Skip to content

Elon Musk Zeroes in the IRS

    The fire hose of Elon Musk News continues: we are more about the controversy about access to sensitive IRS data that the cost-saving team of Musk is looking for and the dismissal of a senior officer at the Social Security Administration about a similar problem.

    And in case you missed it, there were two revealing long lectures about the internal fights of the Murdoch family: One in the magazine Times Based on more than 3,000 pages of transcripts from the Secret Court, and Another in the Atlantic Ocean That included intimate details directly from James Murdoch. Finally, here is a great watch of this weekend: Adam Sandler's tribute on “Saturday Night Live” to Lorne Michaels, Who we have profiled Last year, during the 50 -year anniversary special of the show.

    The cost -saving team of Elon Musk keeps buried deeper in the federal bureaucracy looking for what the technical Mogul says that there are trillions in potential cost savings.

    But the newest performance of the organization, including the potential gaining access to sensitive IRS and data about social security, have expressed even more concerns about how much Power Musk collects – and what the consequences could be.

    The latter: The IRS is preparing to give Gavin Kliger, a young software engineer who works with the so-called Ministry of Efficiency of the Government, access to sensitive taxpayer information as a senior adviser to the acting commissioner of the IRS. The IRS still works out the conditions of his assignment, but from Sunday evening he had not yet gained access to the data.

    Separately, the top officer of the Social Security Administration, Michelle King, resigned after the Musk team sought access to an internal database that contains personal information about Americans.

    Critics were worried that such movements would give the Musk operation special supervision. Lily Batchelder, an official from the Ministry of Finance in the Biden administration, wrote on X that she could not remember political people who had access to the IRS database.

    A great concern is or that could lead to the possible punishment of political opponents, as well as possible leaks of data from private individuals. Batchelder wrote that such a relocation could violate federal law that prohibits the executive power to hinder the taxpayer audits, while the democratic senators Ron Wyden of Oregon and Elizabeth Warren of Massachusetts demanded more information about the accessed access.

    The issue of access to IRS data has been discussed in recent years, with a musk corner: the return of the billionaire for 2014 to 2018 was leaked to Propublica by an IRS consultant.

    The White House stays on Musk's side. “Wasting, fraud and abuse have been deeply rooted in our broken system for far too long,” said Harrison Fields, a spokesperson for the White House, in a statement. “It takes direct access to the system to identify and repair it.”

    But it remains unclear why the cost -saving initiative needs access to this information. (Officials of the White House would not give the Wall Street Journal a reason.) Critics have worried that the Musk team works on wrong assumptions and online wrong information.

    • In related news: The White House did not say who is in charge of the cost -saving team, except that it is not technically seen. And the Common Cause of the interest group said that the Washington Post has deleted an advertisement that insisted on Trump to dismiss Musk.

    The Governor of New York throws doubts about the future of mayor Eric Adams after another Exodus. Government Kathy Hochul is expected to convene a meeting on Tuesday to discuss 'The Path Forward', after four top officials in New York City said they would resign after the ministry's move. Hochul has the authority to remove Adams, although it is unclear how the Trump administration would respond if it were to do this.

    OpenAI reportedly weigh measures to maintain control. The chatgpt -maker can take measures for corporate governance, including special voting rights for the board of its non -profit poor, reports the Financial Times. Such provisions would most likely contain the say of powerful investors in OpenAI, including Microsoft and Softbank, and to purchase hostile bids, such as those of Elon Musk, OpenAi should succeed in converting into a profitable company.

    Chip manufacturers are said to consider deals that can separate that Intel. TSMC and Broadcom deliberate bids for documents from the controversial processory giant, according to the Wall Street Journal, although no proposal has yet been submitted to Intel. The idea is to re -create Intel as a specialist in designing or production of chips, but not both.

    Tesla is said to be confronted with a major obstacle for his self -driving ambitions. Musk's electric vehicle maker is braced for a delay in getting a permit from China to run his “full self -driving” technology there, after promising investors would get approval in the second quarter, the Financial Times reports. The potential delay comes when President Trump promises to increase his trade war against Beijing, aggravatingly tense economic relations.

    President Javier Milei of Argentina is confronted with accusation of accusation of his crypto tires. Opposition leaders and others cried wrong for the approval of Milei on Friday of $ Libra, a little -known cryptocurrency that quickly lost almost all its value. Milei removed his original function and called for an investigation, but opponents said the scandal had put its ability to question.

    Senior American and Russian officials gathered on Tuesday in Riyad, Saudi Arabia for a High-Stakes meeting. In addition to the agenda: termination of the fighting in Ukraine, Europe's deadliest war in generations.

    Not There are representatives from Europe or Ukraine, and that absence raises questions about cracks in the Western Alliance.

    The latter: The Ministry of Foreign Affairs plays the discussions as exploratory. But Russia has released the meeting as an opportunity to break the isolation of Moscow and to rebuild the business ties with the West.

    Kirill Dmitriev, the head of the Russian sovereign wealth fund that is in Riyad, invited American oil ends to return to the country. He dangled 'access to Russian natural resources', perhaps he tried to appeal to President Trump's preference for 'liquid gold'.

    Investors pay close attention. European defense shares rose on Monday, while Trump's threats to reduce US military support to the continent and increased the prospect of increased military expenditures on NATO. That helped push the Pan-European Stoxx 600 to a record; The Stoxx Europe Total Market Aerospace & Defense Index has risen by 19 percent this year.

    More can be in the store: “I think there is a bit more to go here,” Sharon Bell, a stock strategist at Goldman Sachs, told Bloomberg Television about the rally.

    The Golf lies a penetrating sense of gloom in Europe. Even before he was excluded from Ukraine negotiations, Europe felt more and more offside. VICE president JD Vance surprised last week at the safety conference of Munich by focusing on European allies. (He said little about Trump's vision for the Ukraine conversations.)

    In WhatsApp message groups, in e-mail chains and in opinion, articles and commentators have asked questions about the future of American relationships. Their great fear is that President Vladimir Putin van Russia will get the upper hand in Ukraine interviews – especially when Trump secures a windfall of mineral resources – that endangers Europe.

    Europe was already deleted for a bruises in the Trump Trade War. Rates are seen as keeping the region in a low routine. They could also manage a wedge between EU members, including America plays favorites with ideological allies, Alessandro Penati, an economist and the president and founder of Quaestio Capital Management, told Dealbook.

    “I think Trump's strategy is alone to break out Europe,” said Penati and added: “He has been very successful.”

    Delaware has long been the capital of American business. But the growing frustration at companies about recent judicial decisions has led to threats to leave, so that crucial business reception income for the first state is endangered.

    Now Delaware's legislators have given their response to that threat – and it has drawn a series of answers from the business world and observers, reports the Dealbook's Lauren Hirsch.

    What happens: A group of senators from the state of Delaware proposed a bill that would reform how many Leeway managers of companies with controlling shareholders should run their business. In fact, it would overwrite years of case law by the Delaware Court of Chanery, including division, such as last year's decision that a large compensation package for Elon Musk at Tesla is rejecting.

    Normally, the members of the Delaware Bar Draft select changes in the company code that legislators approve. But legislators – who did not seem to consult with those practitioners, at least publicly – said Monday that they had quickly moved to 'specific concerns that legislators have received since the end of January the reintegration'.

    They added that the legislation would be open to assessment, comments and recommendation.

    The bill would relax the standards for investigating deals with controlling shareholders. It barely proposes and defines and is a controlling shareholder and a detached requirements for deals in which such an investor is involved. (If the measure is retroactive, this can help Musk in his compensation fight, according to Jonathan Macey, a professor at the Yale Law School.)

    The legislation would also limit the types of internal communication that shareholders in a lawsuit could request. Formal documents including boardmaking minutes would be permitted; E -mails and other internal communication would probably not be.

    It could put a damper on shareholders' affairs. Although that can produce the rush of companies to be re -absorbed elsewhere, it would probably limit the number of lawsuits in the courts of Delaware.

    “Although shareholder cases have its excesses, it is not great for normal shareholders when controlled boards are obliged to do less and get more protection against control,” Brian Quinn, a professor at the Boston College Law School, to DealBook. “It is a step back for public shareholders and a major concession for controlling shareholders”

    It raises questions about the power of American business. Have Delaware legislators overwritten case law in favor of business interests? Or have they tried to correct for overactive courts?

    • In one camp: “This is company managers who just immediately say:” I don't need your law and I will not be bound by it, “” Ann Lipton from Tulane University Law School, who blogged about the move, DealBook said.

    • In the other: “I think this goes back to traditional respect in Delaware for the primacy of shareholder,” said Macey.

    Deals

    Politics, policy and regulations

    The best of the rest

    We would like your feedback! Send an e -mail to thoughts and suggestions to dealbook@CBNewz.