Connect with us

Business

‘Watching this actually turn into a fight has ripped MAGA apart’: The full Epstein files may never be released despite congressional vote

Published

on



What began as a campaign-trail promise to release the Jeffrey Epstein files has become one of the most fraught tests of President Donald Trump’s second term — opening a rift in his political coalition and raising the stakes for an administration now under intense pressure to produce documents that may fall far short of public expectations.

The issue came to a head this week. After months of efforts by the Trump administration to quash it, both chambers of Congress passed a measure forcing the release of the Epstein files with near-anonymous support. Trump, who changed course days before the vote to bless the effort, signed the legislation Wednesday, starting a 30-day window for the Justice Department to deliver the records.

Expectations are sky-high, fueled by years of conspiracy theories promoted by many now in Trump’s orbit. Yet with some claims — such as a rumored “client list” of prominent men linked to Epstein — already deemed nonexistent by federal officials, the anti-establishment coalition Trump built in part by elevating those theories is showing cracks that may widen with the anticipated release.

“Watching this actually turn into a fight has ripped MAGA apart,” Rep. Marjorie Taylor Greene said this week, flanked by Epstein survivors ahead of the House vote.

“The only thing that will speak to the powerful, courageous women behind me is when action is actually taken to release these files,” said Greene, who announced late Friday that she will resign from Congress in January. “And the American people won’t tolerate any other bulls—-.”

How Epstein files entered the political mainstream

Epstein’s abuse and 2019 death in a New York jail cell have generated conspiracy theories for years, especially on the political right.

On the campaign trail, Trump expressed openness to releasing the investigative documents, nodding to anti-establishment demands to open up the government’s files on other high-profile cases like the assassinations of John F. Kennedy and Martin Luther King Jr.

But once Trump was back in office, divulging records from the federal investigations — as well as satisfying the appetites of conspiracy theorists – became less appealing. Attorney General Pam Bondi raised expectations of a full release, only to reverse course over the summer. Her attempt to close the book on the Epstein saga outraged many on the right.

It was the first sign of a rift in Trump’s coalition, and Democrats took notice.

In Congress, they began looking for ways to force Republicans to take votes on releasing the Epstein files. Eventually, they found traction with two tracks: initiating an investigation in the House Oversight Committee and putting full support behind a rarely successful petition that maneuvers around the House speaker’s control of which bills see the floor.

The Democratic effort — joined by a few key Republicans, including Greene — culminated last week in passage of the bill with overwhelming support from both chambers of Congress. It was a sign that the Epstein files had risen from the realm of obscure conspiracy theorists to a political force that neither political party could deny.

Still, it’s not clear whether the complete files will be released — or that the public interest in them will ever be satisfied.

The release — and the limits of what may be in the files

At a Tuesday press conference ahead of the House vote, the bill’s sponsors — Democratic Rep. Ro Khanna and Republican Rep. Thomas Massie — joined Greene and several Epstein survivors in warning the administration not to hold anything back.

“The real test will be whether the Department of Justice releases the files, or whether it all remains tied up in investigations,” Greene said, adding that whether a list of names is released “will be the real test.”

While Bondi in February said on Fox News that an Epstein “client list” was “sitting on my desk right now to review,” her department has since reversed course, saying such a list doesn’t exist. In a letter this July, the Justice Department said its review uncovered no incriminating “client list.”

It’s one example of how the Trump administration helped build hype for the release of files — and a reminder of the political danger in being unable to deliver the material his coalition has long believed is hidden.

Before Congress got involved, tens of thousands of pages of records were released over the years through civil lawsuits, Epstein and Maxwell’s public criminal case dockets, public disclosures and Freedom of Information Act requests.

Lawmakers believe there are reams more of documents, but they have received little indication that the Department of Justice is ready to put out that information despite a subpoena from the House Oversight Committee that was issued in August.

Khanna said he still has concerns about how fully the administration will comply, but he believes passage of the bill — and the possibility of contempt of Congress — gives lawmakers leverage. He declined to speculate about who might appear in the files but said he expects whistleblowers to emerge if anything is withheld.

“The president has realized, as Marjorie Taylor Greene said, that this is splitting his MAGA base,” Khanna said.

“It would be foolish for him to have a drip, drip, drip fight. I mean, if he wants to fight over Epstein the remainder of his presidency, I suppose we can. But that’s not really smart.”

‘Forgotten America against the Epstein class’

Khanna, a Silicon Valley progressive with aspirations for higher office, hopes the Epstein fight will evolve into a broader movement, describing it as a modern version of President Franklin D. Roosevelt’s “forgotten class against the economic royalists.”

“This is a forgotten America against the Epstein class,” Khanna said in an interview.

“There’s a real anger at an elite that people think are out of touch and taking away control over the lives,” he added.

As Democrats look for ways to reconnect with working-class voters, Khanna thinks the party should pursue causes like the Epstein files. He has already begun discussions with Massie, Greene and others about teaming up again.

“This crack,” Khanna said of the Epstein vote, is the “answer to taking on Trump.”



Source link

Continue Reading

Business

SpaceX to offer insider shares at record-setting $800 billion valuation

Published

on



SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company. 

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

Subscribe Now: The Business of Space newsletter covers NASA, key industry events and trends.

The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

Elite Group

SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



Source link

Continue Reading

Business

National Park Service drops free admission on MLK Day and Juneteenth while adding Trump’s birthday

Published

on



The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.

The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.

Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.

The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.

The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).

Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.

Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.

“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.

Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.

That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.

“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”

Some Democratic lawmakers also weighed in to object to the new policy.

“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”

A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.

Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans.

Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forwardfor the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him.

Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill.



Source link

Continue Reading

Business

JPMorgan CEO Jamie Dimon says Europe has a ‘real problem’

Published

on



JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.

“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”

While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.” 

Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”

On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.

“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”

He said the US should help.

“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”

The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”

Read More: Trump’s National Security Strategy Veers Inward in Telling Shift

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway. 

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies. 

The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.

Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.

“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”



Source link

Continue Reading

Trending

Copyright © Miami Select.