Affirm heads for second-worst week on record on tariff worries, Klarna delayed IPO
Igor Golovniov | SOPA Images | Lightrocket | Getty Images
Affirm shares have plunged nearly 30% in the past two trading days and are on track to close out their second-worst week on record, following President Donald Trump’s sweeping tariff announcement on Wednesday.
Widespread tariffs could represent a particular problem for Affirm, because the provider of buy now, pay later loans is reliant on consumer spending, and economists expect prices to rise on all sorts of goods. The news got worse on Friday when Affirm rival Klarna delayed its long-anticipated IPO due to market volatility.
Klarna had planned to debut on the New York Stock Exchange under the ticker KLAR, targeting a valuation around $15 billion. Affirm’s market cap is now $11 billion. Klarna reported $2.81 billion in revenue last year, which is about what Affirm generated over the past four quarters.
In addition to Klarna, ticketing marketplace StubHub hit pause on its share sale, raising concerns that the IPO market’s expected rebound won’t be taking place anytime soon. The Nasdaq is down more than 9% this week, headed for its steepest drop since the early days of the Covid pandemic in 2020.
The setbacks mark a sharp turn for the BNPL sector, which had Wall Street excited towards the tail end of 2024. Affirm shares soared 60% in November, the month Trump was elected. Jack Dorsey’s Block, which owns BNPL provider Afterpay, jumped 22% that month, but is down 9% this week.
James Friedman, an analyst at SIG, noted Affirm’s exposure to fashion, beauty, and travel, which are often hit hardest when consumers retreat. Roughly 42% of Affirm’s transactions are in general merchandise, with fashion and travel combining for another quarter of volume.
A spokesperson for Affirm declined to comment on Klarna’s delayed listing.
Regarding market volatility, the spokesperson said the adoption of products like Affirm, which offer more flexible options than credit cards, “is a secular and enduring trend across market cycles.”
“We underwrite every transaction before making a real-time credit decision and enable consumers to pay over time without any late or hidden fees,” Affirm said.
WATCH: Affirm CEO: We’re a replacement for credit cards, not debit cards
The GV90 is set to raise the bar as the most luxurious Genesis SUV. If you thought the GV80 was impressive, wait until you see this larger, three-row electric flagship. After it was recently spotted in the US, we are getting our first glimpse of the ultra-luxe Genesis GV90’s interior.
First look at the Genesis GV90 interior in the US
Genesis previewed the flagship SUV at the NY Auto Show last March with the Neolun concept, which the brand refers to as its “ultra-luxe vision of luxury SUVs.”
It’s not only stunning on the outside, but the full-size SUV will introduce advanced new tech and upscale design features for “a whole new level of luxury.”
Drawing inspiration from Korean aesthetics, the interior is fit for royalty. The concept featured a “Royal Indigo” cashmere and a vintage-like “Purple Silk” leather. Genesis topped it off with dark-colored wood accents for an even more luxurious feel.
After it was spotted in public in California, it looks like the interior of the Genesis GV90 will retain some elements from the concept.
The new photos, courtesy of The Korean Car Blog, offer a sneak peek at what we can expect when it arrives in production form.
You’ll notice that the color scheme remains largely the same, with purple accents on the door trim, seats, and other interior elements.
The GV90 will serve as the luxury brand’s tech beacon, featuring Hyundai Motor’s latest technology and software. A 24″ infotainment system will sit at the center with navigation and voice command recognition.
It will also feature a 3D audio experience with tweeters, midrange speakers, woofers, and subwoofers strategically placed, creating an immersive audio experience. The iconic Crystal Sphere is not only a centerpiece, but it will also serve as a hi-fi tweeter speaker.
According to Luc Donckerwolke, Genesis’ chief creative officer, the concept is “the epitome of timeless design and sophisticated craftsmanship.” Do you agree?
With GV90 models now in public testing, Genesis appears to be on track to launch the flagship SUV in mid-2026. Earlier this month, we got a closer look at the exterior after it was caught testing at the Nürburgring with less camo.
More details, including prices and final specs, will be revealed closer to launch. However, it is expected to ride on Hyundai’s new eM platform, which will replace its current E-GMP.
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Jakub Porzycki | Nurphoto | Getty Images
The SEC has formally dropped its lawsuit against Binance and founder Changpeng Zhao, bringing an end to one of the last remaining crypto enforcement actions brought by the agency.
In a Thursday filing in the U.S. District Court for the District of Columbia, lawyers for the SEC and Binance jointly moved to dismiss the case, which was first brought in June 2023.
The original complaint accused the crypto exchange of violations including illegally serving U.S. users, inflating trading volumes, and commingling customer funds. The agency also claimed that Binance unlawfully enabled trading in crypto assets it viewed as unregistered securities, an argument that was also used against Coinbase, Kraken, and others under prior SEC leadership.
The dismissal marks a symbolic end to one of the most aggressive crypto crackdowns in U.S. history, and comes as the Trump administration makes a concerted effort to prove that it’s an ally to the industry. The Justice Department has already shut down its crypto enforcement team, and the Commodity Futures Trading Commission is now set to be led by a venture capitalist with close ties to crypto.
Binance is the largest digital assets exchange in the world by volume. It recently forged ties with World Liberty Financial, a project that aspires to be a crypto bank and funnels 75% of profits to entities linked to the Trump family. Binance is taking a $2 billion investment from the Emirati state fund MGX entirely in USD1, a stablecoin newly launched by the World Liberty team.
Binance and World Liberty are also deepening their footprint in Pakistan, where WLF co-founder Zack Witkoff, the son of U.S. Middle East envoy Steve Witkoff, recently struck a deal with the government. Around the same time, Zhao was appointed as an adviser to Pakistan’s newly formed Crypto Council, a state-backed body tasked with shaping national digital asset policy.
The SEC was the last major regulator still pursuing Binance after a $4.3 billion settlement with the U.S. government last year that saw Zhao plead guilty and step down as CEO, while avoiding jail time and retaining much of his wealth.
The agency’s motion to dismiss was granted with prejudice, meaning the SEC can’t refile the same claims.
Under the SEC’s new leadership, the agency has shifted away from enforcement and toward engagement and regulatory rollback. It’s held a series of roundtables led by Commissioner Hester Peirce and newly appointed Chair Paul Atkins.
The SEC has also begun dismantling key rules that once kept Wall Street on the sidelines. In January, it scrapped Staff Accounting Bulletin 121 — a controversial directive issued under former Chair Gary Gensler that forced banks to count crypto holdings as liabilities on their balance sheets. Peirce celebrated the reversal on X, posting, “Bye, bye SAB 121! It’s not been fun.”
In February, the agency followed up with new guidance indicating that it doesn’t view most meme coins as securities under federal law, providing a boon to the Trump family.
President Trump and several of his family members are closely tied to crypto ventures, including the $TRUMP token, which launched just before his January inauguration. The coin currently boasts a market cap of about $2.4 billion, with its website claiming that 80% of the supply is held by the Trump Organization and affiliated entities.
WATCH: President Trump holds controversial private dinner for top investors in his meme coin
After its electric vehicle sales more than doubled in the first quarter, GM claims it’s now the “#1 EV seller” in Canada. With a full lineup of 13 all-electric vehicles, GM sold more EVs than Tesla in Canada.
GM tops Tesla to become the #1 EV seller in Canada in Q1
GM’s electric vehicle sales in Canada surged by 252% in the first three months of 2025, with new Chevy and Cadillac models driving growth.
The Chevy Equinox EV led the way with 1,892 units sold, followed by the Silverado EV with 894 units. Cadillac’s new entry-level OPTIQ had a strong showing, with 615 models sold, nearly matching the 720 units sold of its first EV, the LYRIQ.
Even the GMC Hummer EV Pickup and SUV saw more demand, with sales up 232% (186) and 88% (252), respectively.
Combined, the automaker sold a total of 5,750 EVs in Q1. According to GM, this was enough to top Tesla to become “the #1 EV seller in Canada.”
GM Canada recently posted on social media, saying, “We claimed the top spot as Canada’s #1 EV seller!” The news comes as registration data show that Tesla registered just 524 vehicles in Quebec in Q1, down 87% from the same period last year.
The steep decline in sales comes after the Quebec government paused federal EV incentives from February to April 1st. Canada also paused its iZEV rebate program in January, which offered up to $5,000 on the purchase or lease of an EV. Like the US federal EV Tax credit, it was designed to be used at the point of sale to help lower prices.
GM also registered significantly fewer Equinox and Blazer EVs in Quebec during the quarter. Despite higher year-over-year (YOY) sales, GM’s electric vehicle (EV) sales were down considerably from the over 15,000 in Q4 2024.
The American automaker will continue to expand its lineup with the launch of the new Cadillac Escalade IQL, Lyriq-V, and Visiq.
By the end of the year, we also expect to get our first look at the next-gen Chevy Bolt EV with deliveries starting in 2026.
Electrek’s Take
GM is building momentum with new models rolling out, which now cover nearly every segment. In the US, GM surpassed Ford and Hyundai Motor, including Kia, to become the second-largest seller of EVs last year.
Chevy is now the fastest-growing EV brand in the US. The new electric Equinox, or “America’s most affordable 315+ miles range EV,” as GM calls it, is quickly becoming a top seller. The Blazer and Silverado EVs are also gaining traction.
Cadillac reported its best first quarter since 2008, with retail sales increasing by 21%. After delivering the first models in Q1, the entry-level OPTIQ is off to an impressive start with 1,716 units sold.
GM will top off its US electric vehicle lineup with the next-gen 2026 Chevy Bolt EV due out later this year or in early 2026.
Source: GM Authority, GM Canada
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