Crypto News: Get your gold card

Good morning. Donald Trump offers a new path to US residency but you'll need deep pockets. Tax cuts may be getting closer. And Tesla drivers turn against Elon Musk. Listen to the day's top stories.

Markets Snapshot

S&P 500 Index Futures

6,002.5

+0.54%

Nasdaq 100 Index Futures

21,321.25

+0.81%

Bloomberg Dollar Spot Index

1,287.22

+0.20%

Bitcoin-Dollar Exchange Rate

88,674.69

-0.03%

Market data as of 06:50 am EST.

View or Create your Watchlist

Market data may be delayed depending on provider agreements.

Donald Trump will offer US residency and a path to citizenship to investors who pay $5 million, offering a new avenue for legal immigration even as he cracks down on undocumented migrants. He said the program, dubbed the "gold card," would launch in two weeks and offer green card privileges, without the vetting. Commerce Secretary Howard Lutnick said it'll replace the current EB-5 visas, which are available to people who spend about $1 million on a company that employs at least 10 people. Check out our guide to golden visas around the world.

Which Golden Visas Are the Shiniest of All?

On Merryn Talks Money, we discuss which countries are sweetening their offers to well-off foreigners in search of more places to call home.

Listen to the Podcast

Trump's tax reduction plans moved a step closer as House Republicans passed a budget blueprint calling for deep cuts in safety-net programs such as Medicaid. It would pave the way for $4.5 trillion in tax cuts—about enough to pay for extending the expiring ones but not enough to also cover his campaign promises for additional tax relief. It would also raise the US debt limit to avoid a potential payment default this summer.

The Group of 20—a club of finance ministers and central bankers from the world's largest economies—gathers in Cape Town from today to discuss a world in disarray amid threats of tariffs and trade wars (and more locally, fire.) But one key figure will be missing: US Treasury Secretary Scott Bessent, who opted out to focus on domestic issues. But his absence may prove a boon for other countries.

The dockworker union that brought half of US container trade to a halt last October has voted to ratify a new labor contract with their port and ocean carrier employers. It's a glimmer of hope for the importers, retailers and consumers on edge from the uncertainty surrounding the Trump administration's trade policies.

The person running DOGE probably isn't who you think. The White House revealed that the wide-ranging federal cost-cutting initiative associated with Elon Musk is actually headed by a little-known official named Amy Gleason. Still, Musk has been the public face of the initiative. Check out our latest Elon, Inc. podcast on how he may even have triggered a revolt inside the Trump camp.

Deep Dive: Tesla's Reputation Problem

A protest against Elon Musk at a Tesla showroom in New York on Feb. 15. Photographer: Stephanie Keith/Bloomberg

Tesla is feeling the wrath of the anti-Elon Musk backlash with some drivers opting to abandon the brand they used to feel pride in.

The carmaker is showing particular signs of strain in places where its chief executive officer is inserting himself in politics in ways that run counter to Tesla's own stated mission and values.
Tesla sales slumped 12% last year as he attacked California state leadership. And in Germany, registrations plummeted 59% in January, as the billionaire emphatically supported a far-right party that denies the harm of carbon dioxide emissions.
Tesla showrooms have been vandalized in Colorado, Oregon, Washington and the Netherlands. Weekend protests have been staged at dozens of the company's stores across the US.
Trump's policies are hitting Musk in the (virtual) wallet. His net worth fell by $22.2 billion yesterday—his fourth-largest one-day loss—as stock markets faltered on skepticism about potential tariffs and the ongoing federal cost-cutting effort he's championed.

The Big Take

A Foxtons Group realtor in London. Photographer: Jason Alden/Bloomberg

Groping, racism and drunk-driving. Those are the allegations against leading London property broker Foxtons. Employees alleged being subjected to unwanted touching and explicit messages, with senior staff either ignoring or being complicit in inappropriate behavior.

Big Take Podcast

The $500 Billion Medicare Overpayment Claim

Opinion

President Trump in National Harbor, Maryland. Photographer: Kent Nishimura/Bloomberg

Whatever happened to the Trump 2.0 American Exceptionalism Trade, John Authers asks. US stocks and crypto have reversed direction and it's time to face up to the risk of stagflation. But recent market moves could also be seen as a success.

More opinions

Marc Rubinstein

Is Warren Buffett's True Successor Bill Ackman?

Parmy Olson

Apple's UK Privacy Fight Is Noble But Shortsighted

Before You Go

Gal Gadot in the 2020 movie Wonder Woman 1984. Photographer: Warner Bros.

Game changer. Warner Bros. Discovery is closing three of its video-game studios and halting work on its highly anticipated Wonder Woman title, one of its biggest bets in development. The company wants to boost its profitability after taking a painful $300 million writedown on Suicide Squad and Harry Potter flops last year.

One More Thing

The Best New Outerwear, Fashion and Gear to Arm Yourself for Spring

Bloomberg Invest: When it comes to your world and your money, you want answers from leaders who know how to build empires, protect portfolios and create the next big thing. Bloomberg Invest in New York on March 4-5 is an essential gathering that convenes allocators, dealmakers and investors. Learn more here.