A federal appeals court rejected Sam Bankman-Fried’s effort to overturn his conviction and 25-year sentence over the collapse of FTX. The panel said prosecutors’ evidence was “robust” and upheld the case against the former crypto billionaire.
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SpaceX raised $75 billion in the largest IPO ever, with shares jumping in their Nasdaq debut and valuing the company above $2 trillion. The listing pushed Elon Musk’s paper net worth past $1 trillion, though analysts questioned the company’s valuation.
SpaceX shares rose sharply in their Nasdaq debut after the company raised $75 billion in the largest IPO on record. The listing values Elon Musk’s company at about $1.77 trillion while analysts question its profitability and AI-driven valuation.
Trump said he canceled planned strikes on Iran and claimed an agreement to end the war was close, but Tehran said nothing had been finalized. The comments followed fresh U.S. and Iranian strikes and new international calls for de-escalation.
U.S. consumer prices rose 4.2% in May from a year earlier, the fastest increase since April 2023. Energy costs, especially gasoline, drove much of the rise as conflict disrupted oil shipping through the Strait of Hormuz.
U.S. inflation rose to 4.2% in May, the highest level in three years, as energy costs tied to the Iran war continued to climb. Core inflation increased 2.9%, while wage growth lagged behind the broader rise in prices.
Social Security trustees project the retirement trust fund will be depleted by the end of 2032, triggering 22% automatic benefit cuts unless Congress acts. The program would still pay benefits, but only 78% of scheduled amounts.