Benzinga | Finance & Investing

Tesla CEO and former Trump administration adviser Elon Musk is learning a hard truth about Washington, according to investor Ross Gerber. “After 4 months Elon learned what every natural born American already knows. No one in the government wants to ‘cut’ any budget,” Gerber wrote in a May 24 post on X. Musk has spent the past four months heading up the Department of Government Efficiency, or DOGE, a controversial cost-cutting initiative tied to mass layoffs and agency shutdowns. But even Musk now appears to be frustrated with Washington’s spending habits. On Thursday, he wrote on X that his “scheduled time” as a special government employee had come to an end. In a recent CBS News interview, Musk slammed the Trump administration’s flagship tax and spending package—dubbed the “Big, Beautiful Bill”—saying it “increases the budget deficit, not just decreases.” He warned that the legislation “undermines the work that the DOGE team is doing” and criticized the government for ignoring the need for real cuts. The bill, which passed the House and is now before the Senate, would boost spending on defense and border security, extend tax cuts, and slash clean energy and health care programs. Nonpartisan analysts estimate it could add trillions to the national debt. “I think a bill can be big or it can be beautiful,” Musk told CBS. “But I don’t know if it can be both.” Musk has been a vocal supporter of President Donald Trump and poured over $250 million into his 2024 campaign. But in recent weeks, he’s pulled back from the political spotlight.

Before she wrote a memoir or inherited millions, Lisa Brennan-Jobs was just a 9-year-old hoping her father, Steve Jobs, might one day give her his old Porsche. Instead, he snapped: “You're getting nothing.” In her 2018 memoir Small Fry, Lisa recounts this moment not for the car, but for what it revealed — the emotional distance and pain in her relationship with her father. Jobs had denied paternity when she was born in 1978, and only began paying minimal child support after a court-ordered DNA test. Lisa was raised by her mother, Chrisann Brennan, often on welfare. Though Jobs eventually offered more financial support — cars, tuition, a $400,000 home — Lisa said it was always a struggle: “He was cheap as he could be.” Even at Harvard, he refused to pay for her senior year; friends covered it, and Jobs reimbursed them later. After his death in 2011, Lisa received a multimillion-dollar inheritance, though most of his $10.8 billion fortune went to his wife, Laurene Powell Jobs, who said she had no plans to pass it on. Lisa's memoir doesn't aim to vilify Jobs but portrays the emotional complexity of their relationship — marked by longing, rejection, and a daughter seeking more than just money.

A $17-an-hour wage doesn’t cut it anymore—especially for young workers juggling multiple jobs just to survive. Ford CEO Jim Farley heard that firsthand from his factory floor and responded by converting all temporary workers to full-time employees. “It wasn’t easy. It was expensive,” Farley said during a June interview at the Aspen Ideas Festival. “But it’s the kind of change we need.” Channeling Henry Ford’s 1914 move to raise wages so workers could afford the cars they built, Farley believes better pay strengthens both workforce stability and consumer demand. “It’s a self-fulfilling prophecy,” he said. He also called out America’s lack of investment in skilled trades, contrasting it with Germany’s robust apprenticeship system. Farley’s focus isn’t on Wall Street—he’s betting on people. “If we want a better economy,” he said, “we have to build it from the ground up.”

Chamath Palihapitiya, a well-known investor and former Facebook executive, shared a bleak outlook for the role of engineers in the near future. The venture capitalist stated, "Unfortunate but accurate in response to a post on X, which stated, 'I No longer think you should learn to code." The engineer's role will be supervisory, at best, within 18 months. Building tools for them will be roadkill for the model makers product roadmap." In the same thread, Palihapitiya advised parents to encourage their children to focus on fields like philosophy, psychology, history, physics, and English writing, hinting at the changing landscape of valuable skills due to Al's rise. An X user noted that "coherently explaining" business rules poses the most significant challenge in software design, a point with which Palihapitiya wholeheartedly agreed. Palihapitiya's comments come amidst a broader discussion on the future of work in an Al-dominated world. His new Al venture has been highlighted as a potential game-changer that could disrupt the software market. Moreover, his prediction aligns with sentiments from other tech leaders, including Mark Zuckerberg of Meta, who recently suggested that Al could soon replace midlevel software engineers. Al prompt engineers, who train chatbots like ChatGPT, are in high demand, with salaries reaching up to $335,000. The role does not require a tech background, but strong logical thinking and basic computer skills are beneficial. As Al adoption accelerates, companies are prioritizing skills over experience in hiring, according to a previous report.

Former NBA superstar Allen Iverson is taking a swing at the golf industry. Iverson, who once lost a $200 million fortune, is now attempting to rebuild his wealth through a venture into golf. This new endeavor is in partnership with sportswear giant Reebok and fellow NBA legend Shaquille O'Neal. Iverson, who amassed $155 million during his 17-year NBA career, found himself filing for bankruptcy in 2012. His financial downfall was a result of excessive spending on luxury cars, jewelry, and extravagant nights out, reports the Talksport. However, Iverson's financial prospects improved significantly after striking a deal with Reebok. This partnership guarantees him an annual income of $800,000 and a $32 million trust fund when he turns 55. In 2020, he took on the role of vice-president of the basketball division at Reebok, working under NBA icon, Shaquille O'Neal. Despite his previous financial struggles, Iverson's net worth is now estimated at $1 million. Reebok, which was bought by Authentic Brands Group in 2021 for approximately $2.5 billion, is now launching a golf range. The new line features the Question Golf, a shoe that pays homage to Iverson and his basketball silhouette. This venture into golf represents a significant shift for Iverson, who is best known for his achievements on the basketball court.

Warren Buffett's son thought his dad checked security alarms. Most billionaire kids grow up with luxury-Peter Buffett grew up with mystery. As a child, he thought his dad was a security analyst (which he assumed meant checking alarm systems). It wasn't until he was 25 that he realized Warren Buffett wasn't just doing okay—he was one of the richest men in the world. No trust funds. No private jets. Just a modest upbringing in Omaha, where wealth was never on display. At 19, Peter received Berkshire Hathaway stock worth $90K—had he kept it, it'd be worth $300 million today. Instead, he cashed out to follow his passion for music. No regrets. Warren Buffett's philosophy? Give your kids enough to chase their dreams, but not so much they never have to.

In 2020, Bill and Melinda Gates bought a $43 million oceanfront estate in Del Mar, California. Designed by architect Ken Ronchetti, the six-bedroom home was praised for its modern design—but Gates demolished it following his 2021 divorce. By 2022, construction on a tech-filled bachelor pad began, causing constant noise and disruption in the quiet neighborhood. Neighbors complained about sleepless nights and heavy security presence during Gates' rare visits. The teardown of a decade-old architectural gem surprised many in the real estate world, especially given Del Mar’s strict building regulations. Still, Gates secured the permits and moved forward. Though it’s unclear if he ever moved in, the project sparked debate over luxury development vs. community impact. For Gates, it was a fresh start. For his neighbors, it was months of jackhammers replacing ocean waves.