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Elon Musk named Microsoft as a defendant in his lawsuit against OpenAI View More
In this articleMSFTCOINXRXFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:1703:17Microsoft CEO Satya Nadella testifies in OpenAITechCheck Microsoft CEO Satya Nadella took the stand in the Musk v. Altman trial on Monday, where he testified that Elon Musk never contacted him with concerns that Microsoft's investments in OpenAI were in violation of any special terms or commitments.Nadella, wearing a navy suit with a blue tie, concluded his testimony in federal court in Oakland, California, after several hours of questioning. He answered questions about the early days of Microsoft's strategic partnership with OpenAI, his understanding of the companies' relationship and his role during the chaotic few days when Sam Altman was briefly ousted as CEO of OpenAI. Altman's testimony is slated to begin on Tuesday, according to his lawyers.In 2024, Musk sued OpenAI, Altman, and the company's president, Greg Brockman, alleging that they went back on their vow to protect the artificial intelligence company's nonprofit structure and follow its charitable mission. Microsoft is named as a defendant in the lawsuit, as Musk accuses the company of aiding and abetting OpenAI's purported breach of charitable trust. Microsoft has been one of OpenAI's major backers since 2019, years before the company rocketed into the mainstream with the launch of its ChatGPT chatbot in late 2022. Microsoft's more than $13 billion worth of investments in OpenAI, including a $1 billion investment in 2019, a $2 billion investment in 2021 and $10 billion in 2023, have come up repeatedly over the course of the trial. Nadella said he was "very proud" that Microsoft took the risk to invest in OpenAI when "no one else was willing" to bet on the fledgling lab.Musk, who testified late last month, said Microsoft's $10 billion investment was the key tipping point that made him believe OpenAI was violating its nonprofit mission. He testified that the scale of the investment bothered him, and it prompted him to open a legal investigation into OpenAI. "I was concerned they were really trying to steal the charity," Musk said from the stand.Nadella said he did not believe Microsoft's investments in OpenAI were donations, and that there was a clear commercial element to their partnership from the outset. He said during the partnership's early years, Microsoft gave OpenAI sharp discounts on computing resources, and Microsoft believed it would reap marketing benefits from doing so. During a separate video deposition that was played on Monday morning, Michael Wetter, a corporate development executive at Microsoft, said the company has recognized approximately $9.5 billion in revenue to date through its partnership with OpenAI as of March 2025. Read more CNBC tech newsNintendo stock plunges after Switch 2 price hike and weak sales forecastAlphabet's 160% rally in a year reflects value of owning 'most of the stack' in AINvidia embraces role of AI investor, pushing past $40 billion in equity bets this yearWall Street sees 'changing of the guard in AI' as Intel, AMD shares soar while Nvidia lags Musk co-founded OpenAI alongside Altman, Brockman and a handful of other executives and researchers in 2015. After a number of disagreements about OpenAI's direction, including a failed effort to join it with his automaker Tesla, Musk left the OpenAI board in 2018. He went on to launch a competing AI startup, xAI, which he merged with SpaceX earlier this year. OpenAI established a for-profit subsidiary in the months following Musk's departure, which allowed the company to raise outside funding more easily. Investors, including Microsoft, have since poured billions of dollars into OpenAI's for-profit arm, and the company's valuation has swelled to more than $850 billion. In November 2023, Altman was briefly fired from his role at OpenAI after the board determined he had not been "not consistently candid in his communications." He was reinstated days later, after an intense few days of negotiations. Nadella said he was "pretty surprised" by the board's decision, and that his priority was to try and figure out how to maintain continuity for Microsoft customers. Immediately after Altman was removed, Nadella said he made an effort to learn more about what happened, adding that he suspected jealousy and poor communication was at play. During conversations with OpenAI board members after the firing, Nadella said he was simply trying to understand the language in the OpenAI's statement about Altman being "not consistently candid" while communicating with the board.That language, Nadella said, "just didn't sort of suffice, because this is the CEO of a company that we are invested in and we're deeply partnered with, and so I felt that they could have explained to me what are the incidents or what is the detail behind it."There must have been instances of jealousy or miscommunication that could have justified pushing out Altman, Nadella said. He wanted more depth from the board members after the remark about candor, but no such information was available, he said."It was sort of amateur city, as far as I'm concerned," Nadella testified.In October, OpenAI completed a recapitalization that cemented its structure as a nonprofit with an equity stake in its for-profit business. As part of that announcement, Microsoft disclosed that it held a roughly 27% stake in OpenAI's for-profit unit that was valued at around $135 billion. Microsoft CEO Satya Nadella is questioned by Microsoft attorney Jay Jurata during Elon Musk's lawsuit trial over OpenAI's for-profit conversion at a federal courthouse in Oakland, California, U.S., May 11, 2026 in a courtroom sketch. Vicki Behringer | Reuters The relationship between OpenAI and Microsoft has shown signs of strain in recent months, even as both companies continue to tout it as strategic and core to their businesses. Late last month, the same day that jury selection kicked off in Musk v. Altman, the companies announced a revamped partnership agreement that allows OpenAI to cap revenue share payments and serve customers across any cloud provider.OpenAI said in a release that the agreement aimed to "simplify our partnership and the way we work together."Musk testified that he is not entirely against OpenAI having a for-profit unit, but he said it became "the tail wagging the dog." He repeatedly accused Altman and Brockman of enriching themselves from a charity while also reaping the positive associations that come from running a nonprofit."Microsoft has their own motivations, and that would be different from the motivations of the charity," Musk said from the stand. "All due respect to Microsoft, do you really want Microsoft controlling digital superintelligence?"During a videotaped deposition shown in court last week, former OpenAI director Tasha McCauley recalled a discussion with Nadella and her fellow board members after the 2023 decision to dismiss Altman as OpenAI's CEO. "To the best of my recollection, Satya wanted to restore things to as they had been," McCauley said. The board members didn't think that was the right move, she said. But as a court witness on Monday, Nadella said he never demanded that the board reinstate Altman as OpenAI CEO. OpenAI co-founder Ilya Sutskever is questioned by Elon Musk's lawyer Steven Molo during Musk's lawsuit trial over OpenAI's for-profit conversion at a federal courthouse in Oakland, California, U.S., May 11, 2026 in a courtroom sketch. Vicki Behringer | Reuters Musk lawyer Steven Molo showed Nadella screenshots of text messages Nadella had exchanged with Kevin Scott, Microsoft's technology chief, about potential candidates to join OpenAI's board. Among those named in the conversation were Coinbase Chief Operating Officer Emilie Choi, former Eventbrite CEO Julia Hartz, former Gates Foundation CEO Sue Desmond-Hellmann, former Klein Perkins Caufield & Byers investor Bing Gordon, former Xerox CEO Ursula Burns, former LinkedIn CEO Jeff Weiner and former Alphabet director Diane Greene. In 2015, Google bought Greene's company Bebop, and she took over Google's cloud division. In 2019, she left Google and the Alphabet board.Nadella said "no" in a text message regarding Greene taking an OpenAI board seat. On Monday, he said that he was opposed because Greene, at the time, was affiliated with Google or had been until recently."I thought there were going to be conflicts because of our major competition with Google," he said. Nadella said that when he became Microsoft's CEO in 2014, Google had been its main competitor in AI, following the search advertising company's acquisition of AI lab DeepMind.OpenAI announced the appointment of Desmond-Hellmann to its board in March 2024."I had known her from the past," Nadella said.Molo also asked about an email Nadella had sent in 2022 to Microsoft executives regarding terms that would be favorable when collaborating with OpenAI."I don't want to be IBM and OpenAI to be Microsoft," Nadella wrote. In 1980, IBM signed a non-exclusive agreement to distribute Microsoft's DOS operating system on IBM personal computers. The deal allowed Microsoft to do business around DOS with several other PC makers, leading the software to become pervasive. Later, Microsoft sold licenses of its Windows operating system to device makers, cementing its role in information technology."Eventually Microsoft grew to be a much more prominent and important company than IBM, correct?" Molo asked."That's right," Nadella said. As of market close on Monday, Microsoft's market capitalization stood at $3 trillion, while IBM was worth $210 billion. OpenAI co-founder Sutskever takes the stand After Nadella concluded his testimony, Ilya Sutskever, a former OpenAI co-founder and a renowned AI researcher, was called to the stand. Sutskever was wearing a blue button-down shirt, and he answered questions about his decision to join the company, his communications with Musk and his involvement in Altman's ouster. Sutskever used to work at Google, and he testified that the company offered to pay him as much as $6 million a year to try and keep him from leaving for OpenAI. He was one of the employees who eventually expressed concerns about Altman's behavior to the board, in part because he said he felt "a great deal of ownership" over the startup. "I simply cared for it, and I didn't want it to be destroyed," Sutskever said.Bret Taylor, chairman of the board at OpenAI, followed Sutskever on the stand. He explained OpenAI's structure to the jury, and he also spoke about the "dire" period when Altman was removed as chief executive. Taylor did not finish his testimony before proceedings concluded on Monday, so he will be back on the stand on Tuesday at 8:30 a.m. PT.â CNBC's Lora Kolodny contributed to this report.WATCH: The Musk vs. OpenAI trial is underway â hereâs where things stand watch nowVIDEO3:1103:11The Musk vs. OpenAI trial is underway â here's where things standTech Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Home sales barely moved in April, as mortgage rates shot higher the month before and uncertainty over the war with Iran weighed on consumers. View More
watch nowVIDEO1:1801:18April home sales disappoint as higher mortgage rates weigh on buyersSquawk on the Street Sales of previously owned homes in April were essentially flat compared with March, rising just 0.2% to 4.02 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were expecting a gain of more than 3%. April sales were unchanged year over year. This count is based on closings, so contracts likely signed in late February and March. The average rate on the 30-year fixed mortgage ended March in the high 5% range, according to Mortgage News Daily, and then shot up sharply, due to the start of the U.S.-Israel war with Iran."Despite mixed macroeconomic signalsâincluding a record-high stock market and historically low consumer confidenceâhome sales were modestly boosted by the continued improvement in housing affordability," said Lawrence Yun, NAR's chief economist, in a release. "Mortgage rates are lower from a year ago, and average income growth is outpacing home price gains."Inventory in April rose 5.8% from March, but was up just 1.4% from the previous April to a 4.4-month supply. That is still considered tight, as a six-month supply represents a balanced market between buyer and seller. "We really need to see 30% growth in inventory, but we are not seeing that," Yun said. "Multiple offers, though not as intense as a few years ago, are still occurring. At the same time, days on market are lengthening on average, implying that consumers are taking their time before making decisions."That pushed prices higher. The median price of a home sold in April was $417,700, up 0.9% from the year before. That is the highest price NAR has recorded for April.The average days on market increased to 32 days in April, up from 29 days during the same month last year. First-time buyers represented a 33% share of sales during the month, down slightly from a year ago. One-quarter of all sales were all cash, unchanged from last year.Mortgage rates have remained higher, starting this week at 6.42%. Other reports this month show that while pending sales have increased some in April and May, supply is tightening again. That will continue to lift prices. Get Property Play directly to your inboxCNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Treasury yields rose Monday as traders reacted to the latest developments in the Middle East conflict. View More
In this articleUS10YUS2YUS30Y@CL.1Follow your favorite stocksCREATE FREE ACCOUNT Traders work on the floor of the New York Stock Exchange during morning trading on April 20, 2026 in New York City. Michael M. Santiago | Getty Images Yields on U.S. Treasurys moved higher at the start of a new trading week as traders reacted to geopolitical developments around the Iran war ahead of President Donald Trump's meeting with China premier Xi Jinping in Beijing later this week, and prepared for the latest inflation reading out Tuesday.The yield on the 10-year U.S. Treasury note â the key benchmark for government borrowing â was more than 4 basis points higher at 4.41%.The 2-year Treasury note yield, more sensitive to short-term Federal Reserve interest rate policy, rose more than 5 basis points to reach 3.951%. The longer-dated 30-year Treasury bond yield was more than 3 basis points higher at 4.98%.One basis point is equal to 0.01%, and yields and prices move in opposite directions. The war in Iran grew darker on Monday amid signs that any peace agreement â which lifted markets last weekâ could be stalling. Trump blasted Iran's counterproposal to end the 10-week conflict as "totally unacceptable", while Iranian President Masoud Pezeshkian said his country would "never bow" to its enemies. Oil prices edged back up toward $100 a barrel in early trading Monday, with West Texas Intermediate futures settling up 2.78% at $98.07 per barrel.This week's April consumer price index report due out Tuesday at 8:30 a.m. ET will be key. Non-seasonally adjusted year-over-year inflation is set to rose to 3.7% from 3.3% in March, according to economists polled by FactSet. Excluding volatile food and energy prices, inflation is estimated to rise to 2.7% in April from 2.6% the month before.Either way, consumer prices are rising far in excess of the Federal Reserve's stated target of no more than 2% growth in retail inflation."In addition to food and energy prices pushing up headline inflation, a mechanical rebound in rent and [owners' equivalent rent] stemming from the October 2025 government shutdown will put upward pressure on core," wrote Stephanie Roth, Wolfe Research's chief economist, in a note last week."We will also be watching airfares to gauge airlines' ability to pass through the surge in jet fuel prices, which we expect to be only partial, and whether the recent rebound in alternative measures of used vehicle prices shows up in the CPI data," Roth added.Meanwhile, the jobs market outperformed expectations in April, with nonfarm payrolls reported on Friday to have risen 115,000, down from 185,000 in March but far above the 55,000 forecast by economists surveyed by Dow Jones. Unemployment held steady at 4.3%.Austan Goolsbee, president of the Federal Reserve Bank of Chicago, said the jobs picture has "been stable without being good." He told CNBC that there is "not a lot of evidence that the job market is falling apart," but he conceded that the hiring rate remains low. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Voters are souring on Trump's economy ahead of the 2026 midterm elections, and high gas prices are only adding to consumer discontent. View More
A sign displays the prices of unleaded, premium, and diesel gasoline at a Speedway gas station in Columbus, Ohio, US, on Monday, May 11, 2026. Brian Kaiser | Bloomberg | Getty Images President Donald Trump and congressional Republicans are proposing suspending the federal gas tax as prices at the pump continue to soar ahead of the 2026 midterm elections. Gasoline and oil prices have jumped since the U.S.-Israeli war with Iran broke out more than two months ago. Iran has largely brought the Strait of Hormuz, which normally carries a fifth of the world's oil, to a standstill since the first strikes began. Trump said in the Oval Office on Monday that he would "reduce" the tax, shortly after saying in an interview with CBS News that he wants to pause the tax "for a period of time." "I think it's a great idea," he said in the CBS interview. "Yup, we're going to take off the gas tax for a period of time, and when gas goes down, we'll let it phase back in."Trump cannot declare a gas tax holiday alone, since Congress has sole authority over taxation. But several Republican lawmakers on Monday floated suspending the gas tax, which clocks in at 18.4 cents per gallon, the same amount it's been since 1993.Federal gas taxes primarily pay for federal highway construction and maintenance and also fund some public transit. Read more CNBC politics coverageBoeing, Citigroup CEOs set to join Trump on China visit next weekMarco Rubio heads to the Vatican as 2028 presidential buzz ramps upEpstein files: Commerce Sec. Howard Lutnick questioned by House Oversight panel Sen. Josh Hawley, R-Mo., on Monday said he would immediately introduce a bill to suspend the federal gas tax in a post to X. And Rep. Anna Paulina Luna, R-Fla., said she would be "introducing a bill in the House to suspend the federal gas tax in light of Trump's recent remarks.""American families need this relief on gas prices. My office will be working directly with President Trump to ensure we deliver this win for the American people," she said in a social media post. Trump and Republicans are scrambling to get prices down ahead of the November midterms that threaten to flip control of Congress to the Democrats. A recent poll from The Economist and YouGov, found only 25% of those polled approved of the job Trump is doing on inflation and prices, while 69% disapproved.Gas prices in the U.S. currently sit at about $4.52 per gallon, according to AAA's national average, approaching the highest recorded average price of $5.02 in June 2022. Slashing the federal gas tax would bring that down to roughly $4.34 per gallon. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Days after TMC's rout in the West Bengal, ED questioned the senior party leader Sujit Bose in connection with its investigation into the municipality recruitment ‘scam’ case. Bose had illegally recommended 150 candidates for different posts under the South Dum Dum Municipality in lieu of pecuniary benefits. ED has traced direct proceeds of crime in the form of flats acquired by him in lieu of providing municipality jobs to various persons. View More
The outbreak of Hantavirus on a cruise ship has led to biotech and pharmaceutical stocks surging on reports of firms developing vaccines. View More
In this articleMRNAINONVAXEBSFollow your favorite stocksCREATE FREE ACCOUNT ILLUSTRATION of hantavirus testing concept with laboratory tubes containing cotton swabs and HANTAVIRUS labels photographed in front of a public domain hantavirus related microscopic image released by the U.S. Centers for Disease Control and Prevention in Paris, France, May 8, 2026.Joao Luiz Bulcao | Afp | Getty Images An outbreak of the hantavirus caused a brief spike in the stocks of companies working to develop a vaccine, but the stocks weren't able to sustain their early gains. The World Health Organization flagged an outbreak of hantavirus, a fatal and viral respiratory disease spread by rodents, on May 2, after some passengers caught it on a Dutch-flagged expedition cruise ship, the MV Hondius, which was sailing the Atlantic.The public health risk for the virus is low, according to the WHO and other health authorities that have noted human transmission is rare. Which pharma and biotech stocks are rising? Biotech firm Moderna, which developed one of the main Covid-19 vaccines, was up less than 1% after it said it was conducting preclinical research on the virus. Shares had spiked as high at $59.48 earlier in the session. "Moderna has conducted preclinical research on Hantaviruses in collaboration with the U.S. Army Medical Research Institute of Infectious Diseases (USAMRIID), reflecting the ongoing regional impact of these pathogens," it said in a statement shared with CNBC. "These efforts are early-stage and ongoing and reflect Moderna's broader responsibility to develop countermeasures against emerging infectious diseases." Evercore ISI said last week that it is unlikely to be a revenue opportunity for Moderna in the hantavirus case. Stock Chart IconStock chart iconModerna stocks year-to-date compared to several other pharma stocks. "As a heavily retail-trafficked name, [Moderna] tends to trade on outbreak headlines well beyond the underlying commercial implications," Evercore analysts said in the note published on May 7. "With regards to current headlines, we see no meaningful revenue opportunity.""Hantavirus is a low-incidence, structurally small market, and we view any potential outsized moves as sentiment-driven, not fundamental. At most, it reinforces Moderna's mRNA platform agility, something already well understood post-COVID," they added. Meanwhile, vaccine development firm Inovio Pharmaceuticals fell 1%, while biotech firms Novavax and Emergent BioSolutions each fell 5% and 1%, respectively. All three stocks had seen gains in early trading. U.S. President Donald Trump has said the cruise ship outbreak is under control and that a report on the virus would follow soon."It's very much, we hope, under control," Trump told reporters Thursday. "It was the ship, and I think we're going to make a full report about it tomorrow. We have a lot of people. ... It should be fine." What is hantavirus and how serious is the outbreak? The Hantavirus strain in this case is the Andes virus, which is the only species that can cause transmission between humans, according to the WHO.WHO's Director General Tedros Adhanom Ghebreyesus said Friday that eight cases have been reported so far, with three deaths, and five of the cases confirmed as hantavirus. The WHO has assessed the "public health risk as low," Ghebreyesus said. There's little chance of a hantavirus global outbreak. What the latest odds say The MV Hondius has now docked in Tenerife in Spain's Canary Islands, after spending several days offshore awaiting clearance.Passengers and crew have begun disembarking under strict health protocols, with authorities coordinating testing, isolation, and repatriation efforts across multiple countries as they continue to monitor the spread of the virus. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Michael Burry said investors should "reject greed" as enthusiasm around artificial intelligence and momentum-driven trades pushes valuations sharply higher. View More
Michael Burry attends "The Big Short" New York screening Ziegfeld Theater on Nov. 23, 2015 in New York City. Astrid Stawiarz | Getty Images Michael Burry urged investors to scale back exposure to surging technology stocks, saying the current market environment has reached historically dangerous extremes reminiscent of prior speculative bubbles.The famed investor, best known for predicting the 2008 housing collapse, said investors should "reject greed" as enthusiasm around artificial intelligence and momentum-driven trades pushes valuations sharply higher."An easier way for most is to simply reduce exposure to stocks, to tech stocks in particular. For any stocks going parabolic reduce positions almost entirely," Burry wrote in a Sunday Substack post. Burry has been warning for months that the stock market's AI fixation increasingly resembles the final stages of the dot-com bubble. Last week, he compared the recent trajectory of the Philadelphia Semiconductor Index (SOX) to the run-up that preceded the collapse of technology stocks in March 2000, saying the current environment feels like "the last months of the 1999-2000 bubble."Burry said he is maintaining "a significant leveraged short position" against a portfolio of companies he views as depressed and cheap, a similar strategy he employed in 2000.However, Burry warned that directly betting against the rally through short selling is risky and impractical for most investors, particularly as bearish trades have become increasingly expensive."Shorting is not the answer. It is not something most people should ever do," he said. "Right now it is expensive, in general, to buy put options and directly shorting stocks can still cause significant pain."The comments add to a growing debate on Wall Street over whether the AI-driven rally in U.S. equities has become detached from fundamentals. Major stock indexes have repeatedly hit record highs despite the ongoing war in the Middle East as investors pile into semiconductor makers and megacap companies."The idea is to raise cash, and prepare to put it to work when it makes more sense to do so," Burry wrote. "History tells us that even if the party goes on for another week, month, three months or year, the resolution will be to much lower prices." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Real estate sales in Manhattan worth $4 million or more increased in the past month, according to Olshan Realty. View More
Central Park Tower, center, along Billionaire's Row in New York, US, on Friday, May 1, 2026. Michael Nagle | Bloomberg | Getty Images High-end real estate sales in Manhattan increased in the past month, according to new data, despite New York Mayor Zohran Mamdani's proposed pied-à -terre tax that brokers warn could cause a wealth flight.There were 133 contracts signed for apartments priced at $4 million or more between April 14 and May 10, according to Olshan Realty. That compares with 130 during the same period last year. The total dollar volume increased by 10% to $1.12 billion, Olshan said.Sales at the very high end remain especially strong, with contracts signed for apartments priced at $10 million or more surging by 80% to 34 contracts. The strength comes as real estate brokers and business leaders warn that a new second-home tax will chase away the New York wealthy and their valuable spending."The last four weeks demonstrates that an impending pied-à -terre tax has had no effect on the luxury market in Manhattan," said Donna Olshan, president of Olshan Realty. The market could turn once the tax is imposed, of course. Yet the surge comes as the proposed pied-à -terre tax makes its way through the New York legislature and sparks a highly public and bitter battle over taxing the wealthy in New York. The tax, first proposed by Mamdani and New York Gov. Kathy Hochul on April 15, would be an annual levy on non-primary real estate in New York valued at $5 million or more. Mamdani said the tax will raise $500 million in annual revenue and force the part-time New Yorkers to "pay their fair share."Real estate brokers have lobbied to halt the tax in Albany, saying it will hurt the market and cost jobs and tax revenue. Second-home owners in New York already pay property taxes but don't typically use many public services like schools or public transportation. Corcoran Group President and CEO Pamela Liebman told The Real Deal last week that Corcoran "has so many deals that have been put on pause, particularly at the $30 million, $40 million level, that are just wait and see."The battle over the tax also became highly personal after Mamdani announced his proposal with a social media video in front of Citadel CEO Ken Griffin's apartment building. Griffin, who lives in Miami, purchased the apartment in 2019 for $238 million, setting the record for the most expensive home sold in the U.S. Citadel is also building a $6 billion new building on Park Avenue as well as a new headquarters in Miami.In an interview with CNBC last week, Griffin said he will expand the Miami workforce over the next 10 years "as an immediate and direct consequence of the mayor's poor decision here, with respect to his posting of that video." He added that the social media post was "in poor taste." watch nowVIDEO5:1305:13Ken Griffin: We will create jobs in Miami as a consequence of NYC Mayor Mamdani's wealth tax videoThe Exchange Mamdani's press spokesman said the mayor "wants all New Yorkers to succeed" but that "the tax system is fundamentally broken. It rewards extreme wealth while working people are pushed to the brink."The tax also faces big questions about implementation â and how to value New York properties. New York's antiquated assessment system values properties far below their market value and leaves a small number of apartments valued at $5 million or more. Griffin's $238 million apartment is assessed by the city at $6.99 million and valued at only $15.5 million, CNBC previously reported. Hochul announced last week that she and the legislature had reached an agreement on the broad outlines of a state budget, which includes the pied-à -terre tax. She has not announced any details on the proposal, including the rates, timing and valuation system. Get Inside Wealth directly to your inboxThe Inside Wealth newsletter by Robert Frank is your weekly guide to high-net-worth investors and the industries that serve them.Subscribe here to get access today. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.
Avoid sharing your credit card with friends and family. If your reported income is not sufficient to pay back your credit card debt, or your expenditures far exceed your income capacity, it may trigger a notice from the authorities. View More