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Elon Musk described Social Security as a “Ponzi scheme” during a February 28 appearance on Joe Rogan’s podcast. This remark emerged in the second hour of the discussion, which also touched on topics like “pump and dumps” and other get-rich-quick schemes.
Elon Musk claims that empathy is destroying America, advocating for a tough approach to governance and dismissing the impact of protests against Tesla. His erratic responses to criticism reveal a thin-skinned nature, as he blames external forces for his declining stock and increasing opposition. Musk's behavior suggests a fragile ego beneath his tough persona, as demonstrated by his calls for action against critics and his inability to handle adversity.
Nick Denton critiques the current media landscape, suggesting that figures like Elon Musk and Joe Rogan have succumbed to audience capture, catering to extreme elements of their audiences. He argues that policy is being shaped by a small group on X, who are competing for the approval of a radical minority, while the broader median voter remains unheard. Denton emphasizes the challenge for media companies to balance audience expectations with the need for a more centrist approach.
Charlie Javice, founder of fintech startup Frank, was convicted of defrauding JPMorgan Chase out of $175 million by inflating her company's user base from 4.25 million to approximately 300,000. A Manhattan jury found her guilty of multiple counts, including bank fraud, after a six-week trial. Javice faces up to 30 years in prison, though experts suggest a shorter sentence is likely.
Trump allies are urging the White House to limit Elon Musk's media appearances after he labeled Social Security "the biggest Ponzi scheme of all time." Despite Musk's criticisms, the administration maintains that Social Security will remain intact, with no plans for cuts. Concerns are rising among lawmakers and constituents about Musk's influence, especially as he advocates for significant reforms in entitlement spending.
President Trump's policies pose significant risks to Social Security, primarily through proposed tax cuts that could reduce revenue by $1 to $2 trillion by 2035. Additionally, efforts to curb illegal immigration and tariffs may further strain the program's finances, potentially exhausting trust funds by 2031 or 2032. While the administration claims it won't cut benefits, the combination of these policies could accelerate the depletion of Social Security resources.
Protests against Elon Musk and Tesla have escalated, highlighted by a massive 250-meter "Don't buy a Tesla" message carved into a Welsh beach. Activists, including a Tesla driver named Prama, are selling their vehicles in response to Musk's controversial political affiliations and policies, urging others to join the boycott. The movement, dubbed 'Tesla Takedown,' aims to challenge Musk's influence on government spending and policy, with protests occurring in multiple cities.
Activists from the UK group Led By Donkeys used a Tesla to etch "Don't buy a Tesla" into a beach in Wales, protesting against Elon Musk's political affiliations and actions. The stunt, which follows previous anti-Musk demonstrations, highlights growing discontent among Tesla owners and a significant drop in the company's stock value, which has fallen 37% this year. Musk's net worth has also decreased by $121 billion amid these controversies.
Elon Musk expressed his admiration for Joe Rogan's custom Tesla S-APEX, commenting "Cool 😎" on social media, which garnered over 42 million views. The vehicle, featuring a unique design and high-performance upgrades, has sparked discussions amid a backdrop of political tensions affecting Tesla's brand perception. Meanwhile, some celebrities, like Sheryl Crow, are distancing themselves from the brand due to Musk's political affiliations.
Bank of America is enhancing oversight of junior bankers' workloads following the death of Leo Lukenas, who logged excessive hours before his passing. Senior bankers are now responsible for monitoring junior staff to prevent burnout, while a new time-tracking system has been implemented. The bank recently cut around 150 junior investment banking positions, raising concerns about increased workloads for remaining employees.
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