US politics as it happened: Elon Musk loses trillionaire status after just two weeks

That concludes today’s rolling coverage on US politics and the war in the Middle East.

Here’s a recap of the key developments:

• Falls in technology stocks continued overnight, bringing Wall Street to a mixed close.
• Trump has signalled he does not think the US was behind a deadly strike on an Iranian primary school in the early days of the war.
• At least two people were killed in an Israeli drone strike in southern Lebanon, local media said.
• Iran has declared a new shipping route through the Strait of Hormuz unauthorised, warning commercial ships they face consequences if they travel outside routes approved by Tehran.

We’ll be back tomorrow and until then, you can keep up to date on nine.com.au.

At least two people were killed in an Israeli drone strike in southern Lebanon, according to local media.

Lebanon’s National News Agency (NNA) said the strike hit a vehicle near Kfar Reman in the Nabatieh district on Wednesday.

A short time later, artillery shells struck the outskirts of the town of Yater in the Bint Jbeil district.

The Israeli military said it targeted Hezbollah operatives and later claimed two people had entered a “security zone”. 

The strikes come just days after a renewed ceasefire brokered to end the war with the US and Iran.

The latest violence coincides with talks between Israeli and Lebanese officials in Washington, where the future of southern Lebanon is a key point of contention.

Lebanon is calling for a full Israeli withdrawal and an end to military operations, while Israel says its forces will remain until Hezbollah is disarmed.

Iran has declared a new shipping route through the Strait of Hormuz to be unauthorised, warning commercial ships they face consequences if they travel outside routes approved by Tehran.

It follows an announcement from Oman, which shares control of the channel with Iran.  

The Islamic Revolutionary Guard Corps (IRGC) Navy issued the warning in remarks published by state broadcaster Press TV on Thursday.

The IRGC claimed the route had been established by unnamed authorities without Iran’s knowledge. They did not say who was responsible.

It stated that ships must use only lanes approved by Iran and coordinate with the IRGC Navy when passing through the strait. 

Any vessel using unauthorised corridors could be intercepted or subjected to enforcement measures, it warned.

Another part of the president’s speech concerned a pet project: the Lincoln Memorial Reflecting Pool.

“It’s been gruesomely vandalised by thugs, bad people,” Trump said.He went on to say that suspects had “largely been caught and are being prosecuted.”

Earlier in the day, during an Oval Office meeting with NATO’s secretary-general, he spent 12 minutes discussing the “sick people” that he claimed had sliced portions of the pool’s lining.

Trump has briefly mentioned Venezuela, but offered no words about the back-to-back earthquakes that hit the country early today.

Instead, he praised the US special forces mission in January that led to the capture and arrest of then-president Nicolás Maduro and his wife.

Trump described the military operation as “flawless and breathtaking”.

The earthquakes, which included a 7.5-magnitude quake that collapsed buildings in the capital Caracas, struck about three hours before the president took to the stage.

Just a few minutes into his speech, Trump has lauded the results of the US ceasefire agreement with Iran.

Despite negotiations ongoing and major differences between Washington and Tehran unresolved, the president says the ceasefire deal should be regarded as a victory.

“We signed a historic agreement to end the conflict with Iran, fully open the Strait of Hormuz and accomplish what no president has ever been able to accomplish before,” Trump said to cheers.

Trump has taken to the stage on Washington’s National Mall as Lee Greenwood sang his signature song, “God Bless the U.S.A.”

He shook hands with the president as he hit the closing portion.

Trump greeted the crowd by recalling how America’s Founding Fathers “changed the world forever and ever with a thing called the Declaration of Independence.”

He then swiftly moved into recounting the strengths of the American economy and military.

Donald Trump will soon formally open celebrations for America’s 250th anniversary.

The president will take the stage on Washington’s National Mall to kick off celebrations for the America250 event. They will include a flyover by stealth bombers, military bands, and an appearance by singer Lee Greenwood of “God Bless the USA” fame.

Trump’s appearance onstage was only announced after several musicians, including Young MC and the Commodores, cancelled their concerts because of concerns the event had become politicised.

The rally is part of weeks of celebrations about America and its 1776 founding as part of “The Great American State Fair” on the mall.

The grassy area on the National Mall is now about half full with people. 

Technology pioneer Elon Musk has lost his trillionaire status, less than two weeks since gaining it.

Fluctuations in the Tesla and SpaceX share prices overnight helped drag down the value of his fortune.

The daily Bloomberg Billionaires Index updated on Thursday (AEST) put Musk’s worth at $US957 billion, a fall from the $US1.1 trillion estimation less than 14 days ago.

Technology stocks overnight continued their broad decline as doubts about long=term profitability of AI continue among investors.

Here is some more about the tense exchange between Trump and Republican Senator Bill Cassidy at a closed-door lunch.

Cassidy says he was so intense that, “at some point my guys next to me said, ‘Okay, Bill, sit down,’ and so I sat down and tried to de-escalate”.

But that did little to immediately ease tensions.

One White House official said afterwards that Cassidy had “totally embarrassed himself,” describing him as “unhinged” as the president tried to explain the status of ongoing talks with Iran.

Trump earlier slammed the four Republican senators, including Cassidy, who had voted to rein in his Iran war powers.

“Four Republican Losers voted with the Dumocrats,” the president wrote on Truth Social.