Business
A Year Later, Trump’s ‘Most Exclusive’ Memecoin Event Is a Lot Less Exclusive
But few of his crypto actions have attracted as much attention or scrutiny as his memecoin.
Unveiled three nights before the presidential inauguration in January 2025, $TRUMP emerged from a partnership between Mr. Trump and a longtime associate, the serial entrepreneur Bill Zanker. When the coins went on sale, the Trump family and its business partners collected a fee on each transaction, totaling at least $320 million in the first few months.
Last April, the coin’s backers tried to drive more sales by inviting investors to compete for 220 seats at an “intimate private dinner” with Mr. Trump at the Virginia golf club. In effect, the contest gave crypto traders and even foreign investors a way to funnel money into the Trump family’s coffers, with no public disclosure requirements.
The night of the event, protesters gathered near the club, led by Senator Jeff Merkley, Democrat of Oregon, who called it “the Mount Everest of corruption.” Inside, Mr. Trump railed against the Biden administration as investors dined on filet mignon and “Trump organic field green salad.”
The president appeared undeterred by the backlash. This year, he hosted an even bigger contest.
On March 12, the $TRUMP coin’s official X account announced plans for the conference at Mar-a-Lago, featuring Mr. Trump as a lunchtime speaker alongside Mike Tyson, the former heavyweight champion, and Paolo Ardoino, who runs the crypto firm Tether. Attendees were also promised Trump-branded perfume, a commemorative Trump poster, a collectible Trump trading card and a “red beauty watch” emblazoned with the president’s name.
The contest’s rules were convoluted. For every coin purchased, investors would receive a point on a public leaderboard. Every hour the investors held onto those funds, another point would be awarded for each coin, a system designed to discourage anyone from selling. The contest was slated to end on April 10, with the top 297 investors earning spots at Mar-a-Lago; the top 29 would also get access to a smaller reception with Mr. Trump.
Business
More airlines suspend LAX routes due to high fuel costs
American Airlines is joining the list of airlines suspending flights to and from Los Angeles International Airport this summer.
It announced a temporary suspension of nonstop flight routes out of LAX to Cleveland, Columbus, Pittsburgh, and Washington Dulles airports. The suspension is set to last through August and September due to rising fuel prices resulting from the conflict in Iran.
American Airlines is not alone in this decision.
In April, Norse Atlantic Airways canceled all of its summer flights out of LAX to Europe, including destinations like London, Paris and Rome.
Allegiant Airlines also canceled its LAX operations in January, rerouting flights out of Hollywood Burbank Airport instead. To keep ticket prices down and align with its low-cost airfare model, Burbank was a better airport for the Los Angeles area due to lower operational costs than LAX.
With the conflict ongoing and the flow of oil uncertain, the cost of jet fuel could continue to rise, leaving more flight routes in jeopardy, especially in states like California.
Jet fuel prices in Los Angeles have jumped more than 40% since the conflict in the Middle East started. Airlines are adding baggage surcharges to cover fuel costs. Several routes leaving from smaller California hubs, including Sacramento and Burbank, have already been canceled.
As fuel supplies shrink, flight prices are rising.
The West Coast is a “fuel island” because it’s not connected by pipelines to the rest of the country, United Airlines Chief Executive Scott Kirby said in an interview in March. That means oil and refined products have to be brought in by ships.
“Fuel price is more susceptible to supply weakness on the West Coast than anywhere else in the country,” Kirby said.
A statement from American Airlines said it will not be suspending any of these routes indefinitely, and service to these cities from LAX will still be available with American Airlines, but a connection will be required.
American Airlines shares, which have fallen more than 13% so far this year, fell 2% Thursday to $13.30.
Business
Latest data show California conundrum: high growth but high prices, high unemployment
California, the epicenter of the artificial intelligence boom, continues to grow its economy faster than the nation, but more people are losing their jobs and the cost of living remains high.
New economic indicators released this week show how the Golden State is grappling with the effects of the Iran war, as well as an AI explosion, which is driving huge investments as well as layoffs.
The state’s unemployment rate reached 5.3% in April, roughly 1 percentage point higher than the nation’s. California’s unemployment rate is expected to peak at 5.6% later this year, according to the UCLA Anderson Forecast released this week.
The state outpaced the nation in economic growth in the fourth quarter of 2025. It probably continued to outgrow the country in the first three months of this year, the report said.
“Income and output will continue to grow faster than the U.S. even as employment growth is tepid,” senior economist Jerry Nickelsburg wrote in the forecast. “Once past the current weakness, expected by the middle of next year, a tech, durable goods manufacturing, and construction resurgence should lead to superior growth in both employment and income in the Golden State once again.”
The state’s growth is being bolstered by many local companies that are attracting and spending hundreds of billions of dollars in the race to build the software and infrastructure needed for AI. However, there are signs that the same race may be leading to fewer jobs in some sectors.
From January to May, U.S. tech employers announced 123,653 job cuts, up 66% from the same period a year earlier, according to a report Thursday by global outplacement and executive coaching firm Challenger, Gray & Christmas. California had close to 77,000 job cuts across all sectors, double the number of any other state.
Although AI was cited more often than any other reason for cuts, the layoffs haven’t been as bad as the pessimists feared, said Andy Challenger, a labor and workplace expert and chief revenue officer of Challenger, Gray & Christmas.
“AI isn’t yet the jobpocalypse some predicted,” he said in a statement. “Like spreadsheets and email before it, the technology will ultimately make workers more productive.”
California has seen job growth in sectors including healthcare and social services. But entertainment, tech and manufacturing businesses have been cutting back.
UCLA’s outlook paints a mixed picture of California’s future, one filled with uncertainty as the Iran war pushes up fuel prices, inflation rises, government policy changes and tariffs disrupt supply chains.
The state is particularly vulnerable to the effect of the war on Iran because it uses pricey low-emissions gasoline, and California ports accept cargo on ships that require large amounts of more expensive oil, according to the forecast.
California also is more dependent on oil from outside the country than other states.
The Iran war has caused gas prices to jump. Above, prices are at and over $6 a gallon at a station in Los Angeles on June, 2, 2026.
(Justin Sullivan / Getty Images)
It’s still too early to predict the fallout from the war on Iran, but economists expect it to negatively affect employment by the end of this year and into 2027, the quarterly forecast from UCLA said. It projected that national real GDP growth would shrink from around 2.3% this year to 1.8% next year.
The UCLA report did not provide a state GDP forecast, but said early indicators suggest California continues to outperform the country. Last year, the national real GDP growth rate was around 2%, the report said. California’s was closer to 2.5%, according to data from the U.S. Bureau of Economic Analysis.
Some are concerned that AI could worsen what’s called a “K-shaped” economy, in which the rich see growth and most other people struggle with stagnating opportunities. In California, it could also lead to an “E-shaped” economy, in which low, medium and high-income people each see slight growth.
That depends on whether AI ends up helping workers or replacing them, economist William Yu said.
“If it’s labor substitution, we are going to see this [as] more of a K-shaped economy. If it’s more of labor augmentation, we’re going to see more of [an] E-shaped economy,” he said at a conference about the report.
Tech companies say they are using AI to do more with fewer people. Yu said a lot of the AI spending is going into building out AI data centers rather than hiring.
Citing data from job search website Indeed, AI appears to be slowing down growth in software, information technology, marketing and media job postings, he said. But demand for civil and electrical engineers remains high. AI might not be affecting those roles, or reindustrialization policies are boosting hiring in those areas.
Business
Earwormy Kars4Kids jingle is back as charity appeals in California court
The Kars4Kids jingle is back on the air in California after being ordered off the airwaves last month.
The catchy jingle that has been getting stuck in heads for nearly three decades was pulled from the air after a California man took Kars4Kids to court for false advertising.
The man said he donated an old car to the charity, believing it would be used to benefit children in need. He was unaware that Kars4Kids gives the donations to another organization, Oorah, that uses the money to fund Jewish youth trips to Israel.
The Orange County court originally ruled the jingle a violation of California’s false advertising law for failing to disclose its religious affiliations, and it was subsequently pulled from the airwaves. Kars4Kids filed an appeal, and the court has ruled the jingle can stay on the air throughout the appeals process.
“Kars4Kids applauds today’s court ruling allowing its ads to continue airing in California while the appeals process continues,” a spokesperson for Kars4Kids said. “The uninterrupted airing of its ads will enable the charity to continue funding its programs for children and families. We believe the lower court’s findings on the facts and the law were deeply flawed, and we look forward to pursuing a broad appeal of that decision.”
Kars4Kids has run into allegations of false advertising before. Oregon and Pennsylvania also took the charity to court over the misleading jingle in 2009, resulting in a $130,000 fine and a requirement to disclose its affiliations in all advertisements.
A Kars4Kids spokesperson said last month that its website clearly states its Jewish affiliation.
“We believe this case was nothing more than a lawyer-driven attempt to siphon off charitable funds for their own gain,” the spokesperson said. “The law and the facts are clearly on our side.”
The nonprofit using the funds gathered by Kars4Kids has also previously used the donations for a matchmaking program for Jewish young adults and to purchase a $16.5 million building in Israel.
While the jingle could be pulled from the air again depending on the result of the appeal, for now, it will remain a part of your morning commute in California.
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