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The wireless business contributes nearly 70% of AT&T's revenue. The firm is the third-largest US wireless carrier, connecting 73 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 15% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 11% of revenue, primarily consist of broadband internet access, serving 14 million customers. AT&T also has a sizable presence in Mexico, with 24 million customers, but this business only accounts for 3% of revenue. The firm has agreed to sell its 70% equity stake in satellite television provider DirecTV to its partner, private equity firm TPG.

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<a href="https://www.benzinga.com/25/05/45437126/us-and-saudi-arabia-deepen-critical-minerals-ties-with-rare-earth-agreement">Saudi Arabia</a> is making a bold move to become a global leader in artificial intelligence. The kingdom's new AI venture, Humain, backed by Saudi Arabia&#8217;s Public Investment Fund, has secured a deal with Nvidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) to receive 18,000 of its latest GB300 Blackwell chips, according to<a href="https://www.cnbc.com/2025/05/13/nvidia-blackwell-ai-chips-saudi-arabia.html"> CNBC</a>.
This partnership aims to build a 500-megawatt AI data center, marking a significant step in Saudi Arabia's Vision 2030 plan to diversify its <a href="https://www.benzinga.com/25/04/44852660/warren-buffett-said-the-economy-is-like-a-train-occasionally-they-get-derailed-and-crashes-like-2008-will-happen-but-america-cant-be-stopped">economy</a> and invest in cutting-edge technology, <a href="https://www.youtube.com/watch?v=GL6jU35oGsA&amp;t=2s&amp;ab_channel=FortuneMagazine">Fortune</a> reports.
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<h2 class="wp-block-heading">Nvidia's Blackwell Chips Power Saudi Arabia's AI Ambitions</h2>
The chip deal was announced on May 13 during the Saudi-U.S. Investment Forum in Riyadh, where Nvidia CEO Jensen Huang praised Saudi Arabia's long-term vision. &#8220;It is an incredible vision, indeed,&#8221; Huang said, referring to the country's plan to build a national AI infrastructure, according to CNBC.
Wedbush Securities analyst Dan Ives told <a href="https://fortune.com/2025/05/14/nvidia-ai-humain-saudi-arabia-front-of-the-line-wedbush-dan-ives/">Fortune</a> that the move places Saudi Arabia at &#8220;the front of the line&#8221; for global chip access, ahead of countries like China. He described the deal as a &#8220;watershed&#8221; moment in the ongoing global AI race.
Humain's data centers, powered by these chips, are expected to host Arabic-language large language models and multimodal AI tools capable of operating across voice, image, and text input. According to<a href="https://www.reuters.com/world/middle-east/saudi-arabia-launches-company-develop-artificial-intelligence-under-pif-2025-05-12/"> Reuters</a>, the aim is to create regionally specific models that can support smart city infrastructure, autonomous logistics, and defense technology.
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
<h2 class="wp-block-heading">Multibillion Dollar Collaborations Accelerate Regional Edge</h2>
In addition to Nvidia, other U.S. tech companies are forming strategic partnerships with Humain. Advanced Micro Devices (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>) <a href="https://ir.amd.com/news-events/press-releases/detail/1250/amd-and-humain-form-strategic-10b-collaboration-to-advance-global-ai">announced</a> Tuesday that it committed to a $10 billion agreement to provide 500 megawatts of AI compute infrastructure. Amazon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and Cisco Systems (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSCO#NASDAQ">CSCO</a>) have also <a href="https://newsroom.cisco.com/c/r/newsroom/en/us/a/y2025/m05/cisco-expands-partnership-with-saudi-arabia-to-power-the-ai-future.html">revealed</a> on Tuesday that they signed separate deals to support Humain's cloud and connectivity stack.&nbsp;&nbsp;
Amazon Web Services <a href="https://www.aboutamazon.com/news/company-news/amazon-aws-humain-ai-investment-in-saudi-arabia">announced</a> on May 13 a $5 billion plan to establish a dedicated AI Zone in Saudi Arabia, which includes the deployment of Amazon Bedrock and AWS SageMaker, giving Saudi AI researchers a full stack of tools to scale model training and application development.
The partnerships come as the Trump administration rolls back Biden-era semiconductor export rules. The Commerce Department has ended the &#8220;AI diffusion&#8221; restriction, which previously required special licenses to export advanced AI chips. The policy shift is designed to favor trusted allies while keeping U.S.-made technology away from geopolitical rivals like China, Fortune says.
See Also: Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000.</a>
<h2 class="wp-block-heading">Saudi Arabia's Push Reshapes Global AI Dynamics</h2>
Humain's rise signals a strategic redirection in the global AI ecosystem. While U.S.-based clients like Alphabet (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>, GOOGL)) and Amazon still dominate Nvidia's distribution priorities, Fortune reports that Saudi Arabia now joins a short list of preferred global chip recipients, second only to the U.S.
Meanwhile, China has been restricted to using Nvidia's downgraded H20 chips, designed to comply with U.S. export controls but lacking the full performance of Blackwell processors. &#8220;China is the big loser,&#8221; Ives told Fortune, citing both the technology gap and increased trade complications as key disadvantages.
With support from top-tier U.S. tech firms and full government alignment, Saudi Arabia appears positioned to drive the next wave of AI development. As Humain builds out its infrastructure, the world is watching a new power center emerge in the global tech arena.
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<li>Deloitte's fastest-growing software company partners with Amazon, Walmart &amp; Target – <a href="https://www.benzinga.com/money/mode-mobile-2">Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share!</a></li>
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$600B AI Opportunity: Nvidia's 18,000-Chip Deal With Saudi Arabia's Humain Puts Middle East 'Front Of The Line,' Says Wedbush's Dan Ives

The past week was a whirlwind of activity in the world of finance and cryptocurrency. From high-profile endorsements to controversial statements, the news cycle was dominated by big names and even bigger claims.
Here&#8217;s a quick recap of the top stories that made headlines.
Kevin O&#8217;Leary Challenges Elizabeth Warren&#8217;s Crypto Stance
Businessman and TV personality&nbsp;Kevin O&#8217;Leary&nbsp;took to social media to voice his disagreement with Senator&nbsp;Elizabeth Warren&nbsp;over the GENIUS Act. The act aims to establish the first U.S. regulatory framework for issuers of stablecoins, a move Warren opposes. O&#8217;Leary labeled her stance as &#8220;un-American&#8221;.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45533976/mr-wonderful-kevin-o-leary-says-elizabeth-warren-taking-an-un-american-position-by-challen">Read the full article here.</a>
Trump-Themed Crypto Contest Yields Big Profits
A recent investigation revealed that a Trump-themed cryptocurrency contest led to significant financial outcomes for participants. Some traders walked away with substantial profits, while others incurred significant losses, all in the pursuit of a private dinner with President&nbsp;Donald Trump.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45489390/crypto-traders-who-secured-a-dinner-with-donald-trump-walked-away-with-major-profits-says-">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45556607/bitcoin-clocks-110000-ethereum-dogecoin-extend-gains-experienced-trader-peter-brandt-speculates-btc-to-enter-this-range-by-august-end" target="_blank" rel="noreferrer noopener">Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August</a>
Anthony Pompliano Predicts Dollar Debasement
Bitcoin advocate&nbsp;Anthony Pompliano&nbsp;expressed his belief that America will not balance its budget, leading to a weaker dollar and a subsequent rise in the prices of financial assets. He stated that the odds of a U.S. balanced budget are now &#8220;near zero&#8221;.
<a href="https://www.benzinga.com/25/05/45558647/anthony-pompliano-says-dollar-debasement-will-skyrocket-asset-prices-says-it-is-now-clear-there-is-a-near-zero-percent-chance">Read the full article here.</a>
Trump&#8217;s Cardano Endorsement Surprises Founder
Cardano&nbsp;founder&nbsp;Charles Hoskinson&nbsp;was taken aback by President Donald Trump&#8217;s decision to include ADA/USD in his personal crypto holdings. Hoskinson called the endorsement a &#8220;pleasant surprise&#8221; that signals Washington&#8217;s changing stance on digital assets.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45543096/why-donald-trump-including-cardano-in-the-crypto-reserve-suprised-even-the-founder-nice-to-see-progress">Read the full article here.</a>
Robert Kiyosaki Foresees Bitcoin Hitting $250,000
Robert Kiyosaki, author of the best-selling book &#8220;Rich Dad Poor Dad,&#8221; predicts a significant surge in Bitcoin&#8217;s value, attributing it to a potential collapse of the central bank system. He expressed his belief that gold, silver, and Bitcoin will continue to appreciate.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45485038/robert-kiyosaki-predicts-bitcoin-to-reach-250000-buy-more-do-not-sell">Read the full article here.</a>
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</ul>
This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>
Photo courtesy: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

Media

Kevin O'Leary Takes On Elizabeth Warren, Trump's Dinner Dates And Big Predictions: This Week In Crypto

If you've ever gone through a divorce — or know someone who has — you know the paperwork can feel endless. Between lawyers, court dates, and property settlements, it's easy to sign something just to move on.&nbsp;
But according to financial expert Dave Ramsey, there's one move divorcing men should never make without a second thought — and your lawyer might not be waving the red flag.
In a <a href="https://www.facebook.com/reel/992233353064311/?mibextid=rS40aB7S9Ucbxw6v">Facebook post from his official account last week</a>, Ramsey issued a no-nonsense warning:
"Most divorce attorneys make a huge legal error. I'm calling you boys and girls out."
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He's talking about the all-too-common situation where the wife keeps the house — often because she's raising the kids — and the husband signs over <a href="https://www.benzinga.com/personal-finance/25/03/44067520/should-we-deed-the-house-to-them-or-have-them-pay-rent-couple-seeks-dave-ramseys-advice-on-parents-moving-into-a-house-they-own">ownership through a quitclaim deed</a>. But while the man gives up his rights to the property, the mortgage in his name stays exactly where it is: on his credit report.
Ramsey breaks it down like this:
"Husband and wife get divorced. There's a $260,000 mortgage. Husband doesn't get to keep the house. Wife is gonna get the house because the kids are living in the house and the divorce attorney says, ‘Well, just part of the settlement is you're going to <a href="https://www.benzinga.com/money/what-is-a-quitclaim-deed">quitclaim your half of ownership</a> to her.' So he fills out a one-page quitclaim as part of the divorce decree — boom. But guess what? Husband still has a $260,000 mortgage."
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
Fast-forward five years. The <a href="https://www.benzinga.com/real-estate/24/12/42361253/11-of-all-home-sales-are-to-unmarried-couples-who-are-choosing-monetary-stability-over-marriage-and-using-real-estate-to-do-it">man wants to remarry and buy a house</a>. But guess what?
"Can't do it. Still got a $260,000 mortgage in his ex-wife's name. She owns the property but he's still got the mortgage. Dumb."
Ramsey's advice? Make it clear in the divorce agreement that if one spouse is keeping the house, they need to either refinance and remove the other person's name — or sell it outright.
"You're getting a divorce and doing a quitclaim deed — force a refinance or force the sale of the house. One of the two."
He adds that this mistake happens constantly because divorce attorneys are just doing what's easy. "It's easy, but it's wrong," Ramsey says.
See Also: Nancy Pelosi Invested $5 Million In An AI Company Last Year — <a href="https://www.benzinga.com/money/elf-labs-ym?v=123">Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000.</a>
So what happens if the divorce decree says the husband must continue paying the mortgage — or the wife can't refinance on her own?
While Ramsey doesn't address that directly, here are a few common facts to consider:
<ul class="wp-block-list">
<li>A divorce decree does not remove someone from a mortgage. Only refinancing or paying it off can do that.</li>
<li>If one spouse stops making payments, <a href="https://www.bankrate.com/mortgages/what-to-know-about-divorce-and-mortgage/">the lender can go after whoever is still on the loan</a> — regardless of who lives there.</li>
<li>Courts may order one spouse to make payments, but that doesn't stop late payments from hurting both credit scores. </li>
</ul>
Bottom line? Don't assume signing over a house means you're free and clear. As Ramsey puts it, skipping the refinance is a "huge mistake" — and one that could quietly wreck your financial future long after the ink on the divorce papers dries.&nbsp;
Of course, not every divorce looks the same. What's possible depends on your specific agreement — and sometimes, your options are limited.
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Image: shutterstock

Personal Finance

'She Owns The Property But He's Still Got The Mortgage' — Dave Ramsey Says This 'Huge Mistake' During A Divorce Could Haunt Men For Years

It was an eventful week for Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), with a slew of developments making headlines. From a major expansion in India to a strategic price hike in China, the tech giant has been making some bold moves. Here&#8217;s a quick recap of the top stories that unfolded over the weekend.
Apple Forges Ahead with $1.5 Billion India Expansion
Despite a warning from President Trump, Apple is reportedly advancing its supply chain expansion in India via its primary manufacturing partner, Foxconn, also known as Hon Hai Precision Industry Co. Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/HNHAF#OTC">HNHAF</a>). Foxconn is planning to invest $1.5 billion in a new display module plant near Chennai, India, which will assemble screen components for iPhones. <a href="https://www.benzinga.com/news/global/25/05/45582261/despite-trumps-warning-to-tim-cook-apple-moves-ahead-with-1-5-billion-india-expansion-via-foxconn-to-boost-iphone-production-report">Read the full article here.</a>
Apple Raises iPhone Trade-In Prices in China
In a bid to boost sales in China, Apple has increased the trade-in prices for iPhones. This move comes amid intensifying competition from local rivals. The trade-in value for the iPhone 15 Pro Max has been raised to 5,700 Chinese yuan ($791), up from 5,625 yuan ($780.78).&nbsp;<a href="https://www.benzinga.com/markets/25/05/45585977/apple-raises-iphone-trade-in-prices-in-china-to-fend-off-huawei-xiaomi-amid-lagging-sales">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/25/05/45582499/gary-black-slams-teslas-unsupervised-autonomous-driving-ahead-of-austin-robotaxi-launch-i-have-warned" target="_blank" rel="noreferrer noopener">Gary Black Slams Tesla&#8217;s Unsupervised Autonomous Driving Ahead Of Austin Robotaxi Launch: &#8216;I Have Warned&#8230;&#8217;</a>
Apple Will Likely Absorb iPhone Tariff Rather Than Move Production to the US
Following President Trump&#8217;s demand for domestic manufacturing of iPhones or face a 25% tariff, top Apple analyst Ming-Chi Kuo stated that Apple is unlikely to relocate its assembly lines back to the U.S., even under political pressure. According to Kuo, it&#8217;s more profitable for Apple to absorb the tariff.&nbsp;<a href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term">Read the full article here.</a>
Apple&#8217;s AI Smart Glasses Launch Expected Next Year
Apple is reportedly planning to launch AI-powered smart glasses in late 2026 to compete with Meta Platforms, Inc.&#8217;s Ray-Bans. The company has increased efforts to start mass production of prototypes by the end of this year with overseas suppliers.&nbsp;<a href="https://www.benzinga.com/media/25/05/45580078/apple-could-reportedly-launch-ai-smart-glasses-next-year-and-here-is-what-all-they-are-expected-to-do">Read the full article here.</a>
Apple Faces Threat from OpenAI&#8217;s Acquisition
Gene Munster, Managing Partner at Deepwater Asset Management, warned that OpenAI represents a serious competitive threat to Apple following the AI company's $6.5 billion acquisition of former Apple design chief Jony Ive‘s hardware startup.&nbsp;<a href="https://www.benzinga.com/markets/equities/25/05/45560144/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jony-ives-hardware-startup-says-gene-munster">Read the full article here.</a>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>
Photo courtesy: jamesteohart / Shutterstock.com

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Trump's 25% Tariffs, India Expansion, Trade-In Price Hike, And More: This Week In Appleverse

The past week has been a rollercoaster ride, with billionaires celebrating, banking moguls issuing warnings, and TV personalities pushing back. From the passing of President Donald Trump&#8217;s controversial tax package to the rising tensions over trade policy, the week was filled with significant developments.
Here&#8217;s a quick recap of the top stories.
Warren Accuses Bezos And Musk Of Celebrating Tax Package
Senator&nbsp;Elizabeth Warren&nbsp;(D-Mass.) criticized President Trump&#8217;s $3.8 trillion tax package, accusing billionaires&nbsp;Jeff Bezos&nbsp;and&nbsp;Elon Musk&nbsp;of celebrating its passing. The House approved the legislation with a narrow margin of 215-214. Warren referred to the bill as a &#8220;big tax handout for billionaires,&#8221; funded by stripping 14 million people of their health insurance.
<a href="https://www.benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-b">Read the full article here.</a>
Dimon Predicts S&amp;P Earnings Could Fall To 0%
Jamie Dimon, CEO of&nbsp;JPMorgan Chase &amp; Co., warned that Wall Street&#8217;s expectations for S&amp;P 500 earnings growth could plummet from 12% to 0% due to the impact of tariffs. Dimon, who accurately predicted trouble before the 2008 Lehman Brothers collapse, suggested that equity valuations face downward pressure.
<a href="https://www.benzinga.com/markets/equities/25/05/45535142/jamie-dimon-who-flagged-trouble-before-2008-lehman-brothers-collapse-now-warns-sp-earnings-could-fall-to-0rougher-time-for-markets-says-dan-niles">Read the full article here.</a>
See Also:&nbsp;<a href="https://www.benzinga.com/news/global/25/05/45579810/as-trump-xi-jinping-silence-drags-on-china-and-us-reopen-diplomatic-lines-amid-looming-trade-truce-deadline-and-tech-tensions" target="_blank" rel="noreferrer noopener">As Trump-Xi Jinping Silence Drags On, China And US Reopen Diplomatic Lines Amid Looming Trade Truce Deadline And Tech Tensions</a>
Trump&#8217;s $3.8 Trillion Bill Passes House
President Trump&#8217;s $3.8 trillion tax-and-spending package narrowly passed the House of Representatives, causing 30-year Treasury yields to spike to 5.15% — the highest level since October 2023. While the package promises immediate economic stimulus, market analysts warn of significant long-term fiscal consequences.
<a href="https://www.benzinga.com/news/25/05/45581297/trumps-big-beautiful-3-8-trillion-bill-squeaks-through-house-expert-says-it-will-boost-the-economy-in-the-sh">Read the full article here.</a>
O&#8217;Leary Rejects Trump&#8217;s Tariff Absorption Proposal
&#8220;Shark Tank&#8221; investor&nbsp;Kevin O&#8217;Leary&nbsp;dismissed President Trump&#8217;s suggestion that retailers should absorb the costs of tariffs. O&#8217;Leary argued that retailers like&nbsp;Walmart would not bear the financial burden of tariffs, highlighting growing tensions over trade policy.
<a href="https://www.benzinga.com/government/regulations/25/05/45512248/kevin-oleary-pushes-back-on-trumps-call-for-retailers-to-eat-the-tariffs-thats-not-going-t">Read the full article here.</a>
Federal Reserve Should Ignore Rising Yields, Says Shapiro
Following the jump in the 30-year Treasury yield over 5% after Moody's downgrade of the U.S. debt, economist&nbsp;Craig Shapiro&nbsp;suggested that the Federal Reserve should do &#8220;nothing at all&#8221; and let the bond vigilantes do the work.
<a href="https://www.benzinga.com/25/05/45510990/federal-reserve-should-do-nothing-at-all-about-the-rising-yields-says-craig-shapiro-let-the-bond-vigilantes-eat">Read the full article here.</a>
Photo courtesy: Shutterstock
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/ananya-gairola" target="_blank" rel="noreferrer noopener">Ananya Gairola</a>

Economics

Bezos And Musk Celebrate, Dimon Warns And O'Leary Pushes Back: This Week In Economy

The week was abuzz with political and business news, with events that could potentially reshape the landscape of American education, economy, and technology. From the Trump administration&#8217;s controversial decision to revoke Harvard&#8217;s ability to enroll international students to the passage of a massive tax bill, the news cycle was anything but quiet. Here&#8217;s a recap of the major stories.
Harvard&#8217;s International Student Enrollment Revoked
The Trump administration announced on Thursday that it has terminated&nbsp;Harvard University&#8217;s&nbsp;ability to accept international students, impacting current students who must now transfer or risk losing their legal status. Homeland Security Secretary&nbsp;Kristi Noem&nbsp;accused the university of fostering violence, antisemitism, and coordinating with the Chinese Communist Party. Harvard, which had nearly 6,800 international students in the 2024-2025 academic year, called the move illegal and retaliatory.&nbsp;<a href="https://www.benzinga.com/25/05/45578777/trump-administration-revokes-harvards-ability-to-enroll-international-students-kristi-noem-alleges-coordination-with-chinese-communist-party">Read the full article here.</a>
Warren Criticizes Trump&#8217;s Tax Bill
Sen.&nbsp;Elizabeth Warren&nbsp;(D-Mass.) criticized President Donald Trump‘s $3.8 trillion tax package after the House narrowly approved the legislation. She accused billionaires&nbsp;Jeff Bezos&nbsp;and&nbsp;Elon Musk&nbsp;of celebrating while millions face healthcare cuts.&nbsp;<a href="https://www.benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-big-beautiful-bill-she-calls-a-handout-to-billionaires">Read the full article here.</a>
See Also:&nbsp;<a href="https://benzinga.com/politics/25/05/45537630/trump-claimed-qatar-gifted-him-a-400-million-jet-but-insiders-say-the-us-initiated-the-deal" target="_blank" rel="noreferrer noopener">Trump Said Qatar Gifted Him A $400 Million Jet, But Insiders Say The US Initiated The Deal &#8211; Benzinga</a>
Trump&#8217;s Tax Bill Passes House
The U.S. House of Representatives narrowly passed President Donald Trump‘s $3.8 trillion tax-and-spending package on Thursday. The legislation, which Trump called his "big, beautiful" tax bill, now heads to the Senate for approval before the July 4 recess.&nbsp;<a href="https://www.benzinga.com/news/25/05/45581297/trumps-big-beautiful-3-8-trillion-bill-squeaks-through-house-expert-says-it-will-boost-the-economy-in-the-short-term-but-worsen-deficits">Read the full article here.</a>
White House National Security Council Faces Staff Reductions
The White House National Security Council (NSC) has seen a substantial reduction in its workforce as part of President Donald Trump's strategy to trim down the council's size. The staff cuts affected personnel handling critical geopolitical issues, including Ukraine and Kashmir.&nbsp;<a href="https://www.benzinga.com/25/05/45599865/white-house-national-security-council-faces-staff-reductions-as-part-of-major-restructuring-report">Read the full article here.</a>
Musk&#8217;s AI Deployed in US Government Agencies
Elon Musk&#8217;s&nbsp;artificial intelligence chatbot, Grok, is reportedly being quietly used within U.S. government agencies under the direction of his Department of Government Efficiency (DOGE) team. The AI tool, developed by Musk&#8217;s company xAI, is being used to analyze federal data, prepare reports, and assist agency operations.&nbsp;<a href="https://www.benzinga.com/25/05/45599514/elon-musks-grok-ai-is-quietly-being-deployed-across-us-government-agencies-experts-warn-it-could-breach-privacy-laws-and-create-serious-conflicts-of-interest-report">Read the full article here.</a>
Read Next:
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<li><a href="https://benzinga.com/general/health-care/25/05/45582300/elizabeth-warren-says-jeff-bezos-and-elon-musk-are-popping-champagne-as-house-passes-trumps-b" target="_blank" rel="noreferrer noopener">Elizabeth Warren Says Jeff Bezos And Elon Musk &#8216;Are Popping Champagne&#8217; As House Passes Trump&#8217;s &#8216;Big, Beautiful Bill&#8217; She Calls A Handout To Billionaires</a></li>
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This story was generated using <a href="https://www.benzinga.com/author/benzinga-neuro">Benzinga Neuro</a> and edited by <a href="https://www.benzinga.com/author/Rounak-Jain" target="_blank" rel="noreferrer noopener">Rounak Jain</a>
Photo courtesy: Joey Sussman / Shutterstock.com

Politics

Trump's Tax Bill, Harvard's International Student Ban, And Musk's AI In Government: This Week In Politics

A car is a depreciating asset that loses value the moment you take it out of the dealer's lot. While some people view a car as nothing more than a method of transportation, others want to spend some extra money on a fun vehicle.
A 27-year-old is considering making this type of purchase and <a href="https://www.reddit.com/r/HENRYfinance/comments/1koen5f/how_much_is_too_much_to_spend_on_a_fun_vehicle/">posted in the HENRY Finance Reddit community</a>. The guy has a $500,000 net worth and maxes out his 401(k) and Roth accounts. He's got $2,400 in monthly expenses, which include rent, and he makes $350,000 per year. That salary does not include his bonus.
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"Feel free to talk me out of this," the 27-year-old suggested while having some reservations about the idea.&nbsp;
Fellow Redditors shared their thoughts in the comments.
<h2 class="wp-block-heading">A Fun Car Can Give You More Motivation</h2>
One commenter has bought fun, expensive cars and encouraged the Redditor to do the same. The commenter stated that buying these types of cars serves as extra motivation. Riding an exotic vehicle can put you in a different mindset. If you want to collect these types of cars, you have to earn more money and be smarter about how you spend the rest of your money.
Buying the car can also make you feel like you are on top of the world. Having that feeling as a 27-year-old and knowing that you have your entire life ahead of you is a great feeling. You will realize you can accomplish a lot in your life and that there is still much for you to do.
Another commenter said they made that type of purchase in their mid-20s and felt empowered by it. However, this same individual is in their 40s and doesn't want a luxury car anymore, despite being out of the "High Earner, Not Rich Yet" category.
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<h2 class="wp-block-heading">It's Easier To Buy A Sports Car When You Don't Have Kids</h2>
The 27-year-old doesn't have many expenses right now. Some people questioned how he's only spending $2,400 per month, including rent. That means he's keeping most of his money, and since he earns a lot, it's much easier to buy an exotic car.&nbsp;
The Redditor could buy this car with cash instead of taking out a loan. That way, interest and regular monthly payments don't eat away at his finances. It looks like he can still max out his retirement accounts and make regular investments in his brokerage account.
However, it gets much harder to buy one of these cars as a parent. You will have other responsibilities and expenses to cover. The Redditor won't always be making $350,000 per year and spending $2,400 per month. The expenses will go up a lot in the future, so if the luxury car is a bucket list item, going for it now may make sense.
See Also: Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>.&nbsp;
<h2 class="wp-block-heading">You Can Afford Anything, But Not Everything</h2>
One Redditor proposed the "afford anything" mentality that Paula Pant recommends. The idea is that you can afford anything, but not everything. If the 27-year-old is all set on a luxury car and doesn't have any other discretionary spending categories, it makes sense to get the car. However, if the Redditor wants to travel more often, he may want to wait before buying a nice car.
It's still good to gauge how much you can afford. One commenter suggested purchasing an $80,000 vehicle instead of a $120,000 vehicle. Cutting down the maximum purchase price can still result in a nice car while allowing the Redditor to save more money.
The luxury car is doable if the 27-year-old maintains low expenses. He may not have this type of opportunity when he starts his family. Buying the car and aggressively saving the rest of his annual salary can still set him up for long-term wealth.
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Image: Shutterstock

A 27-Year-Old Redditor Wants To Know How Much Is Too Much To Spend On A Fun Vehicle: 'Feel Free To Talk Me Out Of This'

The U.S. <a href="https://www.benzinga.com/general/education/25/03/44444175/trump-orders-steps-to-dismantle-department-of-education-what-it-means-for-student-loans">Department of Education</a> has resumed involuntary collections on defaulted student loans, ending a five-year pause that began during the COVID-19 pandemic. As of May 5, federal agencies can once again seize income from defaulted borrowers, including garnishing wages, intercepting tax refunds, and taking a portion of Social Security benefits.
The change could directly impact around 452,000 Americans age 62 and older, according to the <a href="https://www.consumerfinance.gov/data-research/research-reports/issue-spotlight-social-security-offsets-and-defaulted-student-loans/">Consumer Financial Protection Bureau</a>. Many of these retirees could see their monthly Social Security checks reduced significantly, in some cases down to just $750, <a href="https://www.forbes.com/sites/shaharziv/2025/05/16/social-security-benefits-could-be-slashed-to-750-under-trumps-student-loan-wage-seizure/">Forbes</a> reports.
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<h2 class="wp-block-heading">From $1,883 to $750: A Sharp Drop in Protected Income</h2>
Under a policy proposed during the Biden administration, borrowers receiving Social Security benefits would have been able to shield up to 150% of the federal poverty line — about $1,883 per month — from student loan garnishment. That protection was never implemented.
Instead, the current policy reverts to a decades-old rule from 1996, which only protects the first $750 of a retiree's monthly Social Security income. Anything above that can be garnished, up to 15% of the total benefit, experts told <a href="https://www.cnbc.com/2025/05/14/social-security-benefits-at-risk-for-defaulted-student-loan-borrowers.html">CNBC</a>. The $750 floor has not been adjusted for inflation, meaning it now falls well below the federal poverty line.
<h2 class="wp-block-heading">Why $750 No Longer Covers the Basics</h2>
Back in 1996, $750 was considered a modest but livable amount for a single retiree. Today, it's about $400 below the monthly poverty line of roughly $1,255. For perspective, even the federal Supplemental Security Income benefit — designed to support low-income seniors — currently pays up to $967 per month.
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Had the exemption amount kept pace with inflation, it would be closer to $1,450 today, according to Forbes. Instead, retirees whose benefits are garnished may now be left with less money than what's required to cover basic needs like rent, groceries, or <a href="https://www.benzinga.com/news/25/05/45389750/trump-claims-drug-price-crackdown-could-slash-your-prescription-costs-by-59-but-will-big-pharma-fight-it-again">prescription medications</a>.
<h2 class="wp-block-heading">How the Policy Shift Happened</h2>
The Biden administration attempted to increase protections for older borrowers, according to the <a href="https://www.nasfaa.org/news-item/35488/Biden_Administration_Releases_Policy_Memo_on_Efforts_to_Prevent_Student_Loan_Default">National Association of Student Financial Aid Admissions</a>. In the final months of his term, Under Secretary of Education James Kvaal proposed raising the garnishment floor to $1,883, with annual inflation adjustments. That change would have significantly reduced or eliminated garnishments for most affected retirees.
However, the Trump administration did not adopt the proposal. Instead, it reinstated the 1996-era garnishment policy. According to the U.S. Department of Education, this move is in line with requirements under the Higher Education Act of 1965 and was made alongside a broader restart of collections on all defaulted loans.
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<h2 class="wp-block-heading">Lawmakers Call for Reform</h2>
As benefit offsets resume, lawmakers and consumer advocates are pushing for legislative changes. Rep. Ayanna Pressley (D-MA) and Sen. Cory Booker (D-NJ) have <a href="https://pressley.house.gov/2025/05/14/pressley-booker-warren-reintroduce-bill-to-suspend-garnishments-for-student-loan-borrowers/">introduced a bill</a> to halt Social Security garnishment for student loan debt. Pressley called the policy "shameful," saying that no one should have their retirement benefits seized to repay old student loans.
Whether the bill gains traction remains uncertain. For now, retirees in default are urged to explore options like income-driven repayment or <a href="https://www.benzinga.com/markets/25/05/45464783/student-loan-payment-tightening-will-prevent-access-to-credit-and-could-have-a-dramatic-effect-on-ho">loan rehabilitation</a> to avoid benefit garnishment. The Federal Student Aid office has expanded support and extended call center hours to assist affected borrowers.
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Image: Shutterstock

Social Security Checks Could Shrink For 450,000 Retirees As Government Resumes Seizing Benefits Over Student Loan Defaults

Shaq Owned 155 Five Guys But Had No Clue How To Run Them — So He Turned To A McDonald's Manager Who Hooked Him Up During His NBA Days Into A Partner
Imagine being offered a stake in a booming burger chain and saying yes before you even knew what it was. That's exactly what happened to <a href="https://www.benzinga.com/personal-finance/24/09/40943843/we-aint-rich-im-rich-nba-legend-shaq-says-his-daughters-and-sons-dont-get-equal-treatment-my-boy">Shaquille O'Neal</a>.&nbsp;
In a <a href="https://www.instagram.com/andrewcordle/reel/DCNNlikS5vM/">clip shared to Instagram</a> in November by entrepreneur Andrew Cordle during the Aspire Tour, Shaq recounted the unexpected moment that launched him into the burger business.
"One day a guy came up to me and said, ‘Hey man, I'm starting this thing called Five Guys,'" Shaq recalled. "I was like, ‘What's Five Guys?' He's like, ‘Burgers. I wanna offer you equity in the company, and I wanna give you franchises.' So I say yes, but now I'm like, I don't know sh&#x2A;t about burgers… What do I do?"
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Shaq didn't just need a manager — he needed someone who actually knew the fast food game. So he looked to someone who'd already earned his trust during his NBA days in Orlando: a local McDonald's manager who had always treated him well.
"When I was playing here in Orlando, there was a guy at the McDonald's. He was the manager, and he always took care of me," Shaq said. "Didn't really have the cash to branch out. So I said okay, I already got the plan. I'm gonna take him, I will make him a partner, he's gonna run it."
Not just a thank-you, but a full-on business partnership. And it worked. Shaq said, "We're going to keep it, sell it, or whatever. And it worked out for me. So I think I had 155 Five Guys and he ran it."
Eventually, someone made him an offer he couldn't refuse. "Met a guy one day who wanted to take it off my hands. He showed me the number and I looked at it and was like, you can have it all," Shaq laughed. "You can have the burger, the fries, the lettuce, the shakes."
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What started as a spur-of-the-moment yes turned into a 155-location empire — and all because, as Shaq put it, "I get a lot of opportunities just by being a nice guy."
And being a nice guy has paid off — literally. Today, Shaq's estimated <a href="https://www.benzinga.com/general/sports/25/05/45482493/nba-legend-shaq-once-offered-500k-on-the-spot-to-fulfill-a-promise-to-his-grandmother-and-that-same-mindset-set-the-tone-for-a-500-million-investment-empire">net worth is around $500 million</a>, and his business portfolio is stacked with <a href="https://www.benzinga.com/personal-finance/25/03/44207096/shaq-said-his-krispy-kreme-store-was-likely-burned-down-by-homeless-trying-to-stay-warm-im-not-gonna-be-putting-charges-on-homeless-people">everything from Krispy Kreme and Papa John's</a> to car washes and fitness centers.
But Shaq's brand isn't just about owning franchises — it's about backing brands that connect with everyday people. His strategy? Invest in businesses that change lives. He once said he <a href="https://www.benzinga.com/personal-finance/25/03/44068159/nba-legend-shaq-says-his-net-worth-quadrupled-once-he-took-note-from-jeff-bezos-and-started-investing-in-things-that-change-peoples-lives">took that cue from Amazon founder Jeff Bezos</a>. He looks for companies that offer real value to real people — and that's helped turn him from an NBA legend into a franchise juggernaut.
Shaq may not have known much about burgers, but he's mastered the business of betting on people.
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Image: Shutterstock

Shaq Owned 155 Five Guys But Had No Clue How To Run Them — So He Turned A McDonald's Manager Who Hooked Him Up During His NBA Days Into A Partner

The International Monetary Fund has reportedly urged the United States to rein in its growing fiscal deficit and rising public debt as concerns mount over former President Donald Trump&#8217;s proposed <a target="_blank" href="https://www.benzinga.com/government/regulations/25/04/44926902/imf-slashes-us-growth-outlook-as-trump-tariffs-bite-raises-recession-odds-to-40" rel="noreferrer noopener">extension of tax cuts.</a>
In a recent interview <a href="https://www.ft.com/content/7189e6fc-8bc9-40dc-85de-bd5c2da22988">with </a>the Financial Times, Gita Gopinath, the IMF&#8217;s First Deputy Managing Director, emphasized the need for the U.S. to adopt more sustainable fiscal policies in light of deteriorating credit ratings and mounting debt obligations.
Gopinath described the country&#8217;s budget shortfalls as &#8220;too large&#8221; and warned that debt-to-GDP levels—now approaching 98%—were on an unsustainable trajectory, the report adds.
Read Next: <a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45548142/moodys-downgrade-real-risk-or-just-noise" rel="noreferrer noopener">Moody&#8217;s Downgrade: Real Risk Or Just Noise?</a>
A decade ago, this figure stood at 73%, according to the Congressional Budget Office.
Her remarks followed a downgrade from Moody&#8217;s, which removed the U.S.&#8217;s final AAA credit rating due to debt concerns.
The rating agency projected that Trump&#8217;s push to prolong his 2017 tax cuts would increase the federal deficit from 6.4% in 2023 to nearly 9% by 2035, if implemented.
Scott Bessent, the Treasury Secretary, downplayed Moody&#8217;s action, calling it a &#8220;lagging indicator.&#8221;
He blamed the fiscal imbalance on the previous administration and reaffirmed the current administration&#8217;s commitment to deficit reduction, targeting a 3% deficit by the end of Trump&#8217;s term.
Despite recent easing in U.S.-China tariffs, Gopinath warned that trade policy uncertainty remains elevated.
She welcomed temporary pauses but noted that the effective tariff rate remains significantly higher than a year ago, adding that the long-term economic effects have yet to play out in the data.
The IMF recently trimmed its 2025 U.S. growth outlook to 1.8% and revised global growth expectations down to 2.8%, partially in response to ongoing trade friction and fiscal policy ambiguity.
Trump continues to push House Republicans to support his tax package, arguing that failure to do so would result in higher tax bills for voters. However, critics warn that the plan risks further straining government finances and eroding market confidence.
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Equities

Markets

General

IMF Sounds Alarm On US Debt As Trump Eyes Tax Cut Extension: Report

Errol Musk, father of Tesla Inc. CEO Elon Musk, has expressed his willingness to expand his family, regardless of his age.
Errol Musk, in&nbsp;an interview, stated, &#8220;Any man — that I&nbsp;know of anyway — very&nbsp;happily, if he finds the&nbsp;right girl, would have another&nbsp;child. It doesn&#8217;t matter if&nbsp;he&#8217;s 90, 20, 50 —&nbsp;doesn&#8217;t matter what age. I&nbsp;mean, that&#8217;s what we&#8217;re built&nbsp;for — that&#8217;s what we&#8217;re&nbsp;made for.&#8221;
Errol Musk, who has seven acknowledged children, including three with Elon&#8217;s mother, Maye Musk, also has two children with his former stepdaughter Jana Bezuidenhout. During <a href="https://www.businessinsider.com/elon-musk-father-errol-musk-have-more-kids-young-woman-2023-9">the</a> interview, he clarified that their relationship began when she was an adult, after his marriage to her mother.
On the subject of expanding his family, 78-year-old Errol stated, &#8220;So if a woman came&nbsp;along who was able to&nbsp;have children, she&#8217;d have to&nbsp;be under 35 because a&nbsp;woman&#8217;s cutoff for having children&nbsp;is 35, believe it or&nbsp;not. But&nbsp;if she&#8217;s under 35 and&nbsp;I loved her and everything,&nbsp;I wouldn&#8217;t think twice about&nbsp;having another child, of course.&#8221;
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He&nbsp;also touched upon the financial&nbsp;implications&nbsp;of having children at his&nbsp;age, emphasizing the importance of ensuring&nbsp;their well-being after his time&nbsp;has passed.
Errol Musk&#8217;s openness about expanding his family despite his age reflects a broader societal trend of older individuals considering parenthood. 
His comments also highlight the importance of financial planning for potential future children, particularly for older parents. 
This news comes amidst ongoing public interest in the personal lives of high-profile individuals like the Musk family.
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Image: Shutterstock/cristiano barni

Social Media

Elon Musk's Father Open to More Children Despite Age: 'I Wouldn't Think Twice About Having Another Child'

Amazon founder Jeff Bezos has been noticeably missing from local events in his upscale Seattle neighborhood, Hunts Point.
Bezos, who is the world&#8217;s second-richest man, relocated to the affluent area in 2019, buying a waterfront estate worth $37.5 million. 
Despite his high-profile status, Bezos has been notably absent from community events such as&nbsp;Cleanup Day, the Fourth of&nbsp;July celebration, and local charity fundraisers.
According to a report <a href="https://www.businessinsider.com/jeff-bezos-neighbors-hunts-point-seattle-real-estate-2023-12?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook&amp;fbclid=IwAR2_bI6F_vMCKDzK6V7heqE7U9546Pz_vBesxFdrYBEhU3_kn9KGqpNjDGo">by</a> Insider, while Bezos himself has been largely invisible, his staff members have become familiar faces in the neighborhood. His chef and security personnel are well-known to the residents, who have noticed the increased security presence.
Nevertheless, Bezos&#8217; absence has been felt in the close-knit community. Residents commented on his lack of involvement in community activities. Despite this, Bezos has made donations to a local charity, Bellevue Lifespring.
Also Read: <a href="https://www.benzinga.com/tech/25/04/44780229/decoding-jeff-bezos-unique-amazon-interview-question-a-key-to-hiring-success">Decoding Jeff Bezos&#8217; Unique Amazon Interview Question: A Key To Hiring Success?</a>
One resident told the Insider, &#8220;Jeff Bezos acts like he owns Hunts Point.&#8221; &#8220;He&#8217;s not much of a neighbor,&#8221; another resident said. &#8220;He&#8217;s so busy with all this national stuff.&#8221; 
Earlier in 2024, Bezos announced that he would be leaving Seattle&nbsp;to make Miami his primary&nbsp;residence. His departure comes after four years in Hunts Point, characterized mainly by his absence.
Bezos&#8217; absence from community events in Hunts Point, despite his high-profile status and the presence of his staff, has been noted by residents. 
His departure for Miami marks the end of a four-year period in the affluent Seattle neighborhood, during which he was largely unseen but still made contributions to local charities.
<a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos" target="_blank" rel="noreferrer noopener">This Amazon Applicant&#8217;s Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Image: Shutterstock/Photo Agency

Entertainment

Jeff Bezos Called Out in Hunts Point: 'Acts Like He Owns Hunts Point,' 'Not Much of a Neighbor,' 'Busy With National Stuff'

Mark Cuban, the former owner of the Dallas Mavericks, once said that NBA players coming out as gay could see a significant increase in their income.
What Happened: Cuban, a billionaire entrepreneur, proposed once that NBA players who openly identify as gay could reap substantial financial benefits.
The context of his comments was the case of John Amaechi,&nbsp;the first former NBA player&nbsp;to publicly come out as&nbsp;gay in 2007. Cuban <a href="https://www.espn.in/nba/news/story?id=2762656">suggested</a> a few years back,&nbsp;&#8220;If you&#8217;re a player who&nbsp;happens to be gay and&nbsp;you want to be incredibly&nbsp;rich, then you should come&nbsp;out,&#8221; according to ESPN.
Cuban, who has a reputation for transforming small ideas into big successes, elaborated that coming out could enhance a player&#8217;s earnings from a marketing and endorsement standpoint. 
He stated,&nbsp;&#8220;You would be an absolute&nbsp;hero to more Americans than&nbsp;you can ever possibly be&nbsp;as an athlete, and that&#8217;ll&nbsp;put money in your pocket.&#8221;
Also Read: <a href="https://www.benzinga.com/news/25/04/44780380/mark-cuban-gets-real-about-what-it-takes-to-get-rich-even-when-i-was-dead-broke-sleeping-on-the-floor-i-was-having-fun">Mark Cuban Gets Real About What It Takes To Get Rich: &#8216;Even When I Was Dead Broke Sleeping on the Floor, I Was Having Fun&#8217;</a>
However, he also cautioned about the repercussions of intolerance, asserting that those who respond negatively to someone&#8217;s sexual orientation risk tarnishing their reputation and missing out on business opportunities.
Despite emphasizing the business aspect, Cuban acknowledged Amaechi&#8217;s bravery, saying,&nbsp;&#8220;When you do something that&nbsp;the whole world thinks is&nbsp;difficult and you stand up&nbsp;and just be who you&nbsp;are and take on that&nbsp;difficulty factor, you&#8217;re an American&nbsp;hero no matter what.&#8221;
Cuban&#8217;s comments come at a time when discussions around diversity and inclusion in sports are gaining momentum. His perspective offers a fresh angle, highlighting the potential financial benefits for athletes who come out, alongside the societal impact. 
This could encourage more open conversations about sexuality in sports, promoting inclusivity and acceptance.
Read Next
<a href="https://www.benzinga.com/news/22/08/28577562/what-its-like-to-have-mark-cuban-as-a-dad-you-dont-just-get-a-credit-card" target="_blank" rel="noreferrer noopener">Mark Cuban Is A Billionaire, But He Still Cooks For His Kids: ‘We Try To Be As Normal As Possible'</a>
Image: Shutterstock/Zero99

Sports

Mark Cuban Once Suggested Gay NBA Players Could Profit: 'If You're a Player Who Happens To Be Gay and Want To Be Incredibly Rich, Then You Should Come Out'

A Texas lottery player has taken legal action against the&nbsp;Texas Lottery Commission&nbsp;for withholding her $83.5 million jackpot, which she won through an online ticket purchase via a third-party courier.
What Happened: The unidentified woman filed the lawsuit on Wednesday, three months after the Feb. 17 Lotto Texas drawing. She utilized the Jackpocket Lottery app to purchase $20 worth of tickets from a licensed retailer in North Austin.
The winning numbers for the draw were 19, 21, 25, 45, 47, and 52. The woman tried to claim her prize from the Texas Lottery Commission on March 18 but has yet to receive her winnings. She maintains that her ticket was correctly validated by the commission, affirming her as the rightful winner of the jackpot.
As per the lawsuit neither the commission nor anyone representing it has indicated that the winning ticket is invalid or fraudulently obtained, <a href="https://www.kvue.com/article/news/local/lottery-winner-sues-texas-lottery-commission-executive-director-unpaid-ticket-lotto/269-1b3df8cf-e53a-49d8-9bbf-3dcd6dbdc741">reports</a> KVUE.
The woman alleges that the commission is withholding her winnings on the grounds that her method of play, using a third-party courier, was deemed &#8220;illegal.&#8221;
Also Read: <a href="https://www.benzinga.com/news/23/06/32853534/this-millennial-ditched-us-for-bali-with-zero-savings-now-lives-in-luxury-on-140k-a-year">This Millennial Ditched US For Bali With Zero Savings, Now Lives In Luxury On $140K A Year</a>
The Texas Lottery Commission has recently suggested a prohibition&nbsp;on couriers from state lottery&nbsp;drawings, citing concerns about fairness and integrity. The commission has expressed concerns&nbsp;that most couriers and the&nbsp;licensed retailers they collaborate with&nbsp;are based in the same&nbsp;location.
The Jackpocket app is a property of sports betting company DraftKings. The Texas Lottery Commission has been the subject of multiple investigations from the state attorney general&#8217;s office, and its executive director, Ryan Mindell, stepped down on April 21.
Why It Matters: This lawsuit comes at a time when the Texas Lottery Commission is already under scrutiny from the state attorney general&#8217;s office. 
The proposed&nbsp;ban on couriers from state&nbsp;lottery drawings and the recent resignation of its executive director add to the complexity of the situation.
The outcome of this lawsuit could potentially impact the future of online lottery ticket purchases and the role of third-party couriers in the process.
Read Next
<a href="https://www.benzinga.com/news/24/01/36631415/this-amazon-applicants-interview-answer-earned-her-a-seat-3-feet-away-from-amazons-bezos" target="_blank" rel="noreferrer noopener">This Amazon Applicant's Interview Answer Earned Her A Seat 3 Feet Away From Jeff Bezos</a>
Image: Shutterstock/Jmcanally

Texas Woman Takes Legal Action After Three-Month Wait for $83.5 Million Lottery Prize

Matthew Zorn, an attorney known for suing the federal government over <a href="https://www.benzinga.com/cannabis">cannabis and psychedelics policy</a>, is now joining it.
Zorn has been appointed Deputy General Counsel at the U.S. Department of Health and Human Services (HHS) under Secretary Robert F. Kennedy Jr., with a focus on psychedelics policy, according to two sources cited by <a class="" href="https://www.marijuanamoment.net/lawyer-who-sued-federal-health-agency-to-release-marijuana-documents-now-works-there-with-focus-on-psychedelics/">Marijuana Moment's Kyle Jaeger</a>. The outlet also reported that Zorn is being referred to internally as the department's "psychedelics czar." The hiring was further confirmed by <a href="https://x.com/natsfert/status/1926039985607602501">Politico reporter Natalie Fertig</a>, who also cited two sources familiar with the matter.
<h3 class="wp-block-heading">Why This Matters</h3>
Zorn's legal work has made headlines in recent years for helping push forward federal drug policy reform. He successfully sued HHS to release its 2023 scientific review recommending the reclassification of marijuana from Schedule I to Schedule III, a pivotal moment in the current rescheduling effort.
He has also represented physicians and terminal patients in litigation against the Drug Enforcement Administration (DEA), seeking federal permission to access psilocybin therapy under Right to Try laws. While courts have thus far sided with the DEA in that case, the litigation helped elevate national awareness of the issue.
Zorn's transition from courtroom adversary to federal policymaker is significant, especially at a time when top officials in the Trump administration are signaling growing support for psychedelics research, particularly for veterans facing PTSD and traumatic brain injury.
According to Marijuana Moment, the new administration has made psychedelic-assisted therapy a clear priority:
<ul class="wp-block-list">
<li>The FDA recently stated that exploring the therapeutic potential of psychedelics such as psilocybin and ibogaine is a "top priority."</li>
<li>VA Secretary Doug Collins said during a congressional hearing that his agency is seeing "positive outcomes" from psychedelic therapy studies, and is exploring the use of vouchers for veterans to access treatment outside the VA system.</li>
<li>RFK Jr. himself has previously called for legalizing psychedelics in therapeutic settings and using tax revenue to fund recovery programs.</li>
</ul>
<h3 class="wp-block-heading">Tuesday Watchlist: Psychedelics Stocks And ETFs</h3>
With markets closed on Monday for Memorial Day, investors will be watching Tuesday's trading session for potential movement in psychedelics-linked equities following this regulatory development.
Here are key stocks and ETFs to watch:
<ul class="wp-block-list">
<li>Compass Pathways (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CMPS#NASDAQ">CMPS</a>)</li>
<li>MindMed (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MNMD#NASDAQ">MNMD</a>)</li>
<li>Cybin Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CYBN#NYSE">CYBN</a>)</li>
<li>Atai Life Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ATAI#NASDAQ">ATAI</a>)</li>
<li>Seelos Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SEEL#NASDAQ">SEEL</a>)</li>
<li>The AdvisorShares Psychedelics ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSIL#NYSE">PSIL</a>)</li>
</ul>
<h3 class="wp-block-heading">What's Next?</h3>
While Zorn's new role does not automatically translate into regulatory change, it represents a clear shift: someone with a history of challenging government secrecy and opposing agency decisions is now in a position to help steer policy from within.
His appointment may bolster investor confidence in the long-term legitimacy of psychedelic-assisted therapy, particularly as the Trump administration continues to frame these treatments as potential lifelines for military veterans and trauma survivors.
Benzinga will continue monitoring regulatory updates, litigation outcomes and biotech developments in the psychedelic space.
Photo: Shutterstock

Cannabis

Psychedelics

ATAI

CMPS

CYBN

MNMD

PSIL

SEEL

Ex-Gov't Foe Joins Trump, RFK Jr.'s HHS To Lead Psychedelics Policy: What It Means For Investors

When Tesla (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) CEO Elon Musk joined President Donald Trump's Department of Government Efficiency, he <a href="https://www.yahoo.com/news/elon-musk-and-doge-promised-up-to-2-trillion-in-government-savings-how-much-have-they-actually-saved-so-far-201718142.html">vowed</a> to cut up to $2 trillion in costs and made waves by <a href="https://apnews.com/article/doge-firings-layoffs-federal-government-workers-musk-d33cdd7872d64d2bdd8fe70c28652654">announcing </a>thousands of layoffs and major contract cancellations. But as he remained in the spotlight with his high-profile role at the White House, Tesla began to struggle.
Tesla deliveries in the first quarter <a href="https://www.cnbc.com/2025/04/02/tesla-tsla-q1-2025-vehicle-delivery-and-production-numbers.html">plunged</a> 13%, while the EV maker saw its market share in Europe<a href="https://eu-evs.com/marketShare/ALL/Brands/Bar/All-time-by-Quarters"> fall</a> to under 9% in the three-month period from about 18% last year. It suffered a double-digit market sales <a href="https://www.cnbc.com/2025/04/02/tesla-china-made-ev-sales-fall-11point5percent-in-march-as-competition-rises.html">decline</a> in China in March amid tough competition. Tesla shares are down 12% so far this year.
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Amid increasing investor concerns and business headwinds at Tesla, Musk announced in the Q1 2025 <a href="https://seekingalpha.com/article/4777030-tesla-inc-tsla-q1-2025-earnings-call-transcript">earnings call</a> that his time at DOGE will see a "significant" drop starting in May.
Talking to a group of reporters at the White House last month, Musk <a href="https://www.nbcnews.com/politics/doge/sleepovers-late-night-ice-cream-elon-musk-white-house-exit-rcna203975?utm_source=flipboard&amp;utm_content=NBCNews%2Fmagazine%2FTop+Stories">said</a> his first three months at DOGE were "intense" and he now plans to return to "primarily running my companies."
Musk spoke candidly during the conversation, recalling his early days working in his government role. Musk said he stayed in the White House's Lincoln Bedroom "more than once" at Trump's invitation when he arrived late in Washington.
&#8220;He was like: &#8216;Where are you staying?&#8217; I was like: &#8216;I don&#8217;t know. At a friend&#8217;s house, I guess'&#8221; Musk <a href="https://www.axios.com/2025/05/01/elon-musk-doge-interview">said</a>. "And then he was like: &#8216;Why don&#8217;t you stay here?&#8217; I was like: &#8216;Sure.'&#8221;
Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — <a href="https://www.benzinga.com/money/boxabl-scaling-fast-from-spacex-orders-to-600-homes-built-this-60k-foldable-home-may-be-the-future-of-housing">this is your last chance to become an investor for $0.80 per share.</a>
During his talk with reporters, Musk referred to Trump as a "good friend" and recalled the president's late-night ice cream invitations.
"He'll actually call late at night and say, ‘Oh, by the way, make sure you get some ice cream from the kitchen,'" Musk said, noting that Trump would jokingly add, "Don't tell RFK," referring to US Department of Health and Human Services Secretary Robert F. Kennedy Jr.
<h2 class="wp-block-heading">Playing Diablo in ‘Comically Tiny' Office</h2>
Musk said that he was assigned a "comically tiny" office on the top floor of the West Wing, with no view and a "glimmer" of sunlight.&nbsp;
&#8220;It has a view of nothing,&#8221; he said. &#8220;It has a window but all you see is the HVAC unit, which is fine. It makes it harder to shoot me, I guess. There&#8217;s not a good line of sight.&#8221;
See Also: <a href="https://www.benzinga.com/money/elon-musk-told-the-u-n-if-they-could-show-a-plan-for-ending-world-hunger-hed-donate-6-billion-i-will-sell-tesla-stock-right-now-and-do-it">Elon Musk Told The U.N. If They Could Show A Plan For Ending World Hunger He'd Donate $6 Billion – ‘I Will Sell Tesla Stock Right Now And Do It'</a>
Musk said he had a large monitor connected to his computer on which he'd occasionally play two of his favorite video games — Diablo and Path of Exile.
<h2 class="wp-block-heading">‘A Way of Life'</h2>
Musk said he was confident that DOGE could run without his daily involvement.
"It's a way of life, like Buddhism," Musk said when asked who'd lead DOGE after him. "You wouldn't ask who would lead Buddhism."
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<li>Maximize saving for your retirement and cut down on taxes: <a href="https://www.benzinga.com/money/wideradvisor-retirement-planning">Schedule your free call with a financial advisor to start your financial journey – no cost, no obligation</a>. </li>
</ul>
Image: Shutterstock

TSLA

Elon Musk Recalls 'Intense' 3 Months At DOGE: Trump's Late-Night Ice Cream Invites, Lincoln Bedroom Sleepovers And Diablo

President Donald Trump has reignited trade tensions by demanding that Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) produce its iPhones domestically if the <a href="https://www.benzinga.com/25/05/45599904/trump-confirms-25-tariff-on-samsung-and-other-companies-making-smartphones-outside-the-us" target="_blank" rel="noreferrer noopener">devices are to be sold in the United States</a>.
In a post on Truth Social Friday, the former president warned that iPhones manufactured abroad—specifically in India—could face a steep import tax of at least 25%. This move could significantly reshape the tech giant&#8217;s global supply chain.
Gene Munster, Managing Partner at Deepwater Asset Management, addressed the economic impact of such a tariff in a <a target="_blank" href="https://x.com/munster_gene/status/1925999154959892482?s=46&amp;t=ULQgdjrI963eH_sS6HFNXw" rel="noreferrer noopener">post </a>on X.
See Also:&nbsp;<a target="_blank" href="https://benzinga.com/markets/cryptocurrency/25/05/45581129/trump-gala-dinner-saw-president-wine-and-dine-top-memecoin-holders-as-protestors-flashed-don-the-con-signs-exclusive" rel="noreferrer noopener">Trump Gala Dinner Saw President Wine And Dine Top Memecoin Holders As Protestors Flashed ‘Don The Con' Signs — Exclusive – Benzinga</a>
&#8220;The market appears to be miscalculating the impact of an iPhone 25% tariff,&#8221; Munster cautioned in his post.
He noted that a 25% tax on the import cost of an iPhone—typically around $560—would translate to a retail hike of about $140.
That would bring the average U.S. iPhone price from $970 to approximately $1,110, a 14% jump.
According to Munster, most consumers wouldn&#8217;t feel the full brunt of the increase due to installment-based contracts.
He estimated that the added monthly cost could range from $4 to $6.
&#8220;That increase of $140 is 80% of the time, spread out over 24 or 36 months via carrier contract. That means the price for the average iPhone buyer would increase by only $4 to $6 a month,&#8221; Munster writes.
However, if Apple were to absorb the tariff, its gross margins could dip from 44% to 41%.
Separately, Munster warned last week that OpenAI could pose the most serious<a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45560144/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jony-ives-hardware-startup-says-gene-munster" rel="noreferrer noopener"> competitive threat to </a><a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45560144/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jony-ives-hardware-startup-says-gene-munster" rel="noreferrer noopener">Apple</a><a target="_blank" href="https://www.benzinga.com/markets/equities/25/05/45560144/apple-faces-first-serious-threat-in-20-years-as-openai-acquires-iphone-makers-former-design-chief-jony-ives-hardware-startup-says-gene-munster" rel="noreferrer noopener"> in two decades.</a>
He referenced the AI firm&#8217;s $6.5 billion acquisition of the hardware venture started by former Apple design lead Jony Ive as a pivotal moment that could impact Apple&#8217;s future dominance in consumer tech.
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Image: Shutterstock/Sunil prajapati

$4 A Month? Gene Munster Unpacks Trump's iPhone Tariff Math - Says 'Market Appears To Be Miscalculating the Impact'

Millions of people around the world will watch the Indianapolis 500 race on Sunday, May 25. Cryptocurrency investors and fans, especially those who like Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) may have more reasons to tune into this year's race.
2025 Indianapolis 500:<a href="https://www.benzinga.com/markets/cryptocurrency/21/06/21613689/doge-car-returns-to-nascar-how-to-get-merchandise-and-bet-on-the-car-to-win"> Cars in NASCAR</a> and other racing leagues have been adorned with versions of the iconic Shiba Inu logo used by Dogecoin and on Sunday, fans watching the Indianapolis 500 will see the Dogecoin logo on Devlin DeFrancesco's car.
The number 30 car from Rahal Letterman Lanigan Racing qualified 16th and will be one of the many cars trying to win the Indianapolis 500.
The race kicks off at 12:30 p.m. ET on Sunday, May 25, and will be covered on FOX, a unit of Fox Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOX#NASDAQ">FOX</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FOXA#NASDAQ">FOXA</a>).
Read Also: <a href="https://www.benzinga.com/markets/cryptocurrency/21/12/24814327/2021-was-the-year-of-dogecoin-a-month-by-month-retrospective-with-top-stories">2021 Was The Year Of Dogecoin: A Month By Month Retrospective With Top Stories</a>
Betting Odds: DeFrancesco has five starts for IndyCar in the 2025 season and 39 career <a href="https://www.indycar.com/Drivers/Devlin-DeFrancesco">starts</a>. The driver has never won a race and does not have any top-10 finishes.
DeFrancesco has raced in the Indianapolis 500 twice, with his best finish being 13th in 2023. The driver improved on his starting position in each of those two races.
The Dogecoin ambassador has odds of +10,000 to win the Indianapolis 500 at sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>). This means a $1 bet would pay out a profit of $100 if DeFrancesco wins the race.
Bettors can also wager on a top-two finish (+4,000), top-three finish (+2000), or top-five finish (+1,300).
The favorites to win the race are Pato O'Ward (+500), Alex Palou (+550) and Scott Dixon (+800). Josef Newgarden, who has won the last two Indianapolis 500 races and could become the first three-time consecutive winner, is listed with the seventh-best odds at +950.
Crypto bettors can also place wagers on prediction markets like <a href="https://polymarket.com/event/2025-indy-500-winner?tid=1748030326438">Polymarket </a>and <a href="https://kalshi.com/markets/kxindy500/indy-500-winner">Kalshi</a>.
On Polymarket, DeFrancesco has a 1% chance of winning the race, with Palou and O&#8217;Ward the favorites at 17% and 16%, respectively.
On Kalshi, DeFrancesco is listed with a 1% chance of winning the race, with O&#8217;Ward and Palou the favorites at 18% and 17%, respectively.
About DeFrancesco: The race car driver was <a href="https://dogecoin.org/blog/2025-05-07-devlin/">born </a>15 weeks premature and weighed only one pound with a small chance of living. Overcoming significant odds at life and becoming a professional race car driver, DeFrancesco has lived by the motto "Born fast."
"It's a miracle we still don't fully comprehend," DeFrancesco said.
DeFrancesco's parents said their son couldn't sit still in his early years. A commercial featuring racing legend Mario Andretti prompted DeFrancesco to love racing from the age of 6.
The racer worked his way up to IndyCar through various other racing leagues. He also demonstrated a passion for other drivers and the embodiment of the "Do Only Good Everyday &#8221; philosophy, which Dogecoin is known for today.
Dogecoin Sponsorship: The number 30 Honda car will feature a fan-voted design, and Dogecoin will be one of the main sponsors of the vehicle in the race.
The Dogecoin Foundation is named a corporate partner for the car, and the House of Doge also sponsors the vehicles. DeFrancesco's firesuit features the Dogecoin logo.
"Dogecoin's about community and defying expectations. That's my race, too, where the finish line is the moon!" DeFrancesco said.
The race car driver credits his brother with helping him invest in Dogecoin in 2020. DeFrancesco, who loves dogs and believes in the "Do Only Good Everyday" mantra, was impressed by the Dogecoin community.
"It's more than a currency – it's a community that lifts everyone up."
Beyond the sponsorship, DeFrancesco also receives a portion of his salary in Dogecoin, becoming the first professional race car driver to do so.
"I first invested in Dogecoin in 2020 and drove everyone crazy, telling anyone who would listen that they needed to own it."
The driver has also teamed up with the Dogecoin Foundation and House of Doge to make donations to a charity close to his heart. DeFrancesco supports the Riley Hospital for Children, a pediatric research hospital in Indiana.
"Riley's is giving children like me a fighting chance. Now it's my turn to help others cross their finish line."
DeFrancesco has encouraged fans to donate to the children's hospital and will be auctioning off his helmet from the race, featuring the Dogecoin logo, with proceeds going to the hospital.
With the Dogecoin community rallying behind DeFrancesco, the number 30 Honda may have a little extra support in this year's Indianapolis 500.
Read Next: 
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</ul>
Image created using artificial intelligence via Midjourney.

Sports Betting

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Dogecoin Car To Race In Indianapolis 500: How To Watch, Bet On Driver Devlin DeFrancesco

A house in the vicinity of President Donald Trump&#8216;s Mar-a-Lago estate&nbsp;in Palm Beach, Florida, is&nbsp;up for sale at a price 32 times higher than its original purchase price.
What Happened: A home on Algoma Road&nbsp;was listed for sale at $12.5 million, a significant increase from the $385,000 it was bought for in 1981. The 1981 price is equivalent to approximately $1,328,610 today, according to&nbsp;the American Institute for Economic&nbsp;Research&#8217;s cost-of-living calculator.
The house, built in 1952, spans 2,493 square feet and is situated&nbsp;on a third of an&nbsp;acre. It features four bedrooms and four bathrooms. 
The property was last purchased by Joyce Vaughn and her late husband, management-consulting executive Clother Hathaway Vaughn III, as per Palm Beach County tax rolls, which was reported <a href="https://www.palmbeachdailynews.com/story/business/real-estate/2025/05/21/new-listing-of-house-in-trump-mar-a-lago-security-zone-is-possible-tear-down-palm-beach-florida/83752437007/">by</a> The Palm Beach Daily News.
The property also boasts a private pool and is located&nbsp;within the secured Presidential Security&nbsp;Zone,&nbsp;overseen by the U.S. Coast&nbsp;Guard. The house is approximately&nbsp;250 feet away from deeded&nbsp;beach access and is described as offering a &#8220;unique island lifestyle combined with&nbsp;a truly elite level of&nbsp;privacy.&#8221;
Also Read: <a href="https://www.benzinga.com/tech/24/12/42714387/tech-titans-warm-up-to-donald-trump-who-says-everybody-wants-to-be-my-friend-claims-bill-gates-asked-to-come-to-mar-a-lago">Tech Titans Warm Up To Donald Trump, Who Says &#8216;Everybody Wants To Be My Friend,&#8217; Claims Bill Gates Asked To Come To Mar-a-Lago</a>
The listing agent,&nbsp;Margit Brandt of Premier Estate&nbsp;Properties, stated that the property&nbsp;presents a special opportunity for&nbsp;a buyer to build their&nbsp;dream home in one of&nbsp;the most exclusive locations in the world.
Why It Matters: The listing of this property at such a high price point underscores the increasing value of real estate in the Palm Beach area, particularly in the vicinity of the Mar-a-Lago estate. 
The property&#8217;s location within the Presidential Security Zone adds to its exclusivity and appeal, offering a level of security and privacy that is highly sought after in today&#8217;s market. 
The potential&nbsp;for a buyer to build&nbsp;their dream home in such a prestigious location further enhances the property&#8217;s appeal and justifies its high listing price.
Also Read: <a href="https://www.benzinga.com/news/23/07/33108839/donald-trumps-former-press-secretary-says-she-saw-trump-showing-classified-documents-to-mar-a-lago-g">Donald Trump&#8217;s Former Press Secretary Says She Saw Trump Showing Classified Documents To Mar-A-Lago Guests</a>
Image: Shutterstock/Bill Perry

Real Estate

Trump's Mar-a-Lago Neighbor Lists Home for $12.5 Million — 32 Times Original Price

Kim Jong Un may face an embarrassing naval setback after fresh satellite images revealed the warship that toppled over at a North Korean shipyard earlier this week, <a href="https://www.benzinga.com/markets/25/05/45561048/kim-jong-un-blasts-officials-after-north-koreas-new-destroyer-tips-over-at-launch-event-criminal-act" target="_blank" rel="noreferrer noopener">an incident he reportedly witnessed firsthand</a>.
The photos, captured in recent days, show the vessel tilted on its side and partially covered in blue tarps at the port city of Chongjin.
Part of the hull appears to rest on dry land following the failed launch attempt, BBC <a target="_blank" href="https://www.bbc.com/news/articles/cx2qgdnxxe2o" rel="noreferrer noopener">reports</a>.
North Korea's state-run agency, KCNA, acknowledged the mishap. Kim called it the result of "absolute carelessness" and "unscientific empiricism," BBC adds.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/25/05/45599817/apple-would-rather-absorb-a-25-iphone-tariff-than-move-production-to-the-us-says-analyst-no-guarantee-they-wont-face-repeated-tariff-threats-during-his-term" rel="noreferrer noopener">Apple Would Rather Absorb A 25% iPhone Tariff Than Move Production To The US, Says Analyst: &#8216;&#8230;No Guarantee They Won&#8217;t Face Repeated Tariff Threats During His Term&#8217;</a>
The leader branded the accident a "criminal act" and ordered an investigation to identify those responsible.
He warned that accountability will be addressed during a plenary meeting scheduled next month.
While no injuries have been reported, KCNA stated that the damage is localized. Officials claim there were no breaches to the bottom of the ship, although scratches on the starboard side and minor water entry through a rescue passage were confirmed.
The vessel is expected to be repaired within 10 days, according to the agency.
Hong Kil Ho, the manager of the Chongjin shipyard, has reportedly been taken in for questioning by authorities.
The government has not disclosed what penalties those involved might face, but North Korea's human rights record and history of severe punishment raise serious concerns.
This accident occurred just weeks after Pyongyang debuted a similar 5,000-ton destroyer, which Kim had praised as a "breakthrough" in naval modernization.
That ship, part of the Choe Hyon-class, was slated to enter active service early next year. The incident has cast a shadow over those ambitions.
It's rare for the North to publicly admit to domestic blunders, but this event highlights the challenges in its push to revamp its military capabilities and the risks that come with rushed defense milestones.
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Satellite Imagery Uncovers Serious Damage To North Korea's Newest Warship

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