Amid Israel’s punishing air strikes, Iranians clogged roads and highways on Sunday to leave Tehran, according to reports. That came as fresh attacks targeted Iran’s energy infrastructure, including fuel supplies and a top natural gas field. Reduced electricity supplies could worsen an energy crisis that had already been hitting Iranians for months.
Israel’s sustained air campaign against Iran, including on Tehran, prompted residents of the capital to flee, clogging roads and highways.
There were traffic jams on roads leading out of the city while others trying to flee were hailing taxis as they held suitcases, according to the New York Times.
One resident of Tehran who gave his name only as Alireza told the Washington Post that they left the capital Sunday for Iran’s northern Gilan province after a building near his home was hit by an air strike.
“We were lucky to leave very early,” he said. “Right after us the roads got really crowded.”
The Post and Times also reported that long lines were forming as gas stations, some of which had to resort to rationing, as Iranians rushed to fill up.
The rush to Tehran’s gas stations came as Israel also struck critical pieces of Iran’s energy infrastructure, including oil refineries and fuel depots.
Motorists line up at a gas station in Tehran on Sunday.
Atta Kenare—AFP via Getty Images
Meanwhile, a separate attack on the Pars South gas field, considered to the world’s largest reservoir of natural gas, is also set to worsen an energy crisis that has slammed Iranians for months.
The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to the Institute for the Study of War in an assessment on Sunday.
Even before Israel’s bombardment, Iran had been suffering through an energy crisis for months, due to sanctions, mismanagement, old infrastructure, over-consumption, and earlier Israeli attacks.
That forced Iran to impose regular blackouts to conserve energy, leaving universities, shops and factories in the dark.
“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”
President Donald Trump rejected a plan presented by Israel to the U.S. to kill Iran’s Supreme Leader Ayatollah Ali Khamenei, according to a U.S. official familiar with the matter.
The Israelis informed the Trump administration in recent days that they had developed a credible plan to kill Khamenei.
After being briefed on the plan, the White House made clear to Israeli officials that Trump was opposed to the Israelis making the move, according to the official who was not authorized to comment on the sensitive matter and spoke on the condition of anonymity.
The Trump administration is desperate to keep Israel’s military operation aimed at decapitating Iran’s nuclear program from exploding into an even more expansive conflict and saw the plan to kill Khamenei as a move that would enflame the conflict and potentially destabilize the region.
Asked about the plan during an interview on Fox News Channel’s “Special Report with Bret Baier,” Israeli Prime Minister Benjamin Netanyahu did not directly address whether the White House rejected the plan.
“But I can tell you, I think that we do what we need to do, we’ll do what we need to do. And I think the United States knows what is good for the United States,” Netanyahu said.
Netanyahu spokesperson Omer Dostri later called reports about the Israeli plan to kill Khamenei “fake.”
Netanyahu in the Fox interview also said regime change “could certainly be the result” of the conflict “because the Iranian regime is very weak.”
Trump’s rejection of the proposal was first reported by Reuters.
Meanwhile, Trump on Sunday issued a stark warning to Iran against retaliating on U.S. targets in the Middle East while also predicting Israel and Iran would “soon” make a deal to end their escalating conflict.
Trump in an early morning social media posting said the United States “had nothing to do with the attack on Iran” as Israel and Iran traded missile attacksfor the third straight day. Iran, however, has said that it would hold the U.S.—which has provided Israel with much of its deep arsenal of weaponry—for its backing of Israel.
“If we are attacked in any way, shape or form by Iran, the full strength and might of the U.S. Armed Forces will come down on you at levels never seen before,” Trump said.
Hours later Trump took to social media again to predict “Iran and Israel should make a deal, and will make a deal.”
The U.S. president said he has a track record for de-escalating conflicts, and that he would get Israel and Iran to cease hostilities “just like I got India and Pakistan to make” after the two countries’ recent cross-border confrontation.
India struck targets inside Pakistan after militants in April massacred 26 tourists in Indian-controlled Kashmir. Pakistan has denied any links to the attackers. Following India’s strikes in Pakistan, the two sides exchanged heavy fire along their de facto borders, followed by missile and drone strikes into each other’s territories, mainly targeting military installations and airbases.
It was the most serious confrontation in decades between the countries. Trump on Sunday repeated his claim, disputed by India, that the two sides agreed to a ceasefire after he had offered to help both nations with trade if they agreed to de-escalate.
Trump also pointed to efforts by his administration during his first term to mediate disputes between Serbia and Kosovo and Egypt and Ethiopia.
“Likewise, we will have PEACE, soon, between Israel and Iran!” Trump said. “Many calls and meetings now taking place. I do a lot, and never get credit for anything, but that’s OK, the PEOPLE understand. MAKE THE MIDDLE EAST GREAT AGAIN!”
Trump is set to travel later Sunday to Canada for Group of Seven leaders summit where the Mideast crisis will loom large over his talks with the leaders of Britain, Canada, France, Germany, Italy, and Japan and the European Union.
There’s a divide in Trump world about how far the president should go in backing Israel.
Rep. Marjorie Taylor Greene, R-Ga., Turning Point USA founder Charlie Kirk, former Fox News host Tucker Carlson are among the prominent backers of Trump who have argued voters backed Trump because he would not involve the nation in foreign conflicts.
GOP Kentucky Sen. Rand Paul praised Trump for having shown restraint and said he hoped the president’s “instincts will prevail.”
“So, I think it’s going to be very hard to come out of this and have a negotiated settlement,” Paul said in an appearance on NBC’s “Meet the Press.” ”I see more war and more carnage. And it’s not the U.S.’s job to be involved in this war.”
In an interview aired on CBS’ “Face the Nation” GOP South Carolina Sen. Lindsey Graham said he preferred diplomatic efforts, but if diplomacy doesn’t work Trump should “go all in” on destroying Iran’s nuclear program.
“If that means providing bombs, provide bombs,” he said. “If that means flying with Israel, fly with Israel.”
Iran has launched hundreds of missiles at Israel in response to its expansive air strikes, though not as many as expected. Meanwhile, Israel has targeted Iran’s missiles as well as its ability to launch them. The Institute for the Study of War said Iran’s rate of attack is already slowing down from its initial barrages.
The conflict between Israel and Iran escalated over the weekend as both sides appeared to expand their range of targets, including energy infrastructure.
But despite Israel’s aggressive air strikes and even suggestions that they are aimed at the regime itself, Iran has not responded in kind, launching fewer missiles than expected and at a declining rate.
That’s because Israel has targeted Iran’s stockpile of missiles as well as its ability to launch them, according to the Institute for the Study of War.
“The frequency of Iran’s missile barrages targeting Israel has decreased since the start of the Israeli air campaign on June 12, which suggests that Israeli strikes are impacting the rate at which Iran can launch missiles at Israel,” ISW researchers wrote in an assessment on Sunday.
On Friday and Saturday, Iran conducted six waves of attacks using 100-200 missiles, ISW estimated. But since Saturday, Iran has only conducted two waves of attacks using 35-40 missiles each.
Using the high end of each ISW estimate, that means the initial waves averaged about 33 missiles each, while the subsequent waves have averaged 20 missiles.
On Saturday, ISW’s analysis of the Israel-Iran conflict noted that Tehran had reportedly planned to launch 1,000 ballistic missiles at Israel in response to Israeli attacks. But ISW’s tally at the time put the total at just 200.
“Iran has used significantly fewer munitions in its response to Israel than originally planned because the IDF destroyed and damaged missile launchers and silos that Iran planned to use to retaliate against Israel,” ISW wrote.
Before the current conflict started, U.S. and Israeli estimates put Iran’s stockpile of missiles at about 2,000, but not all of them have enough range to reach Israel, according to ISW.
If that number is accurate, then Iran’s current rate of missile launches at Israel may not be sustainable for much longer.
Israel’s ‘Iron Dome’ air defense system responds to incoming Iranian ballistic missiles as seen from Hebron on Sunday.
Amer Shallodi—Anadolu via Getty Images
To be sure, Iran has inflicted significant damage and caused fatalities, but Israel’s Iron Dome missile-defense system has been intercepting many attacks, limiting the effectiveness of Iran’s retaliation.
Other analysts have previously noted that Iran has few viable military options, and its overall capabilities have been severely degraded by Israel.
That could force Tehran to look for ways to retaliate in ways that don’t involve launching missiles. An Iranian lawmaker said Saturday that the closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.
Meanwhile, Israel is continuing its own barrage and expanding its targets to include Iran’s energy infrastructure. After wiping out much of Tehran’s top military leadership as well as pummeling nuclear and military facilities, Israel has hit fuel supplies and the Pars South gas field, considered to the world’s largest reservoir of natural gas.
The Pars field is critical to Iran’s domestic energy production, and more than 90% of Iran’s electricity is generated by gas-powered plants, according to ISW.
“Disruptions to Iran’s natural gas production will likely worsen the country’s ongoing energy crisis and lead to more widespread electricity blackouts, however,” ISW said on Sunday. “Iranians have previously protested against the regime in response to energy shortages. Demonstrations over the rising gas prices in 2017 and 2018 escalated into broader challenges for the regime’s stability.”
The man that authorities say is a suspect in the shooting of two Minnesota lawmakers on Saturday had a complex financial and professional history. While he signaled he was open to job opportunities in the food industry, he reportedly worked at a funeral home while also served as director of security patrols at a private-security firm.
Vance Boelter, who was named as a suspect in the shooting of two Minnesota lawmakers on Saturday, left behind a complex financial and professional history.
He remains on the run with a manhunt underway. State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”
He worked for an eye donation center, according to David Carlson, who shared a house in Minneapolis with Boelter and told Reuters he’s known him since fourth grade.
Carlson also said Boelter was working at a funeral home while experiencing financial and mental health challenges, according to the New York Times.
On Friday, Boelter gave Carlson four months of rent in advance, or about $900 total. A federal law enforcement official told the Times that Boelter emptied a bank account before the shooting.
Despite his various jobs, Boelter’s LinkedIn profile picture carries the green “#opentowork” banner. His professional history includes a stint as a 7-Eleven general manager as well as various positions at food companies like Greencore, Del Monte, Johnsonville Sausage, and Nestle.
“Hi everyone! I’m looking to get back into the U.S. Food Industry and I’m pretty open to positions,” he posted a month ago. “Other Leadership positions outside of the Food Industry I’m willing to hear about as well.”
The LinkedIn profile also says Boelter is CEO of Red Lion Group in the Democratic Republic of Congo, where he has delivered sermons as a pastor, according on online videos.
In addition, he and his wife once led a Christian nonprofit called Revoformation Ministries, according to the Times, which cited an archived version of a website that said Boelter previously traveled to the Gaza Strip and West Bank where he “sought out militant Islamists in order to share the gospel and tell them that violence wasn’t the answer.”
Boelter is also listed on federal tax forms as the president of a Minnesota-based nonprofit called You Give Them Something to Eat, though there’s no indication of any spending or income, according to the Washington Post.
His housemate Carlson said Boelter was against abortion and voted for President Donald Trump but generally avoided talking about politics.
He shared with local media text messages he got from Boelter before the shooting that suggested something dire was about to happen.
“I made some choices, and you guys don’t know anything about this, but I’m going to be gone for a while. May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way.”
President Donald Trump said that it’s possible the US could become involved in the Israel-Iran conflict.
“It’s possible we could get involved,” Trump said in an interview with ABC News on Sunday. He noted that the US is “not at this moment involved.”
The US has jet fighters, ships and ground-based air-defense systems positioned near the warring countries to help counter any Iranian attack on American assets or people. It has not yet openly assisted Israel in its strikes, but has helped the country defend itself.
In a separate post on Truth Social, Trump said that many calls were taking place and that “we will have PEACE, soon, between Israel and Iran!”
Referring to a phone call between Trump and Vladimir Putin on Saturday, the president told ABC he would be “open” to having the Russian president mediate the conflict.
“He is ready. He called me about it. We had a long talk about it,” Trump said.
Russia is a strategic ally of Iran. The two nations worked against the US in wars in Syria and Iraq.
President Donald Trump earned $57.7 million from token sales by the crypto firm he and his sons helped launch last year, according to his required federal financial disclosure forms.
The financial disclosure, released Friday by the Office of Government Ethics, provided details on his sprawling empire, including hundreds of millions of dollars in income from his hotels, golf resorts and cryptocurrency ventures.
The $57.7 million came from sales by World Liberty Financial, the crypto firm launched last year before the election. Trump and his three sons, Donald Trump Jr., Eric Trump and Barron Trump, are among the company’s founders, according to its website.
That haul wasn’t the largest source of the president’s income from private holdings. Trump Endeavor 12 LLC, a Miami-based company that owns golf courses and a resort, produced $110 million. His Mar-a-Lago Club generated more than $50 million in resort-related revenue.
Trump, who’s worth an estimated $4.8 billion according to the Bloomberg Billionaires Index, valued 22 assets at more than $50 million, including Mar-a-Lago, his Turnberry, Scotland, golf resort and his stakes in World Liberty Financial and Trump Media & Technology Group Corp., which owns his Truth Social platform. Officials disclose the values of their holdings in broad ranges with “over $50 million” the highest, which means that they can’t be used to calculate an individual’s net worth. Trump Media, for example, is currently worth $2.2 billion.
Fight Fight Fight LLC, which sells Trump’s meme coin, was launched in January and wasn’t included in the disclosure, which covers 2024. The company hosted a dinner that Trump attended for the 220 largest holders of the $TRUMP coin in May. The event, when announced in April, caused the coin’s price to shoot up 56%.
CIC Digital LLC, the entity that earns money through licensing Trump’s image on nonfungible tokens, produced income of $1.1 million in 2024. It also holds a wallet holding Etherium worth at least $1 million.
The 234-page disclosure also lists hundreds of trademarks Trump owns across the world, including in China, Taiwan, South Korea, Venezuela and other countries, and details his personal investments that aren’t part of his business empire, as well as first lady Melania Trump’s holdings.
Trump listed 11 outstanding debts on the form, including two judgments against him won by author E. Jean Carroll involving allegations of sexual assault and defamation and one owed from the criminal fraud case for which he was convicted of 34 felonies. Those debts were stayed pending the outcome of appeals Trump has filed.
He did not list any outstanding debt to lawyers or law firms stemming from the criminal and civil cases. Save America, his leadership political action committee, has paid most of those fees.
Trump had seven outstanding real estate loans, including mortgages in amounts of more than $50 million on Trump Tower, Trump National Doral and 40 Wall Street. He also listed debt on his American Express credit card of at least $15,000.
Vice President JD Vance also disclosed assets for him and his wife, Usha Vance, worth at least $6.5 million.
Israel launched an expanded assault on Iran on Sunday, targeting its energy industry and Defense Ministry headquarters, while Tehran unleashed a fresh barrage of deadly strikes.
New explosions boomed across Tehran as Iranian missiles entered Israel’s skies in attacks that Israeli emergency officials said caused deaths around the country, including four in an apartment building in the Galilee region. A strike in central Israel killed an 80-year-old woman, a 69-year-old woman and a 10-year-old boy, officials said.
Casualty figures weren’t immediately available in Iran, where Israel targeted its Defense Ministry headquarters in Tehran as well as sites that it alleged were associated with the country’s nuclear program. Iran’s paramilitary Revolutionary Guard claimed that Iranian missiles targeted fuel production facilities for Israeli fighter jets, something not acknowledged by Israel.
Amid the continued conflict, planned negotiations between Iran and the United States over Tehran’s nuclear program were cancelled, throwing into question when and how an end to the fighting could come.
“Tehran is burning,” Israeli Defense Minister Israel Katz said on social media.
Both Israel’s military and Iran state television announced the latest round of Iranian missiles as explosions were heard near midnight, while the Israeli security cabinet met.
Israel’s ongoing strikes across Iran have left the country’s surviving leadership with the difficult decision of whether to plunge deeper into conflict with Israel’s more powerful forces or seek a diplomatic route.
Urgent calls to deescalate
World leaders made urgent calls to deescalate and avoid all-out war. The attack on nuclear sites set a “dangerous precedent,” China’s foreign minister said. The region is already on edge as Israel makes a new push to eliminate the Iranian-backed militant group Hamas in Gaza after 20 months of fighting.
Israel — widely believed to be the only nuclear-armed state in the Middle East — said its hundreds of strikes on Iran over the past two days have killed a number of top generals, nine senior scientists and experts involved in Iran’s nuclear program. Iran’s U.N. ambassador has said 78 people were killed and more than 320 wounded.
U.S. intelligence agencies and the International Atomic Energy Agency have repeatedly said Iran was not pursuing a nuclear weapon before Israel unleashed its campaign of airstrikes targeting Iran beginning Friday. But Iran’s uranium enrichment has reached near weapons-grade levels, and on Thursday the U.N.’s atomic watchdog censured Iran for not complying with obligations meant to prevent it from developing a nuclear weapon.
Prime Minister Benjamin Netanyahu, who has made the destruction of Iran’s nuclear program his top priority, said Israel’s strikes so far are “nothing compared to what they will feel under the sway of our forces in the coming days.”
In what could be another escalation if confirmed, semiofficial Iranian news agencies reported an Israeli drone struck and caused a “strong explosion” at an Iranian natural-gas processing plant. It would be the first Israeli attack on Iran’s oil and natural gas industry. Israel’s military did not immediately comment.
The extent of damage at the South Pars natural gas field was not immediately clear. Such sites have air defense systems around them, which Israel has been targeting.
Iran calls nuclear talks ‘unjustifiable’
The sixth round of U.S.-Iran indirect talks on Sunday over Iran ’s nuclear program will not take place, mediator Oman said. “We remain committed to talks and hope the Iranians will come to the table soon,” said a senior U.S. official, speaking on condition of anonymity to discuss diplomacy.
Iran’s top diplomat said Saturday the nuclear talks were “unjustifiable” after Israel’s strikes. Abbas Araghchi’s comments came during a call with Kaja Kallas, the European Union’s top diplomat.
The Israeli airstrikes were the “result of the direct support by Washington,” Araghchi said in a statement carried by the state-run IRNA news agency. The U.S. has said it isn’t part of the strikes.
On Friday, U.S. President Donald Trump urged Iran to reach a deal with the U.S. on its nuclear program, adding that “Iran must make a deal, before there is nothing left.”
US helps to shoot down Iranian missiles
Iran launched its first waves of missiles at Israel late Friday and early Saturday. The attacks killed at least three people and wounded 174, two of them seriously, Israel said. The military said seven soldiers were lightly wounded when a missile hit central Israel, without specifying where.
U.S. ground-based air defense systems in the region were helping to shoot down Iranian missiles, said a U.S. official who spoke on condition of anonymity to discuss the measures.
Israel’s main international airport said it will remain closed until further notice.
First responders were looking for survivors and clearing the remnants of a missile that fell on a neighborhood outside of Tel Aviv early Sunday morning.
An Associated Press reporter saw streets lined with damaged and destroyed buildings, bombed out cars and shards of glass.
Responders used a drone at points to look for survivors in some of the areas that were too hard to access. Some people were fleeing the area with their belongings in suitcases.
‘More than a few weeks’ to repair nuclear facilities
Israel attacked Iran’s main nuclear enrichment facility in Natanz. Satellite photos analyzed by AP show extensive damage there. The images shot Saturday by Planet Labs PBC show multiple buildings damaged or destroyed. The structures hit include buildings identified by experts as supplying power to the facility.
U.N. nuclear chief Rafael Grossi told the Security Council that the above-ground section of the Natanz facility was destroyed. The main centrifuge facility underground did not appear to have been hit, but the loss of power could have damaged infrastructure there, he said.
Israel said it also struck a nuclear research facility in Isfahan, including “infrastructure for enriched uranium conversion,” and said it destroyed dozens of radar installations and surface-to-air missile launchers in western Iran. Iran confirmed the strike at Isfahan.
The International Atomic Energy Agency said four “critical buildings” at the Isfahan site were damaged, including its uranium conversion facility. “As in Natanz, no increase in off-site radiation expected,” it added.
An Israeli military official, speaking on condition of anonymity in line with official procedures, said that according to the army’s initial assessment “it will take much more than a few weeks” for Iran to repair the damage to the Natanz and Isfahan nuclear sites. The official said the army had “concrete intelligence that production in Isfahan was for military purposes.”
Israel denied it had struck the nuclear enrichment facility in Fordo, about 100 kilometers (60 miles) southeast of Tehran.
Among those killed were three of Iran’s top military leaders: one who oversaw the entire armed forces, Gen. Mohammad Bagheri; one who led the paramilitary Revolutionary Guard, Gen. Hossein Salami; and the head of the Guard’s aerospace division, which oversees its arsenal of ballistic missile program, Gen. Amir Ali Hajizadeh. On Saturday, Khamenei named a new leader for the Revolutionary Guard’s aerospace division: Gen. Majid Mousavi.
The secondary market for private equity stakes is booming as buyers are eager to snap up assets being shed by investors. There’s reason to believe Harvard, Yale, and other elite institutions might be getting a good deal, even as they sell their holdings at a discount to current valuations.
Some of the country’s most elite institutions are offloading parts of their private equity portfolios. As funds take longer to return money to investors, Harvard and Yale are selling at a discount with endowments looking for more liquidity and flexibility amid economic turbulence.
But both sides of such deals can make surprising gains.
This portfolio maintenance doesn’t appear linked to President Donald Trump’s attack on university finances, including a possible tax hike on endowments. Industry skeptics think these sales, however, highlight growing concerns that returns in the opaque world of private equity aren’t always all they’re cracked up to be.
“With elite universities’ private equity investments on the auction block, the big reveal is coming,” Nir Kaissar, founder of asset management firm Unison Advisors, wrote in a Bloomberg opinion column on Thursday.
University endowments typically make for ideal investors in alternative assets—with virtually infinite investment horizons, they can ride out wild gyrations in the public markets by locking up billions of dollars over several years.
On its face, that move has been a no-brainer. As Kaissar noted, Bloomberg’sweighted index of U.S. PE funds returned 9.4% year over year from 2007 to 2024. The index’s annualized standard deviation, a common measure of volatility, was just 7.2%.
The S&P 500 gained 10.5% in that span with a standard deviation of 16.8%, a much worse return on a risk-adjusted basis.
These numbers, however, may not reflect the underlying picture. Unlike stocks trading on public exchanges, the prices of private assets don’t change based on the whims of investors day-to-day.
Instead, valuations of most private companies, real estate properties, and other assets PE firms hold are typically based on subjective assumptions that don’t fluctuate like public equity markets do, Tim McGlinn, an investment veteran and former adjunct finance professor at Seton Hall, told Fortune.
“There’s nothing intrinsically wrong with that,” said McGlinn, who blogs about the alternatives industry at TheAltView.net.
But when investors or prospective investors believe the holdings can actually be sold at those prices, “that’s when things become problematic.”
Ultimately, private equity firms make money for investors by exiting their investments, when they attempt to turn notional valuations on paper into cash. Therefore, there must be some correlation between the performance of public and private assets, said Jason Reed, a finance professor at the University of Notre Dame.
“If the market’s doing really well broadly, well then you’re going to have lots of opportunities for businesses to buy your company, other private equity companies to buy your company, to take them public and IPO them,” he told Fortune. “But if the economy is not doing great, businesses are struggling, then you’re not going to have as many opportunities overall to sell.”
Harvard and Yale sell PE stakes
Billionaire hedge fund owner Bill Ackman, a Harvard alumnus, has claimed his alma mater’s $53 billion endowment, almost 40% of which is allocated to private equity, is significantly overstated.
“I believe that a substantial part of the reason why many private assets remain private despite the stock market near all-time highs is that the public market will value private assets at lower values than they are being carried at privately,” Ackman, the CEO of Pershing Square Capital, wrote in a social media post last month.
The Harvard Management Company, which oversees the university’s endowment, declined to comment. It recently agreed to sell roughly $1 billion of its PE stakes, following a similar move in the summer of 2021. That came at a time of “significant ebullience,” the university noted in its 2022 financial report, allowing the school to avoid discounts the funds would have faced just over a year later.
Yale, meanwhile, is negotiating a nearly $3 billion sale of private equity holdings at a discount of less than 10%, a spokesperson for the Yale Investments Office told the school’s newspaper. The university pioneered the institutional push into alternative assets, with 95% of its $41 billion endowment allocated to growth-oriented assets like PE, venture capital, real assets, and global equities.
“Following a months-long review, the University is in process to sell select private equity fund interests,” Yale said in a statement to Fortune. “Private equity remains a core element of our investment strategy, and we continue to commit significant capital to our existing world-class partners, while pursuing new private equity opportunities to support the long-term growth of the Endowment.”
This doesn’t appear to be a distressed sale, McGlinn said, but the deal is otherwise hard to evaluate. More mature funds trade very differently than newer ones, and various positions are typically packaged together in these types of transactions.
“Yale being Yale, you can assume they’re getting the best price they can,” McGlinn said.
Buyers juice returns with ‘NAV squeezing’
Still, investors in PE funds, known as “limited partners,” sold their stakes at an average discount of 11% compared to the net asset value, or NAV, of these holdings on their balance sheets, according to Jeffries.
It may seem odd that universities are looking to sell when valuations are likely down across the board this year as borrowing costs remain elevated. But demand in the secondary market is booming. Secondary sales increased 45% to $162 billion last year, per Jeffries.
As a result, Yale, Harvard, and other universities could take much less of a haircut than they might have feared while also booking gains on their initial stakes.
That’s because there is reason to believe many buyers are willing to overpay, McGlinn said. Regardless of what secondary funds dish out to acquire these stakes, he explained, they are allowed to then mark these investments up to the old net asset value.
McGlinn calls this process “NAV squeezing.” As The Wall Street Journal reported last year, it can result in one-day windfalls of 1,000% or more, gains that McGlinn said secondary funds report as real returns.
“It makes your brain melt,” he said.
Comparing NAV squeezing to a Ponzi scheme might go too far, said Jeffrey Hooke, a senior lecturer in finance at Johns Hopkins Carey Business School and a longtime critic of PE. But he agrees it looks quite shaky, even if the technique is permissible according to generally accepted accounting principles, or GAAP.
“It’s almost like a full wash and rinse cycle,” said Hooke, formerly the principal investment officer of the World Bank’s International Finance Corporation.
Universities, of course, get to be on the other side of these deals. Even though they are selling their PE stakes at a discount to NAV, they could be getting more than the capital they had committed to those investments up until this point.
In other words, endowments might still be escaping with a profit.
Several businesses are offering discounts and free products on June 15. That’s especially true of restaurants, with BOGO deals and discounts.
Dads love the adulation aimed their way on Father’s Day. The presents, though? Those sometimes fall short.
So this year, instead of spending money on something superfluous, maybe show dad that you appreciate all he’s done in a budget-friendly way. (You know he appreciates a budget by how he walks around the house yelling about lights being left on.)
While there aren’t quite as many giveaways and discounts being offered for dad’s special day as there were for mom’s, that doesn’t mean there aren’t any. No matter what your budget is, there’s likely a way to show your dad you love him without breaking the bank.
Here are a few to keep an eye out for:
Burger King
If you’re a member of the company’s Royal Perks loyalty program, you can get a free Whopper with a purchase of one for full price.
Shake Shack
Prefer a different burger? Shake Shack is offering a buy-one-get-one Double Shackburger. Just use the promo code DADMODE on the Shack App or when ordering online. You can also use it when ordering at an in-Shack kiosk.
IHOP
Dad usually makes the pancakes, but maybe this year, you turn the tables. Order pickup or delivery at IHOP today and you’ll save 20% on your first online order. Use promo code IHOP20.
Dave & Buster’s
Loyalty members will get 50% off all food today.
KFC
KFC has not one, but two specials for Dad’s Day. For $20 you can get either a Fan-Favorites Box (which includes four pieces of KFC chicken, 12 KFC Nuggets, four biscuits, Fries, and four dipping sauces) or a Double Mash Meal (seven pieces of Original Recipe or Extra Crunchy chicken, two large Mashed Potatoes and Gravy, and four biscuits).
Rita’s Italian Ice
Things getting a bit hot where you live? Rita’s Italian Ice & Frozen Custard is offering app users a $1 Small Italian Ice with a $1 minimum purchase
Fogo de Chao
All dads who have a meal in-restaurant will receive $25 off Two Churrasco Experiences to be redeemed on a future visit. One lucky pop will also win their own at-home churrasco grill.
It happens to a lot of us. A new LinkedInconnection request pops up without a note, a message, or a reason. Perhaps the person shares a few mutual connections, but they’re essentially a stranger.
Some people are willing to accept any request that comes their way. Others, however, are more guarded, and only looking to connect with people they know personally. But the question remains: should you accept or decline LinkedIn invitations from an unknown person?
As a career expert at hiring platform Indeed, Priya Rathod often gets these kinds of invitations.
“I personally get several requests where there’s no mutual connections, no note. I’m just left wondering who this person is and why they want to connect with me,” she tells Fortune.
Career experts that Fortune spoke with say there’s no blanket formula for how to treat these invitations. Instead, they emphasize that the choice is a personal one: Some people may prefer a carefully curated professional network, while others see strength in numbers. And they add that while it’s not strictly forbidden to send a LinkedIn request to a stranger, there are some important rules that aspiring networkers should keep in mind.
“A lot of people hate getting a LinkedIn connection request from a random person, because it’s a bit uncomfortable,” says Gracie Saskersian, associate dean of Columbia Business School’s Career Management Center. “On the other hand networking is about engaging with both people that you know in your personal network, as well as people who are a couple of degrees removed. And those are the folks who have proved to be the most valuable resources during a job search.”
To accept or decline?
There are two schools of thought when it comes to receiving a LinkedIn request from a stranger.
The first is that all requests are welcome. This is especially prevalent among early-career workers trying to build their professional network, and it can be tempting to accept all invites in an effort to boost numbers and reach a threshold like 500 connections. Other people may just want a larger group of connections for their posts to have a bigger impact.
“I’ll accept almost everyone,” says Tim Toterhi, CHRO advisor, author, and career coach. That includes recent graduates, colleagues or anyone who’s read his latest book—as long as the connection request comes with a brief explanation. He does try to avoid pictureless individuals or people with blank profiles as a way to weed out bots or scammers, but Toterhi says he’s willing to connect with most humans as long as there’s some level of intent behind it.
“We each have a right to decide what kind of network we are building and whether that network is meant for intimacy, influence, or impact,” says Arianny Mercedes, who previously helped lead talent management at American Express, and is now the founder of Revamped, a global career and workplace consultancy.
She adds, however, that the downside to a “more is more” approach to LinkedIn is an increasingly noisy timeline. “Every time we accept a new connection, we allow another voice into our digital field,” she says.
The second school of thought is that LinkedIn invitations should be considered carefully. That means declining or ignoring requests from strangers.
“It’s about relevance, not rejection,” says Nirit Peled-Muntz, chief people officer at HR technology company HiBob. “For me, it’s about treating people the way I’d want to be treated. That doesn’t mean accepting every request, but it does mean being thoughtful and kind where possible.”
Michael Mandel, co-founder and CEO of CompStak, a platform for commercial real estate data, recently posted his own list of criteria for rejecting LinkedIn invitations. People who promote the number of connections they have, describe themselves as “thought leaders” and “visionaries,” or frequently use the rocket ship emoji, are all disqualified.
He even noted that he wished he had an “AI agent that automatically rejects LinkedIn invitations” based on that criteria.
The right way to send a blind invitation
Reaching out a stranger on LinkedIn is possible, career experts say, and sometimes even encouraged. You just have to go about it the right way.
“Sending a connection request is really akin to walking up to someone in-person at a networking event and asking for an introduction or doing it yourself,” says Rathod. “So it is okay, but there are some very key things that you need to keep in mind.”
The main thing is to include a short, well-written missive along with the request. Career experts say it’s the number one differentiator as to whether or not they’re willing to accept a request from someone they have not actually met.
LinkedIn members are also much more likely to connect with people who have interacted with their content, according to the company’s internal data. Around 20% of users say having mutual connections is one of the most important factors in deciding who to connect with.
Andrew McCaskill, a career expert at LinkedIn with more than 30,000 followers on the platform, says he typically gets 10 direct connection requests per day, and only knows the names of one or two people. McCaskill is in a unique position in that he works for LinkedIn, but even then he says he doesn’t accept connection requests from just anyone—he’s much more likely to accept a request from someone who’s been following his work, or who he’s interacted with on the platform before. They must also share the reason they’re reaching out to him.
“If I’m looking at a line of people who are asking me for a direct connection, I’m going to look at the note first. Writing the note says that I don’t just want a connection, I’d like you to be my connection,” he tells Fortune.
Most professionals don’t have the time to “go through all the mental gymnastics” around whether or not they’ve met said person, he adds. If it takes too much effort, more often than not he leaves it for later. “Once it gets lost in that shuffle I may never return to it.”
When it comes to writing that all-important note to go along with a connection request, experts say it’s crucial to make sure it isn’t too detailed—avoid sharing a long career history. Instead, just write one or two sentences about why you’re contacting someone.
“Anything from a shared industry to similar goals or admiration for their work can make a big difference in how their request is received,” says Rathod.
Mitzi Perdue, the double-heiress of Sheraton hotels and Perdue farms, grew up wearing hand-me-downs and getting a public education. She’s quick to draw her pursestrings by flying economy, riding the subway, and living in a modest apartment—despite sitting on a fortune from two billion-dollar American businesses. The 84-year-old journalist and philanthropist says it helps her understand “the real world.”
The thought of a billionaire’s lifestyle may conjure up images of Great Gatsby mansion-buying and jet-setting at the drop of a hat. But the life of an heiress with the wealth of two billion-dollar American businesses looks a lot different.
Mitzi Perdue was born into the Sheraton hotel family, and at just the age of 26, she and her siblings inherited their father Ernest Henderson’s controlling stake of the business. The success of her family’s $12.2 billion hospitality company meant she was now sitting on a considerable nest egg.
Her fortune would only swell after marrying her late husband Frank Perdue, the “chicken king” who led America’s largest chicken-producer, Perdue Farms, which brought in over $10 billion in revenue last year. The double-heiress has the riches to retire and live a life of extravagance—but it’s in her nature to look at wealth differently.
“The Hendersons and the Perdues did not encourage extravagance,” Perdue tells Fortune. “In both families, nobody wins points for wearing designer clothes.”
The 84-year-old has access to a trust from her family’s billion-dollar business, alongside the wealth from the Perdue empire. Yet she still lives just like anybody else: taking her shoes to the cobbler instead of buying new ones, riding the subway, flying economy, and living in a modest apartment instead of a house.
Perdue has lived a double life—having access to immense privilege and money from two business empires, while holding down a regular job and living frugally.
“My apartment building I lived in for 14 years is very solidly middle-class, and I love it,” Perdue says. “If you’re always going on private jets, what inkling do you have about the real world?”
Her frugal and down-to-earth lifestyle: wearing second-hand clothes, flying economy, riding subways
Perdue was born in 1941, and as a war baby and fifth child of the Hendersons family, she grew up wearing hand-me-downs. She says she went to public school for a period of her life, later enrolling in private school and pursuing a Harvard education. When she was in her late 20’s her father died, opening up the floodgates of her inheritance. But she wasn’t enticed by the idea of throwing in the towel and lounging for the rest of her life.
“I could have just put everything in the stock market and let somebody else manage it,” Perdue says.
Interested in agriculture, Perdue soon bought land near the University of California, Davis so the college could run experiments on the agricultural area. She spent many hours a day managing the rice farm, but years later decided to become a journalist covering farming practices and mental health.
Starting in 2022, she began covering the conflict in Ukraine and sold her $1.2 million engagement ring from her late husband to benefit humanitarian efforts in the war-torn region. She’s currently working on developing an AI trauma therapist for victims in Ukraine, which has lacked the resources to keep up with demand. For all of her work trips, she always flies economy.
Perdue has also lived in an apartment building in Salisbury, Maryland, for many years, rubbing shoulders with working-class residents like nurses and police officers. She says one year’s rent in her one-bedroom flat costs just as much as what her New York City friends pay in one month.
“Several Perdue employees live in the same building,” Perdue says. “It’s nice, but no one would call it posh.”
And as a self-proclaimed “low-maintenance badass” frequently visiting New York City, she rides the subway instead of booking Ubers. Perdue also gets her shoes reupholstered, rather than buying new pairs; and designer outfits are shrugged off, as she doesn’t like flashing her wealth. Her frugal philosophy is more than just skin-deep.
“I’m unaware of getting praise for wearing really expensive clothes—you get praised like heck for being an Eagle Scout, or working for Habitat for Humanity,” Perdue continues. “You get praise for serving others.”
What Perdue gets from tightening her pursestrings
People who have not grown up with wealth may question why a billionaire would want to live life like the rest of the population: working 9-to-5, sardining on subways instead of calling private cars. The heiress and journalist says her reasoning stems from the emptiness of taking, and the joy of giving.
“I’d sure rather have a life of a feast of unending joy versus not being able to count five happy days,” Perdue says. “If you want to be happy, think what you can do for somebody else. If you want to be miserable, think what’s owed to you.”
Mega-yachts and silk pajamas don’t fill the void for Perdue—rather, philanthropy and hard work make her feel full. A huge part of Perdue’s understanding of having wealth versus living a wealthy life came from both sides of her family. She noted that family businesses that are able to last 100 years are a rarity, but the Hendersons and Perdues were able to make it by putting their best foot forward.
“The families that last learn stewardship,” Perdue said. “They’re not there to go spend it all. They’re there to be stewards for the next generation.”
As freshly minted college graduates look ahead to a tough job market, some may be wondering how useful their degrees might be. But for those looking to climb the ladder in Corporate America, the path to success doesn’t always run through business school. Some top CEOs studied subjects that have nothing to do with their industries.
If you just got a degree in medieval studies, then congratulations. But if you’re not going to pursue that subject further in grad school, then you may be wondering how useful it is in today’s job market.
Buyer’s remorse for new college graduates is nothing new. But those entering the workforce now are facing a slowing economy, high uncertainty among businesses amid President Donald Trump’s tariffs, and AI eliminating many entry-level jobs.
A deep dive into the leadership of the Fortune 500 shows that many, many, many, many CEOs did indeed get a bachelor’s degree in business or a master’s degree in business administration. Also, tech bosses often have engineering degrees, finance chiefs have economics or accounting degrees, and pharmaceutical CEOs have medical degrees.
But there’s still hope. For those looking to climb the ladder in Corporate America, the path to success doesn’t always run through business school. Some top CEOs studied subjects that have nothing to do with their industries.
A notable example is LinkedIn cofounder and founding CEO Reid Hoffman, who has a bachelor’s in “symbolic systems” from Stanford University, which says it integrates computer science, linguistics, math, philosophy, psychology, and statistics. He then got a master’s degree in philosophy from Oxford University.
In 2017, he told Business Insider that “philosophy is a study of how to think very clearly,” and it’s been useful in investing and being an entrepreneur.
“Formulating what your investment thesis is, what the strategy is, what the risks with the approach are, what kinds of things you would be doing with it, are all greatly aided by the crispness of thinking that comes with philosophical training,” he added.
Similarly, Palantir CEO and cofounder Alex Karp got bachelor’s in philosophy from Haverford College, a JD from Stanford Law School and a PhD in neoclassical social theory from Goethe University in Frankfurt.
Despite running a data-mining software company that offers AI-powered platforms to governments and businesses, he has said he learned coding on the job. He told the New York Times last year that not getting a business degree actually helped.
“There’s nothing that we did at Palantir in building our software company that’s in any MBA-made playbook. Not one,” he explained. “That’s why we have been doing so well.”
Karp revealed that “the single most valuable education I had for business” came at the Sigmund Freud Institute, a psychoanalysis research center, where he worked while getting his doctorate.
“You’d be surprised how much analysts talk about their patients. It’s disconcerting, actually. You just learn so much about how humans actually think,” he said, adding that he used that knowledge to help motivate his engineers.
Among Fortune 500 CEOs, Airbnb’s Brian Chesky has a bachelor of fine arts from the Rhode Island School of Design. According to the company, his creative roots are embedded in Airbnb’s culture, product and community.
“This design-driven approach has enabled a system of trust that allows strangers to live together, and created a unique business model that facilitates connection and belonging,” it says.
Here are some other Fortune 500 leaders who have less conventional educational backgrounds:
Juan Andrade, CEO of financial services firm USAA, has a bachelor’s in journalism and political science from the University of Florida and a master’s in international economics and Latin American studies from the Johns Hopkins University School of Advanced International Studies.
Leon Topalian, CEO of steelmaker Nucor, has a bachelor’s in marine engineering from the Massachusetts Maritime Academy.
Maria Black, CEO of human resources services provider ADP, has a bachelor’s in political science and international affairs from the University of Colorado, Boulder.
Laura Alber, CEO of home furnishings chain Williams-Sonoma, has a bachelor’s in psychology from the University of Pennsylvania.
Richard Hayne, CEO of retailer Urban Outfitters, has a bachelor’s in social relations from Lehigh University.
The grand military parade that President Donald Trump had been wanting for eight years kicked off Saturday with tanks, troops and a 21-gun salute, playing out against the counterpoint of protesters around the country who decried the U.S. leader as a dictator and would-be king.
The Republican president, on his 79th birthday, sat on a special viewing stand south of the White House to watch the display of American military might, which began early as light rain fell and dark clouds loomed. It’s a procession Trump tried to make happen in his first term after seeing such an event in Paris in 2017, but the plans never came together until this year, when it was added to an event recognizing the Army’s 250th anniversary.
Hours before the parade was set to start, demonstrators turned out in streets and parks around the nation to decry the Republican president as a dictator or would-be king.
They criticized Trump for using the military to respond to those protesting his deportation efforts and for sending tanks, thousands of marching troops and military aircraft out for a show in the U.S. capital.
In Washington, anti-war protesters unfurled signs that said “Homes not drones” not far from a display of armored vehicles, helicopters and military-grade equipment on the National Mall set up to commemorate the Army’s birthday. Vendors outside the festival sold gear marking the military milestone. Others hawked Trump-themed merchandise.
A military parade commemorating the Army’s 250th anniversary, coinciding with President Donald Trump’s 79th birthday, Saturday.
Stephanie Scarbrough—AP Photo
Doug Haynes, a Navy veteran who voted for Trump, attended the daylong festival to celebrate the Army’s 250th birthday, but said that the parade scheduled for later “was a little over the top.”
Pointing at a nearby tank, Haynes said that having them roll down the street is a “very bold statement to the world, perhaps.”
The military procession was set to step off from the Lincoln Memorial later Saturday, under the threat of stormy weather and to the accompaniment of protests elsewhere in the city.
Trump brushed off the possibility of both disruptions, with a social media post Saturday morning that said the “great military parade” would be on “rain or shine.” The protests, he said earlier, “will be met with very big force.” Hours ahead of the parade, crowds of protesters with anti-Trump signs marched toward the White House, escorted by police vehicles and officers on bicycles. Some held a giant banner that read: “TRUMP MUST GO NOW.”
The parade was added just a few weeks ago to the planned celebration of the Army’s birthday and has drawn criticism for its price tag of up to $45 million and the possibility that the lumbering tanks could tear up city streets. The Army has taken a variety of steps to protect the streets, including laying metal plates along the route.
About 6 in 10 Americans said Saturday’s parade was “not a good use” of government money. The vast majority of people, 78%, said they neither approve nor disapprove of the parade overall, according to a poll from The Associated Press-NORC Center for Public Affairs Research.
The National Anthem is performed as President Donald Trump attends a military parade commemorating the Army’s 250th anniversary on Saturday.
Julia Demaree Nikhinson—AP Photo
The daylong display of America’s Army comes as Trump has shown his willingness to use the nation’s military might in ways other U.S. presidents have typically avoided. In the last week, he has activated the California National Guard without the governor’s permission and dispatched the U.S. Marines to provide security during Los Angeles protests related to immigration raids, prompting a state lawsuit to stop the deployments.
He similarly sought to project military strength during his first presidential term, saying in 2020 that he wanted forces to “dominate” the streets following racial justice protests that turned violent and warning governors that he was prepared to send in active-duty fighters if they did not call out the National Guard in their states.
Earlier this week, Trump raised eyebrows during a speech at Fort Bragg when members of the 82nd Airborne Division, who were directed to stand behind Trump, booed and cheered during his incendiary remarks, including condemnation of his predecessor, Joe Biden. There also was a pop-up “Make America Great Again” merchandise stand nearby selling souvenirs to troops in uniform.
The Defense Department has a doctrine that prohibits troops from participating in political activity while in uniform. Members of Congress and military leaders have expressed concerns about the political displays during the speech at Fort Bragg.
Saturday’s pageantry was designed to fulfill Trump’s expressed desire for a big parade that he tried to get done in his first term after seeing one in Paris on Bastille Day in 2017. Trump said after watching the two-hour procession along the famed Champs-Élysées that he wanted an even grander one in Washington.
The parade will wind down Constitution Avenue, lined with security fencing and barriers. Army helicopters and aircraft will fly above, and the march will be capped off by a parachute jump, a concert featuring “God Bless the U.S.A.” singer Lee Greenwood and fireworks.
Soldiers walking along Constitution Ave., on the National Mall ahead of a parade commemorating the Army’s 250th anniversary on Saturday.
Pablo Martinez Monsivais—AP Photo
It remained unclear whether any protests would disrupt the parade, though several hundred demonstrators assembled in the hours before. Officials have said they had no indication of any security threat.
“No Kings” rallies — organizers picked the name to support democracy and speak out against what they call the authoritarian actions of the Trump administration — unfolding in hundreds of cities — were meant to counter what organizers say are Trump’s plans to feed his ego on his 79th birthday and Flag Day.
Ahead of a rally and march toward the White House on Saturday afternoon, about 200 protesters assembled in northwest Washington’s Logan Circle and handed out signs and danced to upbeat music from a local street band, including “This Land Is Your Land.”
The mood was celebratory as the group chanted “Trump must go now” before erupting in cheers.
A larger-than-life puppet of Trump was wheeled through the crowd, a caricature of the president wearing a crown and sitting on a golden toilet.
Other protesters waved pride flags and hoisted signs, some with pointed messages such as “I prefer crushed ICE,” referring to the Immigration and Customs Enforcement agency. Other messages were: “The invasion was HERE Jan. 6th, NOT in L.A.” and “Flip me off if you’re a FASCIST.”
With rain expected, there was a chance the parade could be interrupted by thunderstorms.
The Army expects as many as 200,000 people could attend the festival and parade.
The parade is set to begin at 6:30 p.m. EDT, but parts of it — including the horse-drawn caissons and other units — start at the Pentagon, head over a bridge and meet up with some of the heavier tanks and equipment. Officials did not want the more-than-60-ton M1A1 Abrams tanks and Stryker vehicles crossing the bridge.
Timed down to the minute, the march will be divided into sections by history — with equipment and troops in full dress from each period.
It will include a total of 6,169 soldiers and 128 Army tanks, armored personnel carriers and artillery, while 62 aircraft fly overhead.
At the end of the parade, Trump will swear in 250 new or reenlisting troops, and the Army’s Golden Knights parachute team will jump onto the Mall. That will be followed by a concert and fireworks.
President Donald Trump, first lady Melania Trump, and Defense Secretary Pete Hegseth, left, attend a military parade commemorating the Army's 250th anniversary, coinciding with his 79th birthday, on Saturday.
The Trump administration directed immigration officers to pause arrests at farms, restaurants and hotels, after President Donald Trump expressed alarm about the impact of aggressive enforcement, an official said Saturday.
The move follows weeks of increased enforcement since Stephen Miller, White House deputy chief of staff and main architect of Trump’s immigration policies, said U.S. Immigration and Customs Enforcement officers would target at least 3,000 arrests a day, up from about 650 a day during the first five months of Trump’s second term.
Tatum King, an official with ICE’s Homeland Security Investigations unit, wrote regional leaders on Thursday to halt investigations of the agricultural industry, including meatpackers, restaurants and hotels, according to The New York Times.
A U.S. official who was not authorized to comment publicly and spoke on condition of anonymity confirmed to The Associated Press the contents of the directive. The Homeland Security Department did not dispute it.
“We will follow the President’s direction and continue to work to get the worst of the worst criminal illegal aliens off of America’s streets,” Tricia McLaughlin, a Homeland Security spokesperson, said when asked to confirm the directive.
The shift suggests Trump’s promise of mass deportations has limits if it threatens industries that rely on workers in the country illegally. Trump posted on his Truth Social site Thursday that he disapproved of how farmers and hotels were being affected.
“Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace,” he wrote. “In many cases the Criminals allowed into our Country by the VERY Stupid Biden Open Borders Policy are applying for those jobs. This is not good. We must protect our Farmers, but get the CRIMINALS OUT OF THE USA. Changes are coming!”
While ICE’s presence in Los Angeles has captured public attention and prompted Trump to deploy the California National Guard and Marines, immigration authorities have also been a growing presence at farms and factories across the country.
Farm bureaus in California say raids at packinghouses and fields are threatening businesses that supply much of the country’s food. Dozens of farmworkers were arrested after uniformed agents fanned out on farms northwest of Los Angeles in Ventura County, which is known for growing strawberries, lemons and avocados. Others are skipping work as fear spreads.
ICE made more than 70 arrests Tuesday at a food packaging company in Omaha, Nebraska. The owner of Glenn Valley Foods said the company was enrolled in a voluntary program to verify workers’ immigration status and that it was operating at 30% capacity as it scrambled to find replacements.
Tom Homan, the White House border czar, has repeatedly said ICE will send officers into communities and workplaces, particularly in “sanctuary” jurisdictions that limit the agency’s access to local jails.
Sanctuary cities “will get exactly what they don’t want, more officers in the communities and more officers at the work sites,” Homan said Monday on Fox News Channel. “We can’t arrest them in the jail, we’ll arrest them in the community. If we can’t arrest them in community, we’re going to increase work site enforcement operation. We’re going to flood the zone.”
The major stock indices ended Friday mostly flat despite President Donald Trump claiming China had violated a trade agreement hammered out more than two weeks ago between the People’s Republic and the U.S.
Stock markets finished the week on an even note despite President Donald Trump calling out China on social media. The S&P 500 posted a slight dip of 0.02%, the Nasdaq dropped 0.4%, and the Dow Jones was up just 0.1%.
On Friday morning, Trump posted on Truth Social, his own social media platform, that his administration struck a “FAST DEAL” more than two weeks ago to ratchet down a trade war between the People’s Republic and the U.S.
He was referring to an agreement hashed out between Treasury Secretary Scott Bessent and Chinese counterparts in Switzerland to institute a 90-day pause on U.S. tariffs on Chinese exports and reciprocal tariffs from China. The deal saw the U.S. agree to reduce the surcharge on Chinese products from 145% to 30%, and the People’s Republic pledging to drop its retaliatory taxes from 125% to 10%.
But Trump claimed on Friday, without providing any evidence, that China had “TOTALLY VIOLATED ITS AGREEMENT” with the U.S. His allegation follows comments from Bessent Thursday evening on Fox News that negotiations between the two superpowers were “a bit stalled.”
Trump’s claims against China came on the heels of court rulings that found he lacked the authority to impose all of the extensive slate of tariffs he had unveiled in early April.
On Wednesday, the Court of International Trade, the top federal legal body that oversees trade disputes in the U.S., ruled that the 47th president didn’t have the legal authority to issue the sweeping tariffs he announced on what he called “Liberation Day” on April 2.
But, on Thursday, a federal appeals court said, without ruling on the taxes’ legal merits, that many of Trump’s tariffs could temporarily remain while litigation plays out. The next hearing on the case is on June 5.
“The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm. Thank you for your attention to this matter!” Trump posted Thursday on Truth Social after the appeals ruling.
Despite the muddled picture on Trump’s trade war, stocks were still up since markets opened last Friday. The S&P 500 has increased about 2.2% over the past week. (They were closed for Memorial Day on Monday.) Over the weekend, the president declared, after threatening the European Union with a 50% tariff, that he would delay implementing the taxes on European exports until July 9.
A 57-year-old man who has been named as a suspect in the shooting of two Minnesota lawmakers worked at a private-security company that says he has been involved in “security situations” around the world, including in the Middle East, Europe and Africa. The suspect remains at large, and a manhunt is underway across the Minneapolis area.
The suspect in the shooting of two Minnesota lawmakers on Saturday worked at a private-security company that claims he has experience around the world.
State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery. Gov. Tim Walz described the shooting as “an act of targeted political violence.”
State authorities said they are looking for 57-year-old Vance Boelter, who remains at large with a manhunt underway across the Minneapolis area.
According to the website for his company Praetorian Guard Security Services, Boelter is listed as director of security patrols, while his wife is listed as president and CEO.
“Dr. Vance Boelter has been involved with security situations in Eastern Europe, Africa, North America and the Middle East, including the West Bank, Southern Lebanon and the Gaza Strip,” the site says. “He brings a great security aspect forged by both many on the ground experiences combined with training by both private security firms and by people in the U.S. Military.”
Another member of Praetorian’s leadership team includes a security training manager who is described as a retired undercover officer.
The company didn’t immediately respond to a request for comment.
Law enforcement officials said a dark SUV with police lights was parked at Hortman’s home when they responded to the shooting, adding that a man dressed like a police officer was inside and opened fire on Brooklyn Park police officers before fleeing.
Praetorian’s website also says Boelter has worked for “the world’s largest food company based in Switzerland and the world’s largest convenience retailer based in Japan.”
That appears to align with a LinkedIn profile with Boelter’s name and photo that includes prior jobs as a supervisor at Nestle and a 7-Eleven general manager.
It doesn’t mention Praetorian Guard or any prior military experience, but lists his current job as CEO of Red Lion Group in the Democratic Republic of Congo.
The Minnesota Star Tribune cited an online video from two years ago that appears to show Boelter preaching in Congo and telling a congregation, “I met Jesus when I was 17 years old and I gave my life to him.”
The LinkedIn page also says Boelter has a doctorate in leadership and a master of science in management from Cardinal Stritch University. It says he has a bachelor’s degree in international relations from St. Cloud State University.
A massive search stretched into its second day Sunday for a man who authorities say wore a mask and posed as a police officer while fatally shooting a Democratic state lawmaker in her suburban Minneapolis home, an act Gov. Tim Walz called “a politically motivated assassination.” Authorities said the suspect also shot and wounded a second lawmaker and was trying to flee the area.
Former House Speaker Melissa Hortman and her husband, Mark, were killed in their Brooklyn Park home early Saturday. Sen. John Hoffman, also a Democrat, and his wife, Yvette, were injured at their Champlin address, about 9 miles (about 15 kilometers) away.
Authorities identified the suspect as 57-year-old Vance Boelter, and the FBI issued a reward of up to $50,000 for information leading to his arrest and conviction. They shared a photo taken Saturday of Boelter wearing a tan cowboy hat and asked the public to report sightings. Hundreds of law enforcement officers fanned out in the search for the suspect.
U.S. Sen. Amy Klobuchar of Minnesota said Sunday that authorities believe the shooter hasn’t gone far.
“We believe he’s somewhere in the vicinity and that they are going to find him,” the Democrat said Sunday on NBC’s “Meet the Press.” “But right now, everyone’s on edge here, because we know that this man will kill at a second.”
Authorities had not yet given any details on a possible motive.
Boelter is a former political appointee who served on the same state workforce development board as Hoffman, records show, though it was not clear if or how well they knew each other.
The attacks prompted warnings to other state elected officials and the cancellation of planned “No Kings” demonstrations against President Donald Trump, though some went ahead anyway, including one that drew tens of thousands to the State Capitol in St. Paul. Authorities said the suspect had “No Kings” flyers in his car and writings mentioning the names of the victims as well as other lawmakers and officials, though they could not say if he had any other specific targets.
A Minnesota official told AP the suspect’s writings also contained information targeting prominent lawmakers who have been outspoken in favor of abortion rights. The official spoke on the condition of anonymity because the investigation was ongoing.
Law enforcement agents recovered several AK-style firearms from the suspect’s vehicle, and he was believed to still be armed with a pistol, a person familiar with the matter told AP. The person could not publicly discuss details of the investigation and spoke on condition of anonymity.
“We must all, in Minnesota and across the country, stand against all forms of political violence,” said Walz, a Democrat. He also ordered flags to fly at half-staff in Hortman’s honor.
“Such horrific violence will not be tolerated in the United States of America. God Bless the great people of Minnesota, a truly great place!” President Donald Trump said in a statement.
Exchange of gunfire
Police responded to reports of gunfire at the Hoffmans’ home shortly after 2 a.m., Champlin police said, and found the couple with multiple gunshot wounds.
After seeing who the victims were, police sent officers to proactively check on Hortman’s home. There they encountered what appeared to be a police vehicle and a man dressed as an officer at the door, leaving the house.
“When officers confronted him, the individual immediately fired upon the officers who exchanged gunfire, and the suspect retreated back into the home” and escaped on foot, Brooklyn Park Police Chief Mark Bruley said.
Authorities believe the shooter was wearing a mask when carrying out the attacks, according to a law enforcement official. The FBI released photos of the suspect including an image that appears to show him wearing a mask that covered his face and head, a police uniform, and holding a flashlight.
Multiple bullet holes could be seen in the front door of Hoffman’s home.
John and Yvette Hoffman each underwent surgery, according to Walz.
Two Democrats targeted
Hortman, 55, had been the top Democratic leader in the state House since 2017. She led Democrats in a three-week walkout at the beginning of this year’s session in a power struggle with Republicans. Under a power sharing agreement, she turned the gavel over to Republican Rep. Lisa Demuth and assumed the title speaker emerita.
Hortman used her position as speaker in 2023 to champion expanded protections for abortion rights, including legislation to solidify Minnesota’s status as a refuge for patients from restrictive states who travel to the state to seek abortions — and to protect providers who serve them.
Walz called her a “formidable public servant, a fixture and a giant in Minnesota.”
Hortman and her husband had two adult children.
The initial autopsy reports from the Hennepin County Medical Examiner’s Office gave their cause of death as “multiple gunshot wounds.”
The reports said Melissa Hortman died at the scene while her husband was pronounced dead at the hospital.
Hoffman, 60, was first elected in 2012 and was chair of the Senate Human Services Committee, which oversees one of the biggest parts of the state budget. He and his wife have one daughter.
The suspect
Boelter was appointed to the workforce development board in 2016 and then reappointed in 2019 to a four-year term that expired in 2023, state records show.
Corporate records show Boelter’s wife filed to create a company called Praetorian Guard Security Services LLC with the same Green Isle mailing address listed for the couple. Boelter’s wife is listed as president and CEO and he is listed as director of security patrols on the company’s website.
The website says the company provides armed security for property and events and features a photo of an SUV painted in a two-tone black and silver pattern similar to a police vehicle. Another photo shows a man in black tactical gear with a military-style helmet and a ballistic vest.
An online resume says Boelter is a security contractor who has worked in the Middle East and Africa, in addition to past managerial roles at companies in Minnesota.
In the messages, read to reporters by David Carlson, Boelter did not specify what he had done but said: “I’m going to be gone for a while. May be dead shortly, so I just want to let you know I love you guys both and I wish it hadn’t gone this way. … I’m sorry for all the trouble this has caused.”
Political violence
Klobuchar condemned online threats and urged people Sunday to think twice before posting accusations or motives on the Internet.
Speaking of Hortman on CNN, Klobuchar said: “This is a person that did everything for the right reasons.
“Regardless of political parties, look at her face before you send out your next post,” Klobuchar said.
Minnesota House Speaker Lisa Demuth, a Republican from Cold Spring, called the attack “evil” and said she was “heartbroken beyond words” by the killings.
The shootings are the latest in a series of attacks against lawmakers across parties.
In April a suspect set fire to the home of Democratic Pennsylvania Gov. Josh Shapiro, forcing him and his family to flee during the Jewish holiday of Passover. The suspect said he planned to beat Shapiro with a small sledgehammer if he found him, according to court documents.
Other incidents include a 2022 hammer attack on the husband of then-House Speaker Nancy Pelosi in their San Francisco home and a 2020 plot by anti-government extremists to kidnap Democratic Gov. Gretchen Whitmer and start a civil war.
Senate Democratic Leader Chuck Schumer said he asked Capitol Police to “immediately increase security” for Klobuchar and U.S. Sen. Tina Smith. He also asked Majority Leader John Thune, a Republican, to hold a briefing on member security.
Speaking Sunday on CNN’s “Inside Politics Sunday,” Smith said she personally felt safe and the thought of security details becoming the norm was unbearable.
“But I think we are at a tipping point right now when we see these kinds of personal threats. It gets worse, not better,” she said. “I don’t want to think that I need to have a personal security detail wherever I go.“
Demonstrators crowded into streets, parks and plazas across the U.S. on Saturday to protest President Donald Trump, mixing anti-authoritarian messages with support for immigrants and calls to protect democracy.
Governors across the U.S. urged calm and vowed no tolerance for violence, while some mobilized the National Guard ahead of marchers gathering in major downtowns and small towns. Through midday, confrontations were isolated.
Atlanta’s 5,000-capacity “No Kings” rally quickly reached its limit, with thousands more demonstrators gathered outside barriers to hear speakers in front of the state Capitol. Huge crowds marched in New York, Denver, Chicago, Houston and Los Angeles, some behind “no kings” banners.
In Minnesota, organizers canceled demonstrations as police worked to track down a suspect in the shootings of two Democratic legislators and their spouses.
Intermittent light rain fell as marchers gathered for the flagship rally in Philadelphia’s Love Park. They shouted “Whose streets? Our streets!” as they marched to the Philadelphia Museum of Art, where they listened to speakers on the steps made famous in the movie “Rocky.”
“So what do you say, Philly?” Democratic U.S. Rep. Jamie Raskin of Maryland shouted to the crowd. “Are you ready to fight back? Do you want a gangster state or do you want free speech in America?”
Trump was in Washington for a military parade marking the Army’s 250th anniversary that coincides with the president’s birthday. There, a massive demonstration toured the city’s streets, led by a banner reading, “Trump must go now.”
In Charlotte, demonstrators trying to march through downtown briefly faced off with police forming a barricade with their bicycles, chanting “let us walk,” while law enforcement in northern Atlanta deployed tear gas to divert several hundred protesters heading toward Interstate 285. A journalist was seen being detained by officers and police helicopters flew above the crowd.
In some places, organizers handed out little American flags while others flew their flags upside down. Mexican flags made an appearance in some demonstrations.
Protests were planned in nearly 2,000 locations across the country, from city blocks and small towns to courthouse steps and community parks, organizers said. The 50501 Movement orchestrating the protests says it picked the “No Kings” name to support democracy and speak out against what they call the authoritarian actions of the Trump administration. The name 50501 stands for 50 states, 50 protests, one movement.
The demonstrations come on the heels of protests that flared up across the country over federal immigration enforcement raids that began last week and Trump ordering the National Guard and Marines to Los Angeles, where protesters blocked a freeway and set cars on fire.
Philadelphia
Thousands gathered in downtown Love Park, with organizers handing out small American flags and people carried protest signs saying things like “fight oligarchy” and “deport the mini-Mussolinis.”
Karen Van Trieste, a 61-year-old nurse who drove up from Maryland, said she grew up in Philadelphia and wanted to be with a large group of people showing her support.
“I just feel like we need to defend our democracy,” she said. She is concerned about the Trump administration’s layoffs of staff at the U.S. Centers for Disease Control and Prevention, the fate of immigrant communities and the Trump administration trying to rule by executive order, she said.
A woman wearing a foam Statue of Liberty crown brought a speaker system and led an anti-Trump sing-along, changing the words “young man” in the song “Y.M.C.A.” to “con man.”
One man in Revolutionary War era garb and a tricorn hat held a sign with a quote often attributed to Thomas Jefferson: “All tyranny needs to gain a foothold is for people of good conscience to remain silent.”
Los Angeles
Thousands gathered in front of City Hall in a boisterous crowd, waving signs and listening to a Native American drum circle and dance performances, before marching through the streets.
Signs included “They fear us, don’t back down California,” “Protesting is not a crime,” “We carry dreams not danger” and “ICE out of LA.” One demonstrator carried a 2-foot-tall (60-centimeter) Trump pinata on a stick, with a crown on his head and sombrero hanging off his back while another hoisted a huge helium-filled orange baby balloon with blond hair styled like Trump’s.
North Carolina
Crowds cheered anti-Trump speakers in Charlotte’s First Ward Park and chanted “we have no kings” before marching behind a “No Kings” banner through the city, chanting “No kings, no crowns, we will not bow down” and “Hey, hey, ho, ho, Donald Trump has got to go.”
Marchers stretched for blocks, led by a group of people holding a giant Mexican flag and bystanders cheering and clapping for protesters along the way.
Jocelyn Abarca, a 21-year-old college student, said the protest was a chance to “speak for what’s right” after mass deportations and the deployment of the National Guard to deal with protesters in Los Angeles last week.
“If we don’t stop it now, it’s just going to keep getting worse,” she said of the Trump administration’s actions.
Minnesota
Before organizers canceled demonstrations in the state, Gov. Tim Walz took to social media to issue a warning after the shootings.
“Out of an abundance of caution my Department of Public Safety is recommending that people do not attend any political rallies today in Minnesota until the suspect is apprehended,” he wrote.
Florida
About a thousand people gathered on the grounds of Florida’s old Capitol in Tallahassee, where protesters chanted, “This is what community looks like,” and carried signs with messages like “one nation under distress” and “dissent is patriotic.”
Organizers of the rally explicitly told the crowd to avoid any conflicts with counterprotesters and to take care not to jaywalk or disrupt traffic.
One march approached the gates of Trump’s Mar-a-Lago resort in Florida, where sheriff’s deputies turned them back.
Urging calm and calling out the National Guard
Governors and city officials vowed to protect the right to protest and to show no tolerance for violence. Some urged calm, while Republican governors in Virginia, Texas, Nebraska and Missouri were mobilizing National Guard troopsto help law enforcement manage demonstrations.
Some governors urged calm and put state police on standby for the weekend.
Two Minnesota lawmakers were shot on Saturday, with one dying and the other recovering, in the latest instance of political violence recently. The shooting comes nearly a year after an assassination attempt on Donald Trump in Pennsylvania and follows politically motivated violence that has also targeted top companies.
State Rep. Melissa Hortman, 55 years old, and her husband were shot and killed in their Brooklyn Park home. Elsewhere in Champlin, state Sen. John Hoffman, 60, and his wife were also shot at home and are recovering after undergoing surgery.
Gov. Tim Walz described the shooting as “an act of targeted political violence.” A manhunt is underway for the shooter, who was posing as a law enforcement officer, according to authorities.
Nearly a year ago in July 2024, Donald Trump was nearly assassinated during a campaign rally in Pennsylvania. Trump was injured and a spectator was killed. The gunman was also killed.
Just two months later, the Secret Service foiled another assassination attempt, this time in Florida, where Trump was playing golf.
This past April, an alleged arsonist targeted Pennsylvania Gov. Josh Shapiro with a firebomb. A warrant cited “perceived injustices to the people of Palestine.”
Meanwhile, companies have also become targets. Earlier this year, Tesla vehicles and dealerships were damaged by fires as CEO Elon Musk’s role in the Trump administration and his DOGE cost-cutting drive spurred a backlash.
In April, a man was federally charged with arson attacks against the Republican Party headquarters in New Mexico and a Tesla dealership.
Luigi Mangione, who has pleaded not guilty to state and federal murder charges, wrote a manifesto laying out his grievances against the insurance industry while also sharing his views on the politics of “Unabomber” Ted Kaczynski.
And those are just some examples of political violence from the past year alone.
In 2021, Trump supporters stormed the U.S. Capitol as lawmakers were about the certify Joe Biden’s 2020 victory. In 2017, a gunman shot members of Congress at a baseball diamond in Alexandria, Va., wounding four people, including Republican Rep. Steve Scalise. And in 2011, a gunman killed six people in Arizona and seriously wounded Democratic Rep. Gabby Giffords, who was holding an event for constituents.
After Israel decimated Iran’s military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. Meanwhile, Tehran warned that closing the Strait of Hormuz, a critical chokepoint in the global energy trade, was under consideration. Oil prices spiked on Friday, and escalation of the Israel-Iran conflict could send them higher.
The Israel-Iran conflict is poised to include economic targets as both sides seek leverage in the rapidly escalating series of attacks.
After Israel decimated Iran’s military in its initial wave of air strikes, reports on Saturday indicated Iranian energy infrastructure was under attack. That includes the Pars South gas field, considered to the world’s largest reservoir of natural gas, as well as oil refineries.
That comes as Israeli Prime Minister Benjamin Netanyahu warned on Saturday that, “We will strike every site and every target of the ayatollahs’ regime,” after he earlier urged the Iranian people to overthrow their government.
On Friday, Israel’s defense minister said Iran crossed “red lines” by launching its missiles at civilian areas as part of its retaliatory attacks.
Former Deputy Secretary of State Wendy Sherman told Bloomberg TV that she believed that’s a signal Israel will target Iran’s oil and economic infrastructure.
Meanwhile, Tehran’s retaliation could similarly extend into energy markets. Despite Iran launching hundreds of missiles and drones at Israel, analysts have noted that it has few viable military options and its overall capabilities have been severely degraded by Israel.
An Iranian lawmaker said closure of the Strait of Hormuz, a critical chokepoint in the global energy trade, was under serious consideration. The equivalent of 21% of global petroleum liquids consumption, or about 21 million barrels per day, flows through the strait.
That could spike oil prices even higher after they jumped 7% on Friday to more than $70 a barrel as markets reacted to the early stages of the Israel-Iran conflict.
In a note on Saturday, George Saravelos, head of FX research at Deutsche Bank, estimated that the worst-case scenario of a complete disruption to Iranian oil supplies and a closure of the Strait of Hormuz could send oil price above $120 per barrel.
Such a closure might entail use of mines, patrol boats, aircraft, cruise missiles and diesel submarines, while clearing the strait could take weeks or months.
“Given the significant global implication of such a closure, we believe that potential closure of the Strait is likely to be kept as last resort leverage and only to be considered in extremis,” Saravelos added.
In a column in Foreign Affairs magazine on Friday, Kenneth Pollack, a former CIA Persian Gulf military analyst and former director for Persian Gulf Affairs at the National Security Council, said there’s a low likelihood Iran would close the strait.
That’s because Iran would quickly go from a “sympathetic victim to a dangerous nemesis in the eyes of most other countries,” while Western countries and perhaps even China would use force to reopen the strait, he predicted.
“And Tehran would have to worry that such a reckless threat to the world’s economies would convince Washington that the Iranian regime had to be removed,” Pollack added. “That fear is surely greater with U.S. President Donald Trump—who ordered the death of Iranian general Qassem Soleimani in January 2020—back in office.”
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