Trump Rallies Business Leaders to Fund Newborn Accounts Amidst Other Economic and Social Developments
Washington, D.C. – President Donald Trump urged business leaders to contribute to "Trump Accounts," a new initiative providing $1,000 to every American child born between 2025 and 2028, during an event in Washington, D.C. The President, joined by celebrities, CEOs, and members of his Administration, promoted the accounts as a modernized form of baby bond invested in the S&P 500, according to Time. "Even people that truly hate me are making this investment," Trump said. Withdrawals from the accounts are restricted until the child reaches adulthood, as part of the "Big Beautiful Bill."
The initiative comes as other sectors of the economy face challenges. Tesla's profits slumped 46% last year, according to NPR News, as it lost its position as the top electric vehicle seller. While the profit drop was anticipated by analysts, it highlights the challenges Tesla faces despite growth in its energy storage business.
Meanwhile, ServiceNow CEO Bill McDermott is working to shift Wall Street's perception of his company. Despite consistently exceeding growth forecasts for nine consecutive quarters, ServiceNow's stock has declined 40% over the past year, Fortune reported. McDermott aims to differentiate ServiceNow from standard SaaS businesses, arguing its valuation should reflect its unique position in the market.
In other news, Bruce Springsteen released a new song, "Streets of Minneapolis," protesting President Trump's immigration policies in Minneapolis, Time reported. The song is dedicated to the people of Minneapolis and in memory of Alex Pretti and Renee Good, who were fatally shot by federal agents. "King Trump's private army from the DHS / Guns belted to their coats / Came to Minneapolis to enforce the law / Or so their story goes," Springsteen sings in the song.
Additionally, Nvidia CEO Jensen Huang has appealed for more positive sentiment regarding AI technology, particularly concerning products his company has invested in. According to Hacker News, Huang addressed the negative narrative surrounding AI, calling for an end to what he described as "bullying" of the technology.
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