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Technology
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Technology
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Senate Dems probe Musk DOGE influence
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Tech billionaire Elon Musk and his numerous companies could avoid more than $2.37 billion in potential legal liability as a result of his influential role in the federal government, a new Senate report alleges.
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© Jeffrey Phelps, Associated Press
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The report, published Monday by the Democratic staff for the Senate Homeland Security permanent subcommittee on investigations, found Musk and his companies faced at least 65 “actual or potential” actions from 11 federal agencies.
These actions could involve at least $2.37 billion in potential liability, as of Inauguration Day, the PSI report stated.
“The nature of Mr. Musk’s businesses, as well as their substantial earnings from government contracts, mean that he is deeply entangled in the regulatory functions of the government he is now empowered to shape,” the report stated.
“President Trump could not have chosen a person more prone to conflicts of interest.”
Musk is leading Trump’s so-called Department of Government Efficiency (DOGE) cost-cutting initiative, which has led to mass layoffs or program spending cuts at numerous federal agencies.
The report claims to reveal the “vast risk Mr. Musk and his companies previously faced and may yet avoid as a result of his newfound influence.”
The billions in potential liabilities stem from actions against his electric vehicle manufacturing company Tesla, aerospace firm SpaceX, Neuralink, his neurotechnology company and construction firm The Boring Company.
Some of the agencies behind the regulatory actions are the same ones facing cuts and drastic changes as a result of DOGE, the lawmakers pointed out.
Read more in a full report at TheHill.com
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Welcome to The Hill’s Technology newsletter, we’re Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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Did someone forward you this newsletter? Subscribe here.
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How policy will be impacting the tech sector now and in the future:
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Trump brushes off Hegseth criticism: ‘I don’t view Signal as important’
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President Trump on Friday denounced critics who have raised concern over Defense Secretary Pete Hegseth’s use of Signal, a discrete messaging app, to disseminate sensitive military information. Asked whether his confidence has changed in Hegseth after a second chat controversy thrust him back into the spotlight earlier this week, Trump brushed off the sentiment. Instead, he cast blame once again on the media. “I …
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IBM investing $150 billion in US manufacturing
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IBM announced Monday that it plans to invest $150 billion in the U.S. over the next five years, becoming the latest major tech firm to promise large-scale domestic investments during the Trump administration. The company said it will dedicate $30 billion toward advancing U.S. manufacturing of mainframe and quantum computers. “Technology doesn’t just build the future — it defines it,” Arvind Krishna, IBM chair, president …
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More Americans critical of Musk role in Trump administration: Survey
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More Americans are now critical of tech billionaire Elon Musk’s role in the Trump administration than were earlier this year, according to a Washington Post-ABC News-Ipsos poll. When asked if they “approve or disapprove of the way Elon Musk is handling his job in the Trump administration,” 57 percent said they disapproved “somewhat” or “strongly.” That is an 8-point increase from a February poll that …
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Stay ahead of the political trends by signing up for The Hill’s Evening Report newsletter. Click here to sign up
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News we’ve flagged from the intersection of tech and other topics:
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- Elon Musk’s xAI in talks to raise $20 billion in funding after combining with X (Bloomberg)
- Huawei is preparing to test a new AI chip, with hopes of rivaling Nvidia’s high-end products (Wall Street Journal)
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Trump faces ethics questions over meme coin dinner
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© Alex Brandon, Associated Press
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Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.
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President Trump’s meme coin is once again drawing scrutiny after announcing an “intimate private dinner” with the president for the token’s top investors.
Sens. Adam Schiff (D-Calif.) and Elizabeth Warren (D-Mass.) asked a federal ethics watchdog Friday to investigate the dinner, after the price of $TRUMP saw a significant surge on the news.
“This latest action raises grave ethics and legal concerns, including the severe risk that President Trump and other officials may be engaging in ‘pay to play’ corruption,” Schiff and Warren wrote in a letter U.S. Trade Representative Jamieson Greer.
Greer is currently also serving as acting director of the Office of Government Ethics.
The top 220 holders of Trump’s meme coin will be eligible for the dinner with the president next month, and the top 25 investors will receive an invitation to an “exclusive” reception with Trump and a “special” White House tour.
Following the announcement Wednesday, the price of $TRUMP jumped nearly 60 percent, rising from around $9 to almost $15. The token currently sits at around $14.5.
“The American people deserve the unwavering assurance that access to the presidency is not being offered for sale to the highest bidder in exchange for the President’s own financial gain,” the senators added.
Trump’s meme coin, which he launched shortly before inauguration, has frequently been a source of ethical concerns. Even some in the crypto world have expressed hesitance, noting it could reflect poorly on the president’s efforts to boost the industry.
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Two key stories on The Hill right now:
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Prosecutors file federal charges against suspect in Noem purse theft
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Prosecutors filed federal robbery and wire fraud charges Monday against the man accused of stealing Homeland Security Secretary Kristi Noem’s purse … Read more
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Trump: ‘I run the country and the world’
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President Trump shared his thoughts on how his two terms as president have differed, saying in a new interview with The Atlantic that this time around … Read more
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Opinions related to tech submitted to The Hill:
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- The James Webb telescope’s latest discovery is one more reason to fund NASA
- Reclaiming critical thinking in the Age of AI
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You’re all caught up. See you tomorrow!
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