Crypto News: Get ready for mass firings

Good morning. Government employees may face mass firings. Elon Musk thinks the US should just "delete entire agencies." Want to get away from it all? The "Feelings Engine" can help. Listen to the day's top stories.

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About 75,000 federal employees signed up for the Trump administration's voluntary resignation program, far short of the numbers the White House hoped for and increasing the likelihood of deeper mass firings. A judge ruled yesterday that the buyout can proceed. And it's clear from this week's events that Elon Musk's government efficiency team is only just getting started. He told a conference that the US should "delete entire agencies, many of them." Next stop for his team: NASA, to review the space agency's payments.

Plans to Buy 'Armored Teslas' Vanish From Procurement List

Read the Story

A federal judge in Washington blocked the Trump administration's decision to remove the head of an independent agency that protects government whistleblowers, for now at least. Hampton Dellinger is one of several independent agency officials who are suing Trump over his push to oust them.

Priscilla Chan, Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai and Elon Musk attend Trump's inauguration. Photographer: Chip Somodevilla/Getty Images

From a distance, there's plenty that's familiar about Donald Trump's second presidency, not least the noisy crowd of MAGA populists. But Trump 2.0 features a rival power center composed of Silicon Valley tech and crypto folks, many of them new to Washington and eager to move fast and break things.

OpenAI pushed back against Musk's all-cash takeover bid, saying it debunks his legal argument that the startup's assets cannot be "transferred away" for "private gain." Meanwhile, Musk claimed his upcoming Grok 3 chatbot is "scary smart" and will outperform everything else that's been released thus far. Watch this video of the billionaire discussing OpenAI in Dubai.

Investing world. A DoubleLine portfolio manager raised an intriguing question: is Microsoft's debt a safer investment than US Treasuries? Read about a secretive (and highly successful) hedge fund where only one in 10 of its workforce is a traditional portfolio manager—and most would fit in just as easily at Google or Meta. Here's your roundup of how the markets are shaping up today.

The Big Take

A firing position of Ukraine's 22nd brigade artillery unit in Donetsk region. Photographer: Julia Kochetova

Donald Trump is starting to tell European Union leaders what they need to do if they want to secure peace in Ukraine. His demands are set to push the bloc the limit—Bloomberg Economics calculates that protecting Ukraine and expanding their militaries could cost the EU an additional $3.1 trillion over 10 years.

Big Take Podcast

How Intel Lost Its Edge

Deep Dive: Shutting Down USAID

Photographer: Mandel Ngan/AFP/Getty Images

Lawsuits and waste are adding to the costs of the Trump administration's chaotic shutdown of USAID.

Nearly $500 million of emergency food assistance already paid for by US taxpayers at risk of being ruined amid the freeze of all US foreign aid, according to a report from the (now fired) USAID inspector general.
That total doesn't even include the cost of potential lawsuits from contractors and others left without funding, as the administration battles what it claims was waste and fraud.
Dozens of senior USAID leaders have been placed on administrative leave and employees have been locked out of the agency's headquarters in Washington. Here's an explainer on the agency in Trump's crosshairs.

Trump and Musk's USAID 'Shut Down' Threat Opens Door for China

Opinion

Inflation isn't over and the new administration should take note—the bond market can intimidate even the likes of Elon Musk and Donald Trump, John Authers writes. Still, on closer inspection the CPI numbers aren't so alarming.

More Opinion

Editorial Board

Beware the US 'Sovereign Wealth Fund' Boondoggle

Howard Chua-Eoan

Happy Valentine's Day! Get Ready for the Upsell.

Before You Go

Mongolia's heartland is a place for travelers who want to feel "distracted" from their noisy lives. Photographer: Nell Conway/Black Tomato

The best way to gauge the success of a vacation is how you feel when it ends. That's why some elite travel agents are using AI to sell vibes, not destinations. The "Feelings Engine" digital tool helps travelers identify destinations that will make them feel relaxed, reinvigorated, inspired, excited—or whatever emotion they're seeking.

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