Lucid and Rivian sink as EVs sit in the crosshairs of Trump’s “big, beautiful bill”

Lucid is down 25% this year.

5/30/25 1:20PM

Ten days ago, Lucid appeared on the road to recovery. Its stock had climbed 45% since its drop to all-time lows not long after its CEO departed in February.

Since then, it seems to have run out of battery: the stock is down 23% over the past week and a half, and down more than 6% in Friday afternoon trading. The stock is getting lots of attention, with its trading volume at more than 160 million shares on Friday afternoon, well above its 30-day daily average of 112 million.

Shares of rival Rivian were also down more than 3% Friday.

The drops appear to be due to investors hearing more about President Trump’s “big, beautiful bill” and just what it could do to the US electric vehicle industry. The bill, which passed in the House on May 22, would slash EV battery manufacturing subsidies, tax credits, and charger network budgets, and impose a $250 annual EV fee. Any resulting EV price hikes would combine with the dual 25% tariffs on vehicle and auto part imports.

While pricey Lucid and Rivian vehicles largely only qualify for the $7,500 EV tax credit through leasing loopholes, the bill’s other inclusions spell bad news for two companies that have been burning cash for years.

And it’s not just Rivian and Lucid that stand to lose big: according to a fresh JPMorgan report, the pending legislation threatens more than half of Tesla’s profits.

Smartphones are 12% cheaper than last year, according to the latest inflation data... except they’re not

Phones are one of a few important categories that get quality, or “hedonic,” adjustments in the Consumer Price Index — which make their price go down in the official statistics.

David Crowther13h

Max Knoblauch5/11/26

Texas sues Netflix, accusing streamer of spying on children and collecting user data without consent

The state of Texas filed a lawsuit Monday against streaming giant Netflix, alleging that the company has built a “behavioral-surveillance program of staggering scale.”

The suit alleges that Netflix is “deceptively designed” to be addictive, using features like autoplay to get viewers hooked, “mining those users for data, and then converting that data into lucrative intelligence for global advertising juggernauts.”

“When you watch Netflix, Netflix watches you,” the lawsuit reads.

“This lawsuit lacks merit and is based on inaccurate and distorted information,” Netflix said in a statement to Sherwood News. “Netflix takes our members’ privacy seriously and complies with privacy and data‑protection laws everywhere we operate.”

Texas is seeking civil penalties of “up to $10,000 per violation” of the Texas Deceptive Trade Practices-Consumer Protection Act, along with an additional penalty of up to $250,000 per violation involving a consumer aged 65 or older.

“Netflix is not the ad-free and kid-friendly platform it claims to be. Instead, it has misled consumers while exploiting their private data to make billions,” said Texas Attorney General Ken Paxton in the press release announcing the lawsuit.

Netflix did not immediately respond to a request for comment.