Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by

Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Chief Justice John Roberts agreed Monday to pause a midnight deadline for the Trump administration to return a Maryland man mistakenly deported to a notorious prison in El Salvador. The temporary order comes hours after a Justice Department emergency appeal to the Supreme Court arguing U.S. District Judge Paula Xinis overstepped her authority when she ordered Kilmar Abrego Garcia returned to the United States. The administration has conceded that Abrego Garcia should not have been sent to El Salvador because an immigration judge found he likely would face persecution by local gangs. But he is no longer in U.S. custody and the government has no way to get him back, the administration argued. Xinis gave the administration until just before midnight to "facilitate and effectuate" Abrego Garcia's return. "The district court's injunction—which requires Abrego Garcia's release from the custody of a foreign sovereign and return to the United States by midnight on Monday—is patently unlawful," Solicitor General D. John Sauer wrote in court papers, casting the order as one in "a deluge of unlawful injunctions" judges have issued to slow President Donald Trump's agenda. The Justice Department appeal was directed to Roberts because he handles appeals from Maryland. The Trump administration is separately asking the Supreme Court to allow Trump to resume deportations of Venezuelan migrants accused of being gang members to the same Salvadoran prison under an 18th century wartime law. The federal appeals court in Richmond, Virginia, denied the administration's request for a stay. "There is no question that the government screwed up here," Judge J. Harvie Wilkinson wrote in a brief opinion accompanying the unanimous denial. The White House has described Abrego Garcia's deportation as an "administrative error" but has also cast him an MS-13 gang member. Attorneys for Abrego Garcia said there is no evidence he was in MS-13. "The Executive branch may not seize individuals from the streets, deposit them in foreign prisons in violation of court orders, and then invoke the separation of powers to insulate its unlawful actions from judicial scrutiny," Abrego Garcia's lawyers wrote in a response filed moments after Roberts issued his temporary pause. Xinis wrote that the decision to arrest him and send him to El Salvador appears to be "wholly lawless," explaining that little to no evidence supports a "vague, uncorroborated" allegation that Abrego Garcia was once an MS-13 member. Abrego Garcia, a 29-year-old Salvadoran national who has never been charged or convicted of any crime, was detained by immigration agents and deported last month. He had a permit from DHS to legally work in the U.S. and was a sheet metal apprentice pursuing a journeyman license, his attorney said. His wife is a U.S. citizen. In 2019, an immigration judge barred the U.S. from deporting Abrego Garcia to El Salvador. A Justice Department lawyer conceded in a court hearing that Abrego Garcia should not have been deported. Attorney General Pam Bondi later removed the lawyer, Erez Reuveni, from the case and placed him on leave. Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by

Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds In this article Microsoft terminated the employment of two software engineers who protested at company events Friday over the Israeli military's use of the company's artificial intelligence products, according to documents viewed by CNBC. Ibtihal Aboussad, a software engineer in the company's AI division who is based in Canada, was fired Monday over "just cause, wilful misconduct, disobedience or wilful neglect of duty," according to one of the documents. Another Microsoft software engineer, Vaniya Agrawal, had said she would resign from the company on April 11. But Microsoft terminated her role Monday, according to an internal message viewed by CNBC. The company wrote that it "has decided to make your resignation immediately effective today." Both employees chose Microsoft's 50th anniversary event to publicly voice their criticism. What Microsoft had hoped would be a celebratory period has turned into a brutal few days for the company, which is being hit, along with the rest of the market, by President Donald Trump's widespread tariffs. The tariffs are a topic that CEO Satya Nadella and his two predecessors, Bill Gates and Steve Ballmer, were forced to uncomfortably confront Friday in an interview with CNBC's Andrew Ross Sorkin. "As a Microsoft shareholder, this kind of thing is not good," Ballmer said about the tariffs. Meanwhile, the celebration itself captured headlines more for the protesters' shared message than for Microsoft's half-century of accomplishments. The first interruption Friday came from Aboussad, who stood up during Microsoft AI CEO Mustafa Suleyman's speech. "Mustafa, shame on you," Aboussad said as she walked toward the stage at the event in Redmond, Washington. "You claim that you care for using AI for good, but Microsoft sells AI weapons to the Israeli military. Fifty thousand people have died, and Microsoft powers this genocide in our region." Aboussad also called Suleyman a "war profiteer." "You have blood on your hands," she said before being swiftly escorted out. "All of Microsoft has blood on its hands." Shortly after the interruption, Aboussad sent an email, which was viewed by CNBC, to Suleyman and other Microsoft executives, including CEO Satya Nadella, finance chief Amy Hood, operating chief Carolina Dybeck Happe, and Brad Smith, the company's president. "I spoke up today because after learning that my org was powering the genocide of my people in Palestine, I saw no other moral choice," Aboussad wrote in the email. "This is especially true when I've witnessed how Microsoft has tried to quell and suppress any dissent from my coworkers who tried to raise this issue." "I did not sign up to write code that violates human rights," Aboussad wrote, adding a link to a "No Azure for Apartheid" petition. Microsoft wrote in the internal message to Aboussad that her email to executives served as "an admission that you deliberately and willfully engaged in your earlier misconduct." The company also said Aboussad could have raised concerns "confidentially with your manager, or with Global Employee Relations. Instead, you chose to intentionally disrupt the speech of Microsoft AI CEO Mustafa Suleyman." Microsoft "has concluded that your misconduct was designed to gain notoriety and cause maximum disruption to this highly anticipated event," the company wrote. "Immediate cessation of your employment is the only appropriate response," Microsoft said. At a separate Microsoft event with executives Friday, Agrawal interrupted a speech by Nadella with a similar protest and also sent an email to executives afterward. "You may have seen me stand up earlier today to call out Satya during his speech at the Microsoft 50th anniversary," Agrawal wrote in the email, which was viewed by CNBC. "Over the past 1.5 years, I've grown more aware of Microsoft's growing role in the military-industrial complex." Agrawal wrote that Microsoft is "complicit" as a "digital weapons manufacturer that powers surveillance, apartheid, and genocide" and that "by working for this company, we are all complicit." A Microsoft spokesperson said Friday that the company is committed to adhering to the highest standards of business practices. "We provide many avenues for all voices to be heard. Importantly, we ask that this be done in a way that does not cause a business disruption. If that happens, we ask participants to relocate," the spokesperson said. — CNBC's Jordan Novet contributed reporting. WATCH: CNBC's full interview with Bill Gates, Steve Ballmer and Satya Nadella Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. 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Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds In this article President Donald Trump's reciprocal tariffs could lead Apple to raise the price of the iPhone 16 Pro Max by as much as $350 in the U.S., UBS analysts estimated Monday. The iPhone 16 Pro Max is Apple's highest-end iPhone on the market, and currently retails for $1,199. UBS is predicting a nearly 30% increase in retail price for units that were manufactured in China. Apple's $999 phone, the iPhone 16 Pro, could see a smaller $120 price increase, if the company has it manufactured in India, the UBS analysts wrote. Shares of Apple have plummeted 20% over the past three trading days, wiping out nearly $640 billion in market cap, on concern that Trump's tariffs will force the company to raise prices just as consumers are losing buying power. "Based on the checks we have done at a company level, there is a lot of uncertainty about how the increased cost sharing will be done with suppliers, the extent to which costs can be passed on to end-customers, and the duration of tariffs," UBS analyst Sundeep Gantori wrote in the note. Apple, which does the majority of its manufacturing in China, is one of the most exposed companies to a trade war. China has a potential incoming 54% tariff rate — before new increases were proposed Monday. Smaller tariffs were also placed on secondary production locations, such as India, Vietnam and Thailand. JPMorgan Chase analysts predicted last week that Apple could raise its prices 6% across the world to offset the U.S. tariffs. Barclays analyst Tim Long wrote that he expects Apple to raise prices, or it could suffer as much as a 15% cut to earnings per share. If Apple were to relocate iPhone production to the U.S. — a move that most supply chain experts say is impossible — Wedbush's Dan Ives predicts an iPhone could cost $3,500. Morgan Stanley analysts on Friday said Apple could absorb additional tariff costs of about $34 billion annually. They wrote that although Apple has diversified its production in recent years to additional countries — so-called friendshoring — those countries could also end up with tariffs, reducing Apple's flexibility. After last week's "reciprocal tariff announcement, there becomes very little differentiation in friend shoring vs. manufacturing in China — if the product is not made in the US, it will be subject to a hefty import tariff," Morgan Stanley wrote. Last week, the firm estimated that Apple may raise its prices across its product lines in the U.S. by 17% to 18%. Apple could also get exemptions from the U.S. government for its products. WATCH: Apple plummets on Trump tariffs Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by

Credit Cards Loans Banking Mortgages Insurance Credit Monitoring Personal Finance Small Business Taxes Help for Low Credit Scores Investing SELECT All Credit Cards Find the Credit Card for You Best Credit Cards Best Rewards Credit Cards Best Travel Credit Cards Best 0% APR Credit Cards Best Balance Transfer Credit Cards Best Cash Back Credit Cards Best Credit Card Welcome Bonuses Best Credit Cards to Build Credit SELECT All Loans Find the Best Personal Loan for You Best Personal Loans Best Debt Consolidation Loans Best Loans to Refinance Credit Card Debt Best Loans with Fast Funding Best Small Personal Loans Best Large Personal Loans Best Personal Loans to Apply Online Best Student Loan Refinance SELECT All Banking Find the Savings Account for You Best High Yield Savings Accounts Best Big Bank Savings Accounts Best Big Bank Checking Accounts Best No Fee Checking Accounts No Overdraft Fee Checking Accounts Best Checking Account Bonuses Best Money Market Accounts Best CDs Best Credit Unions SELECT All Mortgages Best Mortgages Best Mortgages for Small Down Payment Best Mortgages for No Down Payment Best Mortgages with No Origination Fee Best Mortgages for Average Credit Score Adjustable Rate Mortgages Affording a Mortgage SELECT All Insurance Best Life Insurance Best Homeowners Insurance Best Renters Insurance Best Car Insurance Travel Insurance SELECT All Credit Monitoring Best Credit Monitoring Services Best Identity Theft Protection How to Boost Your Credit Score Credit Repair Services SELECT All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief SELECT All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business SELECT All Taxes Filing For Free Best Tax Software Best Tax Software for Small Businesses Tax Refunds Tax Brackets Tax Tips Tax By State Tax Payment Plans SELECT All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score or Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score SELECT All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bonds Elon Musk's younger brother, Kimbal, took to X on Monday to lambaste President Donald Trump's tariffs, calling them a "structural, permanent tax on the American consumer." He also said Trump appears to be the "most high tax American President in generations." "Even if he is successful in bringing jobs on shore through the tariff tax, prices will remain high and the tax on consumption will remain the form of higher prices because we are simply not as good at making things," Kimbal Musk wrote on social network X, one the companies in his brother's extensive portfolio. The younger Musk owns a restaurant chain called The Kitchen, is a board member at Tesla, and former director at SpaceX and Chipotle. He has also co-founded and invested in other food and tech startups, including Square Roots, an indoor farming company, and Nova Sky Stories, a creator of drone light shows that he bought from Intel. Elon Musk is a top adviser to Trump, overseeing the Department of Government Efficiency (DOGE), an effort to drastically cut federal spending, largely through layoffs, and consolidate or eliminate agencies and regulations. However, his relationship with some key figures in the Trump administration has been showing signs of strain in recent days as the president's sweeping tariffs have led to a dramatic selloff in stocks, including for Tesla, which is down 42% this year and just wrapped up its worst quarter since 2022. Over the weekend, Elon Musk took aim at Trump trade adviser Peter Navarro, disparaging his qualifications in a post on X. "A PhD in Econ from Harvard is a bad thing, not a good thing," Musk wrote, after Navarro told CNN on Saturday that, "The market will find a bottom" and that the Dow will "hit 50,000 during Trump's term." It's currently at about 38,200. Musk also said that Navarro hasn't built "s--t." Navarro told CNBC on Monday that Musk is, "not a car manufacturer" but rather a "car assembler," dependent on parts from Japan, China and Taiwan. Tesla was seeking a more moderate approach to trade and tariffs in a recent letter to the U.S. Trade Representative. According to Federal Election Commission filings, Kimbal Musk this year has contributed funds to the Libertarian National Committee and Libertarian Party of Connecticut. Last year, while his brother became the biggest financial backer and promoter of Trump, Kimbal donated to Unite America PAC, a group that markets itself as a "a philanthropic venture fund that invests in nonpartisan election reform to foster a more representative and functional government." A representative for Kimbal Musk didn't immediately respond to a request for comment. WATCH: Tesla Q1 deliveries worse than expected Got a confidential news tip? We want to hear from you. Sign up for free newsletters and get more CNBC delivered to your inbox Get this delivered to your inbox, and more info about our products and services. © 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal Data is a real-time snapshot *Data is delayed at least 15 minutes. 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President Donald Trump's tariff plan is making stock market history — and Wall Street is reeling. The president's latest and most aggressive round of tariffs has fueled the worst market sell-off since 2020, leaving Wall Street on edge as concerns swirl over the economic impact of the tariffs and the growing possibility of a recession in 2025. Stocks extended their losses on Monday, with all three benchmark indexes diving into the red and the S&P 500 briefly entering a bear market as Trump doubled down on his resolve to lower the trade deficit. Here's what Wall Street's top minds have been saying over the past 24 hours. The US is likely already mired in a downturn — and stocks could plummet another 20% before they find a bottom, BlackRock CEO Larry Fink said. Fink, who spoke at an event at the Economic Club of New York on Monday, added that he was concerned the economy had more inflationary pressures than the market was pricing in. Still, he saw the sell-off in stocks as "more of a buying opportunity than a selling opportunity," he said, adding that he didn't believe tariffs were creating systemic risks to the economy. Economic chaos is likely if Trump doesn't pause or scale back tariffs immediately, the billionaire hedge funder Bill Ackman said Monday in a post on X. Ackman, who endorsed Trump during the presidential race, urged the commander in chief to call off the tariffs for 90 days to allow the US and other countries to negotiate over trade policy. "If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocketbooks, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate," the Pershing Square founder wrote. In a separate post, Ackman said his firm would not sell its shares in the US stock market affected by tariffs during the sell-off. "We will suffer mark-to-market losses if the market crashes, but we will not be sellers in a declining market," Ackman said, adding: "Over the long term, we are exposed to the health of our country and its economy. This is my only investment 'conflict' if you want to call it that." The stock sell-off could get even worse, said Boaz Weinstein, a famed hedge funder and the founder of Saba Capital Management. That's because Trump's trade war could rattle the bond market and spark a wave of bankruptcies, he told Bloomberg TV. "This is not going to get fixed tomorrow. I believe you cannot put the genie back in the bottle," Weinstein told the outlet in an interview published on Monday, pointing to reciprocal tariffs from China and other knock-on effects from Trump's tariff plan. "The avalanche has really just started," he added. "The hit could be faster and the bankruptcy rate could spike much faster than other crises." Weinstein said he saw a "real possibility" of the US entering a severe recession, pointing to how the Smoot-Hawley tariffs worsened the economic situation leading into the Great Depression. "There might be something in between that stops the boulder, but I'm very concerned about a crash," he said. In his latest annual letter to shareholders, JPMorgan CEO Jamie Dimon warned of the impact of tariffs, saying the steep duties on US imports could slow growth and raise inflation. "The recent tariffs will likely increase inflation and are causing many to consider a greater probability of a recession," the CEO wrote. Dimon also mentioned stagflation, a scenario where economic growth remains sluggish while inflation stays high. Economists say such an outcome, which plagued the US economy in the 1970s, would be even harder for policymakers to deal with than a recession, as inflationary pressures would prevent the Federal Reserve from lowering interest rates to stimulate the economy. "This tug-of-war can go on for some time, but it's good to remember that in the stagflation of the 1970s, recessions did not stop the inexorable trend of rising rates," he added. Stanley Druckenmiller reiterated his stance against tariffs Monday in a post on X. "I do not support tariffs exceeding 10% which I made abundantly clear in the interview you cite," the top investor wrote in response to another post, which featured a video clip of a previous interview with Druckenmiller on CNBC. In the interview, Druckenmiller said he saw tariffs within "the 10% range" as the "lesser of two evils," adding that he believed that duties on US imports were "simply a consumption tax" partly paid for by foreign countries. Jump to

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Traders rushed to buy protection against dollar swings, pushing the cost of hedging to the highest level since Donald Trump's election last November. The cost of one-week option contracts tied to the Bloomberg Dollar Spot Index climbed for the third day in a row, and the eighth time in the last nine trading sessions, suggesting traders are positioning for more volatility ahead. The one-month hedge also rose.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 It's the world's second-largest gold producer, and its New York Stock Exchange ticker is “GOLD.” But these days Barrick Gold Corp. sees its future in copper. The company is proposing to change its name to Barrick Mining Corp. — dropping “gold” from the title — in the latest sign the Canadian mining company is pulling away from its storied bullion roots.

President Donald Trump's "Liberation Day" announcement is spurring members of his own party to attempt to rein in his tariff powers. Several Republican senators have signed onto the Trade Review Act, a bipartisan bill sponsored by Democratic Sen. Maria Cantwell of Washington and Republican Sen. Chuck Grassley of Iowa. The bill would make tariffs imposed by Trump — or any future president — disappear after 60 days if not approved by Congress. It comes after four GOP senators backed an effort to block Trump from imposing tariffs on Canada. Despite the bill's bipartisan support, it doesn't have a clear path to becoming law, and the White House says that Trump would veto it. But it's the clearest sign yet that Trump's trade policies are dividing members of his own party. It's not just moderate Republicans who are backing the bill. Sen. Mitch McConnell, the former Senate Minority Leader, has also signed on. Several other Trump allies have been critical of tariffs, including Sens. Rand Paul of Kentucky and Ted Cruz of Texas. Here are the 7 GOP senators who have cosponsored the bill so far: The US Constitution gives the legislative branch, not the executive branch, the authority to impose tariffs. But over the course of the 20th century, Congress passed several bills that delegated more of that authority toward the president, leading to the present situation, where Trump is able to legally impose all kinds of tariffs without congressional input. It's similar to the conversation that DOGE has spurred, with Trump and Elon Musk shuttering agencies and cutting off funding without congressional approval. This bill is an effort to reverse that trend, at least when it comes to trade. "For too long, Congress has delegated its clear authority to regulate interstate and foreign commerce to the executive branch," Grassley, the lead GOP co-sponsor, said in a statement. Under the bill, any new tariffs would expire in 60 days if the House and the Senate don't pass a joint resolution of approval. Congress could also end tariffs sooner than the 60-day point by passing a joint resolution of disapproval. Republican Rep. Don Bacon of Nebraska is expected to introduce a House version of the bill as well. However, the legislation faces an uncertain path to becoming law. Both Senate Majority Leader John Thune and House Speaker Mike Johnson have stood by Trump, and they largely have control over what bills make it to the floor in their respective chambers. Trump has argued that tariffs, down the line, will help the economy. In a Statement of Administration Policy seen by Business Insider, the White House said that Trump would veto what they described as a severe constraint on his power. "If passed, this bill would dangerously hamper the President's authority and duty to determine our foreign policy and protect our national security," the statement read. Jump to

Germany's economy minister slammed Elon Musk's call for zero tariffs between the US and Europe, calling it a sign of "weakness" in response to growing economic turmoil. "I think it's a sign of weakness — maybe of fear," Robert Habeck told reporters on Monday. "If he has something to say, he should go to his president and say: 'Before we're talking about zero tariffs, let's stop the mess you've just made in the last week.'" Musk's comments came on Saturday when he proposed a "zero-tariff" system between the US and Europe. This was just days after President Donald Trump announced baseline "reciprocal" tariffs on dozens of trading partners, including a 20% tariff rate on the European Union. "This is ridiculous," Habeck added. "The only interpretation I have is that he now sees that his own companies, but even the economies, are going to crumble because of the mess they have made. So, he's afraid." Markets reacted sharply to Trump's tariff announcement, with the S&P 500 plunging 10% over two days and the Nasdaq 100 entering a bear market for the first time since 2022. The sell-off deepened on Monday as investors saw little indication that Trump would back down and foreign nations prepared to retaliate. Last week, European Commission President Ursula von der Leyen said the EU was "finalizing" a package of countermeasures against the steel tariffs and was preparing further countermeasures "to protect our interests and our businesses." While the UK and Australia have signaled they would not retaliate, China and Canada have pledged to respond. Analysts have begun slashing year-end market forecasts, warning of heightened recession risks as trade tensions escalate. Jump to

The Trump administration is racing to curb TikTok's ties to China. But inside the company, a string of recent US executive departures and team restructurings has given Chinese leaders a greater grip on its American business, company insiders told Business Insider. This month, US-based sales and marketing exec Blake Chandlee, who served as the face of TikTok at key industry events like Cannes and Advertising Week, stepped down. Will Liu, known as Liu Xiaobing in China, is taking over management of his global business solutions team. Liu, a Singapore-based staffer who reports to ByteDance China chairman Zhang Lidong, works on monetization products for the company's Chinese apps and TikTok. The sales team shakeup is one example of a broader shift in power across several company departments. TikTok made a big push to hire top talent in the US as it looked to launch new businesses like e-commerce in the country. But over the past year, at least seven key US-based executives, including Chandlee, have left their roles across various business lines. Some have been replaced by Chinese leaders. There's a sense among some of TikTok's roughly 7,000 US staffers that ByteDance executives who are either based in China or have come to the US from China are tightening control. Business Insider spoke to nine current and seven former staffers who have worked at the company in the past year. "They have been consolidating under Chinese leadership," a TikTok employee who works on its e-commerce business told BI. "Before we had a senior manager in the US, and now the person is outside the US." TikTok and ByteDance did not respond to requests for comment from BI. The leadership balance may change again if TikTok finds a new owner outside ByteDance, as required by a divestment law. The Trump administration is working on a potential deal, and the president wrote on Friday that he was giving the company another 75 days to find a solution. Some employees are eager for a switch that would put new US executives in charge. "I really hope this happens," a staffer who works in operations said of a prospective sale. "I hope it can be new leadership if they can really get bought by Oracle or someone else." While staff at TikTok's parent company ByteDance have had the final say over its product for years, and US leaders like North America global business solutions head Khartoon Weiss remain, the 16 insiders felt that the recent departures of other top US managers expanded control of Chinese leaders. TikTok's e-commerce team, which runs its Shop product under the leadership of China-based ByteDance executive Bob Kang, has lost several US leaders over the last year and a half, according to nine of the insiders. Since late 2023, US executives that have exited include Sandie Hawkins, TikTok's former GM of US e-commerce; Marni Levine, one of Hawkins' two replacements, who oversaw TikTok Shop's US operations; and Mary Hubbard, the company's former head of governance and experience in the Americas for Shop. Executives with experience working on TikTok's Chinese sister app are filling the void, including Mu Qing, a former Douyin e-commerce VP; Sheng Zhou, the company's SVP of global e-commerce; and product VP Xu Luran. TikTok recruited heavily from Amazon and other big e-commerce players when it began testing Shop in the US a couple of years ago, bringing local knowledge into the business, insiders said. But in the past year, as US executives have left, leadership has shifted from building a localized shopping product to instead trying to imitate Douyin, a staffer who works on TikTok Shop told BI. Chinese leadership is also cracking down on its US team this year after they felt the country underperformed in 2024, as BI previously reported. Other US teams within TikTok have similarly seen American leaders swapped out for ByteDance staffers from China. There have been examples of these power shifts as early as 2022. Vanessa Campos, a former TikTok recruiter focused on early career hires who left the company this year, wrote in an April blog post that her US manager was replaced by a global leader from China in late 2022 who began "tightening their grip on hiring priorities." Chinese leadership led the early careers team from that point forward, Campos told BI. Rebecca Sawyer, TikTok's US advertising lead for small and midsize businesses, was replaced by ByteDance executive Qing Lan in late 2023. Qing previously worked on the Chinese version of TikTok, Douyin. The e-commerce staffer said Chinese leadership's control of the business "hyper-accelerated" in the second half of 2024. Globally, at least eight executives have left TikTok in 2025, The Information earlier reported, citing departures like the music exec Ole Obermann and North America ads leader Sameer Singh. ByteDance is still very much a Chinese tech company at its core. Decisions about its global products are often made in China, where it has offices in cities like Beijing, Shanghai, Shenzhen, and Hangzhou. US TikTok employees previously told BI that they refer to its Beijing office as "HQ." As it's expanded into other parts of the world, ByteDance has brought hundreds of employees over from China into its new offices via H-1B or L-1 visas, according to US Citizenship and Immigration Services records and another company employee with knowledge of its visa strategy. About 670 of the roughly 1,100 approved US H-1B visa hires for TikTok and ByteDance workers were from China during fiscal year 2023, the most recent period BI was able to obtain data via a Freedom of Information Act request. In fiscal year 2022, the company received 445 H-1B approvals for Chinese nationals, per USCIS data shared with US Sen. Tom Cotton. "A lot of leaders are Chinese nationals from mainland China," the employee with knowledge of its visa strategy said. But the company also grew TikTok globally by leaning into the expertise of local hires. Business lines like recruiting, the creator outreach team, and its sales staff that interface with US marketers have generally operated with less oversight from China, four of the current and former staffers said. Staff members in some of those divisions have not had to take late calls with Chinese colleagues to accommodate time zone differences, for example. That independence from China has drifted away in the past year, the insiders told BI. In 2024, TikTok's US creator team was asked to align its goals with a product team mostly based in China, a former staffer who worked on the creator team told BI. "While we weren't actually reporting into them, it was almost like a dotted line," the ex-employee said. "If they said jump, the creator team had to jump." US employees reporting to managers based in China told BI they sometimes feel excluded from the team, either because they don't speak or read Mandarin Chinese or because they work in a different time zone and are unable to join certain calls. A trust and safety team member who does not speak Mandarin said it was challenging to try to work with Chinese colleagues who, they felt, often made little effort to accommodate their US teammates. The staffer said they'd been provided with some internal documents translated from Mandarin that have been hard to follow. "I'm always two days behind," they said. Another staffer on the engineering team estimated their China-based manager had directly spoken to them for less than 30 minutes over the last six months. The employee said it was challenging to work with translated documents and group chats in the company's internal messaging platform Lark that were originally written in Mandarin. "The meetings conducted are in Chinese as well, so a lot of my American colleagues can't understand the context," this person said. A former product staffer said they felt like it was harder to get their ideas heard after switching from a US-based manager to one based in China. "I felt like they didn't really listen to the US opinion," the former employee said of their new manager. "They would say things like 'Just follow what the Chinese product manager said.'" The power structure for TikTok's US business may shift in the coming weeks if new owners take over operations. The company could reach a deal to sell TikTok's US assets in order to comply with the law requiring ByteDance to divest from its US app. Trump said TikTok negotiations are now wound up in a broader US-China trade fight over tariffs. ByteDance said it's talking to the US government about a potential solution, but key matters need to be resolved, and an agreement would be subject to approval under Chinese law. As staffers await a political resolution, morale at the company is low among some who are experiencing burnout and dealing with the aftermath of a recent review cycle that led to performance-improvement plans and staff exits, company insiders previously told BI. "We essentially haven't had a voice for a very long time," the second e-commerce worker said. "They say they want you to be candid and clear, but really they want you to fall in line and follow the Chinese and rebuild Douyin." Have a tip? Contact this reporter via email at dwhateley@businessinsider.com or Signal at @danwhateley.94. Use a personal email address and a nonwork device; here's our guide to sharing information securely. Ashley Rodriguez and Shubhangi Goel contributed reporting. April 7, 2025 — This story was updated with new details on a potential deal involving TikTok's US assets. Jump to

The billionaire hedge fund investor Bill Ackman is ringing the alarm over Washington's tariff spree, saying President Donald Trump's policy must be delayed. The Pershing Square founder backed Trump during his campaign but said Sunday the trade war wasn't what voters wanted. The administration needs to change course to avoid even more dire consequences, he said. "If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocketbooks, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate," Ackman wrote on X. Last week, Trump rolled out across-the-board duties at rates that shattered expectations, sending global markets into a tailspin. Ackman said that he did endorse reworking trade deals to advance US industry and job creation but that indiscriminate and massive levies could devastate business confidence and slash global appetite for US investment. He's urging Trump to call a 90-day timeout on the tariffs, during which the president could negotiate and resolve any trade inequities. The consequences of the trade war have already been deeply felt in the market. Since Wednesday's tariff announcement, the S&P 500 has tanked over 15% and is now in a bear market. The probability of a recession has also spiked, bolstering chances of a 100-basis-point interest rate reduction by the end of the year. "The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for," Ackman added. In a separate post, Ackman said neither he nor Pershing Capital was set up to profit from a tariff pause. He's not the first Wall Street heavy hitter to speak up against the mounting trade war. Over the weekend, the hedge fund manager Stanley Druckenmiller made a rare post on X, citing his stance against tariffs that exceed 10%. Jump to

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 The AI Race: With the new funds SignalFire will focus on AI — and use it too. Venture capital firm SignalFire has raised over $1 billion to bet on artificial intelligence startups — an unusually large fundraising haul in a difficult market for VCs and startups. The latest financing lifts the San Francisco-based firm's assets under management to $3 billion, it plans to announce on Monday. It will use that cash to back early-stage startups across several funds, with a particular focus on companies building AI applications.

Market-rattling tariffs offer one upside: Companies can use the shifting financial landscape to adjust their performance goals, wrote analysts from Jefferies. In a note on Sunday, Jefferies analysts said that tariffs and related macroeconomic uncertainties are a "free hall pass" for companies to reset their guidance to more conservative figures. "Lower estimates that are more achievable tend to improve investor sentiment and, ultimately, lead to better share performance," said Jefferies analysts led by Brent Thill. The analysts cut their forecasts for 29 tech companies, including Meta, Microsoft, Google, and Amazon. The analysts slashed Meta's stock price target for the second time in 10 days, this time from $725 to $600, a 17% cut. Meta is trading at $504, down 10% in the last five days. The analysts also slashed Meta's earnings per share for 2025 by 13%. Price targets are estimates of what an analyst thinks a stock is worth. Earnings per share is an important metric for investors because it assesses a company's profitability and financial health. Jefferies cut Microsoft's price target 5%, from $500 to $475. Microsoft is trading at $360, down 3.5% in the last five days. The analysts cut 2025 EPS estimates for Google and Amazon by 2% and 1%, respectively, but did not change their prices targets. Meta and Amazon get a lot of business from Chinese advertisers who are trying to reach American shoppers. Tariffs on Chinese goods may lead them to pause US advertising, marketing experts told Business Insider. For tech companies, the second quarter, which kicked off in April, "likely represents a peak period of uncertainty, followed by a potentially better 2H/Q4 after expectations are reset and there is more clarity around macro and tariff-related risks," the analysts wrote. The Jefferies analysts are not the only ones adjusting expectations. Businesses from Target to Best Buy to Ferrari have said that they will raise prices in response to increased import duties. Last week, President Donald Trump announced a spree of retaliatory tariffs on nearly every country. These included major manufacturing and raw material hubs, including a 34% tariff on China, 46% tariff on Vietnam, 26% on India, and 32% on Indonesia. On Friday, China pushed back with a 34% tariff on all US imports from April 10. The trade war panic spread to markets, and US stocks suffered their worst single-day losses since 2020 last week. At market close on Friday, the S&P 500 was down 6%, the Dow was down 5.5%, and the Nasdaq composite dropped 5.8%. Dow Jones futures fell 2.5% on Sunday night, pointing to another brutal session in the coming week. On Monday, Asia stocks opened deep in the red. Japan's Nikkei plunged 6.5%, South Korean Kospi was down 4.5%, and Hong Kong's Hang Seng index was among the worst hit and down 9.9% in the late morning. "Never before has an hour of Presidential rhetoric cost so many people so much," Larry Summers, a former Treasury secretary, wrote on X on Thursday. "The best estimate of the loss from tariff policy is now closer to $30 trillion." Indices Commodities Currencies Stocks

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 (Bloomberg) — Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. A bruising start to the week awaits traders as global markets continue to reel from the impact of President Trump's tariffs on global growth. While India has indicated that it does not plan to retaliate against Trump's levies, the knock-on impact from a slowing global economy and a potential US recession will keep volatility high.