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WASHINGTON – President Donald Trump and his allies have raked in nearly $900,000 in trading fees over the past two days from the president’s $TRUMP cryptocurrency token, according to Chainalysis, a blockchain data company. 

The surge came after a Wednesday announcement in which the top 220 holders of the token were promised dinner with the president.

“Have Dinner in Washington, D.C. With President Trump,” reads a message on the front page of the Trump coin’s website. The event, which is black tie optional and hosted at the president’s private club in the Washington area, is scheduled for May 22, with a reception for the top 25 holders. A “VIP White House Tour” will take place the following day, the site says. The website also hosts an active leaderboard displaying the usernames of top buyers.

The $TRUMP memecoin jumped more than 50% on the dinner news, boosting its total market value to $2.7 billion. It was met with fierce criticism from some of Trump’s political opponents who said the move was further evidence that the president was using crypto to enrich himself. Sen. Chris Murphy, D-Conn., a prominent Trump critic, wrote on X that the sale was “the most brazenly corrupt thing a President has ever done. Not close.”

Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project’s website. Since its launch in January, trading activity has generated about $324.5 million in trading fees for insiders, Chainalysis found. These fees are generated through the token’s built-in mechanism that routes a percentage of each trade to wallets controlled by the project — wallets that, according to the website, are linked to the coin’s creators.

Memecoins, often referred to as meme tokens, are a subset of digital assets that use blockchain technology and derive their value largely from internet culture, memes and social media hype rather than from an underlying utility or asset. The originators of memecoins can make fees when their coins are bought and sold.

They have grown in popularity in recent years as speculative assets, with some coins including dogecoin and fartcoin amassing total market values in excess of $1 billion.

Most of the $TRUMP supply remains locked under a three-year vesting plan, with coins gradually becoming available over time. Lockups like these are meant to protect investors by preventing insiders from cashing out all at once — a scheme commonly known in the crypto world as a “rug pull.” Vesting schedules aim to give retail buyers confidence that early holders won’t overwhelm the market and tank the token’s value.

Still, the dinner contest is being viewed by critics as an unusually explicit attempt to monetize presidential access. 

As CNBC reported Friday, Democratic Sens. Adam Schiff of California and Elizabeth Warren of Massachusetts are urging the U.S. Office of Government Ethics to investigate whether the promotion constitutes “pay to play” corruption.

The White House did not respond to a request for comment. The company behind the memecoin also did not respond to a request for comment.

Delaney Marsco, the director of ethics at the Campaign Legal Center, a nonprofit focused on campaign finance and government accountability, told NBC News the coin and dinner contest amounted to an unprecedented ethics breach — though it is unlikely to be illegal.

“Criminal conflicts of interest statutes don’t apply to the President,” she said. “That has allowed him to go against decades of of norms that every modern president since Carter has adhered to, which is to divest your financial interests, rid yourself of your businesses, and kind of go in to the presidency with a clean financial slate so that no one could accuse you of manipulating policy decisions or using your position in order to enrich yourself.” 

“The fact that he is not barred by the law from having these financial interests like this meme coin allows him to engage in a lot of seemingly corrupt activity. It has the appearance of a pay to play, so the President is apparently selling access to himself,” Marsco added.

Molly White, an independent crypto researcher, told NBC News that the leaderboard only shows top $TRUMP holders — and then only by their chosen screen name, making it difficult to identify who is paying to potentially join the dinner.

Schiff and Warren have cited public reports showing that some $TRUMP investors have ties to foreign exchanges or received funds from crypto platforms banned in the U.S., including Binance.

White also noted that at least one top $TRUMP owner has an account on Binance, a cryptocurrency company that doesn’t allow American users.

Trump was elected with significant help from the cryptocurrency industry, which poured tens of millions of dollars into the 2024 election, outpacing corporate donations from traditional sectors like banking and oil. After opposing digital assets during his first term, Trump pivoted in 2024 to campaign as a champion of cryptocurrency, casting Democrats as hostile to innovation and as advocating for tighter regulation. 

The $TRUMP token itself offers no product or service, according to the project’s website. It is part of a broader push by the Trump family into digital assets, despite the market’s volatility and regulatory risks.

In addition to the $TRUMP and $MELANIA meme coins, the family is backing World Liberty Financial, a decentralized finance venture that has raised $550 million across two token sales since last October. Buyers are barred from reselling their tokens and receive no share of profits — but a Trump-affiliated entity is entitled to 75% of net revenue, including token sale proceeds.

Together, these projects have created new streams of revenue for Trump and his inner circle at a time when regulatory oversight of cryptocurrency has weakened sharply under his administration.

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Tesla unexpectedly ends contract at Giga Texas, letting go 82 people

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Tesla unexpectedly ends contract at Giga Texas, letting go 82 people

Tesla has unexpectedly terminated a contractor’s contract at Gigafactory Texas, resulting in the layoff of 82 workers who were supporting the automaker’s production at the giant factory in Austin.

MPW Industrial Services Inc., an Ohio-based industrial service provider specializing in cleaning and facility management, has issued a new WARN notice, confirming that it will lay off 82 workers in Texas due to Tesla unexpectedly ending its contract with the company.

Here are the details from the WARN notice:

  • State / agency: Texas Workforce Commission (TWC).
  • Notice date: August 27, 2025.
  • Employees affected: 82
  • Likely effective date: September 1, 2025
  • Context from the filing/letter: layoffs tied to an unexpected termination of a major customer contract (Tesla—Gigafactory Texas, 1 Tesla Road); positions include 61 technicians, 7 team leads, 7 supervisors, 7 managers; no bumping rights; workers not union-represented.

In April 2024, Tesla initiated waves of layoffs at the plant, resulting in the dismissal of more than 2,000 employees in Austin, Texas.

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Since then, Tesla’s sales have been in a steady decline. While the automaker is expected to have a strong quarter in the US in Q3 due to the end of the tax credit, sales are expected to decline further in Q4 and the first half of 2026.

Many industry watchers have expected Tesla to initiate further layoffs due to the situation.

Electrek’s Take

We may be seeing the beginnings of a new wave of layoffs at Tesla, as the automaker typically starts with contractors.

To be fair, Tesla could also potentially end the contract unexpectedly for other reasons, but the timing does align with the need to cut costs and staff ahead of an inevitable downturn in US EV sales.

I think it’s inevitable that we start seeing some layoffs. I think Tesla will have to slow down production in the US to avoid creating an oversupply, especially in Q4-Q1.

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After e-bike fury, suburban pearl-clutchers set their ire on golf carts

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After e-bike fury, suburban pearl-clutchers set their ire on golf carts

First, it was e-bikes, offering an efficient, effective, and low-cost way for teens and just about everyone to zip around town, yet drawing the temper of suburban traditionalists. Now golf carts are the new public enemy number one in suburbia, at least if you ask the growing number of online groups where residents complain about these small electric vehicles “clogging” their streets.

But beyond the hand-wringing, golf carts and their more sophisticated cousins known as Neighborhood Electric Vehicles (NEVs) or Low Speed Vehicles (LSVs), are quietly becoming a popular alternative to cars for short trips around US cities and suburbs.

While most people still associate golf carts with retirement communities in Florida or slow rides across 18 holes, street-legal versions have been around for the last few decades.

But these aren’t your grandpa’s bare-bones carts, complete with a golf pencil clip. Many now come with DOT seat belts, lights, turn signals, mirrors, backup cameras, and speed limiters that allow them to operate legally on roads up to 35 mph, as long as they meet all the federal requirements for Low-Speed Vehicles (LSVs).

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That means such vehicles are legally allowed to operate like cars, trucks, bicycles, or motorcycles on the vast majority of residential streets and a surprising portion of urban grids. In other words, for grabbing groceries, school drop-offs, or cruising to a friend’s house, they’re a practical, cheaper, and far greener substitute for firing up a 5,000-pound SUV.

The Club Car Cru adds extra luxury to the concept of an LSV

Golf carts have been slowly taking off for years, but the pandemic accelerated the trend. Sales of golf carts and LSVs spiked as families looked for safe, outdoor transportation and an easy way to get around their neighborhoods. Now, in cities all over the country, the sight of parents driving their kids to school or running errands in a cart is increasingly common. In some towns, petitions have even popped up with hundreds of residents asking for local ordinances to legalize them on more streets, according to the Daily Mail.

Of course, not everyone is thrilled. There’s growing backlash against the increase in golf carts on streets, with many residents calling them a “plague” and complaining that they’re taking up space on the roads, in parking lots, or creating unsafe conditions. While rare, there have been serious accidents too, with a handful of tragic cases highlighting the dangers of mixing small, lightweight carts with full-size vehicles. Critics argue that carts lack the crash protection of cars and don’t always fall under homeowners’ insurance policies if an accident happens.

But for every critic, there’s a supporter pointing out that golf carts take cars off the road, save money on fuel, and are no more dangerous than scooters or e-bikes – modes of transport that already share the streets. And major golf cart makers have been happy to respond to the demand with boosted sales and new models. Companies like E-Z-GO, Club Car, WAEV, Kandi, and others are all rushing new models to the market as more suburban commuters discover that their next electric vehicle might just cost a fraction of what they thought it would – and come with a better breeze, too.

The GEM microcars are classic LSVs that have brought smiles to families’ faces for decades

Electrek’s Take

If I didn’t know any better, I’d say it’s like the Karens are just following me around to poo-poo on any alternative vehicle I happen to drive that week. They’ve hit all my favorites. Pretty soon, they’ll be coming for my electric tractors, too!

But seriously, this feels like déjà vu. The same arguments we’ve heard for years against e-bikes are now being recycled against golf carts: too unsafe, too disruptive, too “different” from the car-centric status quo.

But the reality is, again, quite the same as e-bikes. These are small electric vehicles that make a ton of sense and are totally street legal, at least when they’re built correctly to conform to the proper laws.

They come with a lot of the same benefits, too. They’re cheap to operate, easy to park, perfect for short trips, and they prevent larger cars from needlessly clogging residential streets. Will they ruffle feathers among the kind of folks who have had one too many frisbees land in their yard? Perhaps. But much like e-bikes, their popularity is only going one direction – up.

I leave you with a few images of perhaps my favorite of all, the Kandi Mini. The nay-sayers can pull it from my cold, dead, golf

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2026 Volvo XC70 “long range PHEV” gets real with 125 mile electric range

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2026 Volvo XC70

With 400 hp and 200 km (125 miles) of all-electric range, Volvo’s new-for-2026 XC70 “long range plug-in hybrid” has made its official debut – and the order books are open. But, unfortunately for American fans of Swedish metal, it’s not available here. Yet.

Volvo first teased the new XC70 as a China-only model back in May, resurrecting an iconic name for the brand and representing an important product addition to the lineup and developed to meet the growing demand for longer-range plug-in hybrids in that market. A lot has changed since then, however – and with the looming threat of tariffs and trade wars on the one hand plus an increasing appetite for EREVs and PHEVs globally and a new CEO at the helm, Volvo’s new XC70 may yet make it to other markets.

“The new XC70 is a very attractive choice for customers who want the benefits of electric driving but are not yet ready to go fully electric,” explains Håkan Samuelsson, new new/old president and chief executive of Volvo Cars. “It is a cornerstone of our electrified product portfolio, a bridge to fully electric cars for our customers, and it will strengthen our presence in the world’s largest car market.”

The new XC70 is built on Volvo Cars’ new Scalable Modular Architecture (SMA) platform for plug-in hybrids, which are intended to deliver the environmental and performance benefits of electric drive with the added flexibility of an ICE backup.

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With 20-30 miles of electric range from a relatively small battery, that promise may ring hollow to many – but with 200 km (nearly 125 miles) of range on tap, it feels like it might be real enough this time out. The company claims its “efficient” allows drivers to drive over 1,200 km (nearly 750 miles) without recharging or refueling.

Active aero trickery


2026 XC70 PHEV; via Volvo Cars.

Part of those big range numbers is battery and engine tech, sure – but another large part is the new Volvo’s aerodynamic efficiency. At the front, a shield-like closed grille that echoes the fully electric Volvo EX90 and EX30 is paired with an active grille shutter (above) that automatically adjusts to minimize drag and optimize cabin climate and cooling.

Meanwhile, the vertical C-shaped taillights at the rear are integrated flush into the rear glass, which Volvo says creates “a sleek, modern look that is both eye-catching and functional.”

Tech-focused interior


Inside, the new XC70 presents a tech-first format, feturing a crisp 12.3″-inch” driver display and a laptop-sized, free-standing 15.4″-inch” central display in a horizontal format that allows the driver to view a large navigation map while still having space for other key functions.

It’s an odd move for the Swedish brand that’s already facing criticism over software bugs. Still, its hybrids have fared better on that front than the EX90, and the XC70’s standout feature — a massive 92-inch augmented reality heads-up display — could deliver that “wow factor” that’s needed to win over any doubters.

On the safety front, the new XC70 is riddled with radars, cameras, and sensors to continuously monitor its surroundings and avoid or mitigate collisions when it can. It also comes equipped with with Volvo-standard safety features like BLIS and City Safety.

For a relaxed driving experience, the XC70 also offers Pilot Assist ADAS Park Pilot Assist, as well as active navigation support.

Production of the new XC70 is already underway and the new long-range PHEV is now available to pre-order in China. No word yet on European (or American, here’s hoping) pricing.


SOURCE | IMAGES: Volvo Cars.


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