Crypto News: Former UK prince arrested

Good morning. Former Prince Andrew, who has ties to Jeffrey Epstein, is arrested. Social media giants are in the dock. And what's good for Gen Alpha might also be good for your wallet. Listen to the day's top stories.

— Angela Cullen

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Former prince Andrew Mountbatten-Windsor has been arrested on suspicion of misconduct in public office. The younger brother of King Charles III was previously stripped of his titles after details emerged about his relationship with convicted sex offender Jeffrey Epstein.

The Epstein fallout continues to spread. Bill Gates scrapped a keynote at a major AI summit in New Delhi, with his foundation saying the move was intended to keep attention on the event amid renewed scrutiny of his past ties to Epstein. Apollo Global Management has also sought to reassure clients that its top executives had no relationship with the disgraced financier after newly released Justice Department files named several employees—including CEO Marc Rowan.

Sell America? Not so fast. Foreign purchases of US financial assets accelerated in 2025, led by demand for stocks and Treasuries. It's true, China did do a lot of dumping, while Europe led the buying. Dollar depreciation may have helped.

OpenAI's backers are dispensing with fears about bloated AI valuations. The ChatGPT maker is close to a record funding round that could bring in more than $100 billion, people familiar said. But ethical fears about AI continue to swirl. Google DeepMind Chief Executive Officer Demis Hassabis pointed to two serious risks: bad actors repurposing beneficial technologies in harmful ways, and technical issues inherent in increasingly autonomous systems. A political committee backed by Anthropic is spending $450,000 to boost a New York congressional candidate who favors safety regulations for the technology.

Altman Warns About Dangers of Dictators Using AI

OpenAI CEO Sam Altman said we should remain "humble" about what we still don't know about superintelligence, pointing to the uncertainty around how the technology could be used by totalitarian governments.

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Wall Street's crypto converts. Executives and government officials gathered in Mar-a-Lago's gilded ballroom for a conference hosted by the Trump family's crypto platform—underscoring how digital assets have become both a policy priority and personal profit center for Donald Trump's second term. One-time skeptic-turned-Bitcoin holder, Goldman CEO David Solomon, was in attendance as was pardoned felon and billionaire Binance co-founder Changpeng Zhao.

Amazin' comeback. The clock may have run out on Steve Cohen's dream of a World Series within five years of buying the New York Mets, but he can claim the Wall Street equivalent: hedge fund champion of champions. The Point72 founder bagged a cool $3.4 billion for 2025, enough to buy 1 million-odd Nathan's hot dogs daily for a whole year—or cover the annual salaries of 67 Juan Sotos.

Deep Dive: In Harm's Way

Mark Zuckerberg arrives at Los Angeles Superior Court in Los Angeles on Feb. 18. Photographer: Kyle Grillot/Bloomberg

Governments and courts are increasingly taking aim at social media over the harms they may pose to children, setting the stage for a showdown with behemoths like Meta, Snap, Google, and Elon Musk's X.

In California, a judge ruled that TikTok must face the state's claims that its features are addictive to kids.
Taking a cue from Australia, the first country to ban social media for minors, France is considering a similar move, part of a push that's gaining traction across Europe and in India.
In the US, a landmark trial brought by a 20-year-old woman who blames Meta's Instagram and Google's YouTube for years of mental health struggles is emerging as a critical test case.
Meta CEO Mark Zuckerberg took the stand on Wednesday, claiming it's "very difficult" to enforce Instagram's age limits.
The four social media giants face billions of dollars in potential damages if juries side against them in early trials, drawing parallels to Big Tobacco's reckoning with consumer addiction three decades ago.

The Big Take

Illustration: Jennah Haque

Inflation may be down but, with grocery and electricity prices already at records, Americans aren't feeling relief. Consumers now dole out $126 for what cost $100 before the pandemic, leaving many feeling they're treading water rather than getting ahead. That frustration is set to dominate the midterms.

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Opinion

Photographer: Chip Somodevilla/Getty Images Europe

As long as Donald Trump's Board of Peace sticks to its UN-mandated mission of relieving the misery of people in Gaza, in conformance with international law, more power to it, writes Andreas Kluth. If it keeps straying beyond that objective to serve the egomania of one man, it deserves only to be blackballed.

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Before You Go

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Gen Alpha is already flexing more than $100 billion in annual US spending power—and it's just getting started. As the first fully digital generation reshapes money habits and markets, following what's in style for kids these days can be a boon for your wallet. Here is our investor's guide.

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