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Jack Mallers looks to rival Strategy with new bitcoin company backed by Tether and SoftBank

About 764,000 wallets that purchased President Donald Trump‘s $TRUMP meme coin have lost money on the investment, according to fresh data shared with CNBC by blockchain analytics firm Chainalysis.

Most of the wallets that lost money held smaller amounts of the token, according to the firm’s on-chain analysis. Crypto wallets are accounts that store the keys you need to access and use your cryptocurrency holdings.

Chainalysis said that while around 2 million wallets have bought into the token, 58 wallets made more than $10 million apiece, totaling roughly $1.1 billion in gains.

The $TRUMP token, which surged in popularity after being tied to the start of Trump’s second term, has seen sharp price swings and highly uneven returns for investors. Fight Fight Fight LLC. and CIC Digital LLC., control the bulk of the token’s supply.

CNBC has reached out to Fight Fight Fight LLC. for comment on the Chainalysis numbers.

Interest in the coin spiked more than 50% after the project’s website promised the top 220 holders a seat at a black-tie-optional dinner with the president.

The $TRUMP event, set for May 22 at the president’s Trump National Golf Club, Washington, D.C., includes a reception for the 25 wallets with the largest coin balance, along with a White House tour.

Read more about tech and crypto from CNBC Pro

The dinner-pegged rally pushed the token’s market cap to $2.7 billion at its peak, though it has since pulled back to around $2.17 billion.

Since that rally, around 54,000 wallets have bought the coin. In total, 100,000 new wallets have purchased $TRUMP since April 15, Chainalysis said, extending the post-announcement surge despite ongoing volatility in the broader crypto market.

The Trump-branded meme token has drawn scrutiny from regulators and ethics watchdogs.

Lawmakers are now formally investigating whether the $TRUMP meme coin — and a related crypto venture called World Liberty Financial, which sends 75% of revenue to the Trump family — constitute a direct conflict of interest for the president.

The Senate’s Permanent Subcommittee on Investigations has launched a probe into the token’s ownership structure and revenue model, while House Democrats stormed out of a crypto hearing in protest.

At the center of the controversy is the dinner competition for top token holders, promotional posts from the president himself, and ties to foreign investors including a state-backed Emirati fund and crypto mogul Justin Sun.

Launched in January ahead of Trump’s second inauguration, the token’s value initially soared to $15 billion after a series of promotional posts from the president on Truth Social and X. It lost most of that value within days.

Only 20% of the token’s total supply is currently in circulation. The remaining 80% — reportedly controlled by the Trump Organization and affiliated entities — is locked under a three-year vesting schedule. Public disclosures say insiders have agreed not to sell their allocations for another few months.

Even with their tokens under vesting restrictions, insiders are earning substantial revenue.

Since January, more than $324 million in trading fees have been routed to wallets tied to the project’s creators, according to Chainalysis. The token’s code automatically directs a cut of each transaction to these addresses, allowing the team to profit from ongoing activity.

Trump signs executive order to establish U.S. strategic bitcoin reserve

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Tesla launches cheaper Model Y RWD in the US

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Tesla launches cheaper Model Y RWD in the US

Tesla has opened orders for the Model Y Long Range RWD for $45,000 in the US. It’s the new entry-level Model Y following the design refresh earlier this year.

Since launching the updated Model Y earlier this year, Tesla has only offered the best-selling electric SUV in a single Long-Range AWD configuration.

First, it was as a fully-loaded $60,000 Launch Edition, and last month, it started deliveries of the regular Model Y AWD starting at $49,000.

As we recently noted, Tesla didn’t have much of an order backlog for the new Model Y in the US, and it has already started gathering new Model Y AWD in inventory just weeks after launching the vehicle.

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Tesla even started offering subsidized financing rates on the new SUV this weekend.

Now, the automaker is starting to take orders for the new Model Y Long Range RWD

The new trim starts at $44,990 and enables 357 miles of range – an extra 30 miles over the AWD version.

However, due to its single motor powertrain, the lower-priced version is slightly slower with a 0-60 mph acceleration in 5.4 seconds rather than 4.6 seconds.

The automaker says that deliveries of the new version will start in the US in the next 3 to 5 weeks. It launched the new Model Y RWD in Europe weeks ago.

Tesla also offers a Standard Range RWD in Europe and China for even cheaper, and deliveries have already started in China.

Electrek’s Take

Tesla appears to have waited to open orders for the Model Y RWD in the US to optimize demand for the Long Range AWD.

But now it needs a cheaper model to sustain demand at the current production rate.

In the coming weeks, it will start building a mix of RWD and AWD in Fremont and Austin to

Interestingly, Tesla currently only offers the subsidized 1.99% financing rate on the Model Y Long Range AWD. I would assume that Tesla plans to take advantage of the boost in demand that the cheaper model will create.

However, US buyers probably won’t have to wait more than a few weeks before Tesla starts to offer lower interest rates on all versions, like it already does in Europe and China.

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Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]

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Big Mack, hydrogen Honda, and a ride in the Tesla Semi at ACT Expo 2025 [part 6]

On today’s thrilling episode of Quick Charge, we’ve got some of the highlights of the 2025 ACT Expo, including the all-electric Windrose and Mack Pioneer Class 8s trucks, a hydrogen fuel sell [sic] from Honda, a fun charging surprise, and – after an eight year wait – we finally get a ride in the all-new (in 2017) Tesla Semi!

ACT Expo is North America’s premier clean truck and transport trade show – and for 2025 it was bigger than ever, with more exhibitors and more, more capable battery electric vehicles than ever. The downsides? NACFE have scored with their “messy middle” messaging, and the return of “clean diesel” talking points. We’ve got a brief rundown and links to all the details, below.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

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Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has 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 share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Thousands of Texas homes are about to form a huge virtual power plant

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Thousands of Texas homes are about to form a huge virtual power plant

Abundance Energy, sonnen, and Energywell are teaming up to bring smarter, more resilient energy to Texas homes through a huge new virtual power plant (VPP) initiative.

By combining behind-the-meter home batteries, solar power, and advanced energy software, the trio is building a network of connected homes that can work together to support the grid. Customers who install sonnenConnect home batteries through Abundance Energy will now be part of a system that automatically stores and shares power when it’s needed most. That means lower electricity bills, better reliability during extreme weather, and a cleaner energy mix overall.

The VPP will cover all of ERCOT, with the primary focus in the greater Dallas-Fort Worth and Houston areas. Each home will have two 4.8kW/20kWh sonnenCore+20 battery units. The current customer base that will be enrolled in the VPP equals 60 MWh, and this will continue to grow each month. The VPP is already on track to replace Tesla as the largest virtual power plant in Texas by the end of 2026.

Here’s how it works: The batteries are continuously managed using Energywell’s Proton platform and sonnen’s smart VPP technology. This system monitors solar generation, customer energy use, and real-time electricity prices, and then decides when to charge or discharge each battery. Instead of just sitting idle, these batteries turn into mini power plants that can react to grid needs in real time.

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And when thousands of batteries work together, they form a virtual power plant—a decentralized network that reduces the strain on the grid, especially during peak demand or power outages. Unlike traditional power plants, VPPs don’t burn fossil fuels. They use clean, stored electricity from homes and businesses, helping cut carbon emissions while keeping the lights on.

“Our mission is to empower homeowners with smarter, more sustainable energy solutions,” said Thomas Mandry, CEO of Abundance Energy. “This partnership delivers a new kind of VPP model that benefits customers and strengthens the Texas grid.”

Blake Richetta, CEO of sonnen, added, “With Abundance Energy and Energywell, we’re showing how everyday homeowners can become part of the solution to Texas’ energy challenges.”

As Texas continues to face grid reliability issues, especially in extreme heat or cold, this kind of flexible, customer-powered energy system will make homes more resilient and give customers more control over their power.

Read more: The US’s largest virtual power plant now runs on 75,000 home batteries


If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, 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 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 started here. –trusted affiliate link*

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