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Germany is considering a 10% digital service tax on major tech companies like Google and Facebook, led by Chancellor Friedrich Merz. This proposal aims to address the significant revenue these firms generate in Germany while contributing minimally in taxes, aligning with a global trend of taxing digital giants. However, it may provoke international backlash, particularly from the U.S., which has threatened tariffs against countries imposing such taxes.
[Bloomberg]
A U.S. federal court has blocked most of Donald Trump's import tariffs, ruling that he overstepped his authority by imposing sweeping levies under the International Emergency Economic Powers Act. The court deemed the interpretation of the act as unconstitutional, halting the tariffs and giving the White House 10 days to suspend them. Trump's administration has criticized the ruling as a "judicial coup" and plans to appeal, marking a significant setback for his trade agenda.
UBS, under CEO Sergio Ermotti, is leveraging artificial intelligence to enhance client engagement by allowing analysts' reports to be presented via digital avatars in video format, responding to rising demand for such content. This innovation aims to improve efficiency and address the bank's share price challenges. Meanwhile, the Swatch Group delayed publishing its Annual General Meeting minutes due to the controversial candidacy of US investor Steven Wood, prompting thorough verification of voting results.
Elon Musk announced he will focus more on his companies, including X, xAI, Tesla, and SpaceX, following a two-hour outage of the social media platform X. He acknowledged the need for operational improvements and confirmed a reduced role in government, spending only one or two days a week on political matters. Musk's shift comes amid challenges in his political efforts and a commitment to critical technology rollouts, including the upcoming Starship launch.
Scott Galloway criticized Elon Musk's actions during the Trump administration, labeling them as "one of the greatest brand destructions" for Tesla. He noted that Musk's alignment with Trump supporters alienated Tesla's core electric vehicle customers, leading to a significant drop in the brand's reputation and sales across Europe. By April, Tesla reported a 71% decline in profits, prompting Musk to announce a reduction in his government role.
Elon Musk is refocusing on his companies, X and Tesla, after a period of involvement in government, stating he will spend more time on critical technologies and upcoming projects like the Starship launch. He plans to reduce his political contributions and has indicated that his government work has impacted Tesla's stock, which rebounded after he announced his shift in priorities. Musk's political activism is expected to continue influencing future elections.
Elon Musk has declared a return to a "24/7" work schedule across his companies following a significant outage at his social media platform, X, which affected users globally. This shift comes as he aims to focus on X, xAI, and Tesla, while scaling back his involvement with Dogecoin to just a couple of days a week. Amid rising investor concerns and operational challenges, Musk also plans to reduce political donations, responding to backlash that has impacted Tesla's performance.
JPMorgan, Bank of America, Citi, and Wells Fargo are exploring a joint stablecoin initiative aimed at transforming the U.S. financial system, potentially undermining politically charged digital tokens like the $TRUMP memecoin. This proposed stablecoin, backed by major banks, seeks to provide a regulated and secure digital payment method, while the recent passage of the GENIUS Act could reshape the regulatory landscape for politically affiliated cryptocurrencies. As traditional banks enter the stablecoin sector, user trust may shift towards these institutionally backed alternatives, leaving speculative assets like $TRUMP struggling for relevance.
Elon Musk has returned to a rigorous work schedule following a significant global outage of his social media platform, X, on May 24, 2025. He emphasized the need for major operational improvements and stated he will focus on X, Tesla, and the upcoming Starship launch, as critical technologies are set to roll out. Additionally, Musk announced plans to substantially reduce his political spending, shifting his focus back to his business amid investor concerns.
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Germany proposes 10 percent digital service tax on major tech companies
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