Elon Musk has announced the formation of a new political movement called the ‘America Party’, and two of his former critics have offered to help him get it off the ground. In a post on his platform X, Musk said, “Today, the America Party is formed to give you back your freedom.” He said the move follows a poll he posted on July 4, where 65.4% of over a million respondents voted in favour of launching a new political party. “By a factor of 2 to 1, you want a new political party and you shall have it!” he wrote.Also read: <a href="https://www.wionews.com/world/-facts-over-feelings-elon-musk-s-own-ai-grok-blames-him-and-trump-for-deadly-texas-floods-that-killed-at-least-51-1751802263974">‘Facts over feelings’: Elon Musk’s own AI Grok blames him and Trump for deadly Texas floods that killed&nbsp;at&nbsp;least&nbsp;51</a>The announcement comes after a public falling out between Musk and President Donald Trump, particularly after Trump signed his wide-reaching ‘One Big Beautiful Bill’ on July 4. The bill includes major tax cuts and record-breaking immigration enforcement funding, a policy Musk once supported. Musk had previously donated $277 million to Trump’s 2024 campaign and worked closely with his administration through the Department of Government Efficiency (DOGE). But their alliance ended after Musk began criticising the bill for adding $3.3 trillion to the national debt.Also read: <a href="https://www.wionews.com/world/elon-musk-just-launched-a-new-political-party-but-he-can-never-be-us-president-here-s-why-1751748208672">Elon Musk just launched a new political party, but he can never be US president - Here's why</a><h2>Mark Cuban jumps in, despite past clashes</h2>Despite being a frequent critic of Musk, billionaire Mark Cuban appeared ready to help. Cuban first reposted Musk’s announcement with fireworks and flame emojis, then followed up with a more direct offer of support. “I work with [Center for Competitive Democracy],” he wrote. “They will help you get on ballots. That is their mission,” he added. The organisation specialises in supporting third-party and independent candidates in gaining ballot access across the United States.<h2>Scaramucci extends an invitation</h2>Former Trump White House staffer Anthony Scaramucci, another vocal supporter of Kamala Harris in the 2024 election, also reached out to Musk. “I would like to meet to discuss. My DMs are open,” Scaramucci posted on X.

Despite being a frequent critic of Musk, billionaire Mark Cuban appeared ready to help. Cuban first reposted Musk’s announcement with fireworks and flame emojis, then followed up with a more direct offer of support.

Elon Musk has announced the formation of a new political movement called the ‘America Party’, and two of his former critics have offered to help him get it off the ground. In a post on his platform X, Musk said, “Today, the America Party is formed to give you back your freedom.” He said the move follows a poll he posted on July 4, where 65.4% of over a million respondents voted in favour of launching a new political party. “By a factor of 2 to 1, you want a new political party and you shall have it!” he wrote. Also read: ‘Facts over feelings’: Elon Musk’s own AI Grok blames him and Trump for deadly Texas floods that killed at least 51 The announcement comes after a public falling out between Musk and President Donald Trump, particularly after Trump signed his wide-reaching ‘One Big Beautiful Bill’ on July 4. The bill includes major tax cuts and record-breaking immigration enforcement funding, a policy Musk once supported. Musk had previously donated $277 million to Trump’s 2024 campaign and worked closely with his administration through the Department of Government Efficiency (DOGE). But their alliance ended after Musk began criticising the bill for adding $3.3 trillion to the national debt. Also read: Elon Musk just launched a new political party, but he can never be US president - Here's why Mark Cuban jumps in, despite past clashes Despite being a frequent critic of Musk, billionaire Mark Cuban appeared ready to help. Cuban first reposted Musk’s announcement with fireworks and flame emojis, then followed up with a more direct offer of support. “I work with [Center for Competitive Democracy],” he wrote. “They will help you get on ballots. That is their mission,” he added. The organisation specialises in supporting third-party and independent candidates in gaining ballot access across the United States. Scaramucci extends an invitation Former Trump White House staffer Anthony Scaramucci, another vocal supporter of Kamala Harris in the 2024 election, also reached out to Musk. “I would like to meet to discuss. My DMs are open,” Scaramucci posted on X.

Despite being a frequent critic of Musk, billionaire Mark Cuban appeared ready to help. Cuban first reposted Musk’s announcement with fireworks and flame emojis, then followed up with a more direct offer of support.

'Billionaire, Ex-Trump ally': Elon Musk’s new ‘America Party’ gets support from surprising allies: Here’s who wants in

American billionaire and entrepreneur Mark Cuban has raised serious concerns about former President Donald Trump&rsquo;s latest economic plans, warning that they could lead the United States into a crisis even deeper than the 2008 recession.
In a series of posts on the social media platform Bluesky, the Shark Tank star Mark Cuban said that Trump's new aggressive tariff policies, combined with federal workforce cuts led by the DOGE office, could do lasting damage to the US economy.
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&nbsp;"If these tariffs stay for years and are inflationary, and DOGE keeps cutting and firing people, we&rsquo;ll be in a far worse situation than 2008," Cuban said.
<h2 dir="ltr">What&rsquo;s behind Cuban&rsquo;s warning?</h2>
The Trump administration recently announced a wide set of tariffs on imported goods, aiming to protect domestic industries. However, these tariffs could raise prices on essential items like food, clothes, and cars, leading to inflation and reduced consumer spending.
At the same time, the DOGE office (a federal agency focused on government reform) has been cutting jobs in key agencies like the Consumer Financial Protection Bureau and the IRS&rsquo;s tax evasion unit, raising concerns about weakened oversight and reduced tax revenue.
While President Trump has admitted there may be "a little pain" in the short term, he insists the plan will make America stronger in the long run. On Saturday, he posted on Truth Social:&nbsp;&nbsp;
<meta>
<blockquote class="twitter-tweet publive-iframes-block publive-Twitter-block" contenteditable="false" width="600" height="400" id="PL_blockquote_block-m95lm6n7-yuf17x62-e7d5m89z">
<a href="https://t.co/qtE68AtBIT">pic.twitter.com/qtE68AtBIT</a>
&mdash; Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) <a href="https://twitter.com/TrumpDailyPosts/status/1908747229134811443?ref_src=twsrc%5Etfw">April 6, 2025</a></blockquote>
<h2 dir="ltr">Markets react as fears grow</h2>
Following the announcement of the new tariff plan, the stock market took a sharp dip, and many Americans began stockpiling essential goods while cutting back on luxury spending. Economists and trade experts have warned that the plan could lead to higher import costs, making everyday items more expensive.
A top economist at JPMorgan Chase even issued a note titled "There Will Be Blood,"increasing the chances of a global recession from 40 per cent to 60 per cent.
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<h2 dir="ltr">Why this matters: Lessons from 2008</h2>
The 2008 financial crisis was one of the worst economic downturns in US history. During that time, GDP fell more than 4 per cent, unemployment hit 10 per cent, and the housing market collapsed.
Cuban&rsquo;s warning suggests that the current mix of trade protectionism and government downsizing could repeat or even worsen that scenario.
While Cuban didn&rsquo;t explain all the connections in detail, experts say weakening consumer protections and reducing tax enforcement could hurt middle and working-class Americans the most.

President Trump has admitted there may be "a little pain" in the short term; he insists the plan will make America stronger in the long run.

American billionaire and entrepreneur Mark Cuban has raised serious concerns about former President Donald Trump’s latest economic plans, warning that they could lead the United States into a crisis even deeper than the 2008 recession. In a series of posts on the social media platform Bluesky, the Shark Tank star Mark Cuban said that Trump's new aggressive tariff policies, combined with federal workforce cuts led by the DOGE office, could do lasting damage to the US economy. Also Read: Rajnath Singh inaugurates INS Sunayna and other navy infrastructure worth Rs 2000 crore "If these tariffs stay for years and are inflationary, and DOGE keeps cutting and firing people, we’ll be in a far worse situation than 2008," Cuban said. What’s behind Cuban’s warning? The Trump administration recently announced a wide set of tariffs on imported goods, aiming to protect domestic industries. However, these tariffs could raise prices on essential items like food, clothes, and cars, leading to inflation and reduced consumer spending. At the same time, the DOGE office (a federal agency focused on government reform) has been cutting jobs in key agencies like the Consumer Financial Protection Bureau and the IRS’s tax evasion unit, raising concerns about weakened oversight and reduced tax revenue. While President Trump has admitted there may be "a little pain" in the short term, he insists the plan will make America stronger in the long run. On Saturday, he posted on Truth Social: pic.twitter.com/qtE68AtBIT — Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) April 6, 2025 Markets react as fears grow Following the announcement of the new tariff plan, the stock market took a sharp dip, and many Americans began stockpiling essential goods while cutting back on luxury spending. Economists and trade experts have warned that the plan could lead to higher import costs, making everyday items more expensive. A top economist at JPMorgan Chase even issued a note titled "There Will Be Blood,"increasing the chances of a global recession from 40 per cent to 60 per cent. Also read: CBSE class 10 results 2025 expected shortly, class 12 updates also awaited Why this matters: Lessons from 2008 The 2008 financial crisis was one of the worst economic downturns in US history. During that time, GDP fell more than 4 per cent, unemployment hit 10 per cent, and the housing market collapsed. Cuban’s warning suggests that the current mix of trade protectionism and government downsizing could repeat or even worsen that scenario. While Cuban didn’t explain all the connections in detail, experts say weakening consumer protections and reducing tax enforcement could hurt middle and working-class Americans the most.

‘Worse than 2008 crisis’: Mark Cuban warns of deep recession fuelled by Trump-era tariffs and cuts

Billionaire businessman and "Shark Tank" investor Mark Cuban issued an apology and explanation after his comments about former President Donald Trump received backlash.

Billionaire businessman and "Shark Tank" investor Mark Cuban issued an apology and explanation after his comments about former President Donald Trump received backlash. During an appearance on Thursday’s episode of “The View,” Cuban criticised Trump for not having “strong, intelligent women” in his close circle, speculating that this may be why Trump hasn’t been seen with Nikki Haley, the former governor who once opposed Trump in the primaries but later supported him. “Donald Trump, you never see him around strong, intelligent women, ever. It’s just that simple. They’re intimidating to him. He doesn’t like to be challenged by them,” said Cuban, who has been supporting Vice President Kamala Harris, Trump’s Democratic opponent for the 2024 presidential election. He added, “Nikki Haley will call him on his nonsense with reproductive rights and how he sees and treats and talks about women. I mean, he just can’t have her around. It wouldn’t work,” during the ABC interview. After facing backlash, Cuban took to X, saying, “When I said this during the interview, I didn't get it out exactly the way I thought I did. So I apologize to anyone who felt slighted or upset by my response. As I said, it wasn't about trump voters, supporters or employees. Current or former.” Also read: Liz Cheney blasts Trump as 'petty tyrant' after ‘war hawk’ comment Cuban continued, “And, I set myself up for the 6 sec soundbite. No excuses. Can't nail every interview. My skin is thick enough. What bothers me though is that so many of the comments or media, in support of, or against me, has some level of insult attached to it. Not just here. But everywhere.” He concluded, “I'm not blaming anyone. We are where we are. Here is hoping that changes at least a little bit in a week. In the spirit of joy... I have to add that all the AI memes of me with the long hair crack me up. So there is a positive!” Shortly after Cuban’s comments circulated, Trump responded on X, calling Cuban “a really dumb guy, who thinks he’s ‘hot stuff’ but he’s absolutely nothing.” Trump defended himself by stating, “Actually, he is very wrong, I surround myself with the strongest of women - With the understanding that ALL women are great, whether strong or not strong.” Trump then went on to call Cuban “such a fool” and “a very insecure guy, and a MAJOR LOSER, always has been and always will be!” (With inputs from agencies)

Billionaire Mark Cuban issues apology after saying Trump is 'intimidated by strong women'

Billionaire Mark Cuban&nbsp;told&nbsp;Elon Musk to "delete" his own&nbsp;X account after the social media platform owner&nbsp;endorsed&nbsp;a&nbsp;controversial interview by former Fox News host Tucker Carlson.&nbsp;

The X owner, promoting the interview, featuring&nbsp;Carlson and Darryl Cooper, host of the MartyrMade podcast said, “Very interesting. Worth watching.”

In the interview, the duo discussed&nbsp;historically sensitive topics, including World War II and Winston Churchill. The clip gained significant attention after Musk shared it.&nbsp;

During the interview, Carlson introduced Cooper as “the best and most honest popular historian in the United States.”

The former Fox News host even highlighted&nbsp;Cooper’s latest project and described it as an exploration of “the most forbidden of all: trying to understand World War Two.”

Carlson and Cooper&nbsp;discussed the complexities of the Israel-Palestine conflict and spoke about&nbsp;contemporary world issues, including immigration in Europe, the civil rights movement, and the Black Lives Matter movement.

Cuban, an entrepreneur and the co-founder of the Dallas Mavericks, did not hold back&nbsp;in expressing&nbsp;his disapproval of Musk’s endorsement. He shared the post which read, “Delete your account,” directed at the X owner.&nbsp;

The feud&nbsp;between Cuban and Musk is not new.&nbsp;

<h2>Ongoing feud between Cuban and Musk</h2>

Earlier, Cuban accused Musk of manipulating the public platform algorithm to generate favourable outcomes.&nbsp;

Dallas Mavericks co-founder even questioned the free speech agenda: “I know everyone thinks this platform is a bastion of free speech. I see the opposite”.

“It’s only as free as Elon wants it to be. He can intimidate. He can alter the algorithm. He can suspend anyone he wants at any time. He is the ultimate arbiter of everything on here.”

“And the biggest power play is him making everyone think their speech is free speech until he decides it isn’t, and there is nothing any of us can do about it,” Cuban&nbsp;further added.

In response to the allegation, Musk said "Unlike the other platforms, our algorithm is open source! And if you interact and argue with 'right wing' accounts, which Cuban does a lot, the algorithm will assume that's what you want to do and give you more of it lmao."

(With inputs from agencies)

Billionaire Mark Cuban told Elon Musk to "delete" his own X account after the social media platform owner endorsed a controversial interview by former Fox News host Tucker Carlson.

Billionaire Mark Cuban told Elon Musk to "delete" his own X account after the social media platform owner endorsed a controversial interview by former Fox News host Tucker Carlson. The X owner, promoting the interview, featuring Carlson and Darryl Cooper, host of the MartyrMade podcast said, “Very interesting. Worth watching.” In the interview, the duo discussed historically sensitive topics, including World War II and Winston Churchill. The clip gained significant attention after Musk shared it. During the interview, Carlson introduced Cooper as “the best and most honest popular historian in the United States.” The former Fox News host even highlighted Cooper’s latest project and described it as an exploration of “the most forbidden of all: trying to understand World War Two.” Carlson and Cooper discussed the complexities of the Israel-Palestine conflict and spoke about contemporary world issues, including immigration in Europe, the civil rights movement, and the Black Lives Matter movement. Cuban, an entrepreneur and the co-founder of the Dallas Mavericks, did not hold back in expressing his disapproval of Musk’s endorsement. He shared the post which read, “Delete your account,” directed at the X owner. The feud between Cuban and Musk is not new. Ongoing feud between Cuban and Musk Earlier, Cuban accused Musk of manipulating the public platform algorithm to generate favourable outcomes. Dallas Mavericks co-founder even questioned the free speech agenda: “I know everyone thinks this platform is a bastion of free speech. I see the opposite”. “It’s only as free as Elon wants it to be. He can intimidate. He can alter the algorithm. He can suspend anyone he wants at any time. He is the ultimate arbiter of everything on here.” “And the biggest power play is him making everyone think their speech is free speech until he decides it isn’t, and there is nothing any of us can do about it,” Cuban further added. In response to the allegation, Musk said "Unlike the other platforms, our algorithm is open source! And if you interact and argue with 'right wing' accounts, which Cuban does a lot, the algorithm will assume that's what you want to do and give you more of it lmao." (With inputs from agencies)

'Delete your account': Mark Cuban tells Elon Musk on X. Here's what happened

Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the NBA club to the families who run the Las Vegas Sands casino resort company. NBC Dallas-Fort Worth reported on Wednesday that Cuban said he would receive $3.5 billion in the deal, which must be approved by NBA team owners to be completed.

A statement on Wednesday from the prospective new owners, the families of Miriam Adelson and her son-in-law Patrick Dumont -- president of Sands Corporation, said they hope to complete the purchase by the end of the year. "The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as governor of the Dallas Mavericks," the statement said.

"The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors." Forbes magazine last month valued the Mavericks seventh of 30 NBA clubs at $4.5 billion. Forbes says Cuban is worth about $6.2 billion.

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Cuban, a passionate basketball fan who often sits courtside at Mavericks games, bought a majority interest in the team in January of 2000 for $285 million. The 65-year-old American reportedly would remain in operational control of the club but not serve as the team's governor for NBA purposes.

After missing the playoffs for a decade, the Mavericks made it back in 2001, lost in the NBA Finals to Miami in 2006 and captured their first NBA title in 2011 by beating Miami. They hadn't won another playoff series until last year, when they advanced to the Western Conference final before falling to Golden State.

"The Dallas Mavericks are one of the world's most successful and recognizable sports franchises," the families statement said. "The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fan base and leadership group led by Mark Cuban.

"The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. "Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond."

<h2>Doncic third in scoring&nbsp;</h2>

Adelson, the widow of casino magnate Sheldon Adelson, is top shareholder in the Sands corporation, which operates major casinos in Singapore and Macau. Cuban has said he wants to see a new arena built for the Mavericks as part of a casino, providing the state of Texas legalizes gambling.

The Mavericks share third in the NBA Western Conference this season at 11-6. Slovenian star guard Luka Doncic ranked third in the NBA in scoring with 31.1 points a game so far this season. His 64 3-pointers made this season rank second to Golden State's Stephen Curry and six ahead of Dallas teammate Tim Hardaway Jr.

"The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community," the families statement said. "We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."

Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the NBA club to the families who run the Las Vegas Sands casino resort company.

Dallas Mavericks owner Mark Cuban has entered an agreement to sell his majority stake in the NBA club to the families who run the Las Vegas Sands casino resort company. NBC Dallas-Fort Worth reported on Wednesday that Cuban said he would receive $3.5 billion in the deal, which must be approved by NBA team owners to be completed. A statement on Wednesday from the prospective new owners, the families of Miriam Adelson and her son-in-law Patrick Dumont -- president of Sands Corporation, said they hope to complete the purchase by the end of the year. "The Adelson and Dumont families have entered into binding purchase agreements to acquire majority ownership and the right to serve as governor of the Dallas Mavericks," the statement said. "The families are targeting a closing of the transaction by year-end, subject to satisfaction of customary closing conditions and approval of the NBA Board of Governors." Forbes magazine last month valued the Mavericks seventh of 30 NBA clubs at $4.5 billion. Forbes says Cuban is worth about $6.2 billion. Also Read: Japanese University scraps team for alleged possession of drug Cuban, a passionate basketball fan who often sits courtside at Mavericks games, bought a majority interest in the team in January of 2000 for $285 million. The 65-year-old American reportedly would remain in operational control of the club but not serve as the team's governor for NBA purposes. After missing the playoffs for a decade, the Mavericks made it back in 2001, lost in the NBA Finals to Miami in 2006 and captured their first NBA title in 2011 by beating Miami. They hadn't won another playoff series until last year, when they advanced to the Western Conference final before falling to Golden State. "The Dallas Mavericks are one of the world's most successful and recognizable sports franchises," the families statement said. "The team has won an NBA championship, has a long history of attracting international superstars and has been supported by a dedicated and passionate fan base and leadership group led by Mark Cuban. "The Adelson and Dumont families are honored to have the opportunity to be stewards of this great franchise. "Through our commitment and additional investment in the team, we look forward to partnering with Mark Cuban to build on the team's success and legacy in Dallas and beyond." Doncic third in scoring Adelson, the widow of casino magnate Sheldon Adelson, is top shareholder in the Sands corporation, which operates major casinos in Singapore and Macau. Cuban has said he wants to see a new arena built for the Mavericks as part of a casino, providing the state of Texas legalizes gambling. The Mavericks share third in the NBA Western Conference this season at 11-6. Slovenian star guard Luka Doncic ranked third in the NBA in scoring with 31.1 points a game so far this season. His 64 3-pointers made this season rank second to Golden State's Stephen Curry and six ahead of Dallas teammate Tim Hardaway Jr. "The goal is to win and to have a team that proudly represents the greater DFW area and serves as a strong and valuable member of the local community," the families statement said. "We believe that with this partnership and our commitment to the team, the community and the fans, the future is bright for the Dallas Mavericks."

NBA: Mark Cuban sells majority stake of Dallas Mavericks to Casino tycoon Miriam Adelson

In a recent revelation on the All the Smoke podcast, billionaire businessman Mark Cuban, 65, shared that he will not be returning to the hit ABC series Shark Tank after its upcoming 16th season.

"This is our 15th year, and next year, our 16th year, is gonna be my last year," he declared on the podcast. "So I got one more year to go."

Cuban, who first appeared as a guest on Shark Tank in season 2 and joined full-time in the third season, expressed that he believes "it's time" to leave the show. Despite his confirmation of an exit after season 16, the network has not yet officially confirmed his departure.

Reflecting on the impact of Shark Tank, Cuban expressed gratitude, stating, "I love it because it sends the message the American dream is alive and well."

The entrepreneur emphasised the show's role in inspiring generations of kids, saying, "Now we’ve got people coming on saying I watched you when I was 10 years old. I’m like, f—. But we’re helping them, right? I’ve invested in, I don’t know how many hundreds of companies."

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Cuban also shared insights gained from his tenure as a Shark, noting, "The harder they have to try to sell, the worse the deal,” and highlighting the importance of concise business pitches.

This isn't the first time Cuban has hinted at leaving Shark Tank. Last year, he told PEOPLE, "I committed to come back for season 15 next year. But after that, you know, I don't know yet."

Family considerations seem to be a key factor in his decision, as Cuban admitted, "Family first, always. And so I wanted to try to make sure I spent as much time with my daughter as I can, and my family as I can."

Shark Tank&nbsp;airs on Fridays at 8 pm&nbsp;ET on ABC.

In a recent revelation on the All the Smoke podcast, billionaire businessman Mark Cuban, 65, shared that he will not be returning to the hit ABC series Shark Tank after its upcoming 16th season.

In a recent revelation on the All the Smoke podcast, billionaire businessman Mark Cuban, 65, shared that he will not be returning to the hit ABC series Shark Tank after its upcoming 16th season. "This is our 15th year, and next year, our 16th year, is gonna be my last year," he declared on the podcast. "So I got one more year to go." Cuban, who first appeared as a guest on Shark Tank in season 2 and joined full-time in the third season, expressed that he believes "it's time" to leave the show. Despite his confirmation of an exit after season 16, the network has not yet officially confirmed his departure. Reflecting on the impact of Shark Tank, Cuban expressed gratitude, stating, "I love it because it sends the message the American dream is alive and well." The entrepreneur emphasised the show's role in inspiring generations of kids, saying, "Now we’ve got people coming on saying I watched you when I was 10 years old. I’m like, f—. But we’re helping them, right? I’ve invested in, I don’t know how many hundreds of companies." Also read: Kanye West surprises Dubai crowd with performance of his controversial song Vultures Cuban also shared insights gained from his tenure as a Shark, noting, "The harder they have to try to sell, the worse the deal,” and highlighting the importance of concise business pitches. This isn't the first time Cuban has hinted at leaving Shark Tank. Last year, he told PEOPLE, "I committed to come back for season 15 next year. But after that, you know, I don't know yet." Family considerations seem to be a key factor in his decision, as Cuban admitted, "Family first, always. And so I wanted to try to make sure I spent as much time with my daughter as I can, and my family as I can." Shark Tank airs on Fridays at 8 pm ET on ABC.

Mark Cuban announces departure from Shark Tank after season 16

Fears of scam have surged as Axie Infinity craze has exploded in Philippines. Detractors warn the game is a "house of cards", some likening it to a fraud scheme driven by hype and speculation.

The NFT-based online video game developed by Vietnamese studio Sky Mavis&nbsp;is known for its in-game economy which uses Ethereum-based cryptocurrencies.

Under the financial model of P2E (play to earn), Axie Infinity became the biggest winner in the field of blockchain games in the last few months.&nbsp;

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About 35 percent of Axie Infinity traffic,&nbsp;and the biggest share of its 2.5 million daily active users,&nbsp;comes from the Philippines, where high proficiency in English, strong gaming culture and widespread smartphone usage have fuelled its popularity, Sky Mavis said.

In Axie Infinity, players participate in battles using colourful blob-like Axies, and are mainly rewarded "Smooth Love Potion" (SLPs) that can be exchanged for cryptocurrency or cash -- or invested back into the game's virtual world Lunacia.

An Axie is an NFT -- a unique, non-fungible token, with a particular set of abilities and characteristics. Like NFT pieces of art, they are stored on the blockchain -- a digital ledger that cannot be changed.

Axies can be bought, sold or rented to other players. Owners can also breed them to create new Axies that provide more value.

Also read |&nbsp;<a href="https://www.wionews.com/technology/nft-platform-that-sold-dorseys-first-tweet-shuts-down-due-to-rampant-fakes-452578" hreflang="en">NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes</a>

At the peak of the game's growth last year, a starter team of Axies could cost hundreds of dollars, far beyond the reach of aspiring players in poorer countries. The cheapest Axies cost $37 each, putting the cost of a basic team at $111.

However, players who spend more get better Axies, giving them a better chance of winning battles to earn SLPs and -- from some activities -- the game's other crypto token AXS.

Those with the capital to assemble more lucrative Axie teams have set up guilds and "scholarships" -- profit-sharing systems where players are charged a percentage of their earnings. The owners' take can reportedly go as high as 30 percent.

Its fans and creators&nbsp;say it is a revolutionary step towards the future of the internet. As the number of daily active players skyrocketed in 2021, the price of Axies and SLPs also soared, raising questions about the game's sustainability.

The investors in the market sounded their alarm when Axie Infinity announced that it would transfer the main network from Ethereum to its own sidechain named Ronin. The transfer of its main network would lead to absolute control of the team over the data in the chain, making the whole system more and more centralised, which would be against the nature of the blockchain to be decentralised.

Sky Mavis earns revenue from the game mainly through breeding and marketplace fees, and Axie Infinity has generated more than $1.2 billion in revenue. It has also attracted deep-pocketed backers, including US billionaire Mark Cuban.

But some gaming industry analysts say its business model is unsustainable, pointing to the need for new players to keep money coming in.

Jonathan Teplitsky of blockchain firm Horizen Labs warned most play-to-earn games were a "house of cards", fuelled by "hype and price speculation".

(With inputs from agencies)&nbsp;

Fears of scam have surged as Axie Infinity craze has exploded in Philippines. Detractors warn the game is a "house of cards", some likening it to a fraud scheme driven by hype and speculation.

Fears of scam have surged as Axie Infinity craze has exploded in Philippines. Detractors warn the game is a "house of cards", some likening it to a fraud scheme driven by hype and speculation. The NFT-based online video game developed by Vietnamese studio Sky Mavis is known for its in-game economy which uses Ethereum-based cryptocurrencies. Under the financial model of P2E (play to earn), Axie Infinity became the biggest winner in the field of blockchain games in the last few months. Also see | Metaverse, electric cars, brain tech: Take a look at how the future of technology will look like About 35 percent of Axie Infinity traffic, and the biggest share of its 2.5 million daily active users, comes from the Philippines, where high proficiency in English, strong gaming culture and widespread smartphone usage have fuelled its popularity, Sky Mavis said. In Axie Infinity, players participate in battles using colourful blob-like Axies, and are mainly rewarded "Smooth Love Potion" (SLPs) that can be exchanged for cryptocurrency or cash -- or invested back into the game's virtual world Lunacia. An Axie is an NFT -- a unique, non-fungible token, with a particular set of abilities and characteristics. Like NFT pieces of art, they are stored on the blockchain -- a digital ledger that cannot be changed. Axies can be bought, sold or rented to other players. Owners can also breed them to create new Axies that provide more value. Also read | NFT platform that sold Dorsey's first tweet shuts down due to 'rampant' fakes At the peak of the game's growth last year, a starter team of Axies could cost hundreds of dollars, far beyond the reach of aspiring players in poorer countries. The cheapest Axies cost $37 each, putting the cost of a basic team at $111. However, players who spend more get better Axies, giving them a better chance of winning battles to earn SLPs and -- from some activities -- the game's other crypto token AXS. Those with the capital to assemble more lucrative Axie teams have set up guilds and "scholarships" -- profit-sharing systems where players are charged a percentage of their earnings. The owners' take can reportedly go as high as 30 percent. Its fans and creators say it is a revolutionary step towards the future of the internet. As the number of daily active players skyrocketed in 2021, the price of Axies and SLPs also soared, raising questions about the game's sustainability. The investors in the market sounded their alarm when Axie Infinity announced that it would transfer the main network from Ethereum to its own sidechain named Ronin. The transfer of its main network would lead to absolute control of the team over the data in the chain, making the whole system more and more centralised, which would be against the nature of the blockchain to be decentralised. Sky Mavis earns revenue from the game mainly through breeding and marketplace fees, and Axie Infinity has generated more than $1.2 billion in revenue. It has also attracted deep-pocketed backers, including US billionaire Mark Cuban. But some gaming industry analysts say its business model is unsustainable, pointing to the need for new players to keep money coming in. Jonathan Teplitsky of blockchain firm Horizen Labs warned most play-to-earn games were a "house of cards", fuelled by "hype and price speculation". (With inputs from agencies)

'House of cards': Fears of scam surge as Axie Infinity craze explodes in Philippines

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people. &nbsp;

Although the estimated price for the town is unclear, it was put up for sale in 2017 for $4 million. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/11-us-govt-employees-phones-hacked-using-nso-groups-spyware-say-reports-434000">11 US govt employees’ phones hacked using NSO Group’s spyware, say reports</a>

US billionaire Mark Cuban, who is also Dallas Mavericks owner, said he has bought the town to help a friend. &nbsp;

“I don’t know what, if anything, I will do with it,” the billionaire told the Dallas Morning News. &nbsp;

The town is roughly spread in 77 acres and is about an hour’s distance away from Dallas. &nbsp;

Mustang features several amenities like a closed down strip club. It also has a neighbourhood alligator, which resides in a pond. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/us-county-school-admin-charges-36000-from-woman-to-give-info-on-sexual-assault-rape-433995">US county school admin charges $36,000 from woman to give info on ‘rape’</a>

In 2008, someone was killed at the strip club, which is known as Whispers. Since then, the club has been closed, as per the Houston Chronicle. &nbsp;

In a nutshell, Mustang is actually a ghost town. The town was founded in 1970s and used to thrive by selling alcohol while most of Navarro County, Texas, had restricted its sale. &nbsp;

(With inputs from agencies)&nbsp;

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people.

If reports are to be believed, a US billionaire has recently bought a small town in Texas. The town, which is named Mustang, has a population of just about two dozen people. Although the estimated price for the town is unclear, it was put up for sale in 2017 for $4 million. Also Read: 11 US govt employees’ phones hacked using NSO Group’s spyware, say reports US billionaire Mark Cuban, who is also Dallas Mavericks owner, said he has bought the town to help a friend. “I don’t know what, if anything, I will do with it,” the billionaire told the Dallas Morning News. The town is roughly spread in 77 acres and is about an hour’s distance away from Dallas. Mustang features several amenities like a closed down strip club. It also has a neighbourhood alligator, which resides in a pond. Also Read: US county school admin charges $36,000 from woman to give info on ‘rape’ In 2008, someone was killed at the strip club, which is known as Whispers. Since then, the club has been closed, as per the Houston Chronicle. In a nutshell, Mustang is actually a ghost town. The town was founded in 1970s and used to thrive by selling alcohol while most of Navarro County, Texas, had restricted its sale. (With inputs from agencies)

US billionaire Mark Cuban buys small town named Mustang in Texas

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