CNN

Actress Taraji P. Henson joined former First Lady Michelle Obama on her podcast IMO, co-hosted by her brother Craig Robinson. Michelle Obama addresses why she didn't attend President Donald Trump's inauguration earlier this year. The group also speaks about mental health, the power behind saying "no" and setting boundaries.

The agency tasked with delivering billions of dollars in assistance to communities devastated by natural disasters is about to lose a huge portion of its workforce, including some of its most experienced and knowledgeable leaders who manage disaster response. With hurricane season just weeks away, about 20% of FEMA’s permanent full-time staff – roughly 1,000 workers – are expected to take a voluntary buyout as part of the latest staff reduction effort from Elon Musk’s Department of Government Efficiency, according to several sources briefed on the looming departures. FEMA leaders responsible for response plans, operations and disaster recovery are among a long list of top brass exiting the agency, multiple sources told CNN. Read more: https://cnn.it/42OIrIR

President Trump dialed back his rhetoric on China and firing Federal Reserve Chair Jerome Powell. Investors are breathing a sigh of relief, but CNN's Allison Morrow explains why economic growth is still at risk.

President Donald Trump took aim at the college accreditation process with a new executive order Wednesday, his latest move to exact control over America’s higher education institutions. The order, first reported by the Wall Street Journal, targets the federal government’s process for deciding what colleges and universities can access billions of dollars in federal student loans and Pell grants — a significant source of indirect revenue for many of those institutions. The executive order asks the secretary of education to “hold higher education accreditors accountable including through denial, monitoring, suspension, or termination for poor performance or violations to the federal Civil Rights Act,” a White House official told CNN ahead of the signing. Read more: https://cnn.it/3Gpo3X2

Many of America’s wealthiest business leaders have lost millions, if not billions, of dollars in net worth since the start of the year, as President Donald Trump’s policies hit markets. But some might have lost even more if they hadn’t offloaded millions of dollars’ worth of stock prior to Trump’s tariff announcement in early April — not necessarily because they knew something the rest of us didn’t, but because the wealthiest investors treat their portfolios somewhat differently than the average investor. Meta CEO Mark Zuckerberg, Oracle CEO Safra Catz and JPMorgan CEO Jamie Dimon were among the top 10 stock sellers by value during the first three months of this year, according to data from The Washington Service, which tracks buying and selling by corporate insiders. Together, the top 10 insider sellers sold more than 28 million shares of their companies, worth a combined $3.9 billion, during the first quarter, the data shows. That was before markets took a precipitous drop when Trump announced on April 2 widespread tariff hikes on America’s trading partners. Trump has since flip-flopped on many of those tariff plans, but uncertainty has continued to roil markets. Read more: https://cnn.it/42DVOLD

Demonstrators on Yale's campus protested an upcoming talk by Israel's far-right national security minister at Shabtai, a Jewish society based at Yale that isn't affiliated with the university. Yale officials disrupted the encampment before midnight and protesters dispersed.

Long lines stretch across the Vatican as thousands of mourners await their turn to pay respects to Pope Francis, whose body is lying in state in St. Peter's Basilica. CNN's Clarissa Ward details what it was like inside the basilica. https://cnn.it/3ELMBZI

Businesses in Germany and Britain produced less this month amid worries about President Donald Trump’s near-universal tariffs, in another sign that the global damage from his import levies is adding up.

JUST IN: Twelve states have sued the Trump administration for “illegally imposing” tax hikes on Americans through tariffs. Trump imposed the tariffs through the International Emergency Economic Powers Act (IEEPA), which gives the president the authority to enact those powers in response to unusual and extraordinary threats. The lawsuit seeks a court order to halt the tariffs under IEEPA, saying Trump does not have the authority he claims he does. Read more: https://cnn.it/42qpsFn

Even if Elon Musk devotes more time to the now troubled company, it’s clear that his high profile support of President Donald Trump and controversial role at DOGE has already cost Tesla.