🇻🇦 Farewell to a Pope, Fines for Big Tech, and Musk Exits DC

Suit & Times Daily Briefing – April 24, 2025

What We’re Covering Today

• ⚖️ Elon Musk Steps Back from Washington Role to Refocus on Tesla
  Musk is stepping away from his advisory post in the Trump administration, citing the need to focus on stabilizing Tesla amid economic headwinds.

• 🇺🇦 Rubio Bails on Ukraine Ceasefire Talks as U.S. Patience Wears Thin
  Senator Marco Rubio withdrew from backchannel peace negotiations in Kyiv, signaling growing frustration within Washington over stalled diplomacy.

• 🇻🇦 Tens of Thousands Pay Respects to Pope Francis as Body Lies in State
  Mourners flood St. Peter’s Basilica to honor Pope Francis, whose humble legacy and progressive vision reshaped the Catholic Church.

• 📉 Americans Sour on Trump’s Economic Moves as Recession Fears Rise, Poll Finds
  A new Reuters/Ipsos poll shows approval for Trump’s economic leadership plunging amid market turmoil and inflation concerns.

• 💸 EU Slaps Apple and Meta with €700M in Fines Under New Tech Law
  The European Commission hits tech giants for violating the Digital Markets Act, sparking outrage from both U.S. firms over "unfair" treatment.

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⚖️ Elon Musk Steps Back from Washington Role to Refocus on Tesla

The Story: Elon Musk has announced he is scaling back his involvement with the Department of Government Efficiency (DOGE), a reform initiative he championed under President Donald Trump. Musk’s decision comes after increasing scrutiny from investors and mounting financial concerns at Tesla, where the company posted a 71% drop in net income for the first quarter of 2025.

Musk had played a pivotal role in DOGE, a program designed to streamline federal operations. His aggressive push for reforms, including large-scale workforce reductions and policy shifts, has been both lauded and criticized. While some see the reforms as necessary for improving government efficiency, others have raised concerns about the impact on federal employees and long-standing government functions.

However, with Tesla’s financial struggles, Musk decided that his focus needed to shift back to the electric vehicle company. Tesla reported a 9% year-over-year decline in revenue and an overall dip in sales, which led to significant investor pressure. Musk indicated that he would still contribute to DOGE on a limited basis, dedicating one or two days per week to continue his involvement.

Despite stepping back, Musk’s influence on the reform initiative remains significant, and his reduced role raises questions about the future direction of DOGE.

Why It Matters:

• Musk’s withdrawal could have significant effects on DOGE: Musk’s leadership was seen as key to the initiative's bold reforms. With his reduced involvement, it remains to be seen if the momentum for change can continue.

• Tesla's financial health is a key factor: Musk’s decision to prioritize Tesla’s recovery over his government role underscores the ongoing struggles within the company. Investors are closely watching how Musk manages his time between his corporate responsibilities and his political ambitions.

• Potential impact on government efficiency reforms: Musk’s reform efforts at DOGE were controversial but aimed at making the federal government more efficient. His reduced role leaves the future of these initiatives uncertain.

🔗 Read more at Politco

🇺🇦 Rubio Bails on Ukraine Ceasefire Talks as U.S. Patience Wears Thin

The Story: The U.S. is dialing down its diplomatic involvement in Ukraine peace talks—at least for now. Secretary of State Marco Rubio skipped a high-level ceasefire summit in London this week after President Zelenskyy rejected a proposed framework that would freeze current frontlines, block NATO membership, and recognize Crimea as Russian territory.

Rubio’s no-show downgraded the American delegation to retired General Keith Kellogg, a quiet but telling shift that follows weeks of behind-the-scenes frustration in Washington. President Trump, who has made ending the war a priority of his second term, slammed Zelenskyy’s resistance, warning that Ukraine risks “fighting forever” if it doesn’t accept terms.

Vice President JD Vance chimed in from Rome, suggesting the U.S. might abandon its mediation role entirely: “Our support has limits, especially when it's not leading to peace.”

Zelenskyy, for his part, remains defiant. In a press conference from Kyiv, he repeated that Ukraine “won’t trade sovereignty for diplomacy,” citing the country’s constitution and a 2018 U.S. statement affirming non-recognition of Crimea’s annexation.

So what now? With both sides digging in—and the U.S. signaling it may walk—any breakthrough appears increasingly unlikely. The diplomatic freeze may not last long, but for now, peace feels more distant than ever.

💡 Why It Matters

• U.S. leverage may be fading: America’s absence from the table leaves a diplomatic vacuum at a critical moment in the war.

• Ukraine under pressure: Zelenskyy faces growing international calls to compromise—but doing so could fracture domestic support.

• Trump’s foreign policy shift: The administration’s hard pivot from “unlimited support” to “take the deal or we’re out” marks a major change.

• NATO’s future is in play: Blocking Ukraine’s membership in the proposed deal could reshape the alliance’s eastern strategy.

• Russia gains ground diplomatically: If the U.S. disengages, Moscow could dominate the narrative—and the negotiating terms.

🔗 Read the full report → CNN

🇻🇦 Tens of Thousands Pay Respects to Pope Francis as Body Lies in State

The Story: Tens of thousands have descended on St Peter’s Basilica to bid farewell to Pope Francis, whose body now lies in an open coffin at the altar of the church he led for over a decade.

On Wednesday morning, a solemn procession carried the late pontiff’s coffin from his residence to the basilica. Red-robed cardinals and white-clad priests led the way as bells tolled and mourners applauded—a traditional Italian mark of reverence. As many as 20,000 people were already in attendance before public viewing began at 11:00 a.m.

The Vatican is now observing nine days of mourning, with Pope Francis’s funeral set for Saturday. He passed away Monday at the age of 88 following a stroke, after a recent prolonged hospital stay due to double pneumonia.

Francis, the first Latin American Pope, was known for his humility, advocacy for immigrants, and progressive stances on social issues. His 12-year tenure leaves a lasting impact on the global Catholic community.

Visitors have been waiting up to eight hours to enter the basilica. Some kneel before the casket, others silently pray, all sharing a moment of reflection under the gaze of marble saints. Due to overwhelming crowds, Vatican officials are considering extending visiting hours beyond midnight.

World leaders, including UK Prime Minister Sir Keir Starmer and Prince William, are expected to attend Saturday’s funeral. True to his values, Francis requested a modest ceremony and will not be buried in St Peter’s, but in a church dedicated to the Virgin Mary in Rome.

Why It Matters

• Global Outpouring of Grief: Francis was admired by millions, and the massive turnout highlights his broad moral influence.

• Progressive Papacy: He challenged traditions, welcoming marginalized communities and pushing for a more inclusive Church.

• End of an Era: His death marks the beginning of the Sede Vacante—a transitional period as the world awaits the next Pope.

🔗 Read the full story at BBC News

📉 Americans Sour on Trump’s Economic Moves as Recession Fears Rise, Poll Finds

The Story: With his 100th day in office approaching, President Donald Trump’s economic approval rating has plummeted to 37%, according to a new Reuters/Ipsos poll — the lowest since his return to office and well below any point in his first term.

Trump entered his second administration with bold promises of a “Golden Age of America,” pledging to beat inflation, shake up trade policy, and pressure the Federal Reserve into aggressive rate cuts. But those moves — including sweeping tariffs and public threats to fire Fed Chair Jerome Powell — have spooked investors, rattled markets, and sparked fears of a looming recession.

The S&P 500 is down 14% from its recent high. Mortgage rates have surged, and inflation remains above the Fed’s 2% target, even as Trump insists the economy is “on a path where there can be almost no inflation.”

The poll also revealed deeper anxiety across political lines: 75% of respondents fear a recession is imminent, and 56% — including one in four Republicans — believe Trump’s approach to the economy is “too erratic.”

Despite the turbulence, Trump’s overall approval rating stands at 42%, buoyed by support from Republicans and hardline immigration backers. But economic discontent is starting to bite: even one-third of Republicans report their cost of living is “on the wrong track.”

Why It Matters

• Economic Confidence Erodes: Trump’s aggressive economic policies are beginning to shake public trust — even within his base.

• Recession Watch: A majority of Americans now believe a recession is likely, with JP Morgan forecasting one this year.

• Markets React Poorly: Major stock indices are down, and retirement worries are rising amid economic instability.

• Inflation Pressure: Trump says inflation is under control, but economists — and Powell — warn tariffs may push prices higher.

• Political Fallout: Cost-of-living concerns and retirement insecurity could complicate Trump’s 2025 agenda and re-election strategy.

🔗 Read more at Reuters

💸 EU Slaps Apple and Meta with €700M in Fines Under New Tech Law

The Story: The European Commission hit Apple and Meta with a combined €700 million in fines Tuesday for violating the Digital Markets Act (DMA), marking the first enforcement actions under the sweeping antitrust law aimed at curbing Big Tech dominance.

Apple was fined €500 million for restricting app developers from informing users about alternative payment options outside its App Store, a move the EC said undercut competition and hurt consumers. Meta received a €200 million fine for its controversial “Consent or Pay” ad model, which regulators said failed to provide a compliant, privacy-friendly alternative to its personalized ad services.

European Commissioner for Competition Teresa Ribera accused both tech giants of reinforcing user dependence and undermining consumer choice. The companies now have 60 days to comply or risk ongoing penalty payments.

Both Apple and Meta lashed out at the fines. Meta claimed the EC was imposing a "multi-billion-dollar tariff" on its business model, while Apple accused the Commission of moving the goalposts and compromising user privacy and product integrity.

The EC emphasized that the fines were modest compared to what the DMA allows — up to 10% of a company’s global revenue — citing a short breach duration and diplomatic caution due to possible retaliation from President Trump’s administration.

Why It Matters

• First DMA Fines: These are the EU’s inaugural enforcement actions under the Digital Markets Act — setting the tone for future crackdowns.

• Techlash Intensifies: Europe is positioning itself as a global leader in reining in U.S. tech giants and shifting power toward consumers and smaller developers.

• Big Tech Backlash: Apple and Meta argue that Europe is punishing success and jeopardizing innovation, privacy, and user experience.

• More to Come?: Both firms are appealing. If Meta’s updated ad model also fails to meet the EC’s standards, more fines may follow.

• Diplomatic Crosswinds: The EU is balancing antitrust enforcement with geopolitical tensions, particularly under a U.S. administration already skeptical of Brussels’ regulatory stance.

🔗 See the whole story on arsTECHNICA

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💡 That’s it for today’s briefing. Stay sharp, stay informed, and we’ll see you tomorrow!