Business

Trump Media Cofounders Hit 'Sell' Button

They’re selling nearly all their stock—guess they couldn't handle the Truth.

Two of Donald Trump's original cofounders for Truth Social, Andrew Litinsky and Wesley Moss, have cashed out a huge chunk of their shares, reportedly worth around $100 million. These two, who you might remember from Trump’s reality TV days on The Apprentice, aren’t involved with the company anymore. They’re not insiders either, so their stock sale doesn’t signal any secret troubles brewing behind the scenes—just a fallout between them and Trump.

Back in the day, Litinsky and Moss helped persuade Trump to create Truth Social after his Twitter ban, giving him a majority stake. Fast forward to now, and things got messy. They sued Trump’s media company, Trump Media and Technology Group (TMTG), over feeling shortchanged, and TMTG countered, blaming them for the platform’s rocky launch. The result? The duo’s stake in the company got diluted to less than 4% before they decided to sell most of it.

Their company, United Atlantic Ventures (UAV), only has 100 shares left, so the bulk of their stock is now absorbed by the market. While the timing of the sale isn’t crystal clear, they had to wait until September 19th to offload the shares. This adds some relief to investors, as their exit might reduce some of the uncertainty hanging over TMTG.

The big looming question, though, is whether Trump himself might sell his massive 57% stake in the company. Though he’s said he’s not planning to, his escalating legal fees could force him to rethink that. For now, Trump seems to be raising cash in other ways—like selling branded merchandise, including diamond-encrusted watches for a cool $100K. Only time will tell if those flashy products will cover his bills, or if more stock sales are in his future.

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Politics

Whether You Like Him or Not…

This election is all about Trump.

In this election season, it’s all about Donald Trump—at least for young men in critical battleground states like Michigan, Pennsylvania, and Wisconsin. A new focus group study of 15 men under 30, conducted by NBC News in collaboration with Syracuse University, dives into how these voters are feeling ahead of the fall election. And guess what? Their decisions seem to revolve more around Trump than anything else.

Among the seven men leaning toward Kamala Harris, it’s not so much that they’re fans of her but rather that they can’t stand Trump. These voters often referred to Harris as the "lesser of two evils," with one participant even saying that she represents "a small step in the right direction." But their choice is mostly driven by a strong aversion to MAGA politics rather than a passion for the Democratic nominee.

On the flip side, the eight Trump-leaning voters were more evenly split between actively supporting him and simply opposing Harris. The pro-Trump guys talked about how they associated his presidency with "prosperity" and "stability," and they felt more confident in his leadership. One voter even admitted his support was “selfish,” based on how much better he felt his own life was when Trump was in office.

There’s a clear gender divide in this election, with Trump resonating more with men and Harris doing better among women. The campaigns know this, too. Trump’s team has been courting young men through influencers and sports, while Harris’s campaign has focused on relatable messaging, like VP nominee Tim Walz’s football coach past. With these young men in swing states, the ultimate margin could be razor-thin and potentially decisive.

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Finance

Inflation at 2.2%

Better than expected.

Inflation is finally playing nice—at least for now. The Fed’s favorite inflation gauge, the personal consumption expenditures (PCE) price index, edged up by just 0.1% in August, bringing the 12-month inflation rate down to 2.2%. That’s the lowest it’s been since February 2021 and much closer to the Fed’s ideal 2% target. For anyone who's been side-eyeing inflation for the past couple of years, this is a pretty big deal.

Economists were predicting a slight uptick, and for once, reality didn’t disappoint. Even the core PCE, which cuts out food and energy because they're notoriously unpredictable, only rose 0.1%, matching expectations and clocking in at 2.7% annually. Sure, it's still above target, but it’s inching in the right direction, giving the Fed some breathing room to think about potential rate cuts down the road.

While inflation is behaving, personal income and spending didn’t hit the same high notes. Both increased by a modest 0.2%, which was lighter than expected. But despite the somewhat soft spending numbers, investors didn’t seem too bothered—stock market futures were up, while Treasury yields dipped.

So, what does this all mean for you and me? It looks like the Fed could cut interest rates further, especially with the economy slowing but not crashing. Housing costs are still stubborn, with rents ticking up 0.5% in August, but goods prices actually dropped by 0.2%.

After some hefty rate hikes earlier in the year, including a dramatic half-point cut just last week, the Fed is shifting gears. The focus now? Supporting the labor market, which has shown signs of cooling. More rate cuts may be on the horizon, so we could see a full point in reductions by 2025—unless the Fed decides to go bigger. Either way, the signs are pointing to smoother economic sailing ahead. Fingers crossed!

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World News

Austria’s Far Right Takes the Lead

First Post-WWII Victory, But Coalition Drama Ensues.

Austria’s far-right Freedom Party (FPÖ) made history in the recent parliamentary election, emerging as the frontrunner with 28.8% of the vote. This marks the first national victory for Austria’s far right since WWII, but the FPÖ’s provocative leader, Herbert Kickl, may not find it easy to form a government. Many other parties, including the center-right People’s Party (ÖVP) and Social Democrats (SPÖ), have ruled out joining a coalition under Kickl’s leadership.

The FPÖ’s campaign centered on an anti-immigration, nationalist platform, emphasizing a “Fortress Austria” mentality. They aim to limit immigration and curtail benefits for asylum seekers, while also opposing EU sanctions on Russia and aid to Ukraine. Kickl, a former interior minister, has taken the party further to the right and has softened the party’s stance on far-right groups like the Identitarians. He’s pushed for “remigration,” a controversial policy advocating the deportation of immigrants.

Although Kickl’s party won the most votes, forming a government will be challenging. President Alexander Van der Bellen isn't required to appoint the FPÖ leader as chancellor, and the ÖVP could potentially form a coalition with other parties to block Kickl's path to power. The FPÖ’s win underscores a growing trend of far-right populism across Europe, with similar movements gaining ground in Germany, Hungary, and Italy.

Austria now faces a turbulent legislative period, with economic challenges and energy dependence on Russia adding to the political uncertainty. Regardless of the outcome, the FPÖ’s rise signals a significant shift in Austria's political landscape.

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Tech

Meta Will Not Give Up On Smart Glasses

They’re going to make fetch happen.

Meta’s new AR smart glasses, codenamed Orion, are the future, but there’s a catch: you can’t buy them. In fact, most of us won’t even get to wear them anytime soon. But that doesn’t make them any less impressive. Orion is more than a cool gadget—it’s Meta’s statement that AR glasses are the future, and they’re dead serious about getting us there eventually.

On The Vergecast, Alex Heath shared his two-hour test run with Orion, where he played Pong with Mark Zuckerberg, made smoothies, and had a glimpse into what our tech-fueled future might look like. Heath also talked to Zuckerberg about AR, AI, and where Meta is headed, which you can catch more of on Decoder. Spoiler: Zuck’s all in on this.

Meta Connect is where all this buzz started. Yes, there were announcements about new smart glasses, VR headsets, celebrity AIs (because we needed more of those), and voice modes, but Orion stole the show. It’s either cutting-edge tech, a sci-fi dream, or somewhere in between. The fact that it exists at all shows how far we’ve come in tech innovation.

Once the Meta chat wrapped, things switched to OpenAI’s executive shuffles, which are making waves. The episode wrapped with a rapid-fire look at some other hot topics: a profile on Jony Ive, the upcoming PS5 Pro, Google’s gadget streak, and a throwback to the Rabbit R1. Long story short: the AI future is already here, whether we’re ready or not.

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Health

Long Time Coming for New Drug

FDA approves new drug for schizophrenia for the first time in 30+ years.

The FDA just gave the green light to Cobenfy, the first new schizophrenia drug in over 30 years. Manufactured by Bristol Myers Squibb, Cobenfy mixes two drugs, xanomeline and trospium chloride, and comes in a twice-daily pill. The drug aims to tackle schizophrenia symptoms like hallucinations, delusions, and disorganized thinking, which can really disrupt everyday life.

Why’s this a big deal? Because most schizophrenia treatments mess with dopamine levels in the brain. Dopamine is that chemical linked to mood, motivation, and thinking. But Cobenfy takes a totally different route, focusing on acetylcholine, another brain chemical tied to memory, learning, and attention. This shift in approach offers hope for patients who’ve struggled with the heavy side effects of traditional meds, like weight gain, drowsiness, and movement disorders. In clinical trials, only 6% of people stopped taking Cobenfy due to side effects, compared to a whopping 20-30% for older treatments.

Schizophrenia affects around 24 million people worldwide, and it often strikes in late adolescence or early adulthood, leading to lifelong challenges if not managed properly. Traditional meds have been around since the 1950s, but there haven’t been many innovations since—until now. Experts are excited, saying this new approach could change the game for people who haven’t responded well to existing treatments.

• Cobenfy could hit pharmacies by the end of October, and doctors are optimistic. Studies are even underway to explore whether this drug could help treat Alzheimer’s disease and bipolar disorder. It looks like this new addition to the mental health toolkit could set a new standard of care, offering much-needed relief to patients who’ve been waiting decades for something different.

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