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Last week, President Donald Trump signed his One Big Beautiful Bill Act into law. The legislation is unpopular with Americans across the political spectrum, primarily because it will cut critical social and health services for more than 10 million people while at the same time giving the countrys wealthier individuals billions in tax breaks. However, the law’s critics are not just everyday Americans, but also include Elon Musk, CEO of Tesla and the world’s richest man. Musks public objection to the bill has more to do with the fact that it will raise the U.S. deficit by trillions, something he is fundamentally opposed to. And in response to the passage of the lawand his unhappiness with the Republicans who supported itMusk announced he would form a new political party. What happened next is pretty predictable: The price of Tesla stock (Nasdaq: TSLA) declined in premarket trading on Monday, with markets set to open after the long July 4 weekend. Heres why and what you need to know. Musks new ‘America Party Shortly after President Trump signed the One Big Beautiful Bill Act into law, Musk announced that he would form a new political party in America. It’s called the America Partyand thats about as much as we know about it. Musk has so far not provided any information about the partys main policy objectives, whether that includes supporting universal healthcare, tech entrepreneurship, or other priorities. However, given that the party is being formed in response to the One Big Beautiful Bill Act and the increased debt that it’s expected to cause, it’s a good bet that fiscal conservatism will be one of the primary tenets of the American Party. Announcing the new America Party, Musk said on X: When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. Tesla stock sinks after Musks return to politics Americans who agree with Musk that there is essentially little difference between Democrats and Republicansand, therefore, a new third party is needed to challenge the status quomay be cheering his decision to launch the America Party. Tesla investors, however, have a different take. As of the time of this writing, shares in TSLA are slumping in premarket trading on the first morning of trading after Musk made his announcement. Currently, TSLA shares are down around 6.5% to just under $295 per share. But why? Because whenever Musk gets involved in politics, Tesla seems to suffer. Earlier this year, Tesla stock sank for months on end after Musk led the Department of Government Efficiency (DOGE). The departments ruthless cutting of supposedly wasteful spending divided the nation. It also made Tesla a target for those who disagreed with Musks involvement in politics. Teslas sales and its share price both sank once Musk’s DOGE activities began. Tesla shares recovered in June when Musk announced that he was stepping away from politics and would again focus on his businesses, including Tesla. But now that Musk has announced the formation of a new political party, Tesla investors seem worried that, at best, it will take Musks attention away from running the company and, at worst, it will serve to further alienate consumers who disagree with his politics. Year to date, Teslas stock price has already cratered 21% as of market close on July 3.
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E-Commerce
Alphabet’s Google has been hit by an EU antitrust complaint over its AI Overviews from a group of independent publishers, which has also asked for an interim measure to prevent allegedly irreparable harm to them, according to a document seen by Reuters. Google’s AI Overviews are AI-generated summaries that appear above traditional hyperlinks to relevant webpages and are shown to users in more than 100 countries. It began adding advertisements to AI Overviews last May. The company is making its biggest bet by integrating AI into search but the move has sparked concerns from some content providers such as publishers. The Independent Publishers Alliance document, dated June 30, sets out a complaint to the European Commission and alleges that Google abuses its market power in online search. “Google’s core search engine service is misusing web content for Google’s AI Overviews in Google Search, which have caused, and continue to cause, significant harm to publishers, including news publishers in the form of traffic, readership and revenue loss,” the document said. It said Google positions its AI Overviews at the top of its general search engine results page to display its own summaries which are generated using publisher material and it alleges that Google’s positioning disadvantages publishers’ original content. “Publishers using Google Search do not have the option to opt out from their material being ingested for Google’s AI large language model training and/or from being crawled for summaries, without losing their ability to appear in Google’s general search results page,” the complaint said. The Commission declined to comment. The U.K.’s Competition and Markets Authority confirmed receipt of the complaint. Google said it sends billions of clicks to websites each day. “New AI experiences in Search enable people to ask even more questions, which creates new opportunities for content and businesses to be discovered,” a Google spokesperson said. The Independent Publishers Alliance’s website says it is a nonprofit community advocating for independent publishers, which it does not name. The Movement for an Open Web, whose members include digital advertisers and publishers, and British nonprofit Foxglove Legal Community Interest Company, which says it advocates for fairness in the tech world, are also signatories to the complaint. They said an interim measure was necessary to prevent serious irreparable harm to competition and to ensure access to news. Google said numerous claims about traffic from search are often based on highly incomplete and skewed data. “The reality is that sites can gain and lose traffic for a variety of reasons, including seasonal demand, interests of users, and regular algorithmic updates to Search,” the Google spokesperson said. Foxglove co-executive director Rosa Curling said journalists and publishers face a dire situation. “Independent news faces an existential threat: Google’s AI Overviews,” she told Reuters. “That’s why with this complaint, Foxglove and our partners are urging the European Commission, along with other regulators around the world, to take a stand and allow independent journalism to opt out,” Curling said. The three groups have filed a similar complaint and a request for an interim measure to the U.K. competition authority. The complaints echoed a U.S. lawsuit by a U.S. edtech company which said Google’s AI Overviews is eroding demand for original content and undermining publishers’ ability to compete that have resulted in a drop in visitors and subscribers. Foo Yun Chee, Reuters
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E-Commerce
In the early-morning hours of July 4, while most people were still in their beds ahead of the Independence Day celebrations, residents of Kerr County, Texas, began fleeing for their lives. The county is located approximately 60 miles northwest of San Antonio and 90 miles west of Austin. At around 4 a.m. local time, the National Weather Service (NWS) issued an urgent warning of a flood watch that posed a severe threat to human life. Less than 90 minutes later, the Associated Press reports, parts of Kerrville City were seeing alarmingly high water levels. Soon the onslaught of rain sent waters rushing into the Guadalupe River, which flows through Kerr County and others, causing it to rise by 26 feet in under an hour, damaging homes and vehicles and leading to a staggering loss of life. Texas flooding death toll climbs The Kerr County, Texas, floods are among the worst that this area has experienced in nearly a century. And Kerr isn’t the only county affected. As of the time of this writing, at least 82 people from six counties, including Kerr, Travis, Kendall, Burnet, Williamson, and Tom Green, are confirmed to have died in the flooding, with many still missing. CNN reports that at least 28 children are among those who have died, including some who were attending the Camp Mystic summer camp near the Guadalupe River. Search and recovery efforts are still underway. How to help the Texas flood victims It will likely be days before the final death toll is known and many months or longer until the affected areas are cleaned and rebuilt. Until then, there are several ways to help the victims of the Texas flooding, including: The Kerr County Flood Relief Fund: This fund was set up by the Texas Hill Country Community Foundation to help the victims of the July 4 floods. Monies donated to the fund will be distributed to organizations that provide flood assistance, rescue efforts, and relief efforts. The communities supported through this fund include Hunt, Ingram, Kerrville, Center Point, and Comfort. You can make a donation here. The American Red Cross of Central & South Texas: The American Red Cross is accepting donations. The Central & South Texas branch focuses on relief efforts in the area, including providing food as well as financial and travel assistance for those affected. You can donate to the American Red Cross here. The Salvation Army: The Salvation Army is providing myriad types of relief efforts in the areas affected by the flooding, including emergency aid, food and drinks, and other critical supplies. You can donate to The Salvation Army here. GoFundMe verified fundraisers: GoFundMe has set up a landing page featuring fundraisers that have been verified by the platforms Trust & Safety experts. A list of verified fundraisers for the July Texas floods can be found here. Kerrville Pets Alive: People arent the only ones affected by the flooding; animals have been, too. Kerrville Pets Alive is accepting donations that will help buy supplies for homeless pets in the area. You can make a donation here.
Category:
E-Commerce
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