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Meta CEO Mark Zuckerberg and Google co-founder Sergey Brin have closed on sprawling Miami-area estates, underscoring the continued shift of tech wealth from the West Coast to South Florida.

“While the neighborhoods they bought in differ, their priorities are identical: safety, security and proximity,” Douglas Elliman’s Chris Wands told Fox News Digital. “These high-profile buyers are choosing waterfront properties in gated, controlled environments with easy access to private airports and Miami’s business and restaurant corridors.”

Within roughly a 20-mile radius, four of the world’s wealthiest individuals — Jeff Bezos, Zuckerberg, Larry Page and Brin — now own significant residential properties. Zuckerberg’s reported $170 million closing on Indian Creek Island would rank among the most expensive residential sales in Miami-Dade County history, according to multiple reports.

Zuckerberg and his wife, Priscilla Chan, reportedly closed on the property at 7 Indian Creek Island Road on March 2, snapping up the 1.84-acre waterfront lot for a bit less than the original $200 million listing price.

OVER $126M IN 60 DAYS — FLORIDA REAL ESTATE TYCOONS SAY BLUE-STATE WEALTH MIGRATION IS NOW PERMANENT

The home features nine bedrooms, 11.5 bathrooms, a “secret” library passageway, a wellness wing with a gym, professional-grade salon and massage room, a 1,500-gallon centerpiece aquarium, a jazz lounge, a 60-foot pool and more.

Mark Zuckerberg and Sergey Brin both recently closed on their respective Miami mansions. (Getty Images)

The home — located three doors down from Bezos in the so-called “Billionaire Bunker” — is still under construction and was designed by Canadian architect Ferris Rafauli, known for designing rapper Drake’s “Embassy” mansion in Toronto.

“From the limestone façade and grand architectural proportions to the meticulously curated interiors, every detail showcases modern artistry and exceptional craftsmanship,” the listing details read. “This classically inspired residence offers endless views, indoor-outdoor living, and a sense of privacy and sophistication.”

“South Florida has become one of the most powerful concentrations of wealth in just a few years and that signals a real confidence in the market. Ultra-luxury real estate FOMO is absolutely real,” Douglas Elliman’s No. 1 agent nationwide, Dina Goldentayer, said. “There’s a network of gravity happening behind the scenes. Billionaires talk, their advisors, family offices and security teams are all talking. And suddenly Miami becomes a strategic base that you need as a hedge.”

Brin opted for the more residential setting of 6569 Allison Road on Allison Island in northern Miami Beach. He reportedly purchased the $51 million property through a Nevada-based entity, Lagoon LLC, which has been linked to his longtime legal representatives.

The home, previously owned by LVMH Americas CEO Michael Burke and sold in an off-market deal, is a modernist, glass-walled property spanning roughly 10,000 square feet. The design includes seven bedrooms and 8.5 bathrooms, with sweeping views of Biscayne Bay and architectural elements said to draw inspiration from the Guggenheim Museum.

It’s notable that both Zuckerberg and Brin’s neighborhoods include ultra-secure, private police guards who must register any guests as they come and go.

“Security will always remain paramount for the ultra-high-net worth, and they all will always have their private security detail 24/7. Their choices between Indian Creek, Coconut Grove or Allison Island would be more based on their personal preference of what lifestyle the immediate surroundings offer, and of course, the home itself,” ONE Sotheby’s International Realty’s Eddy Martinez also told Fox News Digital. “How did that home make them feel in comparison to others? All these factors come into play on the final decision.”

The real estate insiders point to Google counterpart Larry Page as the first to sound the alarm by moving to Florida, with his $173 million acquisition of two separate estates in Coconut Grove in late 2025. The timing of these billionaire relocations coincides with a California proposal that would impose a one-time 5% tax on the net worth of Golden State residents with assets exceeding $1 billion.

If such a proposal were to receive enough signatures and voter approval, individuals who were California residents as of Jan. 1, 2026, could be subject to the tax, according to the measure’s draft language.

Based on recent net worth estimates, Zuckerberg and Brin could hypothetically owe more than $10 billion each under such a tax structure, though the exact amount would depend on final valuations and the measure’s ultimate language.

“We believe the catalyst in the billionaire migration to South Florida from California is more about the billionaire tax taking place,” Martinez noted. “We believe these individuals didn’t get to where they are by FOMO — rather, their success can be attributed to a mindset of taking fast and decisive action on what they believe is best for them to move forward and have continued success.”

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As Miami real estate continues to surge, Goldentayer argues there’s no clear ceiling for how high property values could climb in the near future.

“I see no ceiling,” she said. “When five of the six richest people in the world are buying homes within miles of each other, it completely shifts the market, and we are seeing a recalibration of an entire asset class.”

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GE Aerospace is pouring $1 billion into its U.S. manufacturing footprint as the company races to meet what CEO Larry Culp calls “tremendous demand,” with nearly $200 billion in backlog and engine orders accelerating across commercial aviation and defense.

“People are flying, airlines [are] looking to expand and modernize, as is the U.S. Military and our allies around the world and, given the install base that we have, both in commercial and on the military side of things, we could not be busier,” Culp said in a FOX Business exclusive, adding, “but happily so.”

Culp joined “Mornings with Maria” on Monday to discuss the company’s sweeping investment, which will span 30 communities across 17 states and include $275 million dedicated to ramping up defense production.

Roughly one-third of GE Aerospace’s business is tied to defense, and the company powers two-thirds of U.S. military aircraft, including combat jets, helicopters and training platforms, Culp shared.

LABOR DEPT LAUNCHES MULTIMILLION-DOLLAR SHIPBUILDING TRAINING PLAN AS US RACES TO CLOSE CHINA GAP

A GE9X engine, manufactured by GE Aerospace, on a Boeing 777X aircraft at the Dubai Air Show in Dubai, United Arab Emirates, on Monday, Nov. 17, 2025.  (Christopher Pike/Bloomberg News)

He said a significant portion of the investment is aimed at strengthening GE’s defense footprint, calling support for the U.S. warfighter and allied forces a “no-fail mission” for the company.

“We’ve got a role to play, and part of this multi-year investment effort that we’ve made, it’ll be $600 million that we will have invested in our defense footprint over the last three years, is very much geared toward not only raising production, but quickening the pace of what we’re doing for the U.S. warfighter,” he said.

“That’s a no-fail mission for us at GE Aerospace, and we’re proud to be on board.”

GE APPLIANCES INVESTS $3B IN US MANUFACTURING OPERATIONS

Larry Culp, chief executive officer of General Electric Co., during a Bloomberg Television interview on the sidelines of the IATA Annual General Meeting & World Air Transport Summit in New Delhi, India, on Monday, June 2, 2025. (Anindito Mukherjee/Bloomberg via Getty Images / Getty Images)

As part of the expansion, Culp said GE Aerospace plans to hire another 5,000 workers in 2026, matching the same number added in 2025, to build the expertise and capacity needed to increase production not just next year, but annually into the 2030s.

On the commercial side, Culp underscored GE Aerospace’s massive global footprint, noting the company is scaling up production to support an already dominant installed base that powers the majority of the world’s flights.

“We power the better part of three quarters of all the commercial departures around the world on a daily basis,” he said.

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“We have a million people in the air currently with GE Technology underwing. It’s an incredible responsibility we all take very seriously… We’ll need to continue to invest to support our commercial customers. But again, we’re doing the same thing to support the U.S. warfighters and our allies around the world.”

The IRS and Treasury Department on Friday put forward new proposed rules and processes that cover the implementation of Trump Accounts for parents and guardians who want to use the savings accounts for their children.

Trump Accounts were created under the One Big Beautiful Bill Act that was enacted last year and is expected to open for contributions after July 4, 2026. Ahead of the official launch of the accounts – which may be opened for children born between Jan. 1, 2025, and Dec. 31, 2028, as well as those born before 2025 who are under the age of 18 – the IRS and Treasury Department have to finalize regulations for the accounts.

The newly proposed rules include processes for opening an initial Trump Account using Form 4547, which allows an authorized individual to make an election opening the initial Trump Account. The election to open a Trump Account must be made on or before Dec. 31 of the calendar year in which the eligible individual turns 17. 

Instructions for Form 4547 are currently available on the IRS website and the agency plans to allow individuals to file a one-page version of the form either at the same time they file their tax return or on a separate online portal.

HERE’S HOW MUCH TRUMP ACCOUNT BALANCES COULD GROW OVER TIME

Americans who want to create a Trump Account for their children can do so using IRS Form 4547. (Valerie Plesch/Bloomberg via Getty Images)

The form also gives the individual the option of requesting the $1,000 contribution from the Treasury’s pilot program for an eligible child’s Trump Account. While children born between the start of 2025 and the end of 2028 are eligible for the federal contribution, those born before 2025 are ineligible for the seed money.

If an election for the $1,000 pilot program is made at the same time as the decision to open an initial Trump Account, the authorized individual is able to make the election for a contribution. 

If no election is made for the pilot program at the time the election to open a Trump Account is made, a different process would be used for determining an authorized individual. The proposed rule for priority ordering would be a legal guardian, parent, adult sibling and then the grandparent of the eligible individual.

HOW TO KNOW IF YOUR CHILD QUALIFIES FOR A TRUMP ACCOUNT: ‘A FINANCIAL STAKE IN THE FUTURE’

Children born between January 2025 and December 2028 are eligible for a $1,000 seed contribution to Trump Accounts from the federal government. (Michael Nagle/Bloomberg via Getty Images)

Additionally, the proposed rules state that the individual who makes the election to open a Trump Account will be the responsible party who has authority to make investment choices among the options available while the account beneficiary is below the age of legal capacity. 

The responsible party may also request a qualified rollover contribution to a rollover Trump Account, request a transfer for a qualified ABLE rollover contribution under certain rules or select a successor responsible party for the account.

BANK OF AMERICA TO MATCH $1,000 GOVERNMENT DEPOSITS FOR TRUMP ACCOUNTS

IRS CEO Frank Bisignano said the agency and Treasury are working to ensure families can easily take advantage of Trump Accounts. (Mandel Ngan/AFP via Getty Images)

“Trump Accounts are a pro-family initiative that will help millions of Americans harness the strength of our economy to lift up this generation and generations to follow and unlock the American dream,” said IRS CEO Frank Bisignano. 

“Creating Trump Accounts was one of the most important provisions in President Trump’s historic One Big Beautiful Bill, and these regulations are an example of the hard work of Treasury and the IRS in developing the guidance needed to ensure that eligible families can take advantage of Trump Accounts,” Bisignano added.

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Tesla Inc. shares fell about 2% in intraday trading on Monday as investors grappled with mounting pressures on the electric vehicle leader, including a critical regulatory deadline this week, renewed semiconductor supply worries and geopolitical tensions impacting energy markets.

Tesla (NASDAQ: TSLA) opened at $390.05 and traded in a range from a low of $381.40 to a high of $392.99, with shares changing hands around $388 to $389 in recent updates, down roughly 1.9% to 2.1% from Friday’s close of $396.73. Volume reached over 41 million shares by early afternoon, approaching the average but signaling continued caution among traders.

The decline extended a recent pullback for the Austin-based company, which has seen its stock retreat from December 2025 highs near $499 amid softer EV demand and profit pressures. Tesla’s market capitalization stood near $1.46 trillion, reflecting its still-dominant position despite challenges in the core automotive segment.

A key focus remained the March 9 deadline for Tesla to submit detailed data to the National Highway Traffic Safety Administration regarding its Full Self-Driving system. The submission follows an ongoing probe into performance and potential safety issues, with analysts noting that any delays or negative outcomes could weigh on the autonomy narrative central to Tesla’s long-term valuation. Elon Musk has repeatedly emphasized robotaxi ambitions as a transformative growth driver, but regulatory hurdles continue to introduce uncertainty.

Broader industry headwinds added to the sentiment. Reports surfaced of potential Chinese export controls on semiconductors from subsidiaries of Dutch chipmaker Nexperia, reigniting fears of supply chain disruptions for Tesla’s production. Meanwhile, escalating Middle East tensions drove oil prices above $100 per barrel, paradoxically pressuring EV adoption narratives in the short term despite long-term benefits for electrification.

Tesla’s fundamentals reflect a mixed picture. The company reported a rare annual revenue decline in recent quarters, with vehicle deliveries down sharply in the fourth quarter of 2025. Analysts project modest recovery in 2026, with revenue growth estimates around 15% and earnings per share near $2.16, though estimates have been revised lower from earlier optimism. The trailing price-to-earnings ratio remains elevated above 300, underscoring high expectations baked into the stock for breakthroughs in AI, robotics and energy storage.

Despite near-term softness, some positives emerged. Tesla announced plans for a massive Supercharger expansion, including a 400-stall site in California set to become its largest, addressing congestion concerns and supporting network growth. Energy storage deployments are forecasted to surge over 50% in 2026, with higher margins potentially offsetting automotive weakness. The upcoming six-seat Model Y L variant received approval for markets like Australia, signaling continued product diversification.

Analyst views remain polarized. Consensus 12-month price targets cluster around $393 to $396, implying limited near-term upside from current levels, with ranges spanning bearish calls near $150 to bullish targets up to $600. Wedbush’s Dan Ives maintains an optimistic stance on AI and robotics potential, while skeptics like GLJ Research highlight valuation risks if core EV growth stalls.

The stock’s 52-week range spans $214.25 to $498.83, with the current price well off peaks but significantly above yearly lows. Year-to-date performance in 2026 has been choppy following a strong rebound from 2025 lows, driven by optimism around autonomy and energy segments.

Investors continue monitoring Tesla’s pivot beyond traditional vehicles. The Optimus humanoid robot program and xAI integrations represent high-upside bets, though execution risks persist. Musk has described 2026 as a potentially defining year for scaling these initiatives, with robotaxi pilots and regulatory progress key milestones.

As markets digest these developments, Tesla’s ability to navigate regulatory scrutiny, supply constraints and competitive pressures in EVs will shape near-term sentiment. The company’s emphasis on innovation and vertical integration — from battery production to software — supports a constructive long-term case for many followers, even as volatility remains a hallmark.

Monday’s trading reflected broader market caution amid macroeconomic uncertainties, including interest rates and consumer spending on big-ticket items like vehicles. Tesla’s performance often amplifies sector trends, with peers in EVs and tech facing similar headwinds.

Looking forward, attention turns to the NHTSA submission outcome and any updates on FSD approvals or production ramps. Tesla executives have expressed confidence in overcoming challenges through disciplined execution and technological edges.

The day’s activity underscores ongoing investor debate over Tesla’s valuation in a transitional period for the auto industry. While automotive margins face pressure, diversification into energy and AI offers pathways to renewed growth acceleration.

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The Strait of Hormuz is a narrow gap of water in the Middle East between Iran and the Arabian peninsula. About 3,000 or so ships sail through the Strait each month – that’s about 80 ships a day. About 20% of the world’s oil and gas passes through it. But now, it’s an active war zone.

As the US and Israel continue strikes on Iran, and Iran launches missiles at Israel and nearby Gulf states in retaliation, key shipping routes are being disrupted as well as oil and gas production in the region.

Iran says it has complete control of the Strait of Hormuz, and that it would “set fire” to any ships trying to pass through it.

In this episode we explain how this war could affect the wider world and why closing the Strait of Hormuz could lead to higher prices for petrol, food and electronics for us all.

Kayleen Devlin from BBC Verify tells us what’s happening to ships in the Strait of Hormuz and BBC business reporter Nick Marsh describes why parts of Asia are already feeling the effects.

Instagram: @bbcwhatintheworld
Email: whatintheworld@bbc.co.uk
WhatsApp: +44 330 12 33 22 6
Presenter: Iqra Farooq
Producers: Julia Ross-Roy, Maria Clara Montoya and Ash Mohamed
Editor: Verity Wilde

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Anthropic’s lawsuit is against the President Donald Trump’s executive office; several government leaders, including Hegseth, Secretary of State Marco Rubio, and Secretary of Commerce Howard Lutnick; and 16 government agencies, including the Department of War, Department of Homeland Security and the Department of Energy.