Economy
Musk blames cyberattack for major X outages
SAN FRANCISCO
Elon Musk said X was hit Monday by a major cyberattack, raising questions as to whether the politically divisive billionaire is being targeted or his decision to gut staff at what was once Twitter is haunting the social network.
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Reports of problems with X started early Monday, with users in Asia, Europe, and North America saying they could not access the platform, according to the Downdetector tracking site.
“There was (still is) a massive cyberattack against X,” Musk said in a post on the platform, which was working sporadically as the day wore on.
The SpaceX and Tesla boss also blamed a cyberattack, although he provided no evidence, for crashing the site last year when an interview with Donald Trump was about to be streamed on it.
Musk shared a post from an account called DogeDesigner suggesting that the latest cyberattack was another burst of animosity towards him, in line with recent protests against the so-called Department of Government Efficiency (DOGE) that he leads and vandalization of Tesla facilities.
Musk speculated that such an attack would take tremendous resources, and that it was the work of a country or large coordinated group.
During an interview on Fox Business, he alleged that computers used in the attack appeared to have digital addresses in the Ukraine area and that X was still trying to figure out exactly what happened.
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Cybersecurity experts say that it is difficult to assess the situation without being able to see into X operations, but the duration of the trouble is a sign of an attack.
“It’s cyberwar hitting at full force,” said Chad Cragle of cyber defense platform Deepwatch.
“With Musk in the spotlight and political tensions at a peak, these attacks bear all the indicators of nation-state aggression.”
Ax wielding
Trump responded last week to growing criticism over unprecedented cuts to the U.S. government overseen by his billionaire advisor Musk, saying they should be carefully targeted.
“We say the ‘scalpel’ rather than the ‘hatchet,'” Trump posted on his social media platform Truth Social.
The president’s message represents the first significant move to rein in the power accorded to Musk, as DOGE works toward gutting federal staffing and spending.
DOGE’s cost-cutting campaign has faced increasing resistance on multiple fronts, including court rulings and some pressure from lawmakers.
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Trump confirmed that he had convened his cabinet to deliver the message that they, not Musk, were in charge of their departments.
Outages on the X social media platform left tens of thousands of users unable to access the site intermittently over the course of hours, according to monitors.
At the peak, more than 40,000 people reported outages, the site said.
After Musk bought Twitter for $44 billion in late 2022, the majority of employees left or were fired, raising concerns about whether staffing was in place to keep the platform safe and stable.
Under his ownership, the platform has experienced technical issues and reinstated accounts of right-wing conspiracy theorists and Trump.
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Advocacy groups say misinformation has flourished on X under Musk, who has come under fire for spreading it to his huge online audience.
Trump Media & Technology Group (TMTG) has unveiled a paid-for, licensed data feed that will give banks and trading firms “the fastest” access to posts from influential Truth Social accounts, such as U.S. President Donald Trump’s, whose posts often move global markets.
The product, called “Truth API,” will deliver posts from the 10 most influential accounts to customers at a significantly faster pace than a regular push notification on the Truth Social platform, a spokesperson said.
The feed is designed for organizations “most impacted by the cost of a delay in information,” such as algorithmic trading firms, the company said in a statement. “Until now… firms that prioritize tracking influential Truth posts have relied on manual monitoring. Truth API closes the gap.”
The move is TMTG’s first step into data-licensing, and opens up a new revenue stream for the company, which has faced challenges in scaling its media business amid stiff competition from larger social media firms.
“Markets already move on Truth Social posts … As adoption grows, we expect Truth API to become a meaningful, ongoing source of revenue for the company,” TMTG’s interim CEO Kevin McGurn said.
Trump has made several announcements through his Truth Social handle that have jolted markets worldwide, including his “Liberation Day” tariffs and posts regarding trade restrictions on China, making the platform a crucial feed for traders, businesses and financial institutions.
On April 9, 2025, Wall Street’s main indexes turned sharply higher after Trump said in a Truth Social post that he would pause many of his new tariffs for 90 days.
Market-moving poster
“As far as I know, the only market-moving poster on Truth Social is Trump himself and his posts definitely move the market,” Mark Spiegel, managing member and portfolio manager at Stanphyl Capital Partners, said.
Asked if the move would create uneven trading opportunities for traders with deeper pockets, Spiegel said there are always uneven trading opportunities – this would be just one more.
The Donald J. Trump Revocable Trust holds roughly 114.75 million shares, representing about 41% of all outstanding stock in Trump Media & Technology Group, Truth Social’s parent company, according to regulatory filings.
Robert Frenchman, a partner at the Dynamis law firm in New York who has defended clients in federal government trading probes, said public companies had to be careful about how they disclose information on such platforms. But such platforms are allowed to offer clients early access even if it disadvantages some market participants.
“It certainly does not seem fair, but yes, a tech platform can tier its distribution of information without violating federal securities laws,” said Frenchman.
TMTG did not immediately respond to a request for comment on whether the move would create uneven trading opportunities.
Democratic Senator Ron Wyden criticized the program, saying that selling access to the president’s statements makes Wall Street traders rich.
Round-the-clock coverage
The product will provide round-the-clock coverage of influential posts and include an archive of posts dating back to 2022. The company said it has already signed up customers ahead of the Aug. 1 launch.
Some of the most-followed accounts on Truth Social belong to Trump himself and those closely aligned with him, including his sons Donald Trump Jr. and Eric Trump, as well as prominent supporters like Dan Bongino and Sean Hannity.
Firms have been scraping Truth Social data for months, in violation of TMTG’s terms of service, according to a spokesperson.
“We’re going to create a lot of friction for those folks that aren’t coming to us directly,” McGurn said in a statement.
The outbreak of the war in the Middle East has boosted real estate investments by foreign investors in Türkiye by 28.3% on an annual basis in March, April and May, according to a report on Thursday citing data from the Turkish central bank.
At the same time, Turkish nationals’ real estate investments abroad, which reached a record high of $2.6 billion in 2025, have dropped in recent months, the data shared by Central Bank of the Republic of Türkiye (CBRT) in its recent balance of payments data shows.
The figure rose 44.4% year-over-year in January to $208 million and climbed 18.4% in February to $225 million.
However, the war, which broke out at the end of the month, caused overseas residential property purchases by Turkish nationals to decline from March onward. Turkish nationals’ real estate purchases abroad declined 18% year-over-year to $187 million in March.
In April, that figure decreased 19.4% to $187 million and in May, it dropped by a whopping 40% to $143 million, the lowest level in 29 months.
Accordingly, the total value of overseas real estate investments by Turkish nationals in March, April and May fell 26% to $517 million, while real estate investments by foreign nationals in Türkiye increased.
Non-residents paid $590 million to purchase real estate in Türkiye, marking a 29.3% year-on-year increase.
The figure rose 62.4% to $242 million in March, 17.1% to $164 million in April, and 7.6% to $184 million in May despite the nine-day Eid al-Adha holiday.
Bayram Tekçe, president of the Istanbul-based Real Estate Services Exporters’ Association (GIGDER), told Anadolu Agency (AA) that in recent years, Turkish nationals have traditionally invested in residential property abroad, particularly in Dubai and Greece, but the war in the Gulf and Athens’ stance toward Ankara have affected those investments.
“The attacks in Dubai in March virtually halted real estate purchases, leading to a decline in sales, while Greece’s hostile stance against Türkiye and its cooperation with Israel and the Greek Cypriot Administration, as well as its efforts to deploy armed troops on the islands, affected the Turkish appetite for purchasing real estate in the country,” he said.
Tekçe said Russian nationals made more real estate purchases in Türkiye than last year, as bureaucratic processes have been streamlined to facilitate the process.
Burak Ustaoğlu, a global real estate expert, meanwhile, said that investors adopted a more cautious stance toward overseas purchases and postponed their investments following the war in the Gulf, particularly in Dubai, where Turkish investors had shown strong interest prior to the outbreak of the conflict.
“The war and the risk perception led to a temporary hesitation, not only in Dubai but across all overseas real estate investments,” he said, noting that investors have yet to fully abandon their overseas investment plans and are instead waiting for uncertainties to subside.
Ustaoğlu stated that Türkiye’s recently implemented economic policies and steps taken to strengthen its financial stability encouraged some domestic investors to opt for opportunities at home, rather than abroad.
He said Türkiye still offers attractive opportunities for foreign buyers because housing prices are competitive in foreign currency terms compared with many other countries, while Ankara’s diplomatic engagement on the global stage has reinforced confidence in the country.
“The perception of Türkiye as a stable and trustworthy country prompted foreign visitors to monitor the country more closely,” he said.
Ustaoğlu noted that Türkiye’s real estate market currently offers significant price advantages at present as many construction firms offer their completed and immediately available homes for highly competitive prices due to a slowdown in demand, creating opportunities for long-term investors.
He added that recently, investors from the Gulf, Russia, Azerbaijan and Kazakhstan, in particular, have exhibited increased interest in Turkish real estate offerings.
German food delivery company Delivery Hero announced on Thursday it has agreed to be acquired by U.S. ride-hailing giant Uber in a 12.7 billion euro ($14.6 billion) deal after months of speculation, which opens the door to the American firm making the global takeout giant and further consolidating its grip in the field.
The acquisition advances the U.S. ride-hailing firm’s efforts to build a global food-delivery business as it faces intensifying competition from Just Eat, owned by Dutch group Prosus, and U.S. rival DoorDash, which has also been expanding aggressively.
“Combination is designed to accelerate innovation and expand the range, value and convenience of services for customers, vendors and riders,” the German company said in the statement.
Founded in 2011, Delivery Hero currently operates in over 60 markets and is one of the world’s biggest food delivery groups.
It has also expanded beyond its traditional food business to “quick commerce,” delivering small packages to customers.
Uber is offering 41.50 euros per share for Delivery Hero, valuing the deal at 12.7 billion euros. Delivery Hero’s shares were down 0.5% in Frankfurt after the announcement, trading at 37.9 euros.
“Uber’s global mobility and delivery platform and our shared commitment to innovation make this the right partnership to build on Delivery Hero’s strengths in local food delivery and quick commerce,” said Niklas Oestberg, CEO and co-founder of Delivery Hero.
Uber CEO Dara Khosrowshahi said a merger would “extend affordable, reliable delivery to many millions more people in some of the world’s most dynamic economies, while creating more opportunities for merchants and couriers.”
Uber is acquiring Delivery Hero’s businesses in 50 markets worldwide across Asia, Europe, Latin America and the Middle East.
A U.S. investment firm, SSW Partners, is acquiring the German group’s operations in another 14 markets, where Uber and Delivery Hero compete, for around 1.4 billion euros.
Delivery Hero said its management recommends that shareholders accept the deal, and it is expected to be finalized in the second half of 2027.
The transaction, which is likely to face a complex regulatory process, would create a platform spanning 99 countries with a combined pro-forma gross merchandise value (GMV) of $236 billion in 2025, Delivery Hero said in a statement.
Prior to the merger, there were concerns about how the deal could potentially reshape the Turkish delivery market, where Delivery Hero owns Yemeksepeti, the oldest food delivery service provider in the country.
However, the statement and information shared by Uber on Thursday reveals that SSW Partners would be acquiring operations in a number of countries, including Türkiye.
Uber acquired the majority of the stake in another popular delivery service firm in Türkiye, Trendyol Go, last year.
Last month, the company also received the green light for the takeover of the delivery arm of Turkish company Getir from controlling shareholder Mubadala.
Türkiye’s central government budget shifted to a surplus by posting an excess of TL 114.2 billion (around $2.4 billion) in June, reversing the deficit registered in the same month last year, official data showed on Thursday.
Budget revenue jumped 66.0% year-over-year to nearly $32.1 bilion in current prices, fueled by a 72% increase in tax collections, data from the Treasury and Finance Ministry showed.
Expenditures increased 12.6% to some $29.7 billion, data revealed.
The primary balance, which excludes interest payments, registered a surplus of $6.7 billion in June, compared with a deficit of $1.15 billion in the same month last year.
Non-interest expenditures increased 23.9% year-on-year to $25.3 billion, while interest payments fell 26.9% to $4.3 billion.
Tax revenues surged 72% year-on-year to $28.05 billion.
Income tax revenues rose 145.7%, domestic value-added tax (VAT) receipts increased 89.6%, and value-added tax collected on imports climbed 53.1%.
Meanwhile, corporate tax revenues increased 31.8%, and special consumption tax receipts edged down 0.1%.
In the January-June period, central government budget expenditures rose 32.7% year-on-year to $185.5 billion, while revenues increased 39.1% to $165.5 billion.
The budget thus posted a deficit of $20 billion during the first half of the year, compared with a deficit of around $20.8 billion in the same period of 2025.
Tax revenues in the six months increased 38.7% to $140.7 billion.
Interest expenditures rose 31.7% to $31 billion, while non-interest expenditures increased 32.9% to $154.5 billion.
The U.S. will impose a 25% tariff on most imports from Brazil starting July 22, the U.S. Trade Representative’s office said on Wednesday, the first action under the Trump administration’s new tariff strategy that could eventually affect dozens of countries.
The new program, launched after the U.S. Supreme Court tore down the centerpiece of Trump’s tariff system earlier this year, is based on investigations into unfair trade practices under Section 301 of the U.S. Trade Act.
Close to 80 trade investigations have been opened by the USTR office and a new wave of tariffs could be imposed on dozens of countries, including China, the EU, India, Japan, South Korea and Mexico.
Wednesday’s announcement follows a proposal by the Trump administration in June to impose a punitive tariff of 25% on many imports from Brazil after deciding its practices were unfair on a range of issues from digital trade to illegal deforestation.
“Extensive negotiations with Brazil over the past year have not resolved these issues, but we remain open to continuing negotiations with Brazil to bring about long-needed changes to the problems identified in this investigation,” U.S. Trade Representative Jamieson Greer said in a statement.
Brazilian President Luiz Inacio Lula da Silva said the U.S. decision was without any justification.
Brazil would immediately begin proceedings to invoke instruments provided for under the “Reciprocity Law” and revisit the matter within the framework of the WTO dispute settlement mechanism, he said on X.
U.S. Secretary of State Marco Rubio, who was accused by Lula of being anti-Latin America when the U.S. tariffs were proposed in June, blamed the Brazilian president and said, “Lula and his government have not negotiated with the U.S. in good faith.”
“For the past year, Lula has put his own ego ahead of making a deal for the welfare of the Brazilian people, and these tariffs are the price for that,” Rubio said in a strongly worded post on X.
The tariffs would apply to thousands of Brazilian imports, including sugar, agricultural machinery, apparel, electrical machinery, paper and steel.
The U.S. said it would exempt all the products proposed for exemption in the June notice, except high-purity dissolving pulp and non-pharmaceutical applications of certain products.
The exemptions include beef, coffee, rare earths, energy products, aircraft and aircraft parts.
The U.S. also added organic honey, pig iron, unflavored instant coffee and some other products to the list of exemptions on Wednesday.
The investigation into Brazil, opened last July, cited several alleged unfair practices, including illegal deforestation and Brazil’s instant payment system, Pix, which the U.S. government argues disadvantages credit card companies.
Brazil vehemently rejected all the allegations.
Brazil has also been included in a separate Section 301 investigation by the USTR, due to conclude on July 24, into connections to forced labor in the supply chains of dozens of countries.
The probe is expected to result in an additional 12.5% tariff, bringing the total burden for Brazilian products to 37.5%.
Hungary’s former foreign minister has resigned his seat in parliament and taken an executive position with Chinese electric vehicle maker BYD, he announced in a social media post on Wednesday.
Peter Szijjarto, who served as Hungary’s top diplomat for nearly 12 years in the government of former Prime Minister Viktor Orban, wrote on Facebook that he had received “a highly prestigious offer” from the world’s top electric carmaker “to fill an international position.”
“BYD is one of the greatest success stories in the automotive industry over the past 20 years,” Szijjarto wrote. “Starting today, I will continue to work as the executive responsible for the group’s external relations and the development of new business lines.”
Szijjarto lost his position as foreign minister after Orban and his far-right Fidesz party lost a landslide election in April to the pro-European Tisza party and its leader, Prime Minister Peter Magyar.
Since then, Szijjarto had been absent for most parliamentary votes and rarely appeared in public or posted on social media. He has held a seat in Parliament since 2002.
In 2023, Szijjarto announced that his now-employer BYD would open its first European factory in Hungary – allowing the conglomerate to skirt European Union import tariffs on Chinese electric vehicles imposed to protect the continent’s domestic auto manufacturing sector.
As Hungary’s foreign affairs and trade minister, Szijjarto played a central role in talks with BYD on bringing the plant to Hungary, and said at the time that the decision came after 224 rounds of negotiations between the company and Hungary’s government.
Szijjarto called the project “one of the largest investments in Hungarian economic history,” and said the government would provide financial incentives to BYD for building the plant.
While in office, Szijjarto and Orban opposed EU tariffs against Chinese products and sought major investment from Beijing, opening a series of Chinese EV battery manufacturing plants across the country.
Orban’s government and Beijing also jointly developed a rail corridor between Hungary and Serbia that is part of China’s “Belt and Road” global trade initiative.
While foreign minister, Szijjarto maintained close relations with Russia despite its full-scale invasion of Ukraine on Feb. 23, 2022. Breaking with nearly all of his EU counterparts, he frequently traveled to Moscow to negotiate agreements on purchasing Russian oil and gas, and to meet with Russian Foreign Minister Sergey Lavrov, whom he referred to as his “friend.”
Szijjarto was awarded the Russian Order of Friendship in 2021 by President Vladimir Putin, one of the highest state honors that can be received by a foreign citizen.
He was embroiled in controversy during Hungary’s 2026 election campaign when The Washington Post reported that he made regular phone calls to Lavrov during high-level EU meetings with “live reports on what’s been discussed.”
Szijjarto dismissed the report while acknowledging that he conferred with Lavrov before and after EU foreign minister meetings about their agenda and decisions.
In March, Orban’s government launched espionage charges against a prominent Hungarian investigative journalist for activities he carried out while investigating Szijjarto’s communications with Lavrov. Those charges were dropped after Hungary’s new government took office.
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