Business

Trump praises Elon Musk as a 'genius' while defending him against potential Democratic probes

Fox Business·Oct 24, 2026 · 2:05 AM CT
Readthrough summary

President Trump defended Elon Musk on Friday as Democrats weigh investigations into his businesses if they win Congress, calling him a 'genius' and saying 'Elon has done nothing wrong.' Trump told FOX Business that the country has 'to protect our brilliant people.'

Summary written by Readthrough from the original article. The full story, with photos and any updates, is at Fox Business.

More Business

The Guardian Business·

Oil price rises above $117 a barrel amid fears US will renew strikes on Iran

Brent crude rose about 3.5% Friday to pass $117 a barrel at one point, its highest since April, after Tehran threatened Gulf oil facilities, undersea cables and data centers if a new US-Israeli offensive is launched. It later eased to just over $116; Brent was around $72 in February before the Iran war began.

HM Treasury·

Chancellor unveils Britain’s ambitious plan for AI

UK Chancellor plans a major AI package as part of next week's Budget, aiming to spread AI opportunities across the country, scale up British AI firms and guard against hostile threats. HM Treasury says the plans include hundreds of millions in investment, among them £10 million a year to study how AI will reshape jobs and industry.

CNBC·

Turmoil hits AI buildout as neoclouds face pressure, credit risks mount and Solidigm pulls IPO

The AI infrastructure trade had a rough week: neocloud stocks CoreWeave, Nebius and IREN are each down well over 30% in October, and spreads on CoreWeave's credit default swaps widened past 11%, a level seen as distress. CNBC also notes Meta turned cash-flow negative, SK Hynix's Solidigm pulled its IPO, and Alphabet fell 6% ahead of earnings.

HM Treasury·

Jackdaw gas field gets green light

The UK Energy Secretary cleared the way for gas production at the Jackdaw field, which could start supplying homes by the end of this month and lift domestic gas output by about 6% at peak. The Chancellor also announced a new Energy Wealth Fund with a £2 billion downpayment.