Donald Trump can still run for president, but he might not be allowed to vote. The former president and presumptive 2024 Republican nominee was convicted of all 34 charges of falsifying business records by a Manhattan jury in his criminal hush money trial yesterday. The verdicts make Trump the first former commander-in-chief to be a convicted felon.

Outside the courtroom, Trump told reporters, “I’m a very innocent man,” and repeatedly claimed the trial was “rigged.” He’ll be sentenced on July 11, just a few days before the Republican National Convention.

What was Trump convicted of?

Prosecutors alleged—and a jury has now agreed—that Trump took part in a criminal conspiracy to undermine the 2016 presidential election by paying off adult film star Stormy Daniels to keep quiet about their alleged sexual encounter.

• Central to the case was the testimony of Trump’s former personal lawyer, Michael Cohen, who said he was directed to pay Daniels $130,000 in hush money to keep the entanglement out of the press.
• The prosecution had a paper trail of evidence, including invoices and checks, that showed Trump signed off on the illegal payments.

Now what?

Trump will appeal the conviction, arguing that he wasn’t given a fair trial because it was held in New York City. The appeals process could extend well beyond Election Day.

In the meantime, the former president will be sentenced. The charges against Trump are class E felonies, which each carry a maximum sentence of four years in prison.

• He could be sentenced to jail. If so, he may not serve time before the election—if at all. Pundits are divided on whether or not it’s logistically possible to put a former president behind bars.
• The more likely sentence is probation and/or fines, per most legal experts. Some believe that Judge Juan Merchan will place Trump under house arrest.

Biden’s take. The current president and Trump’s likely 2024 competitor was relatively muted in response to the verdict. “We respect the rule of law, and have no additional comment,” the White House said in a statement.

The Ackman curse? Just hours before the verdict came down, the Financial Times reported that hedge fund billionaire Bill Ackman intends to endorse Trump after previously supporting failed candidates Dean Phillips and Nikki Haley. Ackman is just one of several billionaires, including Nelson Peltz and Elon Musk, who appear likely to back Trump.

DJT’s down. Shares of Trump Media plummeted in after-hours trading following news of the convictions.—AE

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The NRA won its free speech SCOTUS case. In a decision with major implications for how government officials can pressure private companies, the Supreme Court ruled unanimously to allow the National Rifle Association to pursue its First Amendment lawsuit against a New York state official who allegedly urged banks and insurers to cut ties with the pro-gun group after the 2018 Parkland mass shooting. “The First Amendment prohibits government officials from wielding their power selectively to punish or suppress speech,” Justice Sonia Sotomayor wrote. The NRA, which elected a new CEO last week following former leader Wayne LaPierre’s corruption scandal, called the ruling a “landmark victory” for free speech.

Boeing told the FAA how it plans to improve safety. The airplane manufacturer endured the travel industry equivalent of getting sent to the principal’s office yesterday when it outlined its plan to regain the public’s trust in a three-hour meeting with federal regulators. Per the Federal Aviation Administration, Boeing executives pledged that the company will enhance oversight, simplify processes, and improve employee training in response to the cavalcade of safety incidents that have garnered international headlines in recent months. The FAA will “actively monitor” Boeing’s progress with parent-teacher conferences weekly review meetings.

Nelson Mandela’s party is likely to lose its majority in South Africa. For the first time since the end of apartheid in 1994, the African National Congress is poised to lose its majority in Parliament based on early election results. The political party, which gained power as a liberation movement under Mandela 30 years ago, is on pace to earn less than 50% of the vote, which would force it to form a coalition government with other parties. The ANC has won every national election since 1994, but corruption scandals and economic turmoil in the last decade have soured some South Africans on the party’s long-running dominance.

Aside from its annual company conference that advertises as if it were a musical festival for children, Salesforce isn’t in a very happy place right now. The cloud software company posted some of its worst results ever on Wednesday, a worrying sign that the enterprise software industry is struggling to contend with AI.

In response to Q1 earnings that showed growth slowing down, Salesforce stock fell 20% yesterday. It was the stock’s worst day in 20 years and could cause Salesforce’s market value to drop by nearly $50 billion if these doldrums persist. Some lowlights:

• For the first time since 2006, the company missed estimates. It reported 11% revenue growth to $9.13 billion, short of Wall Street’s $9.17 billion forecast.
• Billings increased by a record-low 3% year over year.

What’s got Salesforce so blue? That would be AI. There’s less money flowing to enterprise software spending because investors are pumping so much money into AI, and analysts aren’t convinced that Salesforce can use AI to boost profitability anytime soon.

Big picture: Cloud software isn’t the cash cow it used to be. Other companies like Workday and UiPath have seen their stocks sell off after posting less-than-stellar results.—CC

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How much wood would a woodchuck chuck if a woodchuck knew it was going to space? Forget about that goo they had to breathe in The Abyss—the hottest new material is wood, baby. Specifically, the magnolia that Japan used to create the first-ever wooden satellite, LignoSat.

Developed by Kyoto University and Sumitomo Forestry, the 10-cubic-centimeter satellite took about four years to build and was designed using a traditional Japanese method without screws or glue. The cube will launch in the fall from the Kennedy Space Center to the International Space Station, where it will chill for a month before deploying to outer space for six months.

• Material samples like cherry and birch were tested for “strength and workability” on Earth and aboard the ISS.
• Scientists noted specifically that magnolia saw no signs of damage in space, likely because there’s no oxygen to burn it, or creatures (that we know of) to rot it.

Why wood? Normally, satellites are made with aluminum, which produces toxic chemicals during their fiery reentry into Earth’s atmosphere. If successful, the wooden satellite, which burns into a little pile of ash upon reentry, opens up the possibility of more eco-friendly spacecraft and less space debris.—MM

Your weird neighbor who said he found buried treasure in the woods may be on to something. There are billions of dollars’ worth of copper wire in the ground, and telecommunications giants like AT&T plan to dig it back up and sell it, Bloomberg reported. Over the next decade, telcos hope to unearth up to 800,000 metric tons of copper wire, worth about $7 billion. The copper has kinda just been sitting there ever since companies switched to fiber-optic cable, but it’s a hot commodity again due to its use in EV batteries and other green tech. The increased demand has driven copper prices up by 50% since before the pandemic, per Bloomberg.

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