Dell Family Makes Historic $6.25B Pledge, U.S. Scrambles for a Lost Israeli Bomb, Prada Buys Versace on a Discount, and Meta Poaches Apple’s Top Designer

4th December 2025

A historic $6.25 billion pledge from Michael and Susan Dell is set to reshape financial access for 25 million American children, marking the largest donation ever directed toward U.S. youth as “Trump accounts” prepare to launch nationwide. In the Middle East, Washington is urgently pressing Lebanon to return an unexploded U.S.-made GBU-39 glide bomb that failed to detonate during an Israeli strike a rare intelligence risk that has sparked fears the sensitive munition could fall into Russian or Chinese hands. Meanwhile in Europe, luxury giant Prada has struck a surprise deal to acquire Versace at a steep discount, pulling the iconic Italian label under its expanding fashion empire. And in Silicon Valley, Meta has pulled off one of its biggest coups yet by poaching Apple’s longtime design chief Alan Dye, signaling an aggressive hardware and AI push amid mounting executive departures at Apple. All this and more in today’s Read It And Eat!

Major Headlines

• Michael and Susan Dell to donate $6.25 billion to fund 'Trump accounts' for 25 million U.S. kids

Michael and Susan Dell announced Tuesday that they have committed $6.25 billion to fund investment accounts for some 25 million American children. The couple's donation will be the largest ever devoted to American children, according to Invest America, a nonprofit advocacy group partnered with the Dells. "It's designed to help families feel supported from the start and encourage them to keep saving as their children grow," Michael Dell, founder and CEO of Dell Technologies, told CNBC in an interview. "We know that when children have accounts like this, they're much more likely to graduate from high school, from college, buy a home, start a business and less likely to be incarcerated."

The Dells' commitment goes hand in hand with a new federal government program that allows parents to open tax-advantaged investment accounts for children under 18 with Social Security numbers. Under the federal program, U.S. citizens born from the beginning of 2025 through 2028 will receive a federal grant of $1,000 to seed those so-called Trump accounts. Parents will be able to open and contribute to these accounts starting on July 4, 2026, with IRS guidance yet to be issued. The Dells have committed to seed Trump accounts with $250 for children who are 10 or under who were born before Jan. 1, 2025. According to Invest America, the pledged funds will cover 25 million children age 10 and under in ZIP codes with a median income of $150,000 or less. "We want to help the children that weren't part of the government program," Dell said. Dell said he first became interested in seeding investment accounts for children after hearing the idea from hedge fund manager Brad Gerstner around 2021. 

Gerstner, CEO of Altimeter Capital, later founded Invest America, which advocated for the program to get included in the One Big Beautiful Bill Act. Trump Accounts can only be used to invest in low-cost diversified funds that track a U.S. stock index. Gerstner said these accounts and grants give American children the chance to benefit from U.S. stock market growth at an early age. Gerstner said it will take more than the $250 from the Dells or $1,000 federal grants for the accounts to compound to a substantial sum. However, Gerstner said the seed money encourages parents to add their own funds. He added that the legislation makes it far easier for corporations and philanthropists to make charitable contributions on a large scale. Dell Technologies has pledged to match the $1,000 grants by the U.S. Treasury deposited into accounts for new children of employees. CNBC

• U.S. Asks Lebanon to Return Undetonated Israeli GBU-39 Bomb Amid Fears It Could Reach Russia or China

  
  

The United States has asked the Lebanese authorities to return an undetonated GBU-39 small-diameter bomb (SDB) that was launched by an Israeli fighter jet during the operation that killed Hezbollah commander Ali Tabtabai earlier this week, according to Lebanese media and a report by The Jerusalem Post. The bomb, which failed to explode after landing in Beirut’s southern suburbs, has triggered concerns in Washington that the sensitive munition could fall into Russian or Chinese hands.

Israel, on Nov. 23, killed Hezbollah’s military chief Haytham Ali Tabatabai in a precision strike on Beirut’s southern suburbs, marking the most significant blow to the group’s leadership since the November 2024 ceasefire that paused more than a year of cross-border hostilities. Lebanese authorities said the attack hit an apartment building in the Haret Hreik district, killing five people and wounding 28. The strike targeted the third and fourth floors of a nine-storey building. Hezbollah later confirmed that senior leader Haytham Ali Tabtabai was killed in Israel's strike on Beirut's southern suburbs on Sunday. The GBU-39 is a precision glide bomb manufactured by Boeing. Despite having no engine, it deploys wings after release and can glide up to 110 kilometers, allowing aircraft to strike targets while remaining safely outside enemy air-defense ranges. Costing roughly $50,000, it is considered relatively affordable compared to other precision-guided weapons.

What distinguishes the GBU-39 is its highly efficient warhead, capable of penetrating fortified structures and delivering substantial damage relative to its 110-kg weight. The bomb’s compact size allows fighter jets to carry multiple units up to four in place of a single one-ton Mark 84 enabling a pilot to attack dozens of targets during a single mission. The munition also features an advanced GPS and inertial guidance package that allows for accuracy within one meter of its intended impact point. This level of precision reduces the need for additional strikes, lowering risk to pilots and minimizing collateral damage. Although glide bombs are becoming more common globally, the GBU-39 remains a sensitive U.S. system. Washington carefully restricts their sale to trusted allies, including Italy, Australia, the Netherlands, and Saudi Arabia.

The Israeli Air Force (IAF), which refers to the GBU-39 as “Sharp Hail,” uses the bomb across its fighter fleet. It was originally introduced into U.S. service in 2006 and later optimized for the F-35’s internal weapons bay, enabling the stealth jet to carry up to eight units without compromising its low radar signature. Israel has employed the bomb extensively in precision strikes in Gaza, Syria, and Lebanon. The weapon’s relatively low cost and high accuracy have made it a central tool in Israeli targeted operations. As U.S. officials push for its return, the incident highlights a broader geopolitical worry: that modern American weapons especially those used in high-intensity conflicts may increasingly risk falling into the hands of strategic competitors. Kurdistan24

• Italian fashion giant Prada buys Versace at a discount

Prada announced on Tuesday that it has acquired Versace, bringing two major Italian luxury fashion houses under one roof. The $1.38bn (£1.04bn) deal is well below the roughly $2bn that Versace's former parent company, Capri Holdings, paid for the brand in 2018. The acquisition expands Prada's portfolio of designer brands  including Miu Miu as it seeks to compete with rivals including French conglomerate LVMH, which owns Dior and Fendi in addition to Louis Vuitton.

Storied designer Donatella Versace stepped down as the brand's creative chief in March after 27 years at the fashion company, known for its glamorous styles and the iconic Medusa head logo.  She took over the company in 1997, after the murder of her brother Gianni. She was replaced by Dario Vitale, formerly a design director of Miu Miu, Prada's youth-focused luxury brand. The company is being sold at a roughly $700m loss after Versace's sales slowed, along with the sale of Capri Holdings' other brands, which include Michael Kors and Jimmy Choo. During Capri Holdings' ownership, Versace shifted from its recognisable ornate designs to embrace a more minimalist trend while hiking prices. 

Prada said in a one-line statement on Tuesday that it has successfully completed the acquisition of Versace, having received all required regulatory clearances. Proceeds from the sale will help cut debt for Capri Holdings, Versace's former parent company, the firm said.  Capri chief executive John D Idol said: "We plan to use the proceeds to repay the majority of our debt, which will substantially strengthen our balance sheet." Andrea Guerra, the chief executive of Prada, said earlier this year that Versace has "huge potential". "The journey will be long and will require disciplined execution and patience," he said. BBC

• Apple Design Executive Alan Dye Poached by Meta in Major Coup

  
  

Meta Platforms Inc. has poached Apple Inc.’s most prominent design executive in a major coup that underscores a push by the social networking giant into AI-equipped consumer devices. The company is hiring Alan Dye, who has served as the head of Apple’s user interface design team since 2015, according to people with knowledge of the matter. Apple is replacing Dye with longtime designer Stephen Lemay, according to the people, who asked not to be identified because the personnel changes haven’t been announced.

The move represents a seismic shift in Silicon Valley and shows that Meta is committed to becoming a name-brand maker of hardware devices. For Apple, the departure extends an exodus of talent suffered by the design team since the exit of visionary executive Jony Ive in 2019. Dye had taken on a more significant role at Apple after Ive left, helping define how the company’s latest operating systems, apps and devices look and feel. The executive informed Apple this week that he’d decided to leave, though top management had already been bracing for his departure, the people said. With the Dye hire, Meta is creating a new design studio and putting him in charge of design for hardware, software and AI integration for its interfaces. He will be reporting to Chief Technology Officer Andrew Bosworth, who oversees Reality Labs.

That group is tasked with developing wearable devices, such as smart glasses and virtual reality headsets. Dye’s major focus will be revamping Meta’s consumer devices with artificial intelligence features. He will serve as chief design officer for the group starting Dec. 31. Dye most recently oversaw the interface of the Vision Pro headset and a sweeping redesign of Apple’s operating systems. He was also central to designing the company’s apps, the Apple Watch and the iPhone X. His team has been helping develop a slate of new smart home devices as well, Bloomberg News has reported.

Apple shares slipped nearly 1% to $284.15 in New York on Wednesday. Meta fell 1.2% to $639.60. Dye’s exit is a major loss for Apple, which was already coping with some critical departures in recent weeks. Jeff Williams, the company’s longtime chief operating officer, retired last month. And artificial intelligence head John Giannandrea just announced his departure this week following years of struggles to catch up in AI. Last fall, Apple’s former hardware chief Dan Riccio also retired. The turnover is expected to continue, with many of the remaining top leaders, including Cook, nearing typical retirement ages. Johny Srouji, Apple’s silicon chief, and Lisa Jackson, Apple’s head of government environment initiatives, have both been evaluating their futures at the company, Bloomberg has reported.  “Design is fundamental to who we are at Apple, and today, we have an extraordinary design team working on the most innovative product lineup in our history,” Cook said in the statement. Yahoo.Finance

Minor Headlines

• American Eagle soars 15% after ‘record-breaking’ Thanksgiving  Reuters

  
  

• A $200 million fraudster freed by Trump strikes again Bloomberg

  
  

• Costco sues White House over tariffs as it seeks ‘full refund’  BBC

  
  

• Brussels floats ‘emergency’ powers to raise €210bn from Russian assets Financial Times

  
  

• US halts plans to sanction Chinese spy agency Financial Times 

  
  

• Pentagon watchdog finds Pete Hegseth’s Signal chat use put troops at risk Financial Times 

  
  

• Andy Jassy says Amazon’s Nvidia competitor chip is already a multibillion-dollar business TechCrunch 

  
  

• Trump called US affordability crisis a ‘hoax’  New York Times