Robinhood faces fresh headwinds as tokenized stocks clash with issuer rights and regulators probe prediction markets; the platform trims staff amid a leaner, cost-conscious push.
SpaceX has completed the largest IPO in history, raising $75 billion and listing on Nasdaq under ticker SPCX. Shares opened at $150, climbed as high as $176 and closed the first day around $160–166 in extended trading, briefly valuing the company above $2.1 trillion and making Elon Musk the world's first likely trillionaire.
Robinhood has announced a 10% headcount reduction, affecting about 290 employees, while insisting the business has never been stronger. The move aims to flatten the organization and boost performance as markets show resilience and volume trends improve. The restructuring includes closing some open roles and is expected to incur about $20-28 million in costs.
Google has released a stand-alone Google Finance app for Android, bringing the AI-powered web facelift to mobile. The app mirrors the updated Finance web experience, including AI-generated key moments, an AI research tool, and chat-based insights tied to users’ portfolios and watchlists. An iOS version is planned for later, with more features rolling out over time.
Trump Accounts are launching with a $1,000 federal seed for babies born 2025–2028, with philanthropic and employer contributions expanding the program. Morningstar warns outcomes depend on ongoing contributions and owner behavior; leakage could erode gains. Companies pledge to match and push auto-enrollment to broaden reach.
SpaceX COO Gwynne Shotwell has donated a portion of SpaceX stock to the Trump Accounts for more than 2 million U.S. children, with emphasis on those in lower-income areas near central Texas. The move follows earlier pledges from Michael and Susan Dell and other tech giants, as the program seeds $1,000 per child and enables future retirement-style accounts. Officials say donations accelerate the accounts’ rollout.
Dell shares have surged after President Trump highlighted a $6.25 billion contribution from Michael and Susan Dell to the Trump Accounts program, a tax-advantaged education and wealth-building vehicle for children. The White House event featured executives from tech and finance, with bipartisan attention on the program’s potential to broaden access to capital and ownership.
Prediction markets have seen a surge in notional volume in June as FIFA World Cup excitement sustains trading on Kalshi, Polymarket, and Rothera. International platforms report sustained high open interest and volumes, while regulators monitor market integrity amid heightened activity.
Matt Gutman has described a sophisticated phone scam in which a caller posed as fraud protection staff, provided a badge ID, and persuaded him to withdraw cash from his bank to catch the alleged criminals. The incident underscores how scammers use personal knowledge to prey on trust and the risks of real-time impersonation across financial channels. The story has prompted warnings from media veterans and highlights the rising threat to everyday banking security.
The BBC documentary Jared Leto: Hollywood's Dark Secret presents allegations of sexual misconduct involving the actor dating back to 2002–2016. Four women accuse him of sexual assault, statutory rape, grooming and threats, while others corroborate concerns raised by staff at his band. Leto denies the allegations.
New York state officials have filed a state Supreme Court lawsuit against Kalshi, alleging the prediction market platform operates illegally without a Gaming Commission license, endangers consumers, and should forfeit gains and pay restitution and penalties. The action adds to a broader clash over how prediction markets are regulated between states and the federal government.
State prosecutors allege Kalshi has offered prediction markets without a license, exposing New York residents to financial risk and evading taxes. The suit seeks to block operations in New York and restitution for affected customers, as regulators clash over federal preemption and state authority.
Bitcoin has moved higher, aided by a surge in crypto stocks after the Treasury Department signs a plan to double debt buybacks. The rally has buoyed Bitcoin toward the low $70,000s, but remains below the mid-January and all-time highs. Democrats and Republicans debate regulatory scope as the Clarity Act looms, with the market awaiting further clarity.
Bitcoin has climbed this week as the Treasury Department doubles long-dated debt buybacks, easing yields and attracting buyers across crypto and risk assets. Trump pushes a crypto bill while inflation and debt concerns loom; analysts see potential for further gains but warn of a reversal if hawkish signals prevail.
More than 100 companies, led by OpenAI and Anthropic, have published an open letter saying AI-enabled cyberattacks will become far more widespread and sophisticated in coming months. The signatories call for defensive AI tools, shared threat intelligence, urgent government funding and coordinated testing to protect hospitals, utilities and internet infrastructure.
A wave of court rulings on prediction markets, led by Kalshi, has put federal and state regulators at odds. The Ninth Circuit has ruled Nevada may apply its gaming laws to Kalshi’s sports-event contracts, a decision echoed by other circuits as litigation intensifies. The Supreme Court is likely to weigh in as cases diverge.
Robinhood has pushed tokenization of stocks, prompting criticism from AMC’s Adam Aron and sparking debate on issuer rights. Robinhood argues tokenized shares are debt-backed, technology-enabled wrappers that reference underlying stock, while issuers may not automatically consent. The dispute centers on voting rights and who controls tokenized exposure.