California’s top insurance regulator said Tuesday that State Farm can soon start raising premiums by 17% for all of its home insurance customers in the state to help the insurer rebuild its capital following the Los Angeles wildfires.State Farm has argued the emergency rate hikes are necessary to help the company avoid a “dire” financial crisis that could force them to drop more California policies. The state’s largest home insurer said it was already struggling financially before this year but the LA fires, which destroyed more than 16,000 buildings in January, have made things worse.The increase will apply to all of the roughly one million homeowners State Farm insures in the state.The decision comes as California is undergoing a yearslong effort to entice insurers to continue doing business in the state as wildfires increasingly destroy entire neighborhoods. In 2023, several major companies, including State Farm, stopped issuing residential policies because of high fire risk. Last year, Insurance Commissioner Ricardo Lara unveiled a slate of regulations aimed at giving insurers more latitude to raise premiums in exchange for more policies in high-risk areas. Those rules kick in this year.State Farm initially asked for a 22% rate increase for homeowners but revised it to 17% during a recent hearing before an administrative judge. The request also includes a 38% hike for rental owners and 15% for tenants. The new rates will take effect in June. In exchange, State Farm will get a $400 million cash infusion from its parent company and agree to halt some nonrenewals through the end of this year.On Tuesday, administrative Judge Karl Frederic Seligman ordered a ruling supporting State Farm’s request, calling it “a rescue mission to stabilize State Farm’s financial condition while safeguarding policyholders.”Lara adopted the recommendation the same day. The new rates are temporary until the state has a chance to consider State Farm’s request from last year for a 30% rate increase for homeowners. The hearings for that request are set for October.“I expect State Farm provide the highest level of service to its California customers and to fulfill its promises. State Farm must now justify its financial condition and detail its recovery plan in a full rate hearing before a neutral judge and my Department’s experts,” Lara said in a statement.State Farm said in a statement that the approval “is a critical first step for State Farm General’s (SFG) ability to continue serving our California customers.” The company received a financial rating downgrade last year and has seen a decline of $5 billion in its surplus account over the last decade.The company said it has paid more than $3.51 billion and is handling more than 12,600 claims as of this week.“Today’s decision that would make consumers pay now but allow State Farm to wait months before having to show its math is a great disappointment for consumers,” Carmen Balber, executive director of Consumer Watchdog, said of the ruling. The group opposes State Farm’s request for higher premiums.State Farm said it plans to refund the emergency rates if California later approves lower rates. The insurer last received state approval for a 20% rate increase in December 2023.
Trân Nguyn, Associated Press
Apple just announced new accessibility features coming to its operating systems. Theres a redesigned braille input experience, and a new reader that allows you to customize your text so its more legible. But theres one that will be great for anyone attending any lecture or presentation: Magnifier for Mac.The iPhone and iPad got their Magnifier apps back in 2016. It worked pretty much like the iOS camera: You point your device anywhere you want and zoom in to the desired level. It also allows you to apply real-time filters to enhance readability depending on your visions condition, like turning a books black text over white page into white text over blue, as well as changing the images contrast and brightness. It also can detect objects around you.The new Mac version takes all that up to an 11 with its new features. To get the view of the world the new Magnifier needs, you will need to use a USB camera or an iPhone. The latter automatically connects to your computer using MacOSs Continuity Camera feature, allowing you to use your phone as the eyes for your Apple desktop or laptop. Zoom in to focus on something far away, apply the same filters, and adjust the image, just like in iOS and iPadOS.[Image: Apple]A matter of perspectiveWhat makes the update brilliant is the new perspective adjustment. Since you cant move your Mac around like with Apples handheld devices, you need a way to frame the text you want to read correctly.Like Apples introductory video shows, you can point your Mac with the attached camera to a whiteboard. Since you are probably not going to be looking at it from a fully perpendicular perspective, the app allows you to draw a polygon by clicking on each corner of the whiteboard in your screen. Then, applying some image deformation magical maths, Magnifier will automatically correct the perspective, turning the skewed whiteboard with deformed text into a perfect flat image that gives you the best view in the class, auditorium, or conference room.From there, you can do whatever you want with that text, including transforming handwriting into a typeface for easier reading. Magnifier uses Apples new Accessibility Reader, too, which allows you to customize how a page looks with the colors, fonts, and sizes you preferas well as copying and pasting from the whatever text the camera is looking at, regardless of it being handwritten or not. Its similar to what you can do now with other Apple apps, like Preview, but in one continuous, seamless experience.Bonus points: Magnifier also supports reading any paper-based media using Desk View, the feature that uses your iPhones wide-angle lens to capture whats flat on the table in front of your screen. Just put that novel on the table and transform its small type into something you can read easily (or have your Macs text-to-speech abilities to read it for you). Its easy to imagine every single student, office person, and TED Talk drone using the new Magnifier to get a better experience possible at a presentationsleeping pills notwithstandingonce it comes out later this year (according to Apple). This new little jewel will make your Macbook the best seat in the house no matter where you are sitting.
Elon Musks Department of Government Efficiency (DOGE) has spent its first 100 days slashing government programs and firing employees. Yet Musk views DOGE not just as a downsizing force, but also as a team of technologically elite shock troops tasked with rapidly modernizing outdated government systems.
One of DOGEs primary targets on that front is the Office of Personnel Management’s antiquated retirement application system, which still relies on paper forms and manual processing. The system handles retirement applications and manages benefits for former federal employees and their families, coordinating closely with agency HR teams and payroll centers. DOGE and its allies inside the Office of Personnel Management (OPM) say theyve now built and tested a fully digital, AI-enhanced replacement system, which they plan to launch across federal agencies on June 2.
But the plans rely heavily on a product built during the Biden administration called the Online Retirement Application (ORA) system, say two former OPM employees who recently left the agency.
A leaked planning document shared with Fast Company shows the ORA pilot launched in 2023 with a handful of agency HR and payroll offices, serving a few hundred retirees. The plan under Biden was to roll out the ORA system government-wide in 2025.
The first source, who worked on retirement systems at OPM and spoke to Fast Company on the condition of anonymity, says that ORA is still just a prototype, and not built to support tens of thousands of real retirees. Yet one of the first actions OPM took when Trump came into office was to interrupt the development of ORA.
They reduced support contracts and added a team of DOGE developers, adds the second source, who until recently worked at OPM and also spoke on the condition of anonymity. There is now a war room to accelerate the work.
DOGE has kept its version of the ORA system largely under wraps. It remains unclear whether the team changed the original systems architecture or user experience, or how the systems AI components were developed, trained, or integrated. A White House official told Fox News that the AI met Federal Risk and Authorization Management Program (FedRAMP) requirements for securing and monitoring cloud-based services used by government agencies. (Neither DOGE nor OPM responded to Fast Companys requests for comment.)
The first ex-OPM source fears that DOGE, without fully understanding the federal retirement workflow, will simply roll out the ORA system as is. I think instead of testing it with some Department of Interior retirees, they’re just slapping the system into being a requirement, the source says. This would put the onus entirely on all retiring federal employees to correctly input their data and documents into the system without help from their agency HR department, according to the source.
Few dispute the need for modernization. The current system processes around 100,000 retirement applications annuallyin a literal underground mine in Boyers, Pennsylvania. The paper-based workflow is infamously slow and prone to error, often causing months-long delays that can be devastating for retirees who depend on timely benefits. While DOGE cites a Trump executive order from February 11 as the mandate behind its work, the OPMs original ORA and digital records systems were responses to a 2021 Biden executive order aimed at modernizing federal technology.
To spearhead the retirement-focused effort, Musk reportedly tapped Airbnb cofounder Joe Gebbia, a close friend and fellow Trump supporter. Gebbia joined DOGE in late February, vowing to apply his designer brain and startup spirit to build a paperless solution.
Since then, a team of DOGE agents has been working out of a command center at OPM, collaborating with Retirement Services personnel and select staff. OPM acting director Charles Ezell said in a May 7 memo that the new system had already processed 25 retirement claims without generating papera claim that Gebbia then echoed on X. Notably, Ezell referred to the system in the memo as the ORA, the system built under Biden.
Some experts suspect DOGEs version is little more than a minimum viable product (MVP)a rough prototype meant to demonstrate potential. Former U.S. Digital Service engineer Kate Green notes that MVPs often depend on manual work-arounds and arent ready for large-scale use. These MVPs often have manual steps or work-arounds for difficult parts of the app, and future development eliminates these steps to create something fully automated, she tells Fast Company.
The second ex-OPM source says DOGE may be emphasizing flashy featureslike ditching paperwhile ignoring the real pain points, such as retirement applications with missing documents, missing signatures, or errors. Personally, the source says, I think they are focusing just on paper because it seems like an easy win.
Republicans in Congress are moving with rapid speed to advance President Donald Trump’s big bill of tax breaks, spending cuts and beefed-up border security funding as leaders work to enact many of his campaign promises.House committees have been laboring for months to draft the legislation, which Republicans have labeled “THE ONE, BIG, BEAUTIFUL BILL,” a nod to Trump himself. Speaker Mike Johnson is pushing to approve the package and send it to the Senate by Memorial Day.Democrats say they will fight what House party leader Hakeem Jeffries calls “this extreme and toxic bill.”Here’s a look at what’s in and out of the legislative package so far:
Tax cuts for individuals and businesses
The tax portion of the GOP legislation contains more than $5 trillion in tax cuts, according to an estimate from the Joint Committee on Taxationcosts that are partially offset by spending cuts elsewhere and other changes in the tax code.Republicans look to make permanent the individual income tax cuts passed in President Donald Trump’s first term, plus enact some of the promises he made on the campaign trail to not tax tips, overtime and interest on auto loans. Republicans partially offset the tax breaks by rolling back the clean energy tax credits passed during Joe Biden’s presidency, such as a $7,500 tax credit for electric vehicles, bringing the overall cost of the tax cuts down to about $3.7 trillion.The bill is expected to undergo further changes in the coming weeks. Lawmakers from New York are leading an effort to boost the state and local tax deduction, which the bill would already increase from $10,000 to $30,000 for families making less than $400,000 per year.The legislation provides a deduction for those workers in service industry and other jobs that have traditionally relied on tips.The package provides tax relief for automobile shoppers with a temporary deduction of up to $10,000 on car loan interest, applying the benefit only for those vehicles where the final assembly occurred in the United States. The tax break would expire at the end of Trump’s term.For seniors, there would be a bolstered $4,000 deduction on Social Security wages for those with adjusted incomes no higher than $75,000 for individuals and $150,000 for couples.
States to pick up more of the tab for food assistance
House Republicans are looking to shift some of the cost of the Supplemental Nutrition and Assistance Program, known as SNAP, to the states. States would shoulder 5% of benefit costs under the bill beginning in fiscal year 2028. The share could also go higher for those states with high rates of overpayments and underpayments. The bill would also require states to pick up 75% of the administrative costs.Currently, states shoulder none of the benefit costs and half of the administration costs.Republicans argue that states have minimal incentive to control costs as a result of the current cost-sharing arrangement. But the changes would give them the incentive to enhance efficiencies and improve outcomes for recipients.Republicans also are expanding work requirements for food aid recipients, which under current law applies to individuals without dependents aged 18-54. The bill expands the work requirement through age 64 and exempts only those caring for a dependent child under the age of 7.At the same time, the legislation would invest $60 billion in new money for agriculture programs, sending aid to farmers.
New work requirements for Medicaid
A centerpiece of the package is more than $900 billion in reduced spending, most of that coming through the Medicaid program.Republicans insist they are simply rooting out “waste, fraud and abuse” to generate savings with new work and eligibility requirements. But Democrats warn that millions of Americans will lose coverage. In the 15 years since Obamacare became law, Medicaid has only expanded as most states have tapped into federal funds.An estimate from the nonpartisan Congressional Budget Office said the proposals would reduce the number of people with health care by at least 7.6 million from the Medicaid changes, and possibly more with other changes to the Affordable Care Act.To be eligible for Medicaid, there would be new “community engagement requirements” of at least 80 hours per month of work, education or service for able-bodied adults without dependents. The new requirement would not kick in until Jan. 1, 2029. People would also have to verify their eligibility to be in the program twice a year, rather than just once.Applicants could not qualify for Medicaid if they have a home that is valued at more than $1 million.
Funding for 1 million migrant deportations, 20,000 new officers and the border wall
The legislation would provide $46.5 billion to revive construction of Trump’s wall along the U.S.-Mexico border, and more money for the deportation agenda.There’s $4 billion to hire an additional 3,000 new Border Patrol agents as well as 5,000 new customs officers, and $2.1 billion for signing and retention bonuses, for a total of $69 billion in new spending.It includes major changes to immigration policy, imposing a $1,000 fee on migrants seeking asylumsomething the nation has never done, putting it on par with few others, including Australia and Iran.Overall, the plan is to remove 1 million immigrants annually and house 100,000 people in detention centers. It calls for 10,000 more Immigration and Customs Enforcement officers and investigators.
More money for the Pentagon and Trump’s ‘Golden Dome’
The House Armed Services Committee was tasked with drafting legislation with $100 billion in new spending. But they did that and more, passing a bill with $150 billion for the Defense Department and national security.Among the highlights, it would provide $25 billion for Trump’s “Golden Dome for America,” a long-envisioned missile defense shield, $21 billion to restock the nation’s ammunition arsenal, $34 billion to expand the naval fleet with more shipbuilding and some $5 billion for border security.It also includes $9 billion for servicemember quality of life-related issues, including housing, health care and special pay.
Tax on university endowments and overhaul of student loans
A wholesale revamping of the student loan program is key to the legislation, providing $330 billion in budget cuts and savings.The proposal would replace all existing student loan repayment plans with just two: a standard option with monthly payments spread out over 10 to 25 years and a “repayment assistance” plan that is generally less generous than those it would replace.Among other changes, the bill would repeal Biden-era regulations that made it easier for borrowers to get loans canceled if their colleges defrauded them or closed suddenly.There would be a tax increase,up to 21%, on some university endowments.
Federal employee pension cuts
The House Committee on Oversight and Government Reform targeted federal workers’ pensions for a projected $50.9 billion in deficit savings over 10 years.Most of the savings would come from requiring federal workers hired before 2014 to pay more into the retirement system. They would have to match the 4.4% salary rate paid by federal workers hired since 2014.
More drilling, mining on public lands
One section of the bill would allow increased leasing of public lands for drilling, mining and logging while clearing the path for more development by speeding up government approvals. Royalty rates paid by companies to extract oil, gas and coal would be cut, reversing former President Joe Biden’s attempts to curb fossil fuels to help address climate change.Oil and gas royalty rates would drop from 16.7% on public lands and 18.75% offshore to a uniform 12.5%. Royalties for coal would drop from 12.5% to 7%.The measure calls for four oil and gas lease sales in the Arctic National Wildlife Refuge over the next decade. It also seeks to boost the ailing coal industry with a mandate to make available for leasing 6,250 square miles of public landsan area greater in size than Connecticut.Republican supporters say the lost revenue would be offset by increased development. It’s uncertain if companies would have an appetite for leases given the industry’s precipitous decline in recent years as utilities switched to cleaner burning fuels and renewable energy.In a last-minute add, Republicans also included a provision authorizing sales of hundreds of thousands of acres of public lands in Nevada and Utah, prompting outrage from Democrats and environmentalists.
Associated Press writers Collin Binkley in Washington and Matthew Brown in Billings, Montana, contributed to this report.
Kevin Freking and Lisa Mascaro, Associated Press
Ever wonder why the sound of rain makes you instantly drowsy, but a ticking clock drives you up the wall? Thats because not all noise soothes the brain in the same way. Sleep sounds might seem like just background buzz, but they’re carefully engineered to allow your brain to let go. Behind every babbling brook or rainforest storm track is an intricate design meant to quiet the mind, block out distractions, and nudge you toward sleep.
As more people rely on sleep sounds to wind down, the industry behind them has surged, which is evidence of just how common this nightly ritual has become. Mediation and mindfulness app Headspace, says 51% of listeners use its sleep content (the app has been downloaded more than 70 million times).
Ozlo, a company that created bluetooth earbuds that mask noise with sleep sounds, launched its flagship product in October 2024 after a successful Kickstarter. Since then, the company has sold nearly 100,000 units worldwide. Meanwhile, platforms like YouTube and Spotify are packed with deep sleep playlists, sound baths, and endless loops of ambient noise.
Color noisewhite, brown, or pink, which emit sound energy at different frequenciescan be surprisingly effective at helping you fall and stay asleep. But we often oversimplify how they work, says Ethan Cohen, a music and sound composer at Ozlo Sleepbuds, and these sounds alone arent a cure-all.
There’s often this tendency to say, this sound does X, Y, or Z. But you don’t just press a button and conk out, he says. Theyre facilitating the conditions for healthy sleep or relaxation. Theyre giving you your best chance at sleeping well.
A lot of what makes a sound effective is personal. People tend to like certain frequency ranges based on nature, says Scott Sorenson, audio engineer for Headspace. White noise is what rain sounds likeits really high pitched. Brown noise is a much lower frequency rangeit sounds like youre underwater or even in the womb. We all have that maternal connection.
Memory plays a huge role, too. If you grew up next to a highway, the rumble of trucks might feel oddly soothing. If your childhood nights were filled with crickets and light wind, even the low hum of traffic might keep you awake. There’s a lot of preference involved based on what is happening in the person’s life and in their environment, Cohen says.
Thats why both Ozlo and Headspace have built full libraries of sleep soundsto meet people where they are. Sound composers like Cohen and Sorenson go way beyond simple static. They build immersive sound environments: layers of familiar, soothing textures help create a feeling of safety and ease, quietly occupying the mind just enough to help you drift off.
Inside the craft of sleep sound design
Building the perfect sleep sound is part science, part art. And most sounds are designed to serve two main purposes: mask disturbances (like traffic or snoring), and calm the mind.
Ozlos most popular request is for sleep maskssounds built specifically to block out noisy environments. To design one, Cohen studies how these external sleep disturbances sound at a frequency level. I look at what the noise sounds like on its own. Then what it sounds like once our headphones are sitting in your ears, he says. From there, he builds layers to cover the gaps, often at a similar frequency as the offending sound.
The goal is that any time an external sound is also heard, it just blends into that bed of sound, he says. Were gently raising the threshold of what sounds a person is hearing so that if something does bubble up in their external environment, nothing pokes through the quiet and causes a disturbance.
Calming tracks that quiet racing thoughts take a slightly different approach. Instead of just covering up noise, they aim to transport you somewhere elsesomewhere your brain instinctively feels safe. It should evoke positive or calming memories, says Cohen.
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Sorenson describes this process as constructing an audio diorama: layering field recordings, ambient noise, and subtle musical motifs to build a miniature world for a listeners mind to explore. I want to create things that are hidden inside of the sound. That if you listen, you can peel back the layers and go deeper and deeper, he says. That kind of mindset allows the mind to drift into that other space when we sleep.
Right now, Cohen is working on re-creating the experience of being on a train. He started with a field recording he made on a recent ridethat becomes the foundation. Then, he gets deeper to fill in the gaps that the audio didnt pick up: What materials is the train made out of? Does it feel like a safe, well-running train? Does it feel crowded? he asks. Every detail matters, even if listeners dont consciously recognize it.
Once he sets the scene, Cohen begins layering in other sounds: rain tapping against the window (either digitally created or carefully edited from a sample), the soft chatter of other passengers, intermittent gusts of wind, the distant call of a train horn. Those will all be separate elements that I’m mixing together to create a sense of realism, he says.
Keeping the brain engagedbut not awake
Even though personal preference shapes what we find soothing, good sleep sounds share a few key traits.
First: predictability. A well-studied aspect of what makes something relaxing is that there’s formal predictability, says Cohen. There won’t be anything that is surprising or shocking or jolting in the experience. Think about how a sudden car alarm or barking dog snaps you wide awake.
But too much predictability backfires. If it’s too simple, too monotonous, it becomes annoying, says Sorenson. Think of the maddening tick of a clock or rhythmic drip of a faucet. The best sounds strike a balance: steady enough to be calming, but varied enough to keep your brain gently engaged. Rain is a classic example. If you listen to the rain, there’s an immense amount of randomness and variation within a larger predictable phenomenon, says Cohen.
[Images: Courtesy of Headspace]
Another detail most listeners wont consciously notice: the key of the music itself. Sorenson has found that sleep sounds built around major keysrather than minor onestend to feel lighter and more relaxing.
The best sleep sounds don’t just drown out the worldthey create a new one that’s easy to get lost in. And right now, theyre one of the gentlest tools we have to improve sleep. In a world obsessed with quick fixes, Sorensen says, theres something powerful about finding rest through creativity, memory, and sound.
Art is important. Sound and music have a healing effect on people, says Sorenson. Potentially at some point, there could be a pill for everything. But right now, this is what we have.
Digital banking fintech firm Chime disclosed a rise in 2024 revenue in its IPO filing on Tuesday for a long-awaited U.S. stock market launch.
Financial technology companies have increasingly entered the U.S. lending space, aiming to wrest market share from major players such as JPMorgan Chase, Bank of America and Citigroup.
Chime’s revenue rose to $1.67 billion in the fiscal year ended 2024, up from $1.28 billion, a year earlier.
The IPO window has reopened as markets recover sharply amid progress in trade talks, offering companies an opportunity to list their shares after months of turbulence driven by tariffs.
A strong debut by Chime could pave the way for other IPO candidates, particularly in the technology sector, to move forward with their listings.
“We led the 2017 Series B when few Silicon Valley investors believed, driven by our conviction that Chime could become a category-defining company,” said Simon Wu from Cathay Innovation.
“Today’s IPO filing marks an exciting new chapternot just for Chime, but for the future of inclusive, technology-driven consumer finance.”
San Francisco-based Chime, cofounded by Chris Britt and Ryan King in 2012, provides financial services via a mobile app.
The company has raised $2.65 billion from private investors since its inception, according to data from PitchBook. Its last fundraise round attracted high-profile investors including SoftBank Investment Advisers, General Atlantic and Tiger Global Management.
In August 2021, Chime achieved a valuation of $25 billion during a fundraise. However, the company did not disclose the number of shares it intends to sell or the estimated price band for its listing.
The startup will trade on the Nasdaq Stock Exchange under the ticker symbol “CHYM”.
Morgan Stanley, Goldman Sachs and J.P.Morgan are heading a syndicate of Wall Street investment banks chosen to underwrite the offering.
Jaiveer Shekhawat and Manya Saini, Reuters
Ikea just debuted its first-ever rewards program for customers in the U.S., and it could mean a major discount on your next plate of Swedish meatballsor even a price cut on a new vintage-inspired piece of furniture.
The rewards program launches today, and it allows shoppers to accrue points for a range of actions and then redeem them for various discounts. The rewards are a free add-on to Ikea Family, the stores existing loyalty program (which is also free to join and currently boasts around 24 million members). Any current members of Ikea Family will automatically be enrolled in the rewards program, and new members who sign up will start earning points automatically.
Like most rewards programs, the points system is designed to give shoppers a feel-good boost every time they interact with the Ikea brand. For a company that thrives on cultivating a dedicated fan base through frequent product drops, a store layout designed to cultivate an experience, and plenty of nostalgic callbacks, its a move that feels like it’s been a long time coming.
New system reflects how consumers expect to shop
Currently, members of Ikea Family gain access to a few benefits including reduced delivery fees, discounts on certain products, complimentary in-store beverages, and free in-store workshops. According to Nicole King, customer engagement and loyalty manager at Ikea U.S., the new rewards are meant to recognize and add more value for this core set of Ikea devotees. The U.S. will join Ikea stores in Portugal, Australia, and Italy, which have already introduced the rewards program to shoppers.
We are working to create a more accessible and convenient retail experience for our customers, King says. Meeting them with a rewards offer that allows them to earn points for interacting with Ikea reflects how consumers expect to shop today.
How the Ikea rewards points work
There are a variety of ways that members can earn points. To start, every dollar spent online and in person equals 1 point; sharing a gift registry earns 10; and logging into an online account or saving a wish list scores 25. Bigger actions like attending an Ikea event, creating an Ikea Family profile, or making a gift registry garner 50 points.
As these points tally up, they can then be redeemed for a range of perksthough it might take some time, or a lot of aspirational online shopping, to earn anything substantial. At 65 points, members can grab free food at the Ikea Restaurant and Bistro; 175 points allows for a $5 discount on product purchases. And starting at 350 points and more, members can receive $10 off delivery. Beyond 350 points, King says, other potential earnings could include $20 off a product or delivery and $50 off an assembly service.
Rewards from Ikea Family is based on helping customers bring their ideas to life throughout the journey of dreaming, planning, and implementing their projects, King explains. Its the first step in redefining how we work with loyalty and member engagement in order to enable and sustain a lifetime value for both members and Ikea.
The new program won’t exactly reinvent the wheel, but it might just help draw Ikea’s cult following even closer.
President Donald Trump told Gulf leaders on Wednesday he urgently wants “to make a deal” with Iran to wind down its nuclear program but Tehran must end its support of proxy groups throughout the region as part of any potential agreement.Iran “must stop sponsoring terror, halt its bloody proxy wars and permanently and verifiably cease pursuit of nuclear weapons,” Trump said in remarks at a meeting of leaders from the Gulf Cooperation Council hosted by Crown Prince Mohammed bin Salman in the Saudi capital. “They cannot have a nuclear weapon.”The U.S. and Iran have engaged in four rounds of talks since early last month focused on Iran’s nuclear program. Trump has repeatedly said that he believes brokering a deal is possible but that the window is closing.The Republican president’s strongly worded push on Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen come as its proxy network has faced significant setbacks in the 19 months since Hamas launched its Oct. 7, 2023, attack on Israel.In Iran, Foreign Minister Abbas Araghchi called Trump’s remarks “deceitful” but did not directly address the U.S. leader’s call on Iran to cease support of proxy groups.Trump added that he believed the moment was ripe “for a future free from the grip of Hezbollah terrorists.” Hezbollah is severely weakened after its war last year with Israel in which much of its top leadership was killed, and after losing a key ally with the fall of former Syrian President Bashar Assad, a conduit for Iran to send arms.
Lifting sanctions on Syria
Trump’s comments on Iran came after he met Wednesday with Syrian President Ahmad al-Sharaa, a face-to-face engagement with the onetime insurgent leader who spent years imprisoned by U.S. forces after being captured in Iraq.Trump agreed to meet al-Sharaa at the end of his stay in Saudi Arabia. He was headed next to Qatar, where he will be honored with a state visit. His Mideast tour also will take him to the United Arab Emirates.Al-Sharaa was named president of Syria in January, a month after a stunning offensive by insurgent groups led by al-Sharaa’s Hayat Tahrir al-Sham, or HTS, stormed Damascus and ended the 54-year rule of the Assad family.Trump said he decided to meet with al-Sharaa after being encouraged to do so by Prince Mohammed and Turkish President Recep Tayyip Erdogan. He also pledged to lift yearslong sanctions on Syria.“The sanctions were really crippling and very powerful,” Trump said. “It’s not going to be easy anyway, so it gives them a good, strong chance” to rebuild the country, he added.Prince Mohammed joined Trump and al-Sharaa for the meeting, which lasted 33 minutes. Erdogan also took part in the talks via video conference.The prince said Trump’s decision to engage with al-Sharaa and lift the sanctions will “alleviate the suffering of the Syrian people” and spur a “new chapter” for the nation.Formerly known by the nom de guerre Abu Mohammed al-Golani, al-Sharaa joined the ranks of al-Qaida insurgents battling U.S. forces in Iraq after the U.S.-led invasion. He still faces a warrant for his arrest on terrorism charges in Iraq. The U.S. once offered $10 million for information about his whereabouts because of his links to al-Qaida.Al-Sharaa returned to his home country of Syria after the conflict began in 2011 and led al-Qaida’s branch called the Nusra Front. He changed the name of his group to Hayat Tahrir al-Sham and cut links with al-Qaida.The sanctions go back to the rule of Assad, who was ousted in December, and were intended to inflict major pain on his economy.Both the Biden and Trump administrations left the sanctions in place after Assad’s fall as they sought to take the measure of al-Sharaa.
State visit to Qatar
After meeting with members of the GCCwhich includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab EmiratesTrump was heading to Qatar, the second stop in his Mideast tour.Qatar, like the other Gulf Arab states, is an autocratic nation where political parties are banned and speech is tightly controlled. It is overseen by its ruling emir, Sheikh Tamim bin Hamad Al Thani. Sheikh Tamim took power in June 2013 when his father stepped down.Qatar has also played a central role in pay-to-play-style scandals around the globe.In Israel, authorities are investigating allegations that Qatar hired close advisers to Israeli Prime Minister Benjamin Netanyahu to launch PR campaigns to improve the Gulf nation’s image among Israelis.Two European Union lawmakers were accused of taking money from Doha in a scandal dubbed “Qatar-gate.” U.S. prosecutors in 2020 accused Qatar of bribing FIFA executive committee members to secure the tournament in the country in 2022.In 2024, RTX Corp., the defense contractor formerly known as Raytheon, agreed to pay more than $950 million to resolve allegations that it defrauded the U.S. government and paid bribes to secure business with Qatar. Doha always has denied wrongdoing.Qatar follows an ultraconservative form of Sunni Islam known as Wahhabism born out of Saudi Arabia. However, Qatar struck a different tack in the Arab Spring by backing Islamists, including Egypt’s Muslim Brotherhood and former Egyptian President Mohammed Morsi, as well as those who rose up against Assad.Its support of Islamists, in part, led to a yearslong boycott of the country by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates. That boycott only ended as then-President Joe Biden prepared to enter the White House in 2021.Qatar also has served as a key mediator, particularly with the militant group Hamas as the international community pursues a ceasefire for the Israel-Hamas war in the Gaza Strip. Qatar also served as host of the negotiations between the United States and the Taliban that led to America’s 2021 withdrawal from Afghanistan.Qatar is home to Al-Udeid Air Base, a sprawling facility that hosts the forward headquarters of the U.S. military’s Central Command.The oil-rich country is also in the center of a controversy over its offer to provide Trump with the gift of a luxury Boeing 747-8 that the U.S. could use as Air Force One while new versions of the plane are under construction by Boeing.The Qatari government has said a final decision hasn’t been made. But Trump has defended the idea even as critics argue it would amount to a president accepting an astonishingly valuable gift from a foreign government.Trump has indicated he would refurbish the aircraft and it would later be donated to his post-White House presidential library. He says he would not use the plane once he leaves office.
AP writers Suzan Fraser in Ankara, Turkey, Tia Goldenberg in Tel Aviv and Nasser Karimi in Tehran, Iran contributed.
Zeke Miller, Jon Gambrell and Aamer Madhani, Associated Press
The day has finally arrived for those hoping to get in on shares of crypto and stock trading firm eToro Group Ltd. The fintech company is holing its initial public offering, with its shares expected to begin trading on the Nasdaq Wednesday after a monthslong delay. Heres what you need to know about eToros IPO.
What is eToro?
eToro is a brokerage company. The fintech firms official name is eToro Group Ltd., and it offers a trading platform for people to buy and sell stocks, cryptocurrencies, and other assets.
In the financial services space, eToros more traditional competitors are the likes of Charles Schwab, Fidelity, and Vanguard. However, because eToro is a digital-first company, it more closely resembles other digital-first trading platforms like Robinhood.
But eToro has some differentiating features that set it apart from other trading platforms. The platform is perhaps most well-known for its CopyTrader feature, which allows eToro users to follow other traders and mimic their trades. The idea behind this feature is that it could help novice traders invest more successfully by replicating the moves of more seasoned investors.
Despite going public now, eToro has actually been around for a while. The company was originally founded in 2007. It is headquartered in Tel Aviv, Israel, and has offices around the globe.
eToro has a long history of attempted public offerings
Today is the first time that eToro has gone public, but its not the first time the company has tried to.
As noted by CNBC, the company originally tried to go public via a merger with a special purpose acquisition company (SPAC) in 2022. SPACs were all the rage in the early pandemic years, but by 2022, they had started to wane as equity markets took a fall.
Then in March of this year, eToro announced its intention to go public againthis time via a traditional initial public offering (IPO). While eToro at the time did not give a date for its IPO, it was assumed that it would happen relatively quickly.
But eToros IPO announcement at the end of March couldnt have been more badly timed. It was announced little more than a week before President Donald Trump announced his disastrous Liberation Day tariffs, which sent stock markets around the world tumbling.
In April, eToro chose to delay its IPO. However, in early May, as Trumps trade war stance had begun to soften, Bloomberg reported that eToro was once again on the cusp of launching its IPO.
And now it’s doing just that.
eToro by the numbers
On May 5, eToro filed an updated Form F-1 with the U.S. Securities and Exchange Commission (SEC). This form is little changed from the earlier F-1 the company filed in March. In the F-1, eToro reported the following metrics as of December 31, 2024:
A global footprint that spreads across 75 countries.
Approximately 3.5 million Funded Accounts.
Net Contribution of $787 million (up 41% from $557 million in 2023).
Total Commission of $931 million (up 46% from $639 million in 2023).
Net income of $192 million (up 1,161% from $15 million in 2023).
Adjusted EBITDA of $304 million (up 159% from $187 million in 2023).
As noted by CNBC, eToro makes its money by charging fees on associated trading transactions, including buy and sell orders, withdrawals, and currency conversions.
When is eToros IPO?
eToros priced its shares on Tuesday. It is expected to begin publicly trading today (Wednesday, May 14, 2025).
What is eToros stock ticker?
eToros stock ticker is ETOR.
What exchange will eToro shares trade on?
eToro shares will trade on the Nasdaq Global Select Market.
What is the IPO share price of ETOR?
The IPO price of ETOR shares is $52, according to a company press release. This exceeds the high end that eToro originally said it was going to sell its shares for.
In its F-1 filing, the company said it had planned to sell its shares between $46 and $50 apiece.
The higher IPO price suggests that eToro believes there is more substantial demand for its shares than originally thought.
How many ETOR shares are available in its IPO?
In total, eToros IPO offered 11,923,018 Class A common shares for sale.
Nearly six million shares were sold directly by eToro, with most sold by existing eToro shareholders.
How much did eToro raise in its IPO?
Though roughly 11.9 million shares were available under eToros IPO, the company will not receive the proceeds for half of them, because existing private shareholders are selling those shares.
That leaves 5,961,509 from which eToro profited. Selling those 5.9 million shares for $52 each netted eToro around $310 million.
How much is eToro worth?
At its $52 IPO price, CNBC says eToro now has a market cap of approximately $4.2 billion.
The hottest parties right now are happening in the metaverse.
VRChat, a video-game-like social platform hosted in virtual reality, saw more than 130,000 people in attendance on New Years Day 2025, according to a VR culture blog. Before 2020, VRChat had hardly seen more than 20,000 concurrent users, according to Wired.
While virtual clubbing began in the early 2000s on platforms like Second Life, VRChat, and AltspaceVR, the COVID-19 lockdowns brought a new wave of virtual ravers as traditional nightclubs closed and people looked for online alternatives. Today, VR clubbers line up each week for dozens of fully immersive virtual parties hosted across the U.S., Europe, and Asia.
Thanks to major advances in motion tracking, haptic suits, and customizable avatars, people can now dance to popular DJ sets and socializeall without leaving their homes.
Aside from the up-front hardware cost, events are free. But, like popular in-person clubs, there are often long lines for the most in-demand virtual nights, which are usually limited to around 80 guests due to software constraints.
VR clubbing carries its own risks. Psychiatrists and ER doctors have reported some attendees going on digital benders, partying to the point of total exhaustion, according to Psychology Today. One partier told Wired hes had friends hospitalized after binge-drinking on VRChat. Another said he partied for nearly 12 nights straight last Augustwithout once stepping outside his apartment.
Still, virtual partying has its perks. If the musics too loud, you can just turn it down. Ready to go home? No need to worry about Ubers or navigating public transport at 3 a.m. Personal safety and harassment are also less of a concern. Wired spoke to a trans woman from rural Ohio who described VRChat as offering a safer environment than a real-life club setting, adding, the music is better than at the clubs in Ohio.
In the article’s comments, a middle-aged IT manager shared how she and her fiancé, who met in VRChat, now spend their weekends dancing in VR instead of going out, noting, At the end of the night we just take off the headsets and go to bed.
