Strait of Hormuz is closed to all oil tankers and commercial ships, Iran military says
In retaliation to US strikes, the Islamic Republic of Iran announced that the Strait of Hormuz is fully closed as of early Thursday morning in Tehran. The attacks from the US were separate from a series of retaliatory drone and missile launches overnight Tuesday into Wednesday.
President Donald Trump told Fox News in a phone interview on Wednesday night that “the bombing will stop soon,” but if Iran doesn’t sign the agreement put forward by special envoys Steve Witkoff and Jared Kushner, “we’ll bomb the shit out of them tomorrow night.”
When asked whether the ceasefire still stands, Trump described it as “the most violated ceasefire in the history of the world,” per Fox News.
According to Al Jazeerah, Iran’s Mehr news agency reported that Iran’s joint military command specified that any oil tankers or other commercial vessels will be attacked if they attempt to cross the strait.
This is the second day in a row hostilities have resumed to a level not seen since the early April ceasefire was announced.
US CENTCOM announced the series of strikes beginning at 5:15 p.m. ET on Wednesday, which Secretary of Defense Pete Hegseth previewed in on-camera remarks, promising to “strike ’em hard tonight” before later saying he would not broadcast whether the military would take any action.
Shortly after the announcement on the closure of the Strait of Hormuz to all commercial vessel traffic, Iranian state media reported that two ships attempting to cross were attacked.
This story is developing.
President Donald Trump told Fox News in a phone interview on Wednesday night that “the bombing will stop soon,” but if Iran doesn’t sign the agreement put forward by special envoys Steve Witkoff and Jared Kushner, “we’ll bomb the shit out of them tomorrow night.”
When asked whether the ceasefire still stands, Trump described it as “the most violated ceasefire in the history of the world,” per Fox News.
According to Al Jazeerah, Iran’s Mehr news agency reported that Iran’s joint military command specified that any oil tankers or other commercial vessels will be attacked if they attempt to cross the strait.
This is the second day in a row hostilities have resumed to a level not seen since the early April ceasefire was announced.
US CENTCOM announced the series of strikes beginning at 5:15 p.m. ET on Wednesday, which Secretary of Defense Pete Hegseth previewed in on-camera remarks, promising to “strike ’em hard tonight” before later saying he would not broadcast whether the military would take any action.
Shortly after the announcement on the closure of the Strait of Hormuz to all commercial vessel traffic, Iranian state media reported that two ships attempting to cross were attacked.
This story is developing.
United States and Iran trade retaliatory strikes, escalating war and rattling ceasefire
The war in Iran is heating back up. Overnight, both sides have been trading hostilities in a series of retaliations to other retaliations.
It marks the most robust escalation in combat since the April 8 ceasefire announcement.
Oil prices were little changed, with Brent crude futures down 0.48% as of 5:30 a.m. ET. At the same time, S&P 500 futures were down nearly 0.7% and the tech-heavy Nasdaq Composite had slipped 1.18%, as the escalations compounded a broader AI sell-off.
Travel stocks, like United Airlines and Royal Caribbean, which got a boost on Tuesday as oil prices fell, lost some of those gains in premarket trading. Meanwhile, oil giants such as Chevron and Exxon ticked higher and chipmakers such as Arm Holdings and Micron continued to slip.
The escalation ladder began ratcheting back up when Iran shot down an American helicopter with a drone while it was patrolling the Strait of Hormuz, a US official told NBC News. US forces then conducted strikes in Iran’s Qeshm Island, Sirik, Jask, and Bandar Abbas, according to Al Jazeera. In response, Iran attacked a US fleet in Bahrain, Al Jazeera also reported.
“The Iranians are trying to make clear that any attack on them would be responded to, regardless of the size and the scope,” Trita Parsi of the Quincy Institute for Responsible Statecraft in the US told Al Jazeera. “Now, of course, whether they are seeking to escalate the situation or de-escalate remains to be seen, and it will be very much measured by how they calibrated their response by attacking these US bases.”
The scope of the strikes and counterstrikes broadened out as of early Wednesday morning in Iran. Kuwait activated its air defense systems to intercept strikes, its army announced.
Mohamed Vall, a reporter for Al Jazeera reporting from inside Iran, described “a lot of activity in terms of air defence by the Iranians, and they talked about the downing of a helicopter, an American MQ-9 [drone] over Bushehr. So that gives you an idea about the scope of these attacks and counterattacks, or these retaliations across the Strait of Hormuz and the Gulf region tonight.”
Iran’s IRGC also reported targeting a hangar for American F-35 jets in Jordan, Al Jazeera reported.
Oil prices were little changed, with Brent crude futures down 0.48% as of 5:30 a.m. ET. At the same time, S&P 500 futures were down nearly 0.7% and the tech-heavy Nasdaq Composite had slipped 1.18%, as the escalations compounded a broader AI sell-off.
Travel stocks, like United Airlines and Royal Caribbean, which got a boost on Tuesday as oil prices fell, lost some of those gains in premarket trading. Meanwhile, oil giants such as Chevron and Exxon ticked higher and chipmakers such as Arm Holdings and Micron continued to slip.
The escalation ladder began ratcheting back up when Iran shot down an American helicopter with a drone while it was patrolling the Strait of Hormuz, a US official told NBC News. US forces then conducted strikes in Iran’s Qeshm Island, Sirik, Jask, and Bandar Abbas, according to Al Jazeera. In response, Iran attacked a US fleet in Bahrain, Al Jazeera also reported.
“The Iranians are trying to make clear that any attack on them would be responded to, regardless of the size and the scope,” Trita Parsi of the Quincy Institute for Responsible Statecraft in the US told Al Jazeera. “Now, of course, whether they are seeking to escalate the situation or de-escalate remains to be seen, and it will be very much measured by how they calibrated their response by attacking these US bases.”
The scope of the strikes and counterstrikes broadened out as of early Wednesday morning in Iran. Kuwait activated its air defense systems to intercept strikes, its army announced.
Mohamed Vall, a reporter for Al Jazeera reporting from inside Iran, described “a lot of activity in terms of air defence by the Iranians, and they talked about the downing of a helicopter, an American MQ-9 [drone] over Bushehr. So that gives you an idea about the scope of these attacks and counterattacks, or these retaliations across the Strait of Hormuz and the Gulf region tonight.”
Iran’s IRGC also reported targeting a hangar for American F-35 jets in Jordan, Al Jazeera reported.
New York legislature passes 1-year data center moratorium
The New York state legislature has passed a one-year ban on large data centers in the state.
The bill now heads to Gov. Kathy Hochul’s desk, where it faces an uncertain fate. If Hochul signs the bill, it would become the first such statewide ban to succeed in becoming law.
That’s far from certain, as Hochul has opposed state-level legislation over data centers. In May, Hochul said, “This is a local decision for municipalities, its land use, which is the purview of local governments. It’s not a statewide approach necessarily, but it’s something I’m looking at intensely.”
In April, Maine Gov. Janet Mills vetoed a similar statewide moratorium on data centers.
Opposition to data centers is growing rapidly across the US. A federal data center moratorium bill was introduced in March, and at least 14 states have proposed pauses on data center construction, according to the National Conference of State Legislatures.
That’s far from certain, as Hochul has opposed state-level legislation over data centers. In May, Hochul said, “This is a local decision for municipalities, its land use, which is the purview of local governments. It’s not a statewide approach necessarily, but it’s something I’m looking at intensely.”
In April, Maine Gov. Janet Mills vetoed a similar statewide moratorium on data centers.
Opposition to data centers is growing rapidly across the US. A federal data center moratorium bill was introduced in March, and at least 14 states have proposed pauses on data center construction, according to the National Conference of State Legislatures.
EU proposes “tech sovereignty package” to bolster domestic AI and chip industries
Europe is hastening its breakup with US tech as the Trump administration’s grip on American tech companies tightens.
White House releases watered-down executive order on AI
The White House released a weakened executive order on AI on Tuesday, a little more than a week after killing a previous version of the order after what was reportedly intense, direct lobbying of the Oval Office by tech executives.
The order’s most significant change to what was reported in late May is a shortened window of voluntary government review of new models from 90 days to 30 days.
After Anthropic’s Mythos model spooked companies and governments around the world, the White House was reportedly ready to respond with an executive order that would have given the government access to unreleased frontier models for up to 90 days before public release, to ensure safety.
Top AI companies were briefed on the proposed executive order, and a White House event with an extensive roster of tech executives was ready to go, but it was killed at the last minute, according to reports. Axios reported that last-minute lobbying by former White House AI and Crypto Czar David Sacks, along with other tech executives, helped convince President Trump to kill the order. Trump told reporters, “I didn’t like certain aspects of it. I postponed it.”
The now finalized order calls for the creation of an “AI cybersecurity clearinghouse” in concert with the AI industry, and directs national security agencies to develop and maintain a “classified benchmarking process” to review the capabilities of new frontier models.
After Anthropic’s Mythos model spooked companies and governments around the world, the White House was reportedly ready to respond with an executive order that would have given the government access to unreleased frontier models for up to 90 days before public release, to ensure safety.
Top AI companies were briefed on the proposed executive order, and a White House event with an extensive roster of tech executives was ready to go, but it was killed at the last minute, according to reports. Axios reported that last-minute lobbying by former White House AI and Crypto Czar David Sacks, along with other tech executives, helped convince President Trump to kill the order. Trump told reporters, “I didn’t like certain aspects of it. I postponed it.”
The now finalized order calls for the creation of an “AI cybersecurity clearinghouse” in concert with the AI industry, and directs national security agencies to develop and maintain a “classified benchmarking process” to review the capabilities of new frontier models.
Sen. Bernie Sanders: US government should own half of big AI companies in an “American AI Sovereign Wealth Fund”
Anti-AI sentiment appears to be on the rise — commencement speakers being booed at the mention of AI, local officials losing their jobs over support for data center deals, and public polling showing a continued unease surrounding AI use.
Senator Bernie Sanders (I-Vt.) knows how to read the room.
In an op-ed in The New York Times today, Sanders makes the case that today’s leading AI models were built using public works without permission or compensation:
“When a public resource generates wealth, the public should share in that wealth. A.I. is being built on a public resource far more valuable than oil: the accumulated knowledge, creativity and labor of mankind.”
Sanders plans on introducing legislation to create the “American AI Sovereign Wealth Fund.” This unusual proposal would issue a one-time tax of 50% of the big AI companies — such as OpenAI and Anthropic — paid to the US government in the form of stock. The fund would provide direct payments to Americans as it grows, much like Alaska’s “permanent fund,” which issues checks to its residents from 25% of all oil and mineral leases and sales.
While the idea of just handing over half of OpenAI or Anthropic to Uncle Sam sounds crazy, Sanders points out that AI leaders have been suggesting similar ideas recently as a potential solution to massive labor shifts caused by AI that could eliminate whole categories of jobs.
Additionally, President Trump has already signed an executive order to create a plan for a sovereign wealth fund. Trump has also been keen on the US getting a piece of the action, directing the US government to take public stakes in Intel, MP Materials, Lithium Americas, and Trilogy Metals.
Sanders also argues the public’s large stakes in these companies would give American taxpayers a seat at the table to “block decisions that hurt our citizens and to push for policies that help them.”
In an op-ed in The New York Times today, Sanders makes the case that today’s leading AI models were built using public works without permission or compensation:
“When a public resource generates wealth, the public should share in that wealth. A.I. is being built on a public resource far more valuable than oil: the accumulated knowledge, creativity and labor of mankind.”
Sanders plans on introducing legislation to create the “American AI Sovereign Wealth Fund.” This unusual proposal would issue a one-time tax of 50% of the big AI companies — such as OpenAI and Anthropic — paid to the US government in the form of stock. The fund would provide direct payments to Americans as it grows, much like Alaska’s “permanent fund,” which issues checks to its residents from 25% of all oil and mineral leases and sales.
While the idea of just handing over half of OpenAI or Anthropic to Uncle Sam sounds crazy, Sanders points out that AI leaders have been suggesting similar ideas recently as a potential solution to massive labor shifts caused by AI that could eliminate whole categories of jobs.
Additionally, President Trump has already signed an executive order to create a plan for a sovereign wealth fund. Trump has also been keen on the US getting a piece of the action, directing the US government to take public stakes in Intel, MP Materials, Lithium Americas, and Trilogy Metals.
Sanders also argues the public’s large stakes in these companies would give American taxpayers a seat at the table to “block decisions that hurt our citizens and to push for policies that help them.”
US regulators reportedly appear likely to approve Paramount’s Warner Bros. acquisition
US antitrust regulators appear to be leaning toward approval of Paramount’s $110 billion acquisition of rival Warner Bros. Discovery, according to a Semafor report.
The DOJ’s apparent positive analysis of the Hollywood megamerger follows a Tuesday meeting between Paramount CEO David Ellison and DOJ staffers including acting antitrust chief Omeed Assefi.
Per Semafor, that meeting included a significant number of questions about the would-be streaming giant’s theatrical release priorities. Ellison has pledged to release a “minimum” of 30 films for theaters between Paramount and WBD upon completion of the merger, and to maintain a 45-day theatrical window for films, followed by a three-month SVOD (digital rent or purchase) period before they land on Paramount+.
The DOJ has not yet approved the merger, and the agency’s current apparent analysis could shift.
It’s unclear what other topics were discussed at Tuesday’s meeting. Hollywood insiders critical of a Warner Bros. acquisition have also highlighted that any merger decreasing the number of content buyers would squeeze an already depressed entertainment labor market.
Per Semafor, that meeting included a significant number of questions about the would-be streaming giant’s theatrical release priorities. Ellison has pledged to release a “minimum” of 30 films for theaters between Paramount and WBD upon completion of the merger, and to maintain a 45-day theatrical window for films, followed by a three-month SVOD (digital rent or purchase) period before they land on Paramount+.
The DOJ has not yet approved the merger, and the agency’s current apparent analysis could shift.
It’s unclear what other topics were discussed at Tuesday’s meeting. Hollywood insiders critical of a Warner Bros. acquisition have also highlighted that any merger decreasing the number of content buyers would squeeze an already depressed entertainment labor market.
Report: White House AI oversight executive order DOA
After weeks of uncertainty, the White House’s plan to review frontier models before release appears dead.
Report: White House informed AI companies about plans for government to vet new models
After weeks of uncertainty about what role if any the White House would play in overseeing the release of new foundation models, this week top AI companies have been briefed on its plans, according to a new report from The Information.
The planned executive order describes a voluntary plan in which the National Security Agency, Office of the National Cyber Director, the White House Office of Science and Technology Policy, and Cybersecurity and Infrastructure Security Agency will decide which models to review, per the report.
The plan is reportedly less strict than AI companies had feared, but it does call for a 90-day testing period before release, a window that is substantially longer than the 14-day window that the companies wanted.
The new order could be signed as soon as this week.
The planned executive order describes a voluntary plan in which the National Security Agency, Office of the National Cyber Director, the White House Office of Science and Technology Policy, and Cybersecurity and Infrastructure Security Agency will decide which models to review, per the report.
The plan is reportedly less strict than AI companies had feared, but it does call for a 90-day testing period before release, a window that is substantially longer than the 14-day window that the companies wanted.
The new order could be signed as soon as this week.
Pension leaders overseeing more than $1 trillion in assets call SpaceX’s corporate structure “extreme”
SpaceX is gearing up for what is expected to be the biggest IPO in history — a $75 billion raise at a record $1.75 trillion valuation. But some of Wall Street’s biggest whales aren’t happy with the plan.
Leaders from three of the largest US public pension systems — New York State, New York City, and California — sent a letter to CEO Elon Musk on Wednesday, calling out the company’s planned corporate structure as “extreme” and the “most management-favorable governance structure ever brought to the US public markets at this scale.”
Among their concerns: Musk’s inviolability since only he can remove himself as CEO, the elimination of class-action lawsuits, and a “Texas shield” that could require a staggering 3% of outstanding stock just to file a derivative suit.
While the group has requested a meeting with Musk, it’s not clear if the $1 trillion they oversee is enough to force Musk to entertain their demands. These funds may be caught in an “index trap.” As passive benchmark trackers, they’ll be forced to buy the stock once it lists, stripping them of any boycott leverage. And with a tiny ~5% float and the expected massive demand from retail and other investors, Musk may be able to ignore a few whales.
Nvidia, Tesla, Apple, Micron CEOs head to China with Trump
Executives from some of America’s biggest companies, including Apple, Tesla, and Boeing, are joining President Trump on his trip to China this week to help facilitate trade and investment between the countries. After a last-minute invite, Nvidia CEO Jensen Huang, who was initially snubbed, is also part of a trip aimed, in part, at resolving a prolonged import-export standoff between China and the US regarding AI and semiconductor technology.
Meta President and Vice Chairman Dina Powell McCormick is also going. Recently China blew up one of Meta’s major AI bets by unwinding the company’s acquisition of AI agent startup Manus.
In a post on Truth Social, Trump said the group was journeying to China to ask President Xi to “‘open up’ China so that these brilliant people can work their magic, and help bring the People’s Republic to an even higher level!”
He added, “I have never seen or heard of any idea that would be more beneficial to our incredible Countries!”
Here’s the full list of company executives, per Reuters:
Apple (Tim Cook)
BlackRock (Larry Fink)
Blackstone (Stephen Schwarzman)
Boeing (Kelly Ortberg)
Cargill (Brian Sikes)
Citi (Jane Fraser)
Cisco (Chuck Robbins, invited but unable to attend due to the company’s earnings release, CNBC reported)
Coherent (Jim Anderson)
GE Aerospace (H. Lawrence Culp)
Goldman Sachs (David Solomon)
Illumina (Jacob Thaysen)
Mastercard (Michael Miebach)
Meta (Dina Powell McCormick)
Micron (Sanjay Mehrotra)
Nvidia (Jensen Huang)
Qualcomm (Cristiano Amon)
Tesla/SpaceX (Elon Musk)
Visa (Ryan McInerney)
Iran discussing US proposal to reopen Strait of Hormuz, cease hostilities for 30 days: NYT
Iranian officials told The New York Times Thursday that they are discussing a one-page proposal with the United States to temporarily reopen the Strait of Hormuz for 30 days and cease hostilities for the same period of time.
The reopening would come in exchange for the US lifting its naval blockade and halting all hostilities for that period, per the Times. The strait would be open to commercial traffic if both sides agree to the deal, according to three Iranian officials who spoke with the NYT.
The US has not yet commented on this specific proposal.
Shortly after news broke of Iranian consideration of the proposal, the US struck oil ports on the island of Qeshm and the coastal city of Bandar Abbas, a US military official told Jennifer Griffin of Fox News. The strikes do not constitute a restarting of the war, the official said.
The reopening would come in exchange for the US lifting its naval blockade and halting all hostilities for that period, per the Times. The strait would be open to commercial traffic if both sides agree to the deal, according to three Iranian officials who spoke with the NYT.
The US has not yet commented on this specific proposal.
Shortly after news broke of Iranian consideration of the proposal, the US struck oil ports on the island of Qeshm and the coastal city of Bandar Abbas, a US military official told Jennifer Griffin of Fox News. The strikes do not constitute a restarting of the war, the official said.
Ceasefire holds on Tuesday morning following an “exchange of fire” and shipping clashes
The nearly one-month ceasefire in the Middle East was under threat of being shattered, The New York Times reports, after a series of strikes between the US and Iran escalated on Monday. That fragile ceasefire seems to be holding, however, early on Tuesday.
US warships intercepted Iranian cruise missiles aimed at Navy vessels, according to Admiral Brad Cooper, the leader of US Central Command. The US attacked Iranian speedboats in response, per the NYT, and sank six of them, Cooper reported.
On top of the UAE facing a barrage of Iranian missiles and drones the same day, hostilities appeared to be opening up on multiple fronts in the region. Al Jazeera reported one of the strikes hit a key oil facility in the emirate of Fujairah, setting it ablaze.
The BBC reported early Tuesday that Mohammad Ghalibaf, the speaker of Iran’s parliament and a top negotiator in last month’s talks, had written on X: “We know well that the continuation of the status quo is intolerable for America, while we are just getting started.”
Oil prices, by far the strongest and most immediate signal of investor sentiment about the prospect of future clashes, ticked lower on Tuesday morning as reports of attacks diminished and shipping giant Maersk said that one of its ships passed through the Strait of Hormuz under US protection.
US warships intercepted Iranian cruise missiles aimed at Navy vessels, according to Admiral Brad Cooper, the leader of US Central Command. The US attacked Iranian speedboats in response, per the NYT, and sank six of them, Cooper reported.
On top of the UAE facing a barrage of Iranian missiles and drones the same day, hostilities appeared to be opening up on multiple fronts in the region. Al Jazeera reported one of the strikes hit a key oil facility in the emirate of Fujairah, setting it ablaze.
The BBC reported early Tuesday that Mohammad Ghalibaf, the speaker of Iran’s parliament and a top negotiator in last month’s talks, had written on X: “We know well that the continuation of the status quo is intolerable for America, while we are just getting started.”
Oil prices, by far the strongest and most immediate signal of investor sentiment about the prospect of future clashes, ticked lower on Tuesday morning as reports of attacks diminished and shipping giant Maersk said that one of its ships passed through the Strait of Hormuz under US protection.
US on par for $4.50 per gallon in the next week or 2: GasBuddy
Gas prices shooting up across several Midwestern states is putting the national average on track to hit $4.50 per gallon within the next two weeks, according to GasBuddy’s Patrick De Haan.
In Michigan, the price went from $3.78 a week ago and $4.18 Tuesday to over $4.25 on Wednesday.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Wisconsin, where gas remained below the national average of $4.22 as of Wednesday afternoon, saw a more modest but similar jump up to $3.96 per gallon, according to the American Automobile Association.
De Haan also mentioned Ohio, Indiana, and Illinois in his post on BlueSky as contributing to the surge. Of those states, gas is most expensive in the Land of Lincoln, at $4.52 per gallon.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Wisconsin, where gas remained below the national average of $4.22 as of Wednesday afternoon, saw a more modest but similar jump up to $3.96 per gallon, according to the American Automobile Association.
De Haan also mentioned Ohio, Indiana, and Illinois in his post on BlueSky as contributing to the surge. Of those states, gas is most expensive in the Land of Lincoln, at $4.52 per gallon.
In a 1,100-word statement, United CEO says merger talks with American have ended
United’s pursuit of its rival American Airlines has ended, according to a lengthy statement from United CEO Scott Kirby on Monday.
Per Kirby, American “declined to engage” with his “big, bold vision” of a megamerger that would have controlled more than a third of the US market, instead “publicly closing the door.”
“American’s public comments make it clear that a merger like this is off the table for the foreseeable future,” said Kirby, who also believes regulators would have approved the deal.
Kirby’s effort — and sheer word count — in explaining the logic and benefits of the deal could be read as evidence that the executive is still in the market for a big combination. A common theory in the industry has been that the megamerger could have been a means to actually pitch a smaller (but still huge) merger between United and JetBlue.
President Trump last week told CNBC that he didn’t like the United-American idea and would instead “love somebody to buy Spirit.” In American’s earnings call last week, CEO Robert Isom swiftly rejected a United merger, saying the two carriers are “going to be roommates and we’re not getting married.”
“American’s public comments make it clear that a merger like this is off the table for the foreseeable future,” said Kirby, who also believes regulators would have approved the deal.
Kirby’s effort — and sheer word count — in explaining the logic and benefits of the deal could be read as evidence that the executive is still in the market for a big combination. A common theory in the industry has been that the megamerger could have been a means to actually pitch a smaller (but still huge) merger between United and JetBlue.
President Trump last week told CNBC that he didn’t like the United-American idea and would instead “love somebody to buy Spirit.” In American’s earnings call last week, CEO Robert Isom swiftly rejected a United merger, saying the two carriers are “going to be roommates and we’re not getting married.”
In December, the White House announced a new program to let wealthy foreigners get a shortcut to US citizenship — the “Trump Gold Card.” After paying a $15,000 application fee, passing a vetting process, and ultimately paying a $1 million “contribution,” the applicant gets a card in President Trump’s favorite color that grants the owner US citizenship “in record time.”
So, how many of these rich foreigners have received their shiny ticket to American residency? Commerce Secretary Howard Lutnick told a House committee today that only one of the cards has been issued, but “hundreds” of applications are being reviewed.
In December, Lutnick predicted that the cards could generate up to $1 trillion in revenue.
Who’s next to leave the Trump admin following Chavez-DeRemer’s departure?
After a few abandoned nominations and the occasional lateral demotion during President Donald Trump’s first year in office, turnover has accelerated dramatically.
Just in the past month, top officials such as Attorney General Pam Bondi, Homeland Security Secretary Kristi Noem, and Labor Secretary Lori Chavez-DeRemer have left their posts.
Following a report from The Atlantic alleging heavy drinking and absenteeism plaguing FBI Director Kash Patel, the odds of his departure from the Trump administration in 2026 shot up sharply, with traders now pricing in an 80% chance he won’t last the year.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Tulsi Gabbard, the director of national intelligence, is another official who could be on the ropes. Her deputy, Joe Kent, has already resigned over the Iran war. Gabbard’s 2020 presidential campaign — and appeal in broadening Trump’s electorate in 2024 — heavily centered around ending perpetual “regime change wars.” The White House has indicated to Gabbard that they want her gone before the midterms, but the timing of her departure remains vague, according to two sources familiar with the discussions who spoke to Sherwood News in recent weeks.
As for who will replace the outgoing members, pay attention to who can be confirmed by the Senate. To replace Bondi, a Trump adviser told Sherwood the most likely replacements are acting Attorney General Todd Blanche, Trump’s former personal attorney, as well as EPA Administrator Lee Zeldin.
Following a report from The Atlantic alleging heavy drinking and absenteeism plaguing FBI Director Kash Patel, the odds of his departure from the Trump administration in 2026 shot up sharply, with traders now pricing in an 80% chance he won’t last the year.
(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)
Tulsi Gabbard, the director of national intelligence, is another official who could be on the ropes. Her deputy, Joe Kent, has already resigned over the Iran war. Gabbard’s 2020 presidential campaign — and appeal in broadening Trump’s electorate in 2024 — heavily centered around ending perpetual “regime change wars.” The White House has indicated to Gabbard that they want her gone before the midterms, but the timing of her departure remains vague, according to two sources familiar with the discussions who spoke to Sherwood News in recent weeks.
As for who will replace the outgoing members, pay attention to who can be confirmed by the Senate. To replace Bondi, a Trump adviser told Sherwood the most likely replacements are acting Attorney General Todd Blanche, Trump’s former personal attorney, as well as EPA Administrator Lee Zeldin.
In an effort to cement control ahead of SpaceX’s IPO, Tesla and SpaceX CEO Elon Musk bought $1.4 billion in shares of the rocket company from current and former employees last year, The Information reports, citing the confidential IPO prospectus.
The filing also revealed a moon shot incentive plan for the boss: Musk stands to gain 60 million more shares if SpaceX’s market cap increases to as high as $6.6 trillion and it completes a plan to build AI data centers in space. For its June IPO, the company is targeting a more than $2 trillion valuation.
Lori Chavez-DeRemer out at Department of Labor
Lori Chavez-DeRemer resigned as President Donald Trump’s labor secretary on Monday, sources familiar with the matter told NOTUS.
Her tenure at the department was mired in scandal, including her husband being barred from headquarters after women employees reported he had touched them inappropriately. Chavez-DeRemer and a top aide reportedly texted women on staff to “pay attention” to the secretary’s husband and her father around the office, according to The New York Times.
The department’s inspector general had been investigating those messages and personal requests made of staff members.
