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According to reporting from Katherine Faulders, Donald Trump is expected to withdraw his $10 billion lawsuit against the IRS as part of a deal to establish a $1.7 billion compensation fund. The fund would reportedly provide payouts to Trump allies who say they were unfairly targeted by the Biden administration. Additional reporting claims the initiative may be named “The President Donald J. Trump Truth and Justice Commission” and could ultimately control about $1.776 billion. The proposal has not been officially announced, and details about the commission and eligibility for payouts remain unclear. I’m also excited to share that I’m partnering with the Knight Center at the University of Texas to teach a class next Wednesday about using Substack to advance journalism. It’s genuinely encouraging to see institutions recognizing the work independent media creators are building.

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Carmen Lineberger is accused of sending the report to her private email account, in violation of Judge Aileen Cannon’s order. Sen. John Fetterman’s chief of staff resigned Wednesday, a source familiar with the move told Axios. “We don’t report to any party or any person here in D.C.,” says Fitzpatrick, who was the target of barbs from Trump today over failing to be in lock-step. Fitzpatrick says he’s not worried about Trump finding a primary challenger to run against him. “He should make his case and not threaten Fitzpatrick,” Bacon tells us, about Trump. “You have to give up your personal preferences sometimes, because you’re in a deliberative body,” Johnson added.

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College president Tiffany Hernandez acknowledged during the ceremony that the school was using a new AI reader and apologized, telling graduates the skipped students would still be allowed to walk across the stage and take photos. The college later issued a formal apology, calling the issue a technical malfunction. The incident comes amid growing backlash at commencement ceremonies over speeches and technology centered on artificial intelligence, including recent boos directed at former Google CEO Eric Schmidt during a commencement speech at the University of Arizona. SpaceX confirmed Wednesday that it plans to go public in what could become the largest IPO in history and potentially make Elon Musk the world’s first trillionaire. The offering is expected to launch next month and could value SpaceX at roughly $2 trillion, surpassing the record-setting Saudi Aramco IPO. Second, I spent the day speaking with lawyers, and I want to provide a deep dive into how Donald Trump’s weaponization fund and the audit settlement agreement can and likely will be undone.

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My sense from a distance is that we’re in the midst of or at the beginnings of a sea change on this front, for the simple reason that 2025 and the beginnings of 2026 have simply left no available space for a defense of the legitimacy of this Court. In a way, it is the mildest of silver linings of having the Biden presidency sandwiched between two Trump presidencies. Leading off the list will be Trump’s personal lawsuit to brazenly pick $10 billion out of Americans’ pockets.

Three people were killed and 12 wounded, Russian authorities said. Two U.S. Navy EA-18G Growler jets collided and crashed during an air show at Mountain Home Air Force Base in Idaho, but all four crew members safely ejected and survived. The aircraft, assigned to Electronic Attack Squadron 129 based in Washington state, were performing an aerial demonstration when they appeared to make contact midair before crashing near the base in a fireball. Officials said no spectators or personnel on the ground were injured, and the incident is now under investigation. The crash occurred during the return of the “Gunfighter Skies” air show, which featured military demonstrations including performances by the United States Air Force Thunderbirds. According to a report from The New York Times, the United States and Israel are conducting what officials described as their most intensive military preparations since the April ceasefire with Iran.

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But you know who else is a bad regime doing bad things in the world and to its own people? As a hint, it is the regime that joined with Israel to launch a war of aggression in Iran! “It is difficult to see how this war ends in a peace deal that doesn’t give a new lease on life to Iran’s Islamic regime,” Friedman worries. But I think another, perhaps less discussed downside is that the elites who misrepresent Trump end up believing their own bullshit. The Trump administration has been dancing around the question of whether it will carry out military strikes against Cuba. This outbreak comes just two weeks before the world starts arriving in the US for the World Cup which kicks off on June 11th.

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While Iran cannot “defeat” the U.S. on the battlefield, it possesses “asymmetric leverage” — or rather, Trump gave Iran asymmetric leverage by starting a war without securing the Strait of Hormuz. “It can prolong instability, raise global energy prices, and create enough uncertainty to pressure Western governments already struggling with inflation and domestic political divisions,” Carmon explained. It “merely needs to convince Washington that full confrontation costs more than compromise.” So far, that strategy is paying off. Still fixated on the notion that the “winner” of the war is the side that blows up the most stuff, he remains convinced he can dictate terms to Iran.

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This time, it was weeks before health officials knew for certain that they were dealing with an Ebola outbreak. That’s the Republican primary for governor, in which Rick Jackson, a billionaire with no previous political experience, has contributed more than $83 million of his own money to his campaign. They and other advertisers have laid out nearly $19 million against Mr. Massie or in favor of Mr. Gallrein. Last summer, Mr. Trump’s aides even started a super PAC, MAGA KY, for the purpose of ousting Mr. Massie, drawing support from the Republican megadonor Paul Singer and a super PAC heavily funded by Miriam Adelson, another megadonor and supporter of Mr. Trump. Two pro-Israel groups, including one tied to the influential American Israel Public Affairs Committee, spent over $9 million against him.

While Justice Department lawyers defended the F.D.A. in the lower courts, they have not said whether the administration ultimately supports allowing the pills to be mailed. Rather, administration lawyers have said that the F.D.A. is conducting a review of mifepristone’s safety and have asked the lower courts to delay Louisiana’s lawsuit until that review is complete. The Trump administration effectively acknowledged China’s growing influence over the Strait of Hormuz crisis, with Marco Rubio emphasizing that both Washington and Beijing agreed the waterway should not be “militarized” or turned into a toll route. Even while insisting the U.S. did not need China’s help, administration officials conceded that disruptions in the strait were already driving up global energy costs and putting economic pressure on the United States. The episode highlighted how dependent global markets remain on stability in Hormuz and how much leverage regional powers and China now hold over a conflict the Trump administration appeared unable to fully control.

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