, which was up 12% from the previous quarter and 69% from the same quarter a year earlier. It also reported data center revenue of $39.1 billion, a 10% rise from the previous quarter and a 73% rise from the same quarter a year ago. As CNBC notes, the better-than-expected earnings results have sent NVIDIA Corporation shares higher. Currently, they are up 6%. But since Nvidia is often seen as a bellwether for other chipmakers and chipmaker-adjacent stocks, companies operating in those spaces are also seeing their shares rise this morning on Nvidias news. Advanced Micro Devices, Inc. (Nasdaq: AMD): up 2.9% Arm Holdings plc (Nasdaq: ARM): up 3% ASML Holding N.V. (Nasdaq: ASML): up 1.6% Broadcom Inc. (Nasdaq: AVGO): up 2.9% Intel Corporation (Nasdaq: INTC): up 1.28% Micron Technology, Inc. (Nasdaq: MU): up 2.4% NVIDIA Corporation (Nasdaq: NVDA): up 6% QUALCOMM Incorporated (Nasdaq: QCOM): up 1.69% Taiwan Semiconductor Manufacturing Company Limited (NYSE: TSM): up 1.1% Moreover, as Nvidia’s tehnology has been playing a key role in powering the artificial intelligence (AI) revolution, its earnings beat was seen as a sign that demand for AI remains strong. All in all, its looking like a positive start to the morning in the markets, especially for stocks that operate in the Big Tech and chipmaker sectors.
Category:
E-Commerce
Your Ellie the Elephant Pinterest pinboard just became official. Pinterest has announced that its first-ever sports partnership will be with the WNBA champions New York Liberty. The social platform has made its name as a crucial resource for anyone planning a wedding or home renovation, but global head of consumer marketing Sara Pollack says the move into sports reflects a broader ambition. Pinterest is a really interesting place for fandom, says Pollack. It’s not where you’re going to see highlights from last night’s game. We have research that shows that Pinterest users are much more likely than non-Pinterest users to be looking for things like Game Day outfits, sports-themed recipes, and inspiration for hosting watch parties. So the unique role Pinterest plays is for those who have an immense fandom for something. It’s a place where those fans come to weave their fandom into a variety of things. And for us, that’s such an interesting opportunity. Pinterest’s revenue is up 17% year-over-year, according to its second quarter reporting earlier this month. Monthly active users surged 10% year-over-year to a record 570 million. The two-year deal is a boost for Pinterest, and will focus on the two brands collaborating through curated Pinterest boards, on-platform editorial content, and community outreach programs. A new content series called Away Game Fashion will go deep on the connection between hoops and fashion inspiration. Pinterest is also investing in refurbishing basketball backboards in the New York area. Pinterest searches for WNBA tunnel outfits were up over 2,000%, with terms like Sabrina Ionescu shoes pink up 1,706%, NY Liberty WNBA up 306%, and Ellie the Elephant spiking 168%. Pollack says fans are already using the platform to make the game part of their identity, and this new deal aims to give them more tools to do it. Brand beyond the court The New York Liberty are not only out to a winning record on the court early in this WNBA season, the club has signed 19 new brand partners. Three years ago, CEO Keia Clarke was in a strategy meeting. The teams head of sponsorship asked everyone to go around the room and tell everyone what brands and platforms everyone was using most. And I said Pinterest! says Clarke. So this one is particularly personal. The WNBA overall has excelled at bringing in corporate sponsors like Bumble, Glossier, and over-the-counter contraception brand Opill, beyond the NBAs usual brand suspects. Here, the Liberty are making a similarly bespoke brand move. From the teams perspective, its been building a cultural connection with its fans for years, a bond perhaps most consistently expressed through its marketing gold mascot Ellie the Elephant. But Clarke sees the Pinterest partnership as yet another way to strengthen those bonds far beyond the court. Whether you’re in the arena at a game or watching on television from home, or youre on Pinterest or at a community event, we want to always have that touch point with our fans that feels authentic and real, but it feels continuous, says Clarke. So this partnership in particular, its about looking at the search data, and figuring out how we can provide more moments for people to showcase their pride in our team, and showcase who they are as fans. Those are the moments for us that create generational longevity. That’s how you create real fandom that never goes away.
Category:
E-Commerce
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