The Trump transition team is reportedly looking to kill the requirement for Tesla to have to report its crashes involving Autopilot and Full Self-Driving features.
It probably has nothing to do with Tesla’s CEO, Elon Musk, being on Trump’s transition team.
NHTSA has a program that requires automakers to report crashes involving advanced driver assist systems (ADAS).
Reuters obtained a document that shows the Trump transition team is looking to kill this program:
The Trump transition team wants the incoming administration to drop a car-crash reporting requirement opposed by Elon Musk’s Tesla, according to a document seen by Reuters, a move that could cripple the government’s ability to investigate and regulate the safety of vehicles with automated-driving systems.
To be fair, most automakers are against any requirement to report, but Tesla is leading the effort here since its vehicles are involved in the vast majority of crashes reported through this program:
A Reuters analysis of the NHTSA crash data shows Tesla accounted for 40 out of 45 fatal crashes reported to NHTSA through Oct. 15.
Tesla CEO Elon Musk has often complained about NHTSA’s treatment of Tesla and the recalls, which are often just over-the-air software updates, that the agency forced on the automaker.
Musk is now working on Trump’s transition team after donating about $250 million to the President-Elect’s campaign.
Electrek’s Take
America; where corruption is done in broad daylight for everyone to see.
To be fair, Reuters said that it couldn’t link Musk directly to this policy change, but who are we kidding?
I know Tesla doesn’t like it, but NHTSA’s job is not to please Tesla. It’s to protect road users, and reporting crashes involving a rapidly evolving technology sounds sensible if that’s your mission.
It’s wild that the richest man in the world, who owns large stakes in several companies doing direct business with the US government or directly influenced by government policies, is literally on the President’s transition team.
And the funniest part is that they do things like this and claim that it is for the American people and not for their own pockets.
FTC: We use income earning auto affiliate links.More.
Alex Mashinsky, former chief executive officer of Celsius Network Ltd., arrives at court in New York, US, on Thursday, May 8, 2025.
Yuki Iwamura | Bloomberg | Getty Images
Alexander Mashinsky, the former CEO of Celsius Network, was sentenced to 12 years in prison on Thursday after pleading guilty to two counts of fraud, a dramatic fall for the leader of a company once hailed as the “bank” of the crypto industry.
Standing before U.S. District Judge John G. Koeltl in Manhattan’s Southern District, Mashinsky faced the consequences of what prosecutors described as a sweeping scheme to defraud investors.
In December he pleaded guilty to commodities fraud and a scheme to manipulate the Celsius token.
His sentencing took place in courtroom 14A at 500 Pearl Street — a venue that has seen several crypto executives-turned-felons.
Mashinsky’s legal troubles began in 2023 when he was arrested on charges of securities, commodities, and wire fraud, just as Celsius reached a $4.7 billion settlement with the Federal Trade Commission — one of the largest in the FTC’s history.
The settlement, which remains contingent on Celsius returning what remains of customer assets in bankruptcy proceedings, underscored the magnitude of the fraud.
Prosecutors accused Mashinsky of misleading investors about the safety and profitability of Celsius’s yield-generating platform while secretly selling off tens of millions of dollars in personal holdings.
Though he initially denied wrongdoing, his guilty plea and Thursday’s sentencing mark the final chapter in a years-long case that also drew charges from the Securities and Exchange Commission and the Commodity Futures Trading Commission, which accused Celsius and Mashinsky of orchestrating a multi-billion dollar fraud scheme.
Mashinsky’s downfall mirrors the fate of other once-dominant crypto executives like FTX founder Sam Bankman-Fried, Binance’s Changpeng Zhao and Do Kwon of Terraform Labs.
Read more CNBC tech news
FTX
Bankman-Fried was sentenced to 25 years in prison in March 2024 for the massive fraud and conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.
Once celebrated as a crypto wunderkind, Bankman-Fried was exposed for misappropriating billions of dollars in customer funds to support his own trading firm, Alameda Research, and for living an extravagant lifestyle in Hong Kong and later the Bahamas.
Caroline Ellison, who led Alameda Research and was romantically involved with Bankman-Fried, received a significantly lighter sentence of two years. Her cooperation with prosecutors proved crucial in unraveling the complex web of fraudulent activities at FTX, allowing authorities to build a strong case against Bankman-Fried and other executives.
Bankman-Fried is in the process of appealing his conviction and sentence.
Caroline Ellison is questioned as Sam Bankman-Fried watches during his fraud trial before U.S. District Judge Lewis Kaplan over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, October 11, 2023 in this courtroom sketch.
Jane Rosenberg | Reuters
Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months, followed by three years of supervised release.
FTX engineering chief Nishad Singh got no jail time and three years of supervised release for his role in the crypto fraud; and Gary Wang, the co-founder and chief technology officer of FTX, also avoided prison time.
In May 2024, the bankruptcy estate of FTX announced that almost all customers would get their money back — and more.
A judge on Wednesday dismissed most of the claims against celebrities and athletes who were involved in promoting FTX in commercials and on other platforms.
In November 2023, Zhao, commonly known as “CZ,” struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world’s largest cryptocurrency exchange.
Zhao stepped down as CEO in 2023 but retained a significant stake in Binance.
In April 2024, Binance’s billionaire founder was sentenced to four months in prison after pleading guilty to charges of enabling money laundering at his crypto exchange. He served his sentence at a low-security federal prison in Lompoc, California.
Under new leadership, Binance has undergone a strategic pivot, aligning closely with the Trump administration’s pro-crypto stance. CEO Richard Teng described President Donald Trump’s second term as a “fantastic reset” for the cryptocurrency industry, noting a dramatically improved regulatory environment for Binance in the U.S.
Terraform Labs
Months before Bankman-Fried and the FTX fraud was exposed, and years before Binance and its founder would admit fault and settle with the U.S. for several billion dollars, Kwon was widely regarded as crypto’s top villain for nearly dismantling the entire sector with his failed U.S. dollar-pegged stablecoin.
It was May 2022, and Kwon was riding high. His company, Terraform Labs, was behind one of the most popular U.S.-pegged stablecoins on the planet, the venture funding was rolling in, his coins (dubbed terra and luna) were collectively worth tens of billions of dollars, and like Bankman-Fried, Kwon had landed a spot on the prestigious Forbes 30 under 30 list.
And then it all came crashing down.
PODGORICA, MONTENEGRO – JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Cryptocurrency TerraUSD and its companion token Luna collapsed in 2022, wiping out approximately 40 billion USD from the cryptocurrency market and Do Kwon, the founder was charged with fraud by American prosecutors following his arrest in Montenegro. (Photo by Filip Filipovic/Getty Images)
Filip Filipovic | Getty Images News | Getty Images
Whereas most stablecoins are backed up by a mix of cash and other assets to match the value of tokens in circulation, Kwon’s invention was instead backed by a complex set of code. When the algorithm failed in May 2022, it cost investors $40 billion in market value overnight, led to devastating losses to multiple investors, and contributed to the collapse of hedge fund Three Arrows Capital in June 2022, followed by crypto lenders Voyager Digital, then BlockFi, then Genesis — and, in a roundabout way, FTX too.
The stablecoin’s implosion also rocked confidence in the sector and accelerated the slide in cryptocurrencies already underway as part of a broader pullback from risk.
Last June, a judge signed off on Do Kwon and his bankrupt Terraform Labs settling with the U.S. Securities and Exchange Commission for $4.5 billion.
Kwon was extradited to the U.S. from Montenegro to face fraud charges in January 2025.
Ex-crypto tycoons awaiting judgement
The fall of crypto hedge fund Three Arrows Capital, and lenders Voyager Digital and Celsius, can all be traced to the collapse of Kwon’s stablecoin project.
When 3AC’s lenders asked for some of their cash back in a flood of margin calls, the money wasn’t there. Many of the firm’s counterparties were, in turn, unable to meet demands from their investors, including retail holders who had been promised annual returns of 20%.
The three companies all went bankrupt and are currently at various stages of settling their debts, with Celsius having just emerged from bankruptcy in January.
3AC co-founder Kyle Davies said he’s not sorry for the collapse of his fund, and has so far managed to avoid jail time by bouncing around the world, unlike his co-founder, Su Zhu, who served time in a Singaporean prison.
In 2024, the US produced more than three times as much solar, wind, and geothermal power as it did in 2015. That’s according to a new interactive dashboard just released by Environment America Research & Policy Center and Frontier Group. The tool, called The State of Renewable Energy 2025, tracks the growth of clean energy and EVs in all 50 states — and it shows that progress has happened everywhere.
“Americans are realizing the simple truth about renewable energy – power from the sun and wind doesn’t pollute, never runs out, and shows up for free,” said Wendy Wendlandt, president of Environment America Research & Policy Center. “Powering America with renewable energy is simply an idea whose time has come.”
The dashboard looks at how far we’ve come in six areas that matter most for a clean energy future: wind, solar, EVs, EV charging, energy efficiency, and battery storage. And the numbers are impressive.
Big gains in clean energy
Wind, solar, and geothermal comprised 19% of national retail electricity sales in 2024 – up from just 7% in 2015.
South Dakota took the lead, generating the equivalent of 92% of its retail electricity from wind, solar, or geothermal.
Texas, California, Iowa, Oklahoma, and Kansas were the top five states for total renewable energy generation.
Fifteen states got at least 30% of their electricity from renewables – up from just two states in 2015.
And it’s not just the traditional leaders making moves. The Southeast – including Alabama, Florida, Georgia, North Carolina, South Carolina, Tennessee, and Virginia – is now generating 27 times more solar power than it did in 2015. That’s enough to power over 5.5 million US homes.
Advertisement – scroll for more content
Across the US, solar power could run 28 million homes in 2024, which is 7.7 times more than in 2015. Wind energy could power over 42 million homes, up 2.4 times compared to 2015.
Batteries and EVs took off
Battery storage is seeing explosive growth, too. The US had 26 gigawatts of battery storage capacity by the end of 2024 – 89 times more than in 2015 and a 63% jump from 2023. That storage helps keep the lights on during extreme weather and makes renewables more reliable by holding energy when the sun’s not shining or the wind’s not blowing.
EVs are rolling out fast. As of the end of 2023, there were nearly 3.3 million electric vehicles on US roads – 25 times more than a decade ago. And there are now over 218,000 public EV charging ports – six times more than in 2015, and 24% more than the year before.
Still, there’s concern about the challenges ahead due to the Trump administration’s hostility toward renewables and EVs. At the Intersolar 2025 conference in Munich yesterday, Abigail Ross Hopper, CEO of the Solar Energy Industries Association, flagged the uncertainty facing the US market: “I don’t think there’s ever been a time of greater uncertainty in the US market than right this minute, for a number of reasons – tariffs being one of them and uncertainty around tax incentives being the other.
“But I don’t think any of us could be in this business if we weren’t optimistic, and so I’m eternally optimistic, and believe in the economic fundamentals and the technology fundamentals. I think we’re going to weather through this storm, but it will be a bit rocky for a few years.”
Tax credits helped millions – and could help even more
In 2023, 3.4 million Americans claimed tax credits for clean energy upgrades or energy efficiency improvements in their homes. That saved US households over $8 billion. The Inflation Reduction Act’s tax credits are likely to be targeted by Republicans in an attempt to cut spending in Congress. Still, it’s unclear which tax credits are at risk, seeing how the GOP will essentially shoot itself in the foot since its states benefits the most from IRA tax credits.
The report’s authors say the government should keep federal clean energy tax credits in place and that states and cities should make it easier, not harder, for people to go solar, drive electric, or boost efficiency.
“When we reduce energy waste and replace polluting energy sources with renewables, we’re building a safer, healthier world for ourselves and future generations,” said Johanna Neumann, senior director of Environment America’s Campaign for 100% Renewable Energy. “Now is the time to let more Americans choose clean energy, not make it harder for them.”
To limit power outages and make your home more resilient, consider going solar with a battery storage system. In order to find a trusted, reliable solar installer near you that offers competitive pricing, check outEnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get startedhere. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
PayPal Inc. co-founder and Affirm’s CEO Max Levchin on center stage during day one of Collision 2019 at Enercare Center in Toronto, Canada.
Vaughn Ridley | Sportsfile | Getty Images
Affirm, the provider of buy now, pay later loans, gave a revenue forecast for the current quarter that trailed analysts’ estimates even as profit for the prior quarter was better than expected. The stock fell 10% in extended trading on Thursday.
Here’s how the company did, compared to analysts’ consensus estimates from LSEG:
Earnings per share: 1 centvs. an expected loss of 3 cents
Revenue: $783 million vs. $783 million expected
Affirm reported gross merchandise volume, or GMV, of $8.6 billion, topping the average estimate of $8.2 billion, according to StreetAccount. GMV, a key metric that helps gauge the total value of transactions, increased 36% from a year earlier.
Revenue in the quarter rose 36% from $576 million a year ago. The company’s key margin metric — revenue less transaction costs, or RLTC —came in at 4.1%, slightly above its long-term target range of 3% to 4%.
Adjusted operating margin was 22%, compared to StreetAccount’s estimate of 21.6%.Affirm reported net income of $2.8 million, or a penny a share, compared to a loss a year earlier of $133.9 million, or 43 cents a share.
For the current quarter, Affirm is guiding for revenue between $815 million and $845 million — with a midpoint of $830 million, below the average estimate of $841 million, according to LSEG.
Affirm’s business is closely tied to consumer spending, as its online loan offering has become popular with sellers of electronics, apparel and travel. The U.S. economy contracted in the first three months of 2025 on an import surge at the start of President Donald Trump‘s second term in office, as companies and consumers sought to get ahead of the Trump tariffs implemented in early April.
Don’t miss these insights from CNBC PRO
As CNBC reported late last month, citing first-quarter results from credit card lenders, lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend on high-priced meals and and luxury travel.
Affirm is forecasting fourth-quarter GMV between $9.4 billion and $9.7 billion, with a midpoint of $9.55 billion, above StreetAccount’s estimate of $9.2 billion. Adjusted operating margin is expected between 23% and 25%, compared to the 23.8% StreetAccount estimate.
Affirm reiterated its commitment to achieving profitability on a GAAP basis by the end of its fiscal fourth quarter in 2025. Affirm’s active consumer base increased to 22 million, including 2 million new to Affirm consumers.
The Affirm Card, which is the company’s big bet for driving greater usage overall, saw GMV rise 115% from a year earlier, and the number of active cardholders more than doubled.
The company’s partnerships with Apple, Amazon and Shopify continue to drive momentum. In June, Affirm and Apple announced plans for U.S. Apple Pay users on iPhones and iPads to be able to apply for loans directly through Affirm.
Earlier this week, the Consumer Financial Protection Bureau said it will stop enforcing a Biden-era rule that complicated compliance for BNPL providers, in what was largely viewed as a win for lenders like Affirm.
The quarter saw a notable rise in 0% interest loans, a strategy in which merchants — and sometimes manufacturers — subsidize borrowing costs to drive sales. That marked a 44% increase from a year earlier. Meanwhile, credit quality held steady, with losses below 1% in the company’s core offering that allows users to repay loans in four installments.
Affirm shares are down 11% for the year, excluding the after-hours move, while the Nasdaq has fallen abut 7%.