• 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’s weighted 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.

This story was originally featured on Fortune.com

© Rick Friedman—AFP via Getty Images

• 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.

This story was originally featured on Fortune.com

© Getty Images

It happens to a lot of us. A new LinkedIn connection 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.

This story was originally featured on Fortune.com

© Photo by Jonathan Raa/NurPhoto via Getty Images

• 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.”

This story was originally featured on Fortune.com

© Chance Yeh—Getty Images

• 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.

This story was originally featured on Fortune.com

© Getty Images

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.

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.

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.

Saturday’s event is expected to include about 6,600 soldiers, 50 helicopters and 60-ton M1 Abrams battle tanks, as well as possibly 200,000 attendees and heightened security to match.

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.

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.

This story was originally featured on Fortune.com

© Julia Demaree Nikhinson—AP Photo

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.”

This story was originally featured on Fortune.com

© Damian Dovarganes—AP Photo

• 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.

This story was originally featured on Fortune.com

© ALLISON ROBBERT—AFP/Getty Images

• 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.

This story was originally featured on Fortune.com

© Alex Kormann—Star Tribune via AP

Hundreds of law officers fanned out across a Minneapolis suburb Saturday in pursuit of a man who authorities say posed as a police officer and fatally shot a Democratic state lawmaker in her home in what Gov. Tim Walz called “a politically motivated assassination.” Authorities said the same suspect also shot and wounded a second lawmaker and was believed to be trying to flee the area.

Democratic former House Speaker Melissa Hortman and her husband, Mark, were killed in their Brooklyn Park home. Sen. John Hoffman, also a Democrat, and his wife, Yvette, were injured at their Champlin address, about nine miles (about 15 kilometers) away.

Drew Evans, superintendent of the Minnesota Bureau of Criminal Apprehension, said at an afternoon news conference that authorities were looking for 57-year-old Vance Boelter and he has not yet been caught.

Authorities displayed a photo of Boelter wearing a tan cowboy hat that was taken Saturday and asked the public to report sightings. Evans said investigators have obtained video as well.

He did not give details on a possible motive.

Boelter is a former political appointee who served on the same state workforce development board as Hoffman, state records show, though it wasn’t clear if or how well they knew each other.

The early morning attacks targeting lawmakers in the northern suburbs of Minneapolis prompted warnings to other elected officials around the state and the cancellation of planned “No Kings” demonstrations against President Donald Trump. Authorities say 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.

The shootings happened at a time when political leaders nationwide have been attacked, harassed and intimidated during a time of deep political divisions.

“We must all, in Minnesota and across the country, stand against all forms of political violence,” Walz, a Democrat, said at a news conference. “Those responsible for this will be held accountable.”

Law enforcement has recovered several AK-style firearms from the suspect’s vehicle, and he’s believed to still be armed with a pistol, one of the people familiar with the matter told the AP.

An overnight shooting

Police responded to reports of gunfire at the Hoffmans’ home shortly after 2 a.m., Champlin police said, and found the lawmaker and his wife, Yvette, with multiple gunshot wounds.

After seeing who the victims were, police sent officers to check on Hortman’s home, where 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, Brooklyn Park Police Chief Mark Bruley said.

Multiple bullet holes could be seen in the front door of Hoffman’s home.

President Donald Trump said in a White House statement that the FBI would join in the investigation.

“Our Attorney General, Pam Bondi, and the FBI, are investigating the situation, and they will be prosecuting anyone involved to the fullest extent of the law. Such horrific violence will not be tolerated in the United States of America. God Bless the great people of Minnesota, a truly great place!”

Two Democratic lawmakers targeted

Hortman, 55, had been the top Democratic leader in the state House since 2017. She led House 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 the top Republican, Rep. Lisa Demuth, and assumed the title speaker emerita.

Walz described her as a “formidable public servant, a fixture and a giant in Minnesota every day, determined to make this state a better place.”

“She is irreplaceable,” he said.

Hortman and her husband had two adult children.

Hoffman, 60, was first elected in 2012 and played a key role as 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.

State Patrol Col. Christina Bogojevic asked people “out of an abundance of caution” not to attend any of the “No Kings” protests that were scheduled for across the state on Saturday. Bogojevic said authorities didn’t have any direct evidence that the protests would be targeted, but said the suspect had some “No Kings” flyers in their car. Organizers announced that all of the protests across the state were canceled.

The suspect

Boelter was appointed to the workforce development board by then-Minnesota Gov. Mark Dayton in 2016 and then reappointed in 2019 by the current governor to a four-year term that expired in 2023, state records show.

State 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. On a website for the business, Boelter’s wife is listed as the president and CEO while he is listed as the director of security patrols.

The company’s homepage says it 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, with a light bar across the roof and “Praetorian” painted across the doors. Another photo shows a man in black tactical gear with a military-style helmet and a ballistic vest with the company’s name across the front.

An online resume says he is a security contractor who has worked oversees in the Middle East and Africa, in addition to past managerial roles at companies in Minnesota.

Massive search effort underway

Hours after the shootings, hundreds of police and sheriff deputies from departments in the region, some in tactical gear with assault-style weapons were scattered through the town.

An alert sent to people’s cellphones asked residents to continue sheltering in place as police were still looking for a suspect “who is armed and dangerous.”

“Suspect is white male, brown hair, wearing black body armor over blue shirt and blue pants and may misrepresent himself as law enforcement. Do not approach. Call 911,” the alert said.

Some roadblocks had been set up in which authorities stopped and checked vehicles.

“This is crazy, someone going after representatives. This is wrong. I’m hoping they’ll catch them,” said Brooklyn Park resident Douglas Thompson, 62, adding he wasn’t worried and believed authorities would catch the suspect.

Minnesota House Speaker Lisa Demuth, a Republican from Cold Spring, called the attack “evil” and said she was “heartbroken beyond words” by the killings of Hortman and her husband, Mark.

“With the law enforcement response ongoing and details still emerging, I will simply ask all Minnesotans to please lift up in prayer the victims of this horrific attack, as well as the law enforcement personnel still working to apprehend the perpetrator,” Demuth said in a statement.

Political Violence

The shootings are the latest in a series of violent attacks against lawmakers across parties in recent years.

In April, a suspect set fire to the home of Democratic Pennsylvania Gov. Josh Shapiro, forcing him and his family to flee the building during the Jewish holiday of Passover. The suspect told law enforcement that he planned to beat Shapiro with a small sledgehammer if he found him, according to court documents.

In July 2024, the Republican Trump was grazed on the ear by one of a hail of bullets that killed a Trump supporter. Two months later, a man with a rifle was discovered in some shrubbery near the president’s golf course in Florida and arrested by Secret Service agents.

Other high profile attacks in recent years have included a 2022 hammer attack on the husband of then-House Speaker Nancy Pelosi inside their San Francisco home, and a 2020 plot by anti-government extremists to kidnap Democratic Gov. Gretchen Whitmer at her vacation home and start a civil war.

Senate Democratic Leader Chuck Schumer said Saturday that he has asked Capitol Police to “immediately increase security” for Minnesota Sens. Amy Klobuchar and Tina Smith, both Democrats.

Schumer said he had also asked Senate Majority Leader John Thune, a Republican from South Dakota, to hold a briefing for senators on member security.

“Condemning violence is important but it is not enough,” Schumer said in a post on X. “We must also confront the toxic forces radicalizing individuals and we must do more to protect one another, our democracy, and the values that bind us as Americans.”

This story was originally featured on Fortune.com

© Alex Kormann—Star Tribune via AP

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.

This story was originally featured on Fortune.com

© Mike Stewart—AP Photo

• 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.

The shooting of two lawmakers in Minnesota on Saturday was the latest instance of political violence that has also seen top companies being targeted.

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.

In December, UnitedHealthcare CEO Brian Thompson was shot and killed in New York ahead of the company’s investor day.

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.

This story was originally featured on Fortune.com

© Minnesota Legislature via AP

• 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.”

This story was originally featured on Fortune.com

© Getty Images

President Donald Trump’s administration this week provided deportation officials with personal data — including the immigration status — on millions of Medicaid enrollees, a move that could make it easier to locate people as part of his sweeping immigration crackdown.

An internal memo and emails obtained by The Associated Press show that Medicaid officials unsuccessfully sought to block the data transfer, citing legal and ethical concerns.

Nevertheless, two top advisers to Health Secretary Robert F. Kennedy Jr.ordered the dataset handed over to the Department of Homeland Security, the emails show. Officials at the Centers for Medicare and Medicaid Services were given just 54 minutes on Tuesday to comply with the directive.

The dataset includes the information of people living in California, Illinois, Washington state and Washington, D.C., all of which allow non-U. S. citizens to enroll in Medicaid programs that pay for their expenses using only state taxpayer dollars. CMS transferred the information just as the Trump administration was ramping up its enforcement efforts in Southern California.

Besides helping authorities locate migrants, experts said, the government could also use the information to scuttle the hopes of migrants seeking green cards, permanent residency or citizenship if they had ever obtained Medicaid benefits funded by the federal government.

California Gov. Gavin Newsom ’s office said in a statement that it was concerned about how deportation officials might utilize the data, especially as federal authorities conduct immigration raids with the assistance of National Guard troops and Marines in Los Angeles.

“We deeply value the privacy of all Californians,” the statement said. “This potential data transfer brought to our attention by the AP is extremely concerning, and if true, potentially unlawful, particularly given numerous headlines highlighting potential improper federal use of personal information and federal actions to target the personal information of Americans.”

Some California lawmakers on Friday also expressed alarm. U.S. Rep. Laura Friedman, a Democrat, wrote on X that “we should never use a person’s need to go to the doctor against them. This will only lead to more chaos and pain in our communities.”

U.S. Health and Human Services spokesperson Andrew Nixon said the data sharing was legal. He declined to answer questions about why the data was shared with DHS and how it would be used.

“With respect to the recent data sharing between CMS and DHS, HHS acted entirely within its legal authority — and in full compliance with all applicable laws — to ensure that Medicaid benefits are reserved for individuals who are lawfully entitled to receive them,” Nixon said.

An official with DHS, Assistant Secretary Tricia McLaughlin, said in a statement that Trump “promised to protect Medicaid for eligible beneficiaries. To keep that promise after Joe Biden flooded our country with tens of millions of illegal aliens CMS and DHS are exploring an initiative to ensure that illegal aliens are not receiving Medicaid benefits that are meant for law-abiding Americans.”

The initiative appears to be part of a broader effort by the Trump administration to provide DHS with more data on migrants. In May, for example, a federal judge refused to block the Internal Revenue Service from sharing immigrants’ tax data with Immigration and Customs Enforcement to help agents locate and detain people living without legal status in the U.S.

A targeted review of millions of immigrant Medicaid enrollees

CMS announced late last month that it was reviewing some state’s Medicaid enrollees to ensure federal funds have not been used to pay for coverage for people with “unsatisfactory immigration status.” In a letter sent to state Medicaid officials, CMS said that the effort was part of Trump’s Feb. 19 executive order titled “Ending Taxpayer Subsidization of Open Borders.”

As part of the review, California, Washington and Illinois shared details about non-U. S. citizens who have enrolled in their state’s Medicaid program, according to a June 6 memo signed by Medicaid Deputy Director Sara Vitolo that was obtained by the AP. The memo was written by several CMS officials under Vitolo’s supervision, according to sources familiar with the process.

The data includes addresses, names, social security numbers and claims data for enrollees in those states, according to the memo and two people familiar with what the states sent to CMS and what was shared with DHS. Both individuals spoke on the condition of anonymity because they were not authorized to share details about the data exchange.

CMS officials attempted to fight the data sharing request from Homeland Security, saying that to do so would violate federal laws, including the Social Security Act and the Privacy Act of 1974, according to Vitolo’s memo.

“Multiple federal statutory and regulatory authorities do not permit CMS to share this information with entities outside of CMS,” Vitolo wrote, further explaining that the sharing of such personal data is only allowed for directly administering the Medicaid program.

Sharing information about Medicaid applicants or enrollees with DHS officials would violate a “long-standing policy,” wrote Vitolo, a career employee, to Trump appointee Kim Brandt, deputy administrator and chief operating officer of CMS.

Vitolo and Brandt could not be reached for comment.

The legal arguments outlined in the memo were not persuasive to Trump appointees at HHS, which oversees the Medicaid agency.

Four days after the memo was sent, on June 10, HHS officials directed the transfer of “the data to DHS by 5:30 ET today,” according to email exchanges obtained by AP.

Former government officials said the move was unusual because CMS, which has access to personal health data for nearly half the country, does not typically share such sensitive information with other departments.

“DHS has no role in anything related to Medicaid,” said Jeffrey Grant, a former career employee at CMS.

Beyond her legal arguments, Vitolo said sharing the information with DHS could have a chilling effect on states, perhaps prompting them to withhold information. States, she added needed to guard against the “legal risk” they were taking by giving federal officials data that could be shared with deportation officials.

A ‘concerning’ development

All states must legally provide emergency Medicaid services to non-U. S. citizens, including to those who are lawfully present but have not yet met a five-year wait to apply for Medicaid.

Seven states, along with the District, allow immigrants who are not living legally in the country to enroll — with full benefits — in their state’s Medicaid program. The states launched these programs during the Biden administration and said they would not bill the federal government to cover those immigrants’ health care costs.

The Trump administration has raised doubts about that pledge.

Nixon, the HHS spokesperson, said that the state’s Medicaid programs for immigrants “opened the floodgates for illegal immigrants to exploit Medicaid — and forced hardworking Americans to foot the bill.”

All of the states — California, New York, Washington, Oregon, Illinois, Minnesota and Colorado — have Democratic governors. Due to his state’s budget woes, Newsom announced earlier this year he would freeze enrollment into the program; Illinois will also shut down its program for roughly 30,000 non-U. S. citizens in July.

The remaining states — New York, Oregon, Minnesota and Colorado — have not yet submitted the identifiable data to CMS as part of the review, according to a public health official who has reviewed CMS’ requests to the states.

Illinois health officials also said they were “deeply concerned” by the AP’s findings that revealed their state’s Medicaid customer information was shared with federal agencies outside of CMS, given that their “understanding (is) that the data is protected under the federal Privacy Act of 1974 and other federal regulations — which protects the rights of Americans’ sensitive health and personal data.”

In a statement issued after publication of AP’s story, California’s Newsom said the decision to share the data “will jeopardize the safety, health, and security of those who will undoubtedly be targeted by this abuse.”

State health officials from the District and Washington did not respond to requests for comment.

This story was originally featured on Fortune.com

© Mark Schiefelbein—AP Photo

Almost a decade after he first proposed it, Donald Trump will see a military parade in the streets of Washington, D.C. on Saturday.

The parade, which is officially called the Army Birthday Parade and is meant to celebrate the U.S. Army’s 250^th birthday, comes with a price tag of somewhere between $25 million and $45 million, will involve hundreds of Army vehicles, thousands of soldiers and dozens of warplanes, and will suspend passenger traffic at Reagan National Airport. It also happens to occur on Trump’s 79th birthday.

Trump, in his first term, pushed for a military parade, with soldiers marching through Washington and tanks rolling down the city streets, in 2018, following his attendance of Bastille Day in Paris. He told aides on Air Force One on the trip home that he wanted to create a similar show of military force in the U.S.

The idea was scuttled after military leaders calculated the parade would cost $92 million—and Washington city officials expressed concern about the impact of the parade on local roads and the $21 million it would cost for public safety.

While there’s plenty of controversy about this year’s parade, there’s also curiosity about it. Here’s all you need to know about the parade and how to watch it.

What time does the military parade start?

While the celebration of the Army’s birthday begins at 9:30 a.m. ET in Washington, the parade itself is scheduled to being at 6:30 p.m. ET.

How long will the military parade last?

The parade is scheduled to last about one hour and will be followed by a concert, then a fireworks display at 9:45 p.m. ET.

Will the military parade be aired on television?

So far, no major networks have announced plans to throw out their scheduled programming and air the parade. Same goes for any of the 24-hour new channels, though it’s likely all will air at least some of the parade, though the ‘No Kings’ protests that will be taking place across the country are likely to get more attention from many networks, especially with Trump’s recent deployment of the National Guard and Marines in California to quell protests.

C-SPAN will also air the parade, with commercial free coverage beginning at 6:00 p.m. ET. CNN has scheduled coverage as well. And NewsNation will cover the events all day, with a four-hour block of parade coverage starting at 6 p.m. ET.

Can I stream the military parade?

Yes. The parade will be livestreamed by a number of outlets, from local D.C. stations (such as WUSA9) to all U.S. Army social-media platforms.

Don’t have a cable subscription? You can watch news channels on several online streaming services:

Peacock

NBC’s streaming service carries a $8 or $14 monthly charge—and the service has recently done away with its free trial. (An annual plan starts at $80.)

Disney+

Disney’s bundle of Disney+, Hulu and ESPN+ no longer has a free trial, so you’ll have to pay $17 per month for all three combined (or $27 per month for no ads on Hulu and Disney+).

Including Live TV in the bundle bumps the price to $83 per month ($96 with no ads).

Max

The once and future HBO Max doesn’t have a free trial, unfortunately. Subscriptions start at $9.99 per month.

Hulu with Live TV

The free trial on this service lasts three days. Afterward, it will cost you $83 per month.

YouTubeTV

After a free trial, you can expect monthly charges of $73.

Sling TV

Dish Network’s Sling lower-tiered “Orange” plan will run you $40 per month. Adding the more comprehensive “Blue” plan bumps the cost to $61 per month. The seven-day free trial is no longer offered.

DirecTV Stream

Formerly known as DirecTV Now, AT&T TVNow and AT&T TV, this oft-renamed streaming service will run you $80 per month and up after the free trial option.

Fubo TV

Soon to be part of the Disney family, this cord-cutting service carries broadcast networks in most markets. There’s a seven-day free trial, followed by monthly charges of $85 and up, depending on the channels you choose.

What’s the military parade route?

The parade will take place in Washington, D.C. along Constitution Avenue NW. It starts on Constitution Avenue NW and 23rd Street and ends at 15th Street near the National Museum of African American History and Culture. The parade will cross in front of Trump’s viewing stand on Constitution Avenue south of the White House.

When is the last time the U.S. had a military parade?

The last time the U.S. had a military parade was 1991, following the end of the Gulf War. That celebration, which saw armored vehicles and missile systems in the streets of Washington, D.C. and stealth fighters overhead, was the biggest military celebration since the end of World War II.

What can I expect from the Army Birthday Parade?

The 2025 processional will feature 50 aircraft, 34 horses, two mules, one dog, and 6,600 soldiers from every Army division, as well as 28 M1 Abrams battle tanks.

This story was originally featured on Fortune.com

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