• Tesla supplier CATL rose 13% in its Hong Kong trading debut on Tuesday morning.
• The IPO raised $4.6 billion, primarily to fund its European expansion.
• CATL competes with Tesla and BYD in the EV battery supplier market.

Key Tesla supplier CATL rose 13% in its Hong Kong trading debut on Tuesday morning.

The world's largest battery maker filed to go public in Hong Kong earlier this year, primarily to fund its European expansion. CATL has been listed on the Shenzhen Stock Exchange since 2018.

The initial public offering raised HK$35.7 billion, or $4.6 billion, according to a company filing. That size makes it one of the largest global listings of the year. The stock was listed at HK$263 per share.

Companies pursue dual listings — where a company is traded on more than one exchange — because it gives them access to more capital and lets their shares trade for a longer time if the exchanges are in different time zones. Hong Kong listings are a popular option for Chinese companies because they allow international investors to buy stock.

In a document filed with the Hong Kong exchange in February, CATL said that part of the money raised will be used to build a $7.6 billion battery plant in Hungary. The rest will be used for daily business. CATL has a partnership with Jeep and Fiat maker Stellantis in Spain.

CATL is a major supplier to Tesla, selling lithium-iron phosphate batteries to its Shanghai factory.

Last week, HSBC analysts led by Elaine Chen wrote in a note that CATL has a "dominating domestic position" in the EV battery market, enabled by "continuous products upgrade and innovation."

They added that they see the company "unlock more volumes opportunities in Europe on its superior-than-peers affordability and leading lithium iron phosphate (LFP) technology."

CATL is ramping up competition against Tesla and Chinese EV star BYD.

Late last month, CATL unveiled a new battery it said can out-charge BYD and Tesla. It launched an updated version of its Shenxing battery, which it said allows electric vehicles to add 520 kilometers, or 323 miles, of range in just five minutes of charging.

EV companies are trying to cut charge times to entice buyers who are wary of switching to electric.

In January, the Department of Defense added CATL to its list of "Chinese military companies" operating in the United States. CATL denied it had any association with the Chinese military and said it was prepared to contest the decision with legal action if necessary.

Fan-favorite WWE Superstar Zoey Stark was carried backstage after she suffered a legitimate injury during her match against Kairi Sane and Rhea Ripley.

The charges are related to a scuffle at a New Jersey ICE facility that resulted in the arrest of Newark Mayor Ras Baraka.

• Barry Diller said to give Trump's tariffs "a little good spirit," though he thinks "it's going to end in tears."
• "I like big gambles," he said. "Maybe you can pull it off. Maybe manufacturing can come back.
• The Budget Lab at Yale warns that tariffs won't offset the GOP's proposed tax cut bill.

Barry Diller thinks that President Donald Trump's tariffs should be allowed to come to pass.

"I think it's going to end in tears," the Hollywood mogul and IAC chairman said of Trump's tariff during Monday's episode of the "On with Kara Swisher" podcast.

"But you know what?" the 83-year-old billionaire continued. "It's a big gamble. I like big gambles. Maybe you can pull it off. Maybe manufacturing can come back. Maybe it can end taxes for people where you just simply get money from others."

"Don't be in this derangement syndrome, and let's see giving it a little good spirit rather than a violent negative spirit — and that's my attitude right now," Diller added.

Trump's broad-reaching tariffs have met challenges thus far, and he has paused some of the highest levies. Business leaders, even those who have openly supported him, have expressed concerns about their economic impacts, and stocks tumbled when the tariffs were announced.

The Budget Lab at Yale recently said in a report that the income reaped from tariffs won't come close to offsetting the Republicans' proposed tax cuts, which could pass given their majority in Congress and may cost the country $3.4 trillion over the next 9 years.

"If we account for the likelihood that these provisions would become permanent, at the end of 30 years the debt-to-GDP ratio would be over 180%, even assuming substantial revenue from tariffs," the non-partisan policy research group wrote. "For context, the only countries with a higher debt-to-GDP ratio currently are Japan and the Sudan."

In a separate report on May 12, the Budget Lab at Yale found that Trump's tariffs would cost the average American household a loss of $2,800 per household on average in 2024 dollars in purchasing power.

Higher tariffs on 75 trading partners imposed on April 2 were suspended for 90 days starting on April 9. Tariffs on China were temporarily lifted for 90 days on May 14 to negotiate a broader trade agreement.

Expedia did not respond to a request for comments.

General Motors halts US vehicle exports to China amid tariff tensions despite a recent 90-day pause in wrangling.

Senate Democratic Leader Chuck Schumer is planning to seek a vote on legislation he's introducing Monday to prevent foreign planes from being used as Air Force One, Axios has learned.

Why it matters: Democrats have latched on to the offer from Qatar to give a $400 million jet to President Trump, arguing it reeks of corruption.

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• Schumer's bill could find sympathy from some Senate Republicans, who this month have raised concerns about the Qatari offer.
• Trump argued this weekend that the jet is a gift to the U.S. and not him personally, lashing out at news organizations who have suggested the gift is for the president.
• Congressional Democrats have called for investigations into the proposed arrangement.

Between the lines: Schumer plans to force a vote on the legislation during this year's government funding fight. The vote would likely come in the form of an amendment to GOP spending bills.

• Schumer called the Qatari plane a security risk, saying there are no modifications that would make the plane secure enough to serve as Air Force One.
• "It is now on the Senate to prioritize our national security, protect Americans, and ensure that a foreign-owned plane never gets the call sign 'Air Force One,'" Schumer said in a statement.
• The $400 million jet would be worth 100 times more than every other presidential gift from a foreign nation combined since 2001, according to an Axios analysis of State Department data.

Go deeper: The foreign emoluments clause: What it is and how it relates to Qatar's jet offer

Editor's note: This story has been updated with additional reporting.

President Trump spent several days brawling online with America's biggest pop stars, re-litigating their support for then-Vice President Harris in the 2024 election, bashing their talent and demanding they be investigated.

Why it matters: Trump has repeatedly used the power of the federal government to probe political enemies and target the Democrats' fundraising arm.

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Driving the news: "How much did Kamala Harris pay Bruce Springsteen for his poor performance during her campaign for president?" Trump wrote on Truth Social early Monday.

• "Isn't that a major and illegal campaign contribution? What about Beyoncé?" he added. "And how much went to Oprah and Bono??? I am going to call for a major investigation into this matter."

Reality check: Celebrities' teams shut down rumors during the election that they were paid millions for their appearances with Harris

Taylor Swift

Context: Trump's post spree began Friday, when he said the pop star is no longer "hot."

• "Has anyone noticed that, since I said 'I HATE TAYLOR SWIFT,' she's no longer 'HOT?'" the president wrote Friday on Truth Social.

The latest: "He is speaking about Taylor Swift's political views and how perhaps it has impacted the support of the American public for her work," White House press secretary Karoline Leavitt said when asked about the comments Monday. "And I will leave it at that."

• Swift just wrapped up her Eras Tour, which took in more than $2 billion, the highest grossing tour ever, according to estimates.

Bruce Springsteen

State of play: Springsteen, during his European tour, criticized the Trump administration, calling its policies and rhetoric dangerous.

• "In America, they are persecuting people for using their right to free speech and voicing their dissent," he said during a Manchester show. "This is happening now."
• "In America, the richest men are taking satisfaction in abandoning the world's poorest children to sickness and death. This is happening now."

The other side: "I see that highly overrated Bruce Springsteen goes to a foreign country to speak badly about the president of the United States," Trump wrote on Friday.

• "Never liked him, never liked his music, or his radical left politics."
• Springsteen has clashed with Republican presidents going back to Ronald Reagan, who tried to use the singer's Vietnam War anthem "Born in the U.S.A" as a celebration of American patriotism.

Beyoncé

Flashback: Beyoncé spoke at a Houston campaign rally for Harris in the final stretch of the election.

• "I'm not here as a celebrity. I'm not here as a politician. I'm here as a mother," Beyoncé, whose 35 grammy wins are the most by any female artist, said during her endorsement.

Trump slammed Beyoncé repeatedly for her appearance.

• Days after her appearance, he told an audience: "We don't need Beyoncé, we don't need anybody... all you got is me, and I don't have a guitar," per Billboard. The audience booed mention of her name.

Zoom out: Beyoncé also gave Harris permission to use her 2016 song "Freedom" as its campaign song.

• Her record label and music publisher sent a cease-and-desist to the Trump campaign for using the song on a social media post.

Go deeper:

• Trump takes shot at Taylor Swift, reigniting their feud
• Trump wants probe into Harris' endorsements from Beyoncé, Oprah Winfrey

The top prosecutor in New Jersey says her office has filed criminal charges against Democratic Representative LaMonica McIver.

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The Justice Department charged Rep. LaMonica McIver (D-N.J.) on Monday over a scuffle with law enforcement outside an ICE facility in New Jersey earlier this month.

Why it matters: McIver is the first federal officeholder targeted by the the Trump administration as they aggressively prosecute politicians who open themselves up to legal liability while opposing the president's mass deportations.

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• McIver has strongly denied assaulting law enforcement during the clash, saying she was the one who was assaulted. In a Monday statement, she called the charges against her "purely political" and said they are "meant to criminalize and deter legislative oversight."
• The Department of Homeland Security has pointed to body camera footage of what they say is McIver elbowing an ICE agent during the arrest of Newark Mayor Ras Baraka.

What's happening: Alina Habba, acting U.S. attorney for the District of New Jersey announced on X she was dropping the case against Baraka, but charging McIver with assaulting, impeding, and interfering with law enforcement as she accused the Democrat of violating the U.S. Constitution during the scuffle.

• "No one is above the law — politicians or otherwise," Habba said in a statement. "It is the job of this office to uphold Justice, regardless of who you are. Now we will let the justice system work."
• Department of Homeland Security Secretary Kristi Noem echoed those comments in a post to X, saying: "If any person, regardless of political party, influence or status, assaults a law enforcement officer as we witnessed Congresswoman McIver do, you will be prosecuted to the fullest extent of the law."
• Baraka in a statement the City of Newark shared on its social media accounts welcomed the dismissal of the case against him, but expressed support for McIver:

Catch up quick: McIver, Baraka and Reps. Bonnie Watson Coleman (D-N.J.) and Rob Menendez (D-N.J.) were at the Delany Hall detention center in Newark earlier this month to protest its use as a migrant holding facility.

• The lawmakers argued that they were there to conduct legitimate oversight based on accusations that GEO Group, the private prison company operating the facility, lacked the proper permitting.
• In addition to Baraka and McIver, the FBI also arrested a Wisconsin judge last month for allegedly helping an undocumented defendant avoid arrest by ICE agents. She was indicted and pleaded not guilty this week.

What they're saying: McIver said in her Monday statement the charges against her "mischaracterize and distort" her actions.

• "This administration will never stop me from working for the people in our district and standing up for what is right," she added.
• "I am thankful for the outpouring of support I have received and I look forward to the truth being laid out clearly in court," she added.

What to watch: House Republicans have floated additional repercussions for the three lawmakers, with House Speaker Mike Johnson (R-La.) accusing them of "wildly inappropriate behavior."

• "I think it's pretty clear that the law was violated," the speaker said at a press conference earlier this month, floating censure, removal from committees and expulsion as possible punishments.
• He acknowledged the two-thirds threshold for an expulsion vote would be a difficult hurdle to clear given Democrats' unity around defending their colleagues.
• Rep. Buddy Carter (R-Ga.) has introduced a resolution to remove the trio from their committees.

Editor's note: This article has been updated with new details throughout.

The Trump administration's first charter flight for dozens of "self-deporting" immigrants took off from Houston early Monday, part of a new program offering them a free trip back home and $1,000 — or else.

Why it matters: The self-deportation flights are one of the few incentives for unauthorized immigrants to present themselves to authorities under President Trump's immigration crackdown, which is long on sticks and short on carrots.

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• The self-deportation program was announced in March. Since then, the administration has paid for tickets for some people to return to their home countries on commercial airliners.
• For those who are unauthorized and either don't turn themselves in or don't agree to self-deport, the alternative is being detained by immigration officials and held — possibly for months — in overcrowded facilities.

Zoom in: Monday's flight left Houston about 9:30 a.m. and took 65 people from Honduras and Colombia to their respective home countries, according to a Department of Homeland Security official.

• To participate in the program, the immigrants logged into the CBP Home App and requested to be voluntarily flown home in return for the free trip and $1,000 after they land, the Homeland Security official said.

Zoom out: The program is a small part of fulfilling Trump's campaign-trail promise for mass deportations after a historic number of migrants were allowed into the U.S. under his predecessor, Joe Biden.

• The administration is aggressively using the Alien Enemies Act of 1798 and the Immigration and Nationality Act of 1958, with mixed results.
• The State Department is using AI to monitor social media accounts of foreign students for alleged "pro-Hamas" sympathies, as Axios first reported.
• And officials are weighing plans to ban some colleges from accepting foreign students if the officials decide the schools have been too soft on immigrant students viewed as supporters of Hamas and other terror groups, as Axios also first reported.
• The number of deportations of people living in the U.S. is increasing under Trump, but his administration is still lagging behind the Biden administration's for total removal numbers compared to this time last year, according to an analysis of government data.

What they're saying: "In principle, [self-deporting] could be a very good option for people," said Michelle Brané, former executive director of the Biden administration's Family Reunification Task Force.

• But there's a big caveat, she said. The Trump administration's "shock and awe" campaign of immigration enforcement has been effective at scaring people — to the point it may prevent people from using the government-run CBP Home app.
• "If people are not being coerced, are fully informed and if it actually is a safe option that preserves people's rights," Brané said, "it could be a successful program."

But the administration hasn't detailed how and when self-deporters could be able to return to the U.S., and critics are skeptical.

• "It's a scam because most people won't be allowed back into the U.S.," said Kerri Talbot, executive director of Immigration Hub, an advocacy group.
• "They don't have the power to change those laws, and those are statutes that will block people from being able to come back."

Monday's self-deportation flight was far less controversial than the administration's first effort to use the Alien Enemies Act to deport Venezuelans alleged to be Tren de Aragua gang members. They were sent to a notorious lockup in El Salvador two months ago.

• A judge ordered the jets to turn around mid-fight but the administration refused, saying the judge's jurisdiction didn't extend to international waters.
• The Supreme Court on Friday temporarily blocked the administration from using the law to deport more Venezuelans to the El Salvador prison.
• The administration also is resisting a court order to facilitate the release of Salvadoran national Kilmar Abrego Garcia from that same prison, after his accidental deportation.
• Other court fights involve the deportations of pro-Palestinian demonstrators Mahmoud Khalil, Moshen Madawi, and Rumeysa Ozturk. Only the former remains incarcerated.

The intrigue: Trump and Homeland Security Secretary Kristi Noem have stressed that leaving the country voluntarily could eventually lead to a pathway to return to the U.S. legally.

• Trump has said he wanted to create a system for "great" people to leave and legally return to the U.S.
• That message also has been part of a multimillion-dollar ad campaign by Noem.
• "If you are here illegally, use the CBP Home App to take control of your departure and receive financial support to return home," Noem said in a statement to Axios. "If you don't, you will be subjected to fines, arrest, deportation and will never allowed to return. ... Self-deport NOW and preserve your opportunity to potentially return the legal, right way."

• Ray Dalio said on X that Moody's credit downgrade doesn't cover the risks of government money printing.
• Moody's downgraded US credit to Aa1, citing growing deficits and ballooning interest payments.
• A GOP tax bill could worsen US debts, with proposed tax breaks and increased defense spending.

Billionaire investor Ray Dalio thinks Moody's recent downgrade of the US sovereign credit rating doesn't capture the danger of the federal government simply printing cash to cover its bills.

"You should know that credit ratings understate credit risks because they only rate the risk of the government not paying its debt," Dalio, the founder of Bridgewater Associates, warned said on X. "They don't include the greater risk that the countries in debt will print money to pay their debts thus causing holders of the bonds to suffer losses from the decreased value of the money they're getting."

"For those who care about the value of their money, the risks for US government debt are greater than the rating agencies are conveying," Dalio added.

Dalio's comments came after Moody's, the international financial services company, downgraded the US credit from Aaa to Aa1 on Friday, citing growing deficits and surging interest payments. That makes Moody's the last of the three major credit agencies to bump America's credit off the highest rating. S&P Global Ratings downgraded the US back in 2011, and Fitch Ratings followed suit in 2023.

In response to the downgrade, stocks slipped on Monday while Treasury yields spiked. The 30-year bond yield jumped 4.995%, and the 10-year bond yield rose to 4.521%.

Adding to investor concerns, economists are sounding the alarm on a tax cut bill proposed by Republicans that could come to pass given the slim GOP majorities in both the House and the Senate.

The bill proposes tax breaks for the wealthiest Americans through a higher estate tax exemption, interest tax breaks for private equity, and a $150 billion boost in defense spending. It also plans to increase the child tax credit by $500 and eliminate taxes on tips and overtime pay.

Despite the bill also proposing spending cuts to Medicaid and SNAP and to hike taxes for immigrants, the Budget Lab at Yale, a nonpartisan policy research center, says that the GOP bill would worsen America's debt.

"The bill as currently proposed would substantially add to the deficit, even if accounting for possible tariff revenue," authors of the report wrote, "If we account for the likelihood that these provisions would become permanent, at the end of 30 years the debt-to-GDP ratio would be over 180%, even assuming substantial revenue from tariffs."

According to the report, Sudan and Japan are the only two countries with a debt-to-GDP ratio over 180%.

"Assuming temporary provisions expire, the bill's baseline cost of $3.4 trillion would make it the largest spending package in US history," the report added.

In a rare Sunday night vote on May 18, the GOP tax cut bill narrowly passed the House Budget Committee, which days before rejected the bill. The bill now heads to the House for a vote this week.

A spokesperson for Dalio did not immediately respond to a request for comment.

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• OpenAI says it has struggled to raise funds due to its nonprofit structure.
• The company just revealed its fundraising challenges in a letter to California's attorney general.
• OpenAI plans to restructure as a Public Benefit Corporation to attract investors.

OpenAI is one of the most well-funded startups in history, raising a massive $40 billion round led by SoftBank earlier this year.

But many investors have passed on the startup because it's controlled by a nonprofit and is unable to offer "easy-to-understand" equity, the AI giant revealed in a recent letter to California's attorney general.

"Many potential investors in OpenAI's recent funding rounds declined to invest," the May 15 letter reads.

"OpenAI's recent attempts at securing funding have demonstrated the challenges posed by the organization's existing structure," it adds.

OpenAI didn't respond to a request for comment. The letter was first reported on by the AI publication Obsolete. OpenAI submitted the May 15 letter in response to an April 9 petition from a coalition of nonprofits and other organizations that urged the California attorney general to block OpenAI's for-profit conversion plans. Business Insider obtained the letter from LatinoProsperity, one of the nonprofits leading the coalition.

Startups are typically highly reluctant to acknowledge fundraising challenges, so it's an unusual disclosure.

But OpenAI, which was last valued at $300 billion, isn't a typical startup: it was founded as a nonprofit and remains controlled by its board, creating a big fundraising hurdle.

In the letter, OpenAI says it was only "able to secure" investments by promising to change its structure. Indeed, a big chunk of its massive SoftBank round was conditioned on just that.

OpenAI is now trying to restructure its for-profit arm as a Public Benefit Corporation, similar to competitors like Anthropic. It has given up on plans to free itself from its nonprofit's control.

The May 15 letter also shows that OpenAI is worried about competitors who are "far better funded, conventional for-profit businesses."

Google, Meta, and other tech giants have pledged capital expenditures of over $300 billion in AI investments in 2025 alone. OpenAI mentioned such investments as "threats" to its mission, which risks that artificial general intelligence, or AGI, will be consolidated in the hands of a few powerful entities.

If OpenAI can't raise more money to compete with them, then its ability to ensure safe AGI will be "compromised," the letter states.

Orson Aguilar, the founding president of LatinoProsperity, remains skeptical of OpenAI's plans.

"OpenAI's response comes only after they reversed course on their for-profit plans, but they haven't offered anything new," he told Business Insider.

"The core questions remain: What is the true value of their charitable assets? Who are they accountable to? And how can a nonprofit claim independence when it's clearly entangled with corporate interests?"

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