• Jeep has revealed its first EV, the Wagoneer S. 
• The all-electric Wagoneer gets a sleeker design than the gas-powered SUV.
• The SUV will go on sale this fall with a starting price of $71,995. 

We just got our first look inside the swanky new, all-electric Jeep SUV at an event in New York City.

The electric Wagoneer S is packed to the gills with tech and packs an impressive powertrain.

A screen-laden interior is made possible by parent company Stellantis's BEV-specific platform, which will underpin the Wagoneer S. The platform is also engineered to deliver zero to 60 mph acceleration in 3.4 seconds the company said.

The first launch edition of Wagoneers will cost $71,995, including delivery fees, when they hit dealer lots this fall.

Jeep has positioned the Wagoneer as the premium extension of the rugged SUV brand, and this EV appears to be no exception.

The company's press release highlights Wagoneer S's "meticulously crafted artisan details" and "tech-focused interior," which signal the electric SUV will follow in its gas-powered siblings' footsteps.

Take a look inside at the first fully electric Jeep:

Wagoneer S gets a sleeker design

From the outside, the Wagoneer S gets a face lift in comparison to its gas-powered counterparts.

The front end is more sculpted than the gas-powered Wagoneer's more squared-off nose, giving the Wagoneer S a more aerodynamic look.

A light bar across the front of the Wagoneer S illuminates the signature seven-slot grille.

At least four screens span the dashboard

Driver and passenger will each get a screen in the new Wagoneer S, following a trend among luxury EVs.

Two separate screens appear to control the infotainment and climate settings, separated by a color-customizable ambient lighting strip that carries through the rest of the cabin.

A close-up of the electric knob shifter hints at terrain capability

When Stellantis first announced the Wagoneer S earlier this month, the company said it would offer standard 4xe and all-terrain capabilities, living up to the Jeep name.

Stellantis also says the Wagoneer S will boast 600 horsepower and reach zero to 60 mph in about 3.5 seconds.

The SUV will be able to go 300 miles on a single charge, Jeep says.

The Wagoneer S is expected to go on sale later this year

Jeep says the first Wagoneer S EVs will hit dealer lots by the fall of 2024.

• The CFPB sued student-loan company PHEAA, accusing it of illegally collecting borrowers' payments.
• The lawsuit claimed PHEAA was collecting on private loans already discharged through bankruptcy.
• It also accused PHEAA of sending false information about borrowers to credit agencies. 

A federal consumer watchdog just hit a major student-loan company with a new lawsuit.

On Friday, the Consumer Financial Protection Bureau sued the Pennsylvania Higher Education Assistance Agency, or PHEAA, which is a student-loan servicer that works with American Education Services to facilitate private student loan programs.

According to the press release, the CFPB accused PHEAA of illegally collecting payments from student-loan borrowers whose loans had already been discharged in bankruptcy and sending "false information" to credit reporting agencies. Those actions violate the Consumer Financial Protection Act and the Fair Credit Report Act, the lawsuit said.

The CFPB is requesting that the court require PHEAA to provide relief to impacted consumers and pay a civil penalty to the CFPB over its claims of illegal behavior.

"PHEAA has ignored its responsibilities and illegally pursued borrowers for loans they no longer owe," CFPB Director Rohit Chopra said in a statement. "The CFPB is suing PHEAA for demanding money from borrowers that they do not owe and for reporting false information to credit reporting companies."

PHEAA did not immediately respond to a request for comment from Business Insider.

The lawsuit, filed in the US District Court for the Middle District of Pennsylvania, said that under the US bankruptcy code, some private student loans are not subject to the stringent standards that most student loans are when it comes to receiving relief through bankruptcy.

Typically, a borrower has to meet the "undue hardship" standard, which requires them to prove that they cannot maintain a minimal standard of living, that their circumstances aren't likely to improve, and that they have made a good-faith effort to repay their debt.

But, as the CFPB claimed, PHEAA has failed to recognize that some private loans can receive a discharge order without having to meet undue hardship and "treats certain discharged private student loans as though the consumer still owes those debts."

For example, the bankruptcy code exempts student loans that do not meet the definition of a "qualified education loan" from the hardship requirement, which are loans used solely to pay for the cost of attendance at a school eligible for federal funding, and while the student attends at least half-time.

"PHEAA's failure to distinguish between discharged and nondischarged private student loans, its collection on discharged debts, and its furnishing inaccurate information to consumer reporting agencies causes or is likely to cause substantial injury, as consumers will either pay debt they do not owe or risk negative credit reporting and default for nonpayment," the complaint said.

Per the CFPB, American Education Services collected or tried to collect 7,934 private student loans after a bankruptcy proceeding between 2017 and 2021, and 177 of them were non-qualified education loans.

The CFPB has previously issued guidance over potential illegal collections of borrowers' payments after bankruptcy proceedings. In March 2023, the agency released supervisory findings on servicers that improperly collected loans and warned servicers of enforcement action should that practice continue.

• Gold bars and silver coins continue to show strong sales for Costco.
• The company sells an estimated $200 million per month of the metals.
• Though the markup is low, these high-value items help the company show strong e-commerce growth.

Gold bars and silver coins had another quarter of strong sales for Costco.

While the company didn't break out exact sales figures for the products in its third-quarter earnings call Thursday, it did say the category was a top seller online, alongside appliances, gift cards, and e-tickets.

Analysts estimate the company sells around $200 million of gold and silver each month, and former CFO Richard Galanti has said the supply usually sells out "within hours."

A big part of their appeal for professional and amateur collectors alike is the fact that the bars and coins are sold at a very low markup to the metal's spot price. (Silver coins from the US Mint fetch a slight premium, since there are tax advantages to those.)

But even though Costco's profit on the gold and silver sales is comparatively low, these high-value items are a kind of cheat code for the wholesale club that is still trying to develop its e-commerce business.

Routing hundreds of millions of dollars in sales through Costco.com is a quick way for the company to show strong e-commerce growth with relatively low risk or complicated capital investment: they simply buy a batch of gold and sell every ounce of it to members.

The strategy is paying off too — digital sales for the quarter were up 20.7% over the same period last year, before Costco's gold went viral.

And, since the gold and silver are member exclusives, the buzz around the metals is another way to attract new sign-ups. After all, what is a $60 membership fee on a $4,000 shopping cart of gold bullion?

• Donald Trump's campaign reported record fundraising after he became a convicted felon.
• The former president's campaign said it raised $34.8 million from small donors.
• President Joe Biden's reelection campaign also tried to fundraise off of the news.

Former President Donald Trump raked in record cash after he became a convicted felon, a sign of how his legal troubles resonate with his most loyal followers.

Trump's campaign said they raised $34.8 million online from small donors. The campaign added that it was the best day ever on the WinRed platform, referencing the digital payments processor that most Republicans use. Due to federal campaign finance deadlines, the campaign's claims could not be immediately verified. Trump's campaign did not define what small donors mean, but it typically refers to Americans who donate $200 or less.

It's not a surprise that the day provided a major boost to Trump's fundraising. His campaign has embraced his outlaw image, even selling merchandise with his mugshot emblazoned. A Politico analysis previously found that Trump's legal struggles coincided with the biggest fundraising days of his campaign.

Trump's team struggled to keep up with the demand. There were multiple reports that Trump's main site crashed or struggled to fully load in the minutes after a Manhattan jury announced it had found him guilty on all 34 felony counts related to a scheme to falsify business records to cover up a hush money payment to adult film star Stormy Daniels before the 2016 presidential election.

The former president desperately needs the cash. Last month, Trump and Republicans outraised President Joe Biden and Democrats. But Biden and his allies still held a $58 million cash-on-hand advantage. Biden has benefited from facing little serious primary opposition. Trump had a much more competitive primary. The former president has also raided his political fundraising network to pay his legal fees.

Biden's campaign seemed to gird itself against the possibility that the verdict would boost Trump's fundraising. The president's campaign sent its appeals out after the verdict. One of its messages made clear Trump could set records.

"[T]here is one other certainty — as you read this, Donald Trump's supporters are fired up and likely to set fundraising records for his campaign," a Biden campaign fundraising text read.

It wasn't just Trump. Senate Republicans' campaign arm said it had its biggest fundraising day of the cycle, raising $360,000 online. Republicans hope a more favorable map will help them retake the Senate majority.

It's not just about fundraising.

There could be political peril for Trump in the verdict. It's too soon to have any definitive take on what it means for Trump to be the first former president to be convicted of a felony. As longtime Republican strategist Karl Rove noted, even a small shift among the electorate in swing states could doom Trump.

"If he is found guilty, let's not underestimate that there is a problem," Rove said on Fox News before the verdict was in.

• The Houthis' claim that they struck the USS Eisenhower is untrue, per a defense official.
• The Houthis claimed the missile attack was retaliation for Thursday US strikes in Yemen.
• The Eisenhower is a lead ship in the US Navy's response to the Houthis in the Red Sea. 

The Houthis' claim that they struck a US aircraft carrier in the Red Sea with missiles is untrue, according to a US defense official.

The missile attack on the USS Dwight D. Eisenhower was alleged by the Iranian-backed military group's spokesperson Yahya Saree on Friday. Saree claimed the ship was targeted in response to US and UK strikes in Yemen on Thursday, adding that 16 people were killed and 41 wounded in those attacks.

But a defense official told Business Insider the reports of the Eisenhower being hit were false, and that they were unaware that missiles had even been fired at the flattop.

It remains unclear if the Houthis fired missiles and where they landed; the carrier strike group can track incoming threats like missiles that are a few hundred miles away. The Ike has run flight operations from the Red Sea and the Gulf of Aden, which is at a greater remove from Houthi missiles.

The Eisenhower, a Nimitz-class carrier, is a lead ship in the US Navy's response to the Houthis attacks on shipping vessels in the Red Sea, and its aircraft have been involved in strikes on the rebel group in Yemen as well as intercepting missile and drone threats.

Since the carrier's strike group — which consists of the Ike, the destroyers USS Gravely and Mason and the cruiser Philippine Sea — first arrived in the Red Sea, they've engaged with Houthis forces in a high-tempo combat environment, defending shipping lanes for relentless attacks.

The Eisenhower and Gravely recently made a port visit in Greece to rearm as US intelligence suggests the conflict with the Houthis may continue on with no end in sight.

• Tariffs on China are inflationary, and could slow US GDP growth in the near-term, S&P Global said.
• They say this has the potential to delay Fed rate cuts, as prices take longer to disinflate.
• While tariffs help long-term domestic growth, they bring market inefficiencies that keep prices up, S&P said.

US efforts to counterbalance Chinese imports could instead create unsteadiness in the country's fight against inflation, S&P Global Intelligence wrote. 

In fact, Washington's embrace of tariffs on foreign goods could risk delaying long-awaited interest-rate cuts, in the event it forces the Federal Reserve to keep policy higher for longer, the ratings agency said.

Tariff policies have gained fresh attention in recent months, especially with the US presidential election drawing closer. In order to protect domestic industry, both candidates have embraced protection, with former president Donald Trump going as far as pledging a 10% universal tariff on all US imports, if elected. As for China, he plans a 60% rate.

Though President Biden's policies are less broad-based, his administration hasn't shied away from protectionist tactics, either. Not only has Biden kept most of Trump's previous trade restrictions on China intact, he's recently announced new duties on Beijing's technological exports — from electric vehicles to solar products.  

"Yet economists say the new duties, and tariffs more broadly, may carry an unwelcome consequence: higher prices and a heightened probability of higher-for-longer interest rates," S&P wrote. "While the Fed is expected to slightly lower benchmark rates this year from their current decades-long high, higher tariffs are likely to feed through to higher prices, complicating central bankers' decisions." 

As of right now, Biden's proposed tariffs will target only a small scope of China's industry, going into effect through 2024 to 2026. Of the 14 categories under scrutiny, the top five accounted for just 3% of Chinese imports into the US in 2022, S&P cited.

But for domestic manufacturers, tariffs can ease the pressure to lower prices, as Chinese competitors lose their low-cost advantage. In this sense, protectionism can boost economic growth in the long run, but not before fueling market inefficiencies and complicating inflation.

"Global supply chains have developed to how they are today to take advantage of efficiencies in production. This keeps world and US GDP higher and prices lower than would exist without globalization and trade," S&P's senior US economist Ben Herzon said in the report.

What's more, these tariffs have the potential to dent US growth, the agency estimates. Currently, GDP is expected to rise by 2.49% this year, just below last year's 2.54% gain.

Other analysts have voiced the same concerns, especially if Trump's blanket tariffs take effect. By one estimate, his proposal could cost US consumers $500 billion a year.

• A Tesla owner ordered a Cybertruck and said he later realized it didn't comfortably fit in his new apartment complex.
• The Tesla dealership refused to buy back the vehicle or let him resell it.
• The dealership cited a no reseller policy and a one-year sale prohibition in the purchase contract.

Blaine Raddon watched the Cybertruck launch while he was with his wife in Bali — and he didn't waste any time when placing his preorder for the vehicle.

Raddon finally received his truck a few weeks ago. Last week, he posted on X, formerly Twitter, that he wants to return it, but Tesla isn't willing to buy it back or let him resell it.

That's because there's a Cybertruck-specific portion of Tesla's Motor Vehicle Order Agreement, which Raddon signed when taking delivery, which states that he can't resell the vehicle for one year. If the contract is disregarded, Tesla says it can sue for up to $50,000 in damages, "or the value received as consideration for the sale or transfer, whichever is greater." Tesla can also refuse to sell the owner future vehicles, the agreement said.

Since ordering the vehicle, Raddon's living circumstances have changed, he told Business Insider. He said that he and his wife separated and he's since moved into a new apartment complex, and his new Cybertruck doesn't fit comfortably in its parking space.

Raddon, who owned multiple Teslas prior to the Cybertruck, said he didn't give much thought to whether the Cybertruck would fit in the new space.

However, upon its arrival, he told BI that he realized the Cybertruck was "so much bigger" than expected, and he had to make a four-point turn to navigate it into the parking spot. He also said he struggles to get in and out of the truck with the amount of space he has on each side.

Raddon reached out to the Tesla dealership manager in Salt Lake City over email on May 22 and said he wanted to return the truck. BI reviewed the email exchange.

The written request didn't include details about his changed circumstances but referenced a conversation that happened in person with the Tesla dealership manager. Raddon said he told the manager directly that the Cybertruck was bigger than he expected and asked for one of four solutions: reverse the transaction, trade in the Cybertruck for a new sedan, sell it back to Tesla, or authorize him to sell it without a profit or mark-up.

The Tesla dealership manager sent a response on May 23, disagreeing that Raddon's reasoning "warrants an unforeseen circumstance that would trigger Tesla's purchase" of his Cybertruck. He also said Raddon is bound by the one-year prohibition to selling his Cybertruck privately.

The manager cited the Motor Vehicle Order Agreement with Tesla's "no resellers" policy for the Cybertruck. While the contract states that Tesla can make an exception if an unexpected situation forces an owner to sell it within that year, that can only occur if Tesla grants permission after accepting an owner's written request.

If granted, the owner would receive back the amount of the original purchase price minus a deduction of 25 cents per mile driven, reasonable wear and tear costs, and any repairs needed to meet Tesla's used car standards.

The manager at Tesla's Salt Lake City dealership did not respond to BI's request for comment ahead of publication.

Raddon responded to the email with a lengthier written explanation, detailing that when he purchased the Cybertruck, he lived in a single-family residence and has since moved out of state. He also emphasized that he wasn't trying to make a profit and understood that if Tesla repurchased his vehicle, he would suffer some loss from the original amount he paid.

"I am trying to remedy an unfortunate circumstance that the Cybertruck is not manageable in my living situation," Raddon said in the email response.

"Making me keep a truck that does not fit my circumstances appears to be unfair and not at all the spirit of the no sale language in the contract," he added in the note.

Raddon told BI that he's a rule-follower and he doesn't plan to go against Tesla's verdict on the matter or hire a lawyer to dispute the decision. He also said his building is okay with him keeping the vehicle there, but they won't be held liable if the truck gets damaged by another car while protruding from the parking spot.

Tesla did not respond a request for comment.

A week after sending his longer note to Tesla in an attempt to appeal the decision, Raddon said he's still waiting for a response.

• Recent disclosures from Nvidia highlight just how concentrated its customer base is.
• The company said just two customers represented 24% of its revenue in the first quarter.
• UBS thinks the biggest mystery customer — accounting for 19% of revenue last year — is Microsoft.

Nvidia has a few mystery customers that are making up a massive chunk of its revenue base, according to new disclosures.

In its 10-Q filing made with the SEC earlier this week, Nvidia said a single direct customer represented 13% of its total revenue in the first quarter of its fiscal year 2025, while a second direct customer made up 11% of its total revenue.

On top of that, the AI-chip maker said it had two indirect customers that each represented 10% or more of its total revenue in the first quarter.

The concentration in revenue coming from just a handful of companies comes as mega-cap tech companies rush to stock up on Nvidia's H100 AI chips to build up their generative AI capabilities. 

Meta Platforms, Tesla, and Amazon all made comments on their recent earnings calls about increasing their capital expenditures this year, alluding to the fact that they're stocking up on Nvidia's H100 chip and its soon-to-be-released Blackwell chip.

And UBS believes Nvidia's biggest customer of them all is Microsoft.

In a note earlier this week, UBS analyst Timothy Arcuri connected the dots and said that based on prior disclosures from Nvidia, it believes Microsoft made up 19% of Nvidia's total revenue in its fiscal year 2024, and that Microsoft still remains its largest customer.

"It stands to reason that one of these could likely again be MSFT," Arcuri said of Nvidia's new disclosures about customers that make up more than 10% of its revenue.

Microsoft has been quickly scaling its AI capabilities as it builds up its CoPilot product and continues its partnership with OpenAI. 

According to supply chain data estimates from Bloomberg, Arcuri is spot on with Microsoft being Nvidia's largest customer.

Bloomberg data estimates that Microsoft makes up 15% of Nvidia's revenue, followed by Meta Platforms at 13% of revenue, Amazon at 6% of revenue, and Alphabet at about 6% of revenue. 

• Donald Trump was found guilty of falsifying business records before the 2016 election.
• Trump joins a handful of world leaders with criminal convictions. 
• Leaders from Croatia, Israel, and France are among those to face criminal charges.

Former President Donald Trump's criminal conviction will do little to slow his bid for The White House.

On Thursday, the 77-year-old was found guilty of falsifying business records in the lead up to the 2016 general election, marking the first time a US president has ever been criminally convicted.

The guilty verdict won't stop Trump from running for president in the 2024 election, as the US Constitution doesn't prohibit felons from appearing on the ballot.

The Trump campaign appeared to capitalize on the publicity, using it to appeal for donations. On Thursday, the Trump donor website crashed after "so many Americans were moved to donate to President Trump's campaign," a spokesperson wrote on X.

Though Trump is the first US president to be criminally charged, it isn't that unusual when looking at leaders from around the world.

Trump joins a handful of former presidents and prime ministers from across the world who have been convicted, while some have even faced prison sentences.

Former Croatian Prime Minister Ivo Sanader is in prison on corruption charges.

Ivo Sanader served as Croatia's prime minister from 2003 until 2009. He has been in and out of prison since 2011 for numerous convictions relating to corruption and war profiteering, which he has denied, according to state and global media.

He was most recently convicted of corruption in 2020 after allegedly using state money for personal gain and to aid his former party, the Croatian Democratic Union, Euro News reported.

He was given an eight-year prison sentence after a previous conviction was overturned on "procedural grounds," Euro News reported.

Meanwhile, the party was fined 3.5 million kuna, or around $587,724, and ordered to return an estimated 14 million kuna, or around $1.9 million, the publication said.

Former Georgian President Mikheil Saakashvili is serving a six-year prison sentence.

Mikheil Saakashvili was president of Georgia for two terms, from 2004 until 2013.

Saakashvili was convicted for charges relating to the abuse of power in 2021 following seven years in self-imposed exile. He was sentenced to six years in prison, according to multiple outlets including Politico and BBC News.

He was accused of ordering riot police to physically beat Valery Gelashvili, a member of the opposition, in 2005. He also pardoned interior ministry staff who had been convicted for the murder of Sandro Girgvliani, a bank employee, in 2006.

Saakashvili denied the allegations, saying they were politically motivated, according to BBC News.

In February 2023, world leaders including Ukrainian President Volodymyr Zelenskyy were prompted to call for Saakashvili's release after he appeared unwell in a video of a court hearing, BBC News reported.

Saakashvili's medical team said he had lost weight since his time in prison, going from 254 pounds to 150 pounds, the outlet said. Rati Bregadze, the country's justice minister, said Saakashvili was self-harming and not eating, though Saakashvili alleged that he had been poisoned, BBC News reported.

Former Israeli president Moshe Katsav spent seven years in prison on sexual assault charges.

Moshe Katsav was Israel's president from 2000 until 2007.

In 2011, he was found guilty of raping a former staff member on two occasions during his time as tourism minister in 1998, BBC News reported.

He was also accused of sexually harassing two women in 2003 and 2005, the outlet said.

Katsav denied the allegations against him.

After being sentenced to seven years in prison in 2011, he was released in 2016.

Another former Israeli leader, Ehud Olmert, spent 16 months in prison for fraud charges.

Ehud Olmert was prime minister of Israel from 2006 until 2009.

In 2017, he was released from prison after serving 16 months of a 27-month sentence relating to a series of fraud charges, including bribery and obstruction of justice, BBC News and The Times of Israel reported.

The parole board said Olmert's early release came after a "significant rehabilitation process" led to "impeccable" behaviour during his time in prison, BBC News reported.

A fake job scandal resulted in a criminal conviction for France's former Prime Minister Francois Fillon.

Francois Fillon was prime minister of France from 2007 until 2012.

In 2017, Fillon was accused of paying his wife, Penelope Fillon, with public funds for 15 years under the pretence that she was an employee, according to a Le Canard Enchaîné report cited by Le Monde.

Fillon was convicted for corruption charges in 2020 and was originally given a five-year prison sentence. He lost an appeal against the charges in 2022, and was given a reduced four-year prison sentence with just one year in prison, Euro News reported.

He was banned from qualifying for public office for 10 years, the outlet said.

He was also fined 375,000 euros, or around $407,000, according to Le Monde and Euro News. Penelope, meanwhile, was ordered to pay the same fine and was given a two-year suspended sentence for embezzlement, the outlets said.

They were also ordered to repay the 800,000 euros, or around $870,120, to the Assemblée Nationale, part of the French Parliament which originally paid Penelope.

Similarly, Jacques Chirac, former president of France, was also accused of creating fake jobs.

Jacques Chirac was president of France from 1995 until 2007.

In 2011, he was convicted on embezzlement and breach of trust charges and given a two-year suspended prison sentence, BBC News reported.

Chirac was accused of paying members of his political party, Rally for the Republic, for jobs that didn't exist, the publication said. He denied the allegations against him.

Chirac died in 2019.

Nicolas Sarkozy, France's former president, has faced multiple criminal charges through the years.

Nicolas Sarkozy was president of France from 2007 until 2012.

In 2021, he was sentenced to three years in prison for corruption charges. Two years were suspended while one year was instructed to be served on house arrest after Sarkozy lost an appeal against the conviction in May 2023, Politico reported.

He was also barred from qualifying for public office for a duration of three years, the outlet said.

More recently, in February, Sarkozy was sentenced to a six-month suspended prison sentence for allegedly overspending in his 2012 reelection campaign and illegally charging it to his party, Les Républicains, according to a separate Politico report.

Sarkozy has denied any wrongdoing, the outlet said.