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Nearly one year after President Trump signed the “One Big Beautiful Bill Act,” the landmark tax and spending law’s winners and losers are coming into focus. The sweeping legislation lowered taxes for millions of households and businesses, while helping to pay for those tax cuts by cutting federal spending on programs such as Medicaid and food stamps. “President Trump’s Working Families Tax Cut is simultaneously delivering short-term economic relief while laying the groundwork for long-term economic growth,” White House spokesman Kush Patel said in an email to CBS News about the law, which was signed by Mr. Trump on July 4, 2025.”The…

Growing up in a small Midwestern city, I always dreamed of moving to a place like New York or Chicago after graduating from college.I wanted to be at the center of everything that made these places so appealing, from the endless entertainment options to the seemingly abundant career opportunities.Yet after studying abroad in Santiago, Chile, during college, cities like New York no longer appealed to me. I chose to study in Chile’s capital to learn Spanish and explore South America. I had no idea it would change my entire life trajectory.I loved certain aspects of living there, such as the…

A blockbuster quarter for equities helped fuel strong returns from big-name hedge funds.Through the first six months of 2026, the most closely watched space in the industry — the large-scale multistrategy managers such as Millennium, Point72, and Schonfeld — has performed well.Here are some highlights:Point72 returned 3.4% in June, pushing Steve Cohen’s firm’s first-half returns to 14.5%, a person close to the manager told Business Insider.Millennium is up 10.5% for 2026’s first six months, a person close to the fund told Business Insider, after a gain of 4.1% in June.Schonfeld posted a 2.5% gain in June, bringing the manager’s flagship to…

President Donald Trump said he thinks Elon Musk will donate SpaceX stock to Trump Accounts, the US government’s savings program for children.In an interview with CNBC that aired Thursday, Trump said he hadn’t spoken with Musk directly since he briefly became the world’s first trillionaire following SpaceX’s record-breaking IPO.”I wrote him a note, I said congratulations,” Trump said.Asked directly whether Musk might donate SpaceX stock to Trump Accounts, the president said: “Well, I think that he will do that.”While SpaceX’s stock has been volatile since its $85 billion IPO last month, it remains one of the world’s most valuable companies.…

Some say the American dream is fading, but for Aravind Srinivas, the CEO and co-founder of Perplexity, the US is still the land of opportunity.On an episode of “The Joe Rogan Experience,” published on July 1, Srinivas said America’s startup ecosystem enables people to turn risky business ideas into success stories.”I always thought America’s the only country where you can come here and have an idea, and people listen to you and encourage you to go pursue it. The risk-seeking culture is just incredible,” he said.”Everywhere else, you kind of are either explicitly or implicitly forced to defer to authority,”…

At a jubilant kickoff of New York City’s Pride weekend, we rolled up to a nightclub with a looming question: What’s the vibe around the corporate pullback from LGBTQ+ events?As we stood next to one of the several bars at the club, a drag king waxed philosophic on inflation and gig-booking rates. Every partygoer we questioned at the sold-out Gaydar Pride party had their own passionate response, breaking from eclectic cocktails and sweaty dancing to discuss the realities outside the club. The reporters gearing up to ask questions at the party.  Sydney Bradley/Business Insider The event, held at the circus-themed…

It’s no secret that many unofficial channels — like Reddit threads or customers posting on TikTok — shape a brand’s reputation. Now, marketers are adding AI to that list of influencers.”The discovery of the brands and products is starting to happen through the prompts and the agents,” Oshiya Savur, CMO of e.l.f. Brands, said during Business Insider’s “New Rules of Reputation” roundtable held during the 2026 Cannes Lions Festival, and presented by Omnicom Public Relations.The roundtable included communications and marketing leaders from Commonwealth Fusion Systems, FedEx, Genius, HubSpot, Johnson & Johnson, the NBA, Pacsun, Pearson, SharkNinja, Stanley 1913, Target, Understood,…

Ford Motor CEO Jim Farley speaks during a launch event for the 2025 Ford Expedition in Louisville, Kentucky, on April 30, 2025.Michael Wayland | CNBCDETROIT — Ford Motor regularly promotes itself as a cornerstone of American manufacturing, business and truck leadership with its best-selling F-Series pickups, but it also has led the U.S. in one area that it isn’t so proud of: vehicle recalls and quality issues.They’ve plagued the Detroit automaker’s earnings, degraded customer trust and stained Ford’s reputation for much of the past decade. The automaker has issued 53 recalls for more than 12 million vehicles so far this…

An airport lounge — without the security screening or boarding pass. Credit card companies American Express and Chase are increasingly waging their luxury lounge wars outside the airport. From an air-conditioned retreat in the middle of the desert at Coachella to an exclusive athlete meet-and-greet at the Paris Olympics, these companies are investing big in premium hospitality spaces to win over affluent cardholders. “It’s very expensive, but I think what’s happening is that the issuers are finding that this is a premium differentiator,” said Donald Fandetti, managing director of consumer finance equity research at Wells Fargo. “It’s all about providing these…

Central Park Tower, left, and One57, center, along Billionaire’s Row in New York, May 1, 2026.Michael Nagle | Bloomberg | Getty ImagesA version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.A month after the passage of a tax on second homes in New York City, sales of luxury real estate remain strong and inventory is falling, according to brokers and analysts.When New York Gov. Kathy Hochul and the state legislature approved the so-called pied-à-terre tax on May 27,…