Benzinga | Finance & Investing

Tesla CEO and former Trump administration adviser Elon Musk is learning a hard truth about Washington, according to investor Ross Gerber. “After 4 months Elon learned what every natural born American already knows. No one in the government wants to ‘cut’ any budget,” Gerber wrote in a May 24 post on X. Musk has spent the past four months heading up the Department of Government Efficiency, or DOGE, a controversial cost-cutting initiative tied to mass layoffs and agency shutdowns. But even Musk now appears to be frustrated with Washington’s spending habits. On Thursday, he wrote on X that his “scheduled time” as a special government employee had come to an end. In a recent CBS News interview, Musk slammed the Trump administration’s flagship tax and spending package—dubbed the “Big, Beautiful Bill”—saying it “increases the budget deficit, not just decreases.” He warned that the legislation “undermines the work that the DOGE team is doing” and criticized the government for ignoring the need for real cuts. The bill, which passed the House and is now before the Senate, would boost spending on defense and border security, extend tax cuts, and slash clean energy and health care programs. Nonpartisan analysts estimate it could add trillions to the national debt. “I think a bill can be big or it can be beautiful,” Musk told CBS. “But I don’t know if it can be both.” Musk has been a vocal supporter of President Donald Trump and poured over $250 million into his 2024 campaign. But in recent weeks, he’s pulled back from the political spotlight.

When your dad is Warren Buffett, you'd think a kitchen remodel wouldn't be a big ask. But when Susie Buffett requested a $41,000 loan after having a baby, her father told her to "go to the bank like everyone else." The story, shared in interviews and documentaries over the years, highlights Buffett’s tough-love approach to money. Despite her modest request, Susie recalled, “He won’t give it to us on principle.” His reasoning? Just as a quarterback shouldn't start because of his dad’s legacy, kids shouldn’t get financial breaks they haven’t earned. Buffett's stance wasn’t about withholding love—it was about teaching responsibility. While he gave billions to philanthropy, he expected his children to stand on their own. The lesson? Whether investing or parenting, discipline comes first—even when it's personal.

Former NBA superstar Allen Iverson is taking a swing at the golf industry. Iverson, who once lost a $200 million fortune, is now attempting to rebuild his wealth through a venture into golf. This new endeavor is in partnership with sportswear giant Reebok and fellow NBA legend Shaquille O'Neal. Iverson, who amassed $155 million during his 17-year NBA career, found himself filing for bankruptcy in 2012. His financial downfall was a result of excessive spending on luxury cars, jewelry, and extravagant nights out, reports the Talksport. However, Iverson’s financial prospects improved significantly after striking a deal with Reebok. This partnership guarantees him an annual income of $800,000 and a $32 million trust fund when he turns 55. In 2020, he took on the role of vice-president of the basketball division at Reebok, working under NBA icon, Shaquille O'Neal. Despite his previous financial struggles, Iverson’s net worth is now estimated at $1 million. Reebok, which was bought by Authentic Brands Group in 2021 for approximately $2.5 billion, is now launching a golf range. The new line features the Question Golf, a shoe that pays homage to Iverson and his basketball silhouette. This venture into golf represents a significant shift for Iverson, who is best known for his achievements on the basketball court.

PGA Tour Pros Reveal Their Most Famous Contacts ⛳️📲 With the PGA Championship teeing off today, we’re throwing it back to this viral moment - featuring surprise mentions like Phil Mickelson, Justin Bieber, Tiger Woods, Tom Brady, and Aaron Rodgers. We asked PGA Tour Pros including Rickie Fowler this question and the answers did not disappoint. Whether you're watching this week's major or just love golf stories, this one’s for you. Comment who you think has the coolest contact list. 👇 #PGATOUR #PGAChampionship #Golf

Warren Buffett’s son thought his dad checked security alarms 🔍 Most billionaire kids grow up with luxury—Peter Buffett grew up with mystery. As a child, he thought his dad was a security analyst (which he assumed meant checking alarm systems). It wasn’t until he was 25 that he realized Warren Buffett wasn’t just doing okay—he was one of the richest men in the world. 🚫 No trust funds. No private jets. Just a modest upbringing in Omaha, where wealth was never on display. At 19, Peter received Berkshire Hathaway stock worth $90K—had he kept it, it’d be worth $300 million today. Instead, he cashed out to follow his passion for music. No regrets. Warren Buffett’s philosophy? Give your kids enough to chase their dreams, but not so much they never have to.

Leading consulting giants Accenture Plc, Deloitte, and Booz Allen Hamilton Holding Corp. are facing significant contract reductions as the U.S. Department of Defense (DoD) announced a sweeping $5.1 billion cut in IT services and other contracts deemed “wasteful spending.” Defense Secretary Pete Hegseth issued these cuts on late Thursday as part of a broader effort to streamline the department’s budget and redirect funds toward warfighting capabilities and improved healthcare for service members and their families. “We need this money to spend on better health care for our warfighters and their families, instead of $500 an hour business process consultant,” Hegseth said. “That’s a lot of consulting.” According to the memorandum, Secretary Hegseth detailed the specific areas targeted for cuts, emphasizing a shift away from reliance on external consultants for services that can be performed by the DoD’s workforce. “That’s with a ‘B’; $5.1 billion in DOD contracts for ancillary things like consulting and other nonessential services,” Hegseth said while recording a video of the announcement from his office. He specifically highlighted several major contracts being terminated, including: - $1.8 billion in consulting contracts awarded by the Defense Health Agency to various private sector firms, including Accenture, Deloitte, and Booz Allen, for services the DoD believes its civilian workforce can handle. - A $1.4 billion Air Force contract with Accenture for reselling third-party enterprise cloud IT services, which the department intends to fulfill directly using existing procurement resources. - A $500 million Navy contract for business process consulting for administrative offices. - A $500 million contract with the Defense Advanced Research Projects Agency (DARPA) for IT help desk services was deemed “completely duplicative” of existing services provided by the Defense Information Systems Agency (DISA).