Plus: Inside The Secretive, Pay-For-Play World Of Movie Trailers |
Good morning,
This year has seen the most layoffs since 2020, due in large part to DOGE’s cost-cutting efforts.U.S. employers slashed 105,441 positions in April, which is less than March, but still a year-over-year increase of more than 60%, per a new report from career services firm Challenger, Gray & Christmas. The government has had the most layoffs of any sector in 2025, though mostly in February and March, and 48% of all job cuts have been either directly or indirectly related to DOGE’s actions. DOGE’s work has supposedly saved taxpayers an estimated $160 billion, according to its website, though it’s a far cry from Elon Musk’s original goal of $2 trillion.
Let’s get into the headlines, |
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| Amazon topped estimates for its financial results in the first three months of 2025, but issued weaker-than-expected guidance for the next quarter, citing “tariff and trade policy” among the complicating factors. Amazon and Apple are among the U.S. companies with the biggest exposure to China tariffs, and shares of the retail giant fell more than 4% in after-hours trading. Apple also reported an uptick in iPhone sales in its earnings Thursday, though its China sales and services fell short of expectations. The quarter also doesn’t include the volatile April that saw President Donald Trump unveil his “Liberation Day” tariffs, though the White House has since lowered tariffs on Chinese smartphone imports from 145% to 20%. |
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|  | | Illustrated by Cecilia Runxi Zhang; Photos and Videos by silverkblack/Getty Images; Supichaya Boonsiri/Getty Images; Warner Bros.(2); Sony Pictures; Paramount |
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Anyone going to see Marvel Studios’ Thunderbolts* can expect to watch eight—perhaps even 10—movie trailers before the feature begins. That may seem like a drag to an audience, but those are highly valuable minutes to both the movie studios and the theater chains. In an era when theatrical attendance continues to decline—the domestic box office grossed $8.7 billion last year, a dip of more than 3% from 2023, and ticket sales dropped 7%—trailers remain the top driver of awareness and decision-making for most moviegoers. According to National Research Group’s biannual survey, 36% of those between the ages of 12 and 74 say they first heard about the most recent movie they saw in theaters through a trailer, more than any other source. Because Thunderbolts* is the first anticipated blockbuster of the summer movie season—which accounts for 40% of the annual box office total in the U.S. and Canada—its preview space is one of the most important marketing opportunities for the biggest releases. With fierce competition for these theoretically finite slots, there’s another reason for the increased number of trailers—theater chains are selling preview time to the highest bidder. Hollywood’s major studios routinely strike year-long marketing agreements with the three major theater chains—AMC, Regal and Cinemark—to guarantee trailer play in front of the biggest releases. Those deals range from $2 million to $5 million each, proportionate to the size of the chain, and can include other in-theater marketing opportunities such as ads on concession stands or theater marquees. What exactly that money buys, however, is not always clear. Most moviegoers would assume the trailer system would be similar to any other advertising expenditure, but in practice studio executives say it can often feel closer to a bribe.
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“With theatrical moviegoing in decline, it’s not hard to imagine why theaters might increase their number of valuable trailer slots—or why studios might pay to fill them,” says Forbes reporter Matt Craig. “But as previews continue to expand to nearly a half-hour, one has to wonder just how much moviegoers are willing to accept.”
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Khosla Ventures is in talks to lead a $100 million funding round into buzzy drone startup Mach Industries, Forbes has learned, a deal that could value Mach as high as $400 million, one person said. An investment in Mach, founded by Forbes 30 Under 30 alum Ethan Thornton, would be the latest in a string of huge deals for Silicon Valley defense companies that are hoping to secure major Pentagon contracts. |
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Hours after reports circulated that national security advisor Mike Waltz would depart his role, President Donald Trump announced he would nominate Waltz for United Nations ambassador and have Secretary of State Marco Rubio serve as interim national security advisor. Some lawmakers had previously called on Waltz to resign after The Atlantic editor-in-chief Jeffrey Goldberg said Waltz added him to a Signal group chat where Waltz and other Trump officials discussed upcoming strikes on Yemen. Trump’s attempts to use the Alien Enemies Act to deport alleged gang members hit a roadblock Thursday, as a federal judge issued the first permanent injunction against the administration’s use of the law. The ruling argues the administration is not using the law properly, as it can only be invoked when there is a declared war or an “invasion of predatory incursion” carried out or threatened against the U.S. by a foreign nation. It’s unclear how the government will respond, but it’s possible the case could end up before the Supreme Court. |
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Chinese officials said Friday they are examining purported U.S. efforts to initiate trade talks, signaling a shift in tone by Beijing and prompting a rise in U.S. stock futures and European markets. A Chinese official emphasized that Beijing expects any dialogue or talks to lead to a reversal of Trump’s steep 145% tariffs on Chinese goods and if this is not done it will “further damage trust” between the two sides. |
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In the latest sign that economic unknowns are weighing on the travel sector, Hilton, Hyatt and Wyndham cut their full-year outlooks this week, following in the wake of major airlines. Wyndham CEO Geoff Ballotti told Wall Street analysts that “consumer sentiment resulting from the macro uncertainty” was weighing on the leisure segment. |
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Cheap goods from websites like Temu, Shein and eBay could get more expensive, as the government closes the “de minimis” trade exemption today, which allowed U.S. companies to import packages valued at $800 or less without paying duties or certain taxes. The U.S. Postal Service will reportedly choose whether to charge a 120% tariff on low-priced packages shipped from China and Hong Kong or include a flat fee of $100 per shipment. After multiple delays, travelers will finally need a REAL ID or an alternative form of identification to get through TSA checkpoints starting May 7. If you don’t have a REAL ID—typically marked by a star in the upper right corner, though every state looks different—passengers can also use roughly a dozen other forms of compliant identification, including passports and military IDs. |
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Despite the publicity around its immigration enforcement, Trump Administration officials have provided an incomplete picture of the number of deportations since the president took office. While ICE reports deporting fewer people per day than the Biden Administration, in recent weeks, the Department of Homeland Security has started to release new figures that are more than double the ICE data: |
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660
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The average number of people deported per day during Trump’s first 100 days, according to ICE, compared to a daily average of 742 under Biden last year
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7,181
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The number of people crossing the southern border illegally and being apprehended by Customs and Border Protection last month, compared to 137,473 under Biden in March 2024
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“It’s one thing to play politics with politics—it’s another to play politics with the data"
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Austin Kocher, an immigration data analyst and researcher at Syracuse University told Forbes
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Feedback is essential in the workplace, but sometimes the delivery can feel like a personal attack rather than constructive criticism. It’s important not to let such critiques define you, and don’t attach your self-worth to who you are at work. The next time you get unhelpful feedback, reflect on the boundaries you can set with that person so it doesn’t happen again. |
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