Elon Musk’s DOGE layoffs could impact more than just federal workers. They pose a growing risk to the economy, one prominent economist says.

According to Torsten Slok, chief economist at Apollo Global Management, the number of jobs cut could number 1 million because federal contractors are also likely to take a hit. People who work on government contracts comprise more than two-thirds of the overall federal workforce.

And while President Donald Trump frequently points to the stock market’s performance as an indicator of his success, Slok and others are warning about the prospect of a market correction in the wake of Trump’s policies.

FIRST UP

Apple said it will invest more than $500 billion in the U.S. over the next four years, including plans to build a new factory in Houston and add 20,000 jobs, just days after CEO Tim Cook met with President Donald Trump. The factory will be used to manufacture servers the company plans to deploy to support its artificial intelligence platform, Apple Intelligence.

Berkshire Hathaway stock rallied to an all-time high Monday after a strong fourth-quarter earnings report, enriching CEO Warren Buffett’s net worth by $6 billion. Berkshire, which one analyst called “an attractive stock in an uncertain macro environment,” surpassed Tesla to become the seventh-most valuable public American company.

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BUSINESS + FINANCE

President Donald Trump said on Monday that the planned 25% tariffs on Mexico and Canada are “on time” and “on schedule” to be enacted early next month after being delayed for 30 days. Trump added that the tariffs would make the U.S. “extremely liquid and rich again,” though economists have warned they could have negative impacts.

The price of Bitcoin slid below the $90,000 mark on Tuesday, down nearly 7.5% from the previous 24 hours and dropping to its lowest level since mid-November. The token’s value has fallen more than 19% since it hit an all-time high of $109,114 on the day of Trump’s inauguration last month.

WEALTH + ENTREPRENEURSHIP

Dan Bongino is President Donald Trump’s pick for Deputy FBI Director, a position that does not require Senate approval. In addition to earnings from his podcast and radio show, Bongino has a nearly $160 million stake in Rumble, the conservative-leaning video platform that pitches itself as a free speech alternative to YouTube.

In addition to his $1 million base salary as CEO of Trump Media & Technology Group last year, former Republican congressman Devin Nunes also received a $600,000 bonus, $44.1 million in stock awards and $1.2 million in additional stock compensation. His 2024 compensation marks a 6,200% increase from the $750,000 he earned in 2023, despite Trump Media seeing a net loss of $401 million last year, according to an SEC filing.

MONEY + POLITICS

Congressional negotiations to avoid a government shutdown appear to have reached an impasse as Democrats suggest they could withhold their votes in protest of President Donald Trump’s and Elon Musk’s broad spending cuts to congressionally appropriated funds. The current spending plan expires on March 14, and Republicans, facing an even thinner House majority, have previously relied on Democratic votes to pass a deal.

MORE: Nearly $1 trillion in potential cuts to Medicaid have divided the GOP ahead of an expected vote Tuesday on a spending blueprint that would kickstart the legislative process for enacting Trump’s policy agenda. The fiscal year 2025 spending plan would likely lead to about $800 billion in cuts over the next decade from Medicaid, which provides health care coverage to more than 72 million Americans.

The Trump Administration is reportedly backing down on a threat to fire workers who don’t respond to Elon Musk’s directive asking them to say what they did last week after several agency heads, including FBI Director Kash Patel and National Intelligence Director Tulsi Gabbard, told their employees not to respond. Though Trump defended the email plan, his administration informed federal agencies that it is now “voluntary” for employees to respond to Musk’s email and they will not be fired if they do not, according to the New York Times.

SPORTS + ENTERTAINMENT

The Philadelphia Eagles are planning to visit the White House to celebrate their Super Bowl victory if they are invited, according to multiple reports, following backlash on social media from right-wing users who bashed the team over claims it planned to skip the tradition. Eagles owner Jeffrey Lurie has reportedly criticized President Donald Trump in the past, saying in a private meeting with NFL team owners in 2018 that Trump’s first presidency was “disastrous,” according to the New York Times.

DAILY COVER STORY

The Billionaires Benefitting From H-1B Visas

TOPLINE Many of America’s best-known and most dynamic tech companies are among the top employers for folks on H-1B visas, from Amazon to Microsoft and Google, according to the U.S. Citizenship and Immigration Services agency, an arm of the Department of Homeland Security.

“It’s more than an immigration policy,” biotech billionaire and Los Angeles Times owner Patrick Soon-Shiong recently told Forbes. The South African immigrant came to Los Angeles as a surgical resident in 1980 and says these visas are “living proof of the American dream in action.”

Elon Musk, the nation’s most famous immigrant today, is another huge fan of H-1Bs, and his electric vehicle company, Tesla, is now among the top 25 U.S. employers using such visas, the first time it appears in the ranks.

Created in 1990, the H-1B visa was designed to spur immigration of talented workers like scientists, engineers and educators. The temporary visa, which lasts up to three years and can be renewed, quickly became a popular hiring tool in Silicon Valley. For years, the number of visas awarded annually—via a lottery system—varied, ranging from 48,600 new visas issued in 1992 to 163,600 in 2001. Since 2006, the cap has been fixed at 85,000 annually—20,000 of which are reserved for foreign workers who obtain a master’s degree or doctorate from a U.S. university.

By Forbes’ count, roughly 12% of American billionaires are immigrants, but only a handful benefited personally from an H-1B visa early in their career here. They include Jeff Skoll, the Canadian engineer who was eBay’s first president, Eric Yuan, the Chinese-born founder and CEO of Zoom, and Jayshree Ullal, the CEO of computer networking firm Arista Networks who was born in London and raised in India.

WHY IT MATTERS “H-1B visas have become the recent subject of political debate. Advocates such as Elon Musk have defended the program, lauding its ability to drive innovation and recruit highly specialized talent, while other political figures, including Steve Bannon, worry that it undercuts American workers,” says Forbes contributor Julie Goldenberg.

“But we found a handful of immigrant billionaires who got their start with the help of an H-1B. And many of the biggest tech companies in the country rely on these visas to hire highly skilled workers.”

MORE Immigrant Tech Workers Scrambling To Secure Visas Ahead Of Trump’s Inauguration

FACTS + COMMENTS

Tax filing season is off to a sluggish start, IRS data shows, amid federal turmoil that has impacted the agency. Plus, some taxpayers have voiced privacy concerns after DOGE requested access to sensitive taxpayer data:

4.9%: The drop in the number of individual income tax returns the IRS has received in 2025, compared to the same time frame in 2024

46.3%: The decline in web visits to IRS.gov as of February 14, compared to the same time period last year

$2,169: The average tax refund, down 32.4% from last year

STRATEGY + SUCCESS

Quitting your job without another position lined up is a bold move, but it could be worth it—especially if you’re stuck in a toxic workplace. It can offer a chance to recharge and rediscover your passion and energy, as well as an opportunity to enrich your personal life. If you’re worried about the financial implications, aim to save at least six months worth of expenses in an emergency fund. While a gap in your résumé can be a liability, document your personal and professional growth during this time and explain it to future interviewers.

VIDEO

QUIZ

In the wake of rising egg prices, another breakfast chain temporarily added a surcharge for dishes with eggs at some of its locations, Bloomberg reported Monday. Which restaurant is it?

A. IHOP

B. Waffle House

C. Denny’s

D. Biscuitville

Check your answer.

Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.