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17 May 2026, 20:10

Who trusts Sam Altman? Trust becomes central question as Elon Musk-OpenAI trial nears verdict

BitcoinWorld Who trusts Sam Altman? Trust becomes central question as Elon Musk-OpenAI trial nears verdict The Elon Musk-OpenAI trial is heading toward a verdict, but the closing arguments this week revealed a deeper question that extends far beyond the courtroom: Who trusts Sam Altman? And more broadly, who trusts any of the AI labs now shaping the future of technology? The trust question at the heart of the trial Lawyers for both sides made their final cases this week, and jurors must now decide whether OpenAI violated any laws as it transitioned from a nonprofit into a more traditional for-profit structure. But as editors on Bitcoin World’s Equity podcast discussed, the trial’s final days repeatedly circled back to the credibility of OpenAI CEO Sam Altman. Musk’s attorney, Steve Molo, grilled Altman on the stand about statements he made during congressional testimony, particularly regarding his equity stake in OpenAI. Altman had testified that he held no equity, but it emerged that he had a passive investment through Y Combinator, the startup accelerator he once ran. Altman attempted to brush off the discrepancy by saying he assumed everyone understood what passive investment in a VC fund meant. Musk’s lawyer pushed back, questioning whether a congressman interviewing him would have known that. Two leaders, two styles of untruthfulness Bitcoin World’s senior editor Kirsten Korosec noted that the trial highlighted a fascinating contrast in how the two tech billionaires handle the truth. Musk has a well-documented history of making misleading or false statements on social media, but on the stand, he was combative and confrontational when correcting the record. Altman, by contrast, adopted a more affable tone, acknowledging his shortcomings and framing them as areas he is working to improve. “Both being untruthful, but how they dealt with it was very different,” Korosec said on the podcast. This difference in style may influence the jury, but the core facts remain. And as Korosec pointed out, the trust question isn’t limited to Altman or Musk. It applies to the entire AI industry. A broader industry transparency problem “This is a fundamental question for a lot of tech journalists, policymakers, and more and more consumers, about all the AI labs,” Korosec said. “It’s really come down to trust, because we don’t have the insight, necessarily — these are all privately held companies, there’s a lot behind the veil still.” Bitcoin World’s Sean O’Kane was more blunt when asked if he trusts Altman: “I’ll say it: I don’t trust him.” He added that Musk’s motivation for the lawsuit appears to be at least partly about slinging mud at a perceived rival. “I think all these people came out of this looking a little bit worse,” O’Kane said. Why this matters beyond the courtroom The trial is about more than a legal dispute between two powerful figures. It exposes a structural weakness in the AI industry: the lack of transparency at privately held companies that are developing technologies with profound societal implications. Until these companies go public and face regular disclosure requirements, trust will remain a central issue — and it will be shaped by moments like this trial, where credibility is tested under oath. Conclusion The Musk-OpenAI trial may end with a legal verdict, but the trust question will persist. As AI labs continue to operate behind closed doors, the industry’s credibility depends on more than courtroom testimony. It depends on whether leaders like Altman and Musk can demonstrate that their intentions match their actions — and whether the public, regulators, and the press can hold them accountable. FAQs Q1: What is the Elon Musk-OpenAI trial about? Musk sued OpenAI, alleging the company violated its nonprofit mission by transitioning into a for-profit structure. The trial is examining whether OpenAI breached its founding agreements and whether its leaders acted in bad faith. Q2: Why is trust a central issue in this trial? The trial has focused heavily on Sam Altman’s credibility, particularly statements he made under oath and in congressional testimony about his financial interests in OpenAI. Musk’s legal team has used these statements to argue that Altman is not trustworthy. Q3: What does this mean for the broader AI industry? The trial highlights a lack of transparency at privately held AI companies, raising questions about how the public and policymakers can trust claims made by these firms about safety, mission, and governance. It underscores the need for clearer oversight and disclosure standards. This post Who trusts Sam Altman? Trust becomes central question as Elon Musk-OpenAI trial nears verdict first appeared on BitcoinWorld .

17 May 2026, 19:40

Trump warns Iran to act fast or face severe consequences

President Donald Trump issued another warning to Iran on Sunday, telling the country it needs to act quickly or face serious trouble. “For Iran, the Clock is Ticking, and they better get moving, FAST, or there won’t be anything left of them,” Trump wrote on Truth Social. “TIME IS OF THE ESSENCE!” The two countries have been struggling to reach an agreement since they stopped fighting in early April. Such a warning has been given before as well when Trump threatened a “whole civilization will die tonight, never to be brought back again”. The warning was aimed at civilian targets like power plants and bridges going against the international war laws. This time, Trump didn’t say exactly what would happen or what Iran needs to do to avoid these consequences. The blocked strait has caused big problems for the world economy. Oil prices have jumped up everywhere, and Americans are paying more at gas stations. On Sunday, the average gas price across the country was $4.51 per gallon, according to AAA. America wants Iran to stop its nuclear weapons work and open the Strait back up. Iran wants money to fix war damage, an end to the port blockade, and all fighting to stop, including battles in Lebanon. Iran has found a new way to put pressure on the world The country is looking at the underwater cables that run beneath the Strait of Hormuz. These cables carry internet data and financial information between Europe, Asia, and countries around the Persian Gulf. Iran wants big technology companies to pay for using these cables. Some government-connected media in Iran have hinted that the cables could be damaged if companies refuse to pay. Iranian lawmakers talked about this plan last week. It would affect cables connecting Arab nations to Europe and Asia. “We will impose fees on internet cables,” said Ebrahim Zolfaghari, a spokesperson for Iran’s military, in a post on X last week. Media connected to Iran’s Revolutionary Guards said the plan would make companies like Google, Microsoft, Meta, and Amazon follow Iranian rules. Cable companies would have to pay fees to use the route, and only Iranian companies could fix or maintain the cables. Some of these technology companies have put money into cables that go through the Strait of Hormuz and Persian Gulf areas. It’s not clear if these cables actually pass through waters that Iran controls. There’s also a question of how Iran could make these companies pay. American sanctions don’t allow payments to Iran, so the tech companies might think Iran is just making empty threats. Still, Iranian media have warned that damage to the cables could hurt trillions of dollars worth of global data and mess up internet connections worldwide. The strait connects Asian technology centers like Singapore to cable stations in Europe. Problems there could slow down financial trading between Europe and Asia. Parts of East Africa might lose internet completely. Trump says Xi agrees on opening strait, but China won’t confirm Trump said Chinese President Xi Jinping agreed that Iran must open the Strait of Hormuz, though China didn’t confirm this. Xi didn’t talk publicly about his Iran discussions with Trump. China’s foreign ministry called the war a conflict “which should never have happened, has no reason to continue.” Ebrahim Azizi, who leads Iran’s parliament security committee, said Saturday that Iran has prepared a system to manage ship traffic through the strait on a specific route that will be announced soon. Azizi said only business ships and those cooperating with Iran would benefit, and fees would be charged for special services. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

17 May 2026, 17:27

Japan sold $29.6 billion in U.S. debt in Q1 2026

Japan investors pulled $29.6 billion out of U.S. government-linked debt in the first quarter of 2026, the country’s biggest quarterly sale since the second quarter of 2022, which was basically four years ago. Q1 also broke a strong buying run, because Japanese accounts had bought U.S. debt in 11 of the previous 12 quarters, and this was their first quarterly net sale since Q4 2024. The agency bucket covers mortgage-backed securities and debt tied to government-backed firms. Local authority debt covers municipal bonds sold by U.S. states, cities, and local governments. In the first two months of the year alone, Japanese investors sold $4.14 billion of U.S. agency bonds, based on the latest U.S. Treasury Department figures. Japanese investors cut U.S. debt holdings as inflation changes the Fed trade Activity was back to normal after the painful rate repricing in February, where the OIS priced in a Fed rate cut twice in the coming months. Obviously, that was before the United States, in tandem with Israel, bombed Iran, oil surged 50%, and traders changed their stance to a rate hike for the upcoming period. The Japanese continue to hold a bigger share of U.S. debt among all foreigners, with around $1.24 trillion in total. Next is the United Kingdom with $897 billion, followed by China with $693 billion. But now data suggest that the Japanese are selling off their positions in U.S. bonds because of better yields offered domestically. The 10-year JGB yields reached 2.73%, which is the highest level seen since May 1997. Markets predict an increase in the central bank’s policy rate by 25 basis points to 1% for June due to persistently strong inflation. The 30-year JGB yield reached 4% for the first time since the bond was launched in 1999. The 5-year and 20-year JGB yields also touched record highs earlier in the week. Finance Minister Satsuki Katayama said Friday that government bond yields were rising across the biggest global markets. “These developments are interacting with one another, and that is creating a compounding effect,” Satsuki told reporters. Global bond markets sell off as oil, auctions, and Fed warnings hit traders Japan’s Prime Minister Takaichi Sanae won a landslide election in February after promising more public spending and help against inflation. Sanae’s government is already subsidizing petrol prices. Economists now warn that her administration may need a supplementary budget later this year, which would put more pressure on JGB prices. Over in America, Trump’s war-driven price fears are pushing borrowing costs higher, with the 30-year Treasury yield heading toward a two-decade high above 5%. Treasury yields are now roughly half a percentage point or more above late-February levels. The 2-year yield reached 4.07%, its highest since early 2025. The 10-year yield hit 4.59% after rising about a quarter point last week, its biggest weekly jump since April last year. Long-term Treasury yields matter because they feed into mortgage rates and corporate loans. Bond investors have spent two months watching for signs that high oil prices could hurt growth more than inflation. Higher long-term yields have brought that question back. Last week’s auctions gave traders nothing cute to smile about. The 30-year Treasury sale was the first since 2007 to clear at a rate as high as 5%, and demand was still plain. The 3-year and 10-year auctions also drew average interest. A JPMorgan Chase & Co. (JPM) survey showed Treasury short positions at their highest level in 13 weeks. Investors will now watch Wednesday’s Fed April meeting minutes to see how much backing dissenting voters had. Chicago Fed President Austan Goolsbee said broad price pressure may point to overheating. Fed Governor Michael Barr called inflation the “overwhelming” risk facing the economy. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

17 May 2026, 16:25

The AI skills arms race is coming for automotive: GM, Ford, Stellantis cut over 20,000 jobs

BitcoinWorld The AI skills arms race is coming for automotive: GM, Ford, Stellantis cut over 20,000 jobs The automotive industry is undergoing a quiet but profound workforce transformation. General Motors, Ford, and Stellantis have cut a combined total of more than 20,000 U.S. salaried jobs — roughly 19% of their collective workforce from recent employment peaks this decade, according to CNBC calculations. While multiple factors are driving these reductions, a clear pattern is emerging: companies are deliberately swapping traditional IT roles for AI-native talent. GM’s deliberate skills swap General Motors laid off more than 10% of its IT department — about 600 salaried employees — in what the company describes as a deliberate skills swap. The automaker insists it is hiring, but the new recruits are not filling the same roles. The most sought-after capabilities include AI-native development, data engineering and analytics, cloud-based engineering, agent and model development, prompt engineering, and new AI workflows. In practical terms, GM is looking for people who know how to build with AI from the ground up — designing systems, training models, and engineering pipelines — not just use AI as a productivity tool. The layoffs, however, are not a one-to-one exchange. GM acknowledges there will likely be a net-negative job loss as the company shifts its workforce composition. Industry-wide cuts and technological change Ford, GM, and Stellantis have all reduced their salaried workforces significantly this decade. While cost-cutting and restructuring play a role, executives at all three companies have pointed to technological change — particularly AI — as a driving factor. Anecdotes from engineers and founders suggest that not all of these businesses know exactly what they are doing with AI yet, but the hiring patterns indicate a long-term strategic bet. This trend is not limited to Detroit. Automotive suppliers, logistics firms, and even startups are racing to hire AI specialists while trimming legacy IT teams. The skills arms race is reshaping the entire transportation sector. Samsara’s real-world AI use case One company that appears to have found a revenue-generating AI application is Samsara. The firm has spent the last decade installing cameras inside millions of trucks for driver monitoring, theft prevention, and liability claims. Samsara used that mountain of data to train its own model capable of detecting potholes and determining how quickly they are deteriorating. The company is now pitching this product to cities and has several under contract, including Chicago. RJ Scaringe’s fundraising streak Separately, Rivian’s spinoff company Mind Robotics raised another $400 million, just two months after raising $500 million. Bitcoin World calculated that investors have poured $12.3 billion into founder RJ Scaringe’s three startups — including Mind Robotics and Rivian. That figure does not include the nearly $12 billion in gross proceeds from Rivian’s IPO, nor the recent strategic deals with Volkswagen Group and Uber, which could add nearly $7 billion to Rivian’s coffers. Insiders and investors told Bitcoin World that Scaringe’s ability to give undivided attention to whoever he is talking to — whether an investor, supplier, or executive — makes them feel like the most important person in the room. It is yet another piece of evidence in the long-standing case against multitasking. Other notable deals Several other deals caught our attention this week. Arkeus, an Australian startup developing perception software for autonomous drones and aircraft, raised $18 million in a Series A round led by QIC Ventures. Aseon Labs, a Redwood City startup that developed a depot-in-a-box for charging, cleaning, and inspecting autonomous fleets, came out of stealth with undisclosed backing by Y Combinator. Rapido raised $240 million in a round led by Prosus, valuing the Indian ride-hailing company at $3 billion. Quantum Systems, a Germany-based drone startup backed by Peter Thiel, is in talks to raise around €600 million ($703 million) with companies like Airbus and Blackstone as investors. Notable reads and tidbits Redwood Materials hired a new CFO, Deepak Ahuja, formerly Tesla’s finance chief and most recently CFO at drone company Zipline. Tesla Robotaxis have crashed at least twice since July 2025 while a teleoperator was remotely driving the vehicles, according to newly unredacted information submitted to NHTSA. Uber is expanding in India with two new engineering campuses that can fit about 9,600 people. Waymo issued a software update to its fleet of nearly 4,000 vehicles to help them avoid flooded roads, though the company has not fully solved the problem of how its vehicles behave in these conditions. Conclusion The AI skills arms race is not a future trend — it is happening now in the automotive sector. Companies are cutting traditional IT jobs and hiring AI specialists, even if they are still figuring out how to use the technology effectively. For workers, the message is clear: AI-native skills are becoming essential. For the industry, the race is on to find the right talent before competitors do. FAQs Q1: How many automotive jobs have been cut due to AI? CNBC calculated that Ford, GM, and Stellantis have cut a combined total of more than 20,000 U.S. salaried jobs, or 19% of their combined workforces, from recent employment peaks this decade. While not all cuts are directly AI-related, technological change including AI is a major factor. Q2: What AI skills are automakers hiring for? The most sought-after capabilities include AI-native development, data engineering and analytics, cloud-based engineering, agent and model development, prompt engineering, and new AI workflows. Companies want people who can build AI systems from the ground up, not just use AI tools. Q3: Is this trend limited to Detroit automakers? No. Automotive suppliers, logistics firms, and startups are also racing to hire AI specialists while trimming legacy IT teams. The skills arms race is reshaping the entire transportation sector globally. This post The AI skills arms race is coming for automotive: GM, Ford, Stellantis cut over 20,000 jobs first appeared on BitcoinWorld .

17 May 2026, 08:04

Ripple's Schwartz Donates XRP to John Deaton

Ripple Chief Technology Officer Emeritus David Schwartz has thrown his financial support behind pro-crypto attorney John Deaton’s latest U.S. Senate campaign.

17 May 2026, 08:02

Ripple (XRP) Documented As a Solution to Prevent a Global Debt

Crypto researcher SMQKE has shared documents on X that he says identify Ripple as a possible solution for reducing systemic financial risks after the 2008 global financial crisis. His post focused on academic and institutional references discussing Ripple’s role in trade finance and cross-border interbank transfer systems. The post quickly gained traction amongst XRP community members because the documents appeared to connect Ripple’s technology to long-term discussions about improving the stability of international finance systems. Remember: Ripple has been documented as a solution aimed at preventing a global debt contagion similar to the 2008 financial crisis. Twice. pic.twitter.com/Z8wLDrnJHG — SMQKE (@SMQKEDQG) May 15, 2026 Documents Discuss Blockchain Transparency and Risk Reduction One highlighted passage stated that implementing Ripple for trade finance was considered a possible way to improve transparency in financial activity. The document explained that digital ledgers could help prevent excessive financial risk by making transaction records easier to monitor and verify. The text directly referenced the 2008 global financial crisis and collateralized debt obligations, arguing that blockchain-based systems could reduce the chances of similar failures. According to the document, transparent digital records could make it more difficult for financial institutions to hide exposure levels or accumulate unseen liabilities. Another section explained that blockchain technology allows financial information to be organized and viewed at multiple levels through Merkle-rooting structures. The document suggested that this capability could improve oversight in supply chain finance and receivables markets while helping institutions monitor interconnected financial obligations more effectively. Ripple Mentioned in Cross-Border Banking Discussions Another image shared by SMQKE featured a conference presentation discussing changes in the cross-border interbank transfer services market. The presentation stated that after the financial and economic crisis of 2008, demand increased for new approaches to international interbank transfers. Ripple was specifically mentioned among emerging payment and settlement systems. The presentation also referenced IBM’s Blockchain World Wire initiative and J.P. Morgan’s Interbank Information Network. According to the material shown in the images, financial institutions began seeking alternatives and improvements to traditional transfer systems after weaknesses in older banking infrastructure became more visible during the crisis. The conference material appeared to present Ripple as part of a group of technologies being explored for faster and more transparent international settlements. XRP Community Connects the Research to Current Events SMQKE’s post received reactions from several figures within the digital asset community. An X user known as “documenting XRP” commented that Ripple could eventually become “the solution that solved the global financial problem rather than hypothetically.” We are on X, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) June 15, 2025 Another user, ROCH, stated that official records have identified XRP Ledger and Ripple technology as tools that can reduce systemic financial risk through instant cross-border liquidity. ROCH also connected the discussion to rising global debt levels in 2026 and ongoing regulatory developments in the United States, including progress surrounding the CLARITY Act. The comments reflected a growing belief among XRP supporters that Ripple’s payment technology could play a larger role in international finance as institutions continue searching for faster settlement systems and improved transaction transparency. By revisiting documents connected to the aftermath of the 2008 financial crisis, SMQKE’s post highlighted Ripple’s mention in discussions about reducing financial instability and improving the efficiency of global payment systems years ago. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are advised to conduct thorough research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on X , Facebook , Telegram , and Google News The post Ripple (XRP) Documented As a Solution to Prevent a Global Debt appeared first on Times Tabloid .