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      Elon Musk Allies Help Start Pro-Trump Super PAC

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      Some of Elon Musk’s closest friends have helped start a new super PAC meant to help former President Donald J. Trump, creating an avenue for Mr. Musk and his $250 billion fortune to potentially play a significant role in the 2024 presidential race.The group, America PAC, is likely to draw significant support from Mr. Musk, according to three people close to the group who spoke on the condition of anonymity; it is not confirmed whether he has already donated. The group’s founding donors span Mr. Musk’s social circle and include a tight-knit network of wealthy tech entrepreneurs who frequently finance one another’s startups, philanthropic projects and favored political candidates.Mr. Musk had not donated to the super PAC as of June 30, the end of the most recent disclosure period, according to a Monday filing with the Federal Election Commission. But his tilt to the right, especially in his commentary on his social media site X, has left Republicans hoping he will wade more into funding conservative candidates and causes. On Saturday, soon after Mr. Trump survived an assassination attempt, Mr. Musk went on X to issue a full-throated endorsement of the former president.The super PAC, according to three people close to the organization, is led in part by Joe Lonsdale, a co-founder of the software company Palantir and a politically ambitious venture capitalist in Austin who serves as a political confidant to Mr. Musk. Mr. Lonsdale, the people say, has played a key role in fund-raising for the group in its opening weeks, encouraging his network of influential entrepreneurs to support the super PAC. His personal company donated $1 million to the group.The top early donors to America PAC include several powerful conservatives from the tech industry. Contributions include $1 million from Antonio Gracias, a private-equity mogul and a board director at SpaceX; $1 million from Ken Howery, an early executive at PayPal alongside Mr. Musk who served as Mr. Trump’s ambassador to Sweden; and $500,000 from Shaun Maguire, an investor at Sequoia Capital who is close to Mr. Musk.The group has released few details about its operations and its strategy, other than that it has been running field and digital programs on behalf of the former president, mostly encouraging early and mail-in voting. People close to it say that a key operative is Dave Rexrode, a top political operative who most recently has served as a key ally to Gov. Glenn Youngkin of Virginia. Mr. Rexrode did not respond to requests for comment in recent days.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Biden Trumpets Small Donors as Rich Backers Retreat

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      In a nationally broadcast interview on Monday, President Biden pushed back on rich Democrats who want him to end his re-election campaign, saying, “I don’t care what the millionaires think.”Small donors, he made clear, were coming through for him.But hours later, Mr. Biden joined a private call with his top donors and fund-raisers to reassure them. “It matters,” he told them of their support.The seemingly contradictory messages show the conundrum facing the president as he grapples with the fallout from his disastrous debate performance against former President Donald J. Trump last month. In order to continue to fund his presidential campaign, Mr. Biden will most likely need the support of wealthy Democratic Party backers, but they have been among the loudest voices calling for him to end his bid for re-election.In trying to diffuse their opposition, Mr. Biden — a politician who has long relied on the party’s establishment to fund his campaign — has adopted a surprisingly populist anti-elite message that, in some ways, echoes Mr. Trump’s.Major donors are warning that the party will lose the White House and down-ballot races with Mr. Biden atop the ticket. A growing chorus of donors has been pushing — first quietly, then publicly — for him to step aside to allow a replacement nominee and threatening to withhold their cash unless that happens.While Mr. Biden’s campaign has continued to court wealthy Democrats, including working to schedule fund-raising receptions despite uncertain interest, the president has also publicly cast the backlash from major donors as a sign that he is sticking up for regular people against moneyed interests. But polls showing that many rank-and-file Democratic voters also have deep concerns about his age.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Supreme Court Upholds Trump-Era Tax Provision

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      The tax dispute, which was closely watched by experts, involved a one-time foreign income tax, but many saw it as a broader challenge to pre-emptively block Congress from passing a wealth tax.The Supreme Court on Thursday upheld a tax on foreign income that helped finance the tax cuts President Donald J. Trump imposed in 2017 in a case that many experts had cautioned could undercut the nation’s tax system.The vote was 7 to 2, with Justice Brett M. Kavanaugh writing the majority opinion. He was joined by Chief Justice John G. Roberts Jr., and the court’s three liberals. Justice Amy Coney Barrett wrote a concurring opinion, joined by Justice Samuel A. Alito Jr., and Justice Clarence Thomas dissented, joined by Justice Neil M. Gorsuch.The question before the justices appeared narrow at first glance: Is the tax in question allowed under the Constitution, which gives Congress limited powers of taxation?In the majority opinion, Justice Kavanaugh wrote that the tax fell within the authority of Congress under the Constitution.Many tax experts had warned that striking down the tax could have wide repercussions. Such a move could have threatened to fundamentally change how income is defined, block efforts to tax billionaires’ wealth and undermine enforcement for all sorts of other taxes, which amount to billions in revenue for the government.Among the defenders of the law was Paul Ryan, the Republican and former House speaker who helped write the legislation. Upending the tax, Mr. Ryan said, could endanger up to a third of the U.S. tax code. He joined the Biden administration and some other conservatives in seeking to keep the law intact.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      East Hampton Locals Rally Against Zero Bond

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      Scott Sartiano proposed bringing his Manhattan-based members-only hot spot, Zero Bond, to a historic village inn. Local residents are not rolling out the red carpet.Whether it’s complaints about air traffic at the East Hampton airport, teenagers partying on the beach or the arrival of Uber and Lyft drivers, the controversies that dominate the news cycle on the East End of Long Island, N.Y., are usually about one thing: noise — and who, in a place where residents are used to getting nearly everything they want, is allowed to make it.This summer, media fireworks are popping over Zero Bond, the members-only club in Lower Manhattan that is attempting to open an outpost here four years after it became the ne plus ultra of downtown status spots — the place Page Six wrote about because it was where Kim Kardashian and Pete Davidson had their second date, where Gigi Hadid celebrated her 27th birthday, where Elon Musk hosted his after party for the Met Gala and where Eric Adams made himself at home during his 2021 mayoral campaign.Much like that of a Birkin bag, Zero Bond’s appeal is due (at least in part) to how difficult it is to gain access. As its founder, Scott Sartiano, has said, “You can’t buy cool.”Although having money helps: After submitting an application, a suggested letter of recommendation from a current member and a headshot, anyone who wishes to join the club must also pay a onetime initiation fee and yearly dues, which increase with the age of the applicant. (Those under 28 pay a $750 onetime fee and $2,750 annually; those over 45, a $5,000 initiation fee and $4,400 annually.)The Stephen Talkhouse, in Amagansett, has hosted shows by the likes of Jon Bon Jovi and Jimmy Buffett (who tended bar during a Coldplay performance).Kevin Mazur/Getty Images for SiriusXMMr. Sartiano’s efforts to establish his private club in a centuries-old building known as the Hedges Inn, currently a 13-room luxury bed-and-breakfast, have been widely reported. But while he is said to be negotiating to lease the property, even town officials do not have confirmation of whether an agreement has been signed.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Billionaire Plans Dive to the Titanic in a Newly Designed Submersible

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      Larry Connor, 74, who made his wealth in real estate, said he’s building a new acrylic-hulled submersible that will be certified and rigorously tested to show that deep sea exploration is safe.A real estate billionaire in Ohio is planning an underwater voyage to the site of the Titanic shipwreck, where a submersible imploded on its approach to the sea floor a year ago, killing all five passengers on board.Shortly after the OceanGate disaster, Larry Connor, 74, a real estate investor and amateur adventurer, contacted the co-founder of Triton Submarines, Patrick Lahey, imploring him to build a submarine that could reach the depths of the Titanic safely and repeatedly, according to The Wall Street Journal.The two men aim to explore and conduct scientific research at the site, located off the coast of Newfoundland, 12,500 feet under the sea, in a two-person submersible that Triton is designing in the summer of 2026.“Ours is just not a trip to the Titanic,” Mr. Connor said in an interview on Tuesday. “It’s a research mission.”“The other purpose is to demonstrate to people around the globe that you can build a revolutionary, first-of-its-kind sub and dive it safely and successfully to great depths,” he added.The custom sub, which Mr. Connor plans to call “The Explorer — Return to the Titanic,” is still in the design phase and will be based on an existing submarine design that Mr. Lahey had worked on for years. It is listed on the Triton website as the Abyssal Explorer, an acrylic-hulled vessel than can reach depths of 13,000 feet, “the perfect submersible for repeated trips to the deep ocean.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why Some Billionaires Will Back Trump

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      Donald Trump’s campaign is reportedly strapped for cash. Small-dollar donations are running far behind their 2020 pace. Big Trump rallies aren’t yielding his biggest cash hauls. Some large-dollar donors are hesitant, in part because they worry (with good reason) that their money will be used not for the campaign but to pay his legal bills. So he has been wooing right-wing billionaires.I have no idea how successful he’ll be, but it seems highly likely that at least some billionaires will provide substantial sums to a man who tried to overturn the last election and has been open about his authoritarian intentions — using the Justice Department to go after his political opponents, rounding up millions of undocumented immigrants and putting them into detention camps and more.Which raises the question: Why would billionaires support such a person?After all, it’s not as if they’ve been suffering under President Biden. Economists, myself included, often remind people that the stock market is not the economy. Low unemployment and rising real wages — both of which, by the way, the Biden economy has delivered, even if many people don’t believe it — have much more relevance to most people’s lives.But stock prices are probably a much better indicator of how the very wealthy, who hold a lot of financial assets, are doing. And although in 2020 Trump predicted a stock crash if Biden won, the market has, in fact, been hitting record highs under the current administration.Why, then, back a candidate who more or less promises to unleash social and political chaos?One straightforward answer is that the wealthy will almost certainly pay lower taxes — and corporations will be less regulated — if Trump wins than if Biden stays in office.If you believe, like some leftists, that Republicans and Democrats are basically the same — that both serve the interests of corporations and the elite — you’re wrong. The modern Democratic Party isn’t, despite what prominent Republicans say, Marxist or socialist. It does, however, have a track record of raising taxes on the wealthy to pay for social programs. Notably, the Affordable Care Act used new taxes on high-income individuals to pay for health care subsidies.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Ambani Wedding Event Signifies the Rise of the Oligarch in Modi’s India

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      Rihanna, Mark Zuckerberg, bejeweled elephants and 5,500 drones. Those were some of the highlights of what is likely the most ostentatious “pre-wedding” ceremony the modern world has ever seen.On a long weekend in early March, members of the global elite gathered to celebrate the impending nuptials of the billionaire business titan Mukesh Ambani’s youngest son, Anant, and Radhika Merchant. Monarchs, politicians and the ultrawealthy, including Bill Gates and Ivanka Trump, descended on an oil refinery city in the western Indian state of Gujarat for an event so extravagant you’d be forgiven for thinking it was, well, a wedding. But that will take place in July. For the long windup to the big day, some of Bollywood’s biggest stars, though invited as guests, took to the stage to sing and dance in what amounted to a bending of the knee to India’s most powerful family.Watching the event, I couldn’t help thinking of the 1911 durbar, or royal reception, when King George V was proclaimed emperor of India. Once India won its independence from Britain in 1947, it committed itself to becoming a democratic welfare state — an audacious experiment that resulted in what is now the world’s largest democracy. But in advance of this year’s general election, expected to begin in April, the Ambani-Merchant matrimonial extravaganza shows us where true power in India now lies: with a handful of people whose untrammeled wealth and influence has elevated them to the position of India’s shadow leaders.It’s difficult to imagine the Ambani-Merchant wedding event in an India that isn’t ruled by Prime Minister Narendra Modi. It’s true that the Ambanis have been wealthy for years now and that accusations of favorable treatment from government authorities are not unique to this family or the Modi government. But no other prime minister in India’s history has been so openly aligned with big business, and never before has the concentration of wealth been more apparent. India’s richest 1 percent now own more than 40 percent of the country’s wealth, according to Oxfam. The country has the world’s largest number of poor, at 228.9 million. And according to a newly published study looking at 92 low- and middle-income countries, India had the third-highest percentage of “zero food” children — babies between 6 months and 23 months old who had gone a day or more without food other than breast milk at the time they were surveyed. Oxfam has described this new India as the “survival of the richest.”For the uberwealthy, this presents a no-holds-barred opportunity to exert their power and influence. In 2017, Mr. Modi introduced a fund-raising mechanism called “electoral bonds” to allow unlimited anonymous donations to political parties. In the five years that followed, the prime minister’s Bharatiya Janata Party received $635 million in contributions through such bonds, 5.5 times as much as its closest rival, the Congress Party. The 2019 Indian general elections cost $8.6 billion, surpassing the estimated $6.5 billion spent on the 2016 U.S. presidential and congressional elections.Analysis by three independent media organizations in India published on March 14 revealed that a company called Qwik Supply Chains purchased bonds in the scheme worth $50 million. One of the company’s three directors, reporters later uncovered, is also a director at several subsidiaries of Reliance, Mukesh Ambani’s mega-firm. A spokesperson for Reliance said that Qwik is not a Reliance subsidiary and did not respond to further questioning from Reuters. The Indian Supreme Court has since struck down the electoral bond mechanism, calling it unconstitutional, but the delay in addressing the matter has most likely come too late to change the outcome of the forthcoming election, which is widely considered all but certain to go in Mr. Modi’s favor.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      The Sunday Read: ‘How Do You Make a Weed Empire? Sell It Like Streetwear.’

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      Jack D’Isidoro and Elisheba Ittoop and Listen and follow The DailyApple Podcasts | SpotifyThe closest thing to a bat signal for stoners is the blue lettering of the Cookies logo. When a new storefront comes to a strip mall or a downtown shopping district, fans flock to grand-opening parties, drawn by a love of the brand — one based on more than its reputation for selling extremely potent weed.People often compare Cookies to the streetwear brand Supreme. That’s accurate in one very literal sense — they each sell a lot of hats — and in other, more subjective ones. They share a penchant for collaboration-based marketing; their appeal to mainstream audiences is tied up with their implied connections to illicit subcultures; and they’ve each been expanding rapidly in recent years.All of it is inextricable from Berner, the stage name of Gilbert Milam, 40, Cookies’ co-founder and chief executive, who spent two decades as a rapper with a sideline as a dealer — or as a dealer with a sideline as a rapper. With the company’s success, he is estimated to be one of the wealthiest rappers in the world, without having ever released a hit record.There are a lot of ways to listen to ‘The Daily.’ Here’s how.We want to hear from you. Tune in, and tell us what you think. Email us at thedaily@nytimes.com. Follow Michael Barbaro on X: @mikiebarb. And if you’re interested in advertising with The Daily, write to us at thedaily-ads@nytimes.com.Additional production for The Sunday Read was contributed by Isabella Anderson, Anna Diamond, Sarah Diamond, Elena Hecht, Emma Kehlbeck, Tanya Pérez and Krish Seenivasan. More