SpaceX reportedly erased more than $1.2 trillion in paper value after its June peak. Today, I break down what that means for Elon Musk, national security, and private investors. Plus, Trump takes mail voting limits to the Supreme Court, and Biden's ghostwriter tapes finally surface.

On July 28, 1868, Secretary of State William Seward certified the 14th Amendment as part of the Constitution. Its citizenship clause remains at the center of a major immigration fight today.

Question: How many electoral votes are required to win the presidency under the current system?

Answer at the very end of today's briefing.

CNBC reports SpaceX reached $225.64 per share in private market pricing during June, then fell hard enough to erase more than $1.2 trillion in implied market value. That is roughly the value of an entire Tesla-sized company. But SpaceX is privately held. You cannot pull up a public ticker and watch millions of investors set the price every second.

Its valuation comes from secondary transactions, employee share sales, and private financing deals. That makes the headline less precise than a public stock collapse, but it does not make the losses meaningless. Elon Musk's wealth, employee compensation, and SpaceX's fundraising power all depend on those private prices.

The missing angle is national security. SpaceX launches military payloads, supports NASA missions, operates Starlink, and sits deep inside America's defense infrastructure. Musk also leads President Trump's Department of Government Efficiency, which puts every financial swing under a political microscope. A lower valuation can raise the cost of new capital, weaken employee equity packages, and force tougher terms during future funding rounds.

It can also attract pressure from investors who want more control. None of this means rockets stop launching tomorrow. It means the price attached to Musk's power is being tested after a massive run-up. Watch the next secondary share sale, because real buyers will tell us whether this was temporary panic or a lasting reset.

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Rep. Thomas Massie joined Democrats on a resolution accusing President Donald Trump and Defense Secretary Pete Hegseth of violating the War Powers Resolution. The measure would give the House authority to file suit over military action involving Iran. Massie argues Congress must approve sustained hostilities unless America faces a direct attack. This fight will expose the growing divide between intervention skeptics and Republicans who want the commander in chief to retain wide operational authority.

The Trump administration asked the Supreme Court for emergency relief after an appeals court kept mail voting restrictions blocked in 23 states. The panel cited the disruption states could face while preparing 2026 election procedures. The administration wants the restrictions restored during litigation. The Court's response could decide whether Washington can impose election changes while states are already setting deadlines, printing instructions, and training local officials.

Altana CEO Evan Smith told The Verge that companies changed shipping routes and sourcing plans rather than returning production to American factories. The episode argues businesses used third countries to route around tariffs. Tariffs only work as intended when customs enforcement and rules of origin stop those games. If foreign producers can swap shipping labels and assembly points, American consumers pay more while promised factory jobs remain overseas.

Secretary of War Pete Hegseth hosted a Mexican Border Defense Medal ceremony at the Pentagon on July 27. The event recognized service members connected to border defense missions, with no new operations announced. Formal recognition matters because troops notice which assignments receive respect from department leadership. The ceremony also confirms that the Trump administration views border security as a defense mission, not solely an immigration processing issue.

Sen. Eric Schmitt says Congress can define the 14th Amendment phrase "subject to the jurisdiction" through federal law. He argues automatic citizenship for children of illegal entrants misreads an amendment written to secure citizenship for freed slaves. His proposal would force Congress to vote on who qualifies at birth. Any statute would face immediate court challenges, but lawmakers would finally have to defend their position in public instead of hiding behind judicial precedent.

The D.C. Circuit reportedly dissolved an injunction blocking Biden-related audio and transcripts from Special Counsel Robert Hur's classified-documents investigation. That leaves the Justice Department cleared to release materials covered by the order. The report did not identify the docket, judges, exact scope, or DOJ release schedule. Those details matter, but the core issue is simple: Americans should hear primary evidence that informed a special counsel's decision not to prosecute a president.

Trump aide Stephen Miller told Sean Hannity that Democrats are dropping in the polls because voters have seen their agenda. He described the party as the "radical left" and "crazy communists." The posted clip offered no named polling data to support the claim. Watch donor spending and competitive House districts for firmer evidence, because campaigns place real money behind polling they trust.

Three users sued Apple after allegedly losing more than $1.8 million through a fraudulent crypto wallet downloaded from the App Store. They claim Apple's review system failed to catch the scam despite its safety marketing. Apple uses security to justify tight control over iPhone software distribution and developer fees. If courts treat App Store approval as a meaningful safety promise, Apple could face broader liability for applications it reviews and hosts.

CBS News reported that roughly 70 hours of Joe Biden's 2017 memoir sessions were released after months of litigation. In one clip, Biden warns his ghostwriter that some information "may be classified" and says to be careful. The recordings were part of Robert Hur's investigation file, which ended without criminal charges in 2024. Biden's own words now give Americans a direct way to judge his awareness and handling of sensitive information.

Elon Musk joked that he became the world's first "former trillionaire" after his estimated fortune slipped below $1 trillion. About $200 billion in paper wealth reportedly disappeared as Tesla and SpaceX valuations cooled. Losing that title and laughing about it is a healthy dose of perspective.

Today's fights over citizenship, war powers, and election rules all return to one question: who controls the country? Heritage Republic Supply Co. makes gear for Americans who still answer, "We the People." Wear what you believe without turning it into a speech. Gear at heritagerepublic.com.

Today's trivia: electoral votes needed to win the presidency.
Answer: A candidate needs 270 of the 538 available electoral votes.

Keep your eyes on the facts and your standards high. Hit reply if there's a story I missed.

Stay free,

Brett Lee
Editor, Project Liberty
projectlibertyus.com

Follow: @projectlibertyus | @real_brett_lee