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Trump proposes limiting credit card interest rates to 10% for one year

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President Donald Trump on Friday called for a one-year cap on credit card interest rates at 10%, effective Jan. 20, without specifying details.

“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies that are charging Interest Rates of 20 to 30%, and even more, which festered unimpeded during the Sleepy Joe Biden Administration. AFFORDABILITY!” he wrote on social media.

It’s not clear whether credit card companies will respond to his call, or what actions he might take to force any change.

The post comes as the Trump administration intensifies efforts to demonstrate to voters that the president is addressing concerns about costs and prices that have emerged as a central issue in the November midterm elections.

During the 2024 presidential campaign, Trump pledged to seek limits on the interest credit card companies can charge.

Hours before his message on Friday, Senator Bernie Sanders, a Vermont independent, said on X: “Trump promised to cap credit card interest rates at 10% and stop Wall Street from getting away with murder. Instead, he deregulated big banks charging up to 30% interest on credit cards.”

In a letter last year to Sanders and Senator Josh Hawley, a Missouri Republican, a group of banking trade groups painted a dire outcome for consumers if the government ever capped interest rates on credit cards at 10%, as the senators had proposed.

“Many consumers who currently rely on credit cards would be forced to turn elsewhere for short-term financing needs, including pawn shops, auto title lenders or worse — such as loan sharks, unregulated online lenders and the black market,” the group wrote.

The Bank Policy Institute said in a report last year that “while the proposed cap is a well-intentioned effort to reduce the high debt burden some households are facing, it would harm consumers’ access to card credit.” The group also said such a move could force card issuers to reduce cardholder benefits, including lucrative rewards tied to purchases. 

Responding to Trump’s post on Friday, Hawley said on X: “Fantastic idea. Can’t wait to vote for this.”

US oil executives meet with Trump to discuss extracting oil from Venezuela

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NewsFeed

President Donald Trump said his administration will decide which oil companies are allowed to operate in Venezuela, as he met oil executives at the White House less than a week after the US abduction of Venezuela’s president.

Ethiopia Habtemariam Named President of Music at HYBE America

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HYBE America has appointed veteran music exec Ethiopia Habtemariam as its new President of Music.

Habtemariam, known most recently for having headed up Universal Music Group’s Motown Records, will help advance HYBE America’s long-term growth strategy, spearhead A&R and artist development across the company’s label ecosystem, and identify new creative and commercial opportunities, HYBE America said in a statement on Thursday (January 8).

Habtemariam will be based in Los Angeles and in Atlanta, her hometown and an epicenter of global hip-hop into which the South Korea-headquartered HYBE tapped via its 2023 acquisition of label Quality Control. She will report to HYBE America Chairman and CEO Isaac Lee.

“Ethiopia is a once-in-a-generation leader whose impact on artists, songwriters, culture, and the music business is undeniable,” Lee said. “Her vision, taste, and strategic insight make her uniquely suited to help shape the next chapter of HYBE America as we continue building a future-facing entertainment company centered on artists and fans.”

Habtemariam served as Chair and CEO of Motown Records from 2021 to 2022. During that time, she spearheaded a label venture between Motown and Quality Control, overseeing the signing and/or development of artists like Lil Yachty, City Girls, Migos, Lil Baby, Leon Thomas and NBA YoungBoy.

Having started in the music industry as a teenage intern at L.A. Reid’s LaFace Records, Habtemariam spent more than two decades in various roles at Universal Music Group (UMG) companies, including Universal Music Publishing Group and Capitol Music Group.

She has worked with numerous prominent artists including Chris Brown, Theron Thomas, J. Cole, Justin Bieber, Ciara, Polow Da Don, Jhene Aiko, Cardo, Hit Boy, Keri Hilson, and Happy Perez.

HYBE America says Habtemariam will continue to “collaborate closely” with UMG in her new role, given the companies’ longstanding partnership.

“I’ve long admired how HYBE America approaches artists, fans, and the future of entertainment,” Habtemariam said.

“This is a company building with intention and investing for the long term while staying deeply connected to culture. I’m excited to contribute my experience as HYBE America continues to shape what’s next for music on a global scale.”

“This is a company building with intention and investing for the long term while staying deeply connected to culture.”

Ethiopia Habtemariam, HYBE America

Quality Control Music CEO Pierre ‘P’ Thomas said he and Habtemariam have “a long history of working together, pushing boundaries, and breaking barriers in this industry. Her passion for artists, commitment to culture, and deep understanding of the music landscape make her an extraordinary leader.”

Quality Control COO Kevin ‘Coach K’ Lee added:  “Working with Ethiopia again feels full circle. From the early days in Atlanta, we built something special at Quality Control, and it means a lot to see that legacy continue in this next chapter.”

Habtemariam’s appointment comes at a time of rapid change and innovation at HYBE America, the company that HYBE built out of its acquisition of Scooter Braun’s Ithaca Holdings in 2021.

Braun stepped down as CEO this past summer, just months before the company launched a globally-focused label services division. Over the past year, the company acquired L.A.-based VIP experiences company Confirmed360, struck a distribution deal with So So Def Recordings, and launched a joint venture with YouTube star Alan Chikin Chow, among other things.Music Business Worldwide

During Crans-Montana memorial service, woman describes the event as apocalyptic while bar owner is detained

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‘In this shared grief we stand united’: Day of mourning for New Year’s Eve fire victims in Switzerland

Tragedy brought people together in Crans-Montana and brought the country to a standstill.

On Friday, just down the road from the bar where 40 young people were killed by fire on New Year’s Eve, church bells rang in their memory.

They tolled right across Switzerland, to mark a national day of mourning.

Then, moments after the last notes of a special memorial service had faded, came the news that one of the bar’s owners had been detained.

Swiss prosecutors said Jacques Moretti, a French national, was a potential flight risk. He and his wife Jessica, who is also French, are suspected of manslaughter by negligence, bodily harm by negligence and arson by negligence.

Many of the victims’ families had demanded action like this from the start: more than a week after the fire, the anger in this community has been increasing.

At the main ceremony in Martigny, down in the valley, relatives of the dead were joined by survivors. Some had come from hospital for the memorial. People held white roses in their laps and gripped each other’s hands for support.

“The images we faced were unbearable. A scene worse than a nightmare. Screams ringing out in the icy cold, the smell of burning. It was apocalyptic,” a young woman called Marie told the audience.

She had been in a bar opposite Le Constellation when the fire broke out and suddenly found herself helping the injured as they ran from the flames.

She said she would never forget what she’d seen.

Listening in the front row were the presidents of France and Italy, whose citizens were among those killed and injured in the fire. Both countries have opened their own investigations.

Back in Rome, Italy’s prime minister vowed to make sure all those responsible were identified.

“This was no accident. It was the result of too many people who did not do their jobs,” Giorgia Meloni said.

She wants to know why the music wasn’t cut as soon as the fire started.

“Why did no-one tell the young people to get out? Why did the council not make the proper checks? There are too many whys.”

In Crans-Montana people have the same questions and many more.

For now, the only two formal suspects are the co-owners of Le Constellation, Jacques and Jessica Moretti. Early on Friday, the pair were called in by prosecutors. They are being investigated for causing death and injury through negligence but have not been charged.

Now Jacques Moretti has been remanded in custody. In a statement, the public ministry said the move followed a “new assessment of the flight risk.”

“I constantly think of the victims and of the people who are struggling,” his wife told a crush of TV cameras after several hours of questioning at the ministry.

It was her first public comment since the fire.

“It is an unimaginable tragedy. It happened in our establishment, and I would like to apologise.”

Nine days on, Le Constellation is still obscured from view behind white plastic sheets. A lone policeman stands guard, his face covered against the relentless snow.

What unfolded inside the building’s basement has gradually become clearer – and it’s the story of a disaster that should never have happened.

Mobile phone footage shows a sparkler tied to a champagne bottle apparently starting the fire as it brushes the ceiling. Covered with soundproofing foam that was never safety tested, it ignites quickly.

When the crowd eventually rush for the exit in panic, there is a crush on the stairs. It seems the emergency doors were blocked.

But another video, from six years ago, suggests the risk was well known. On the footage, a waiter can be heard warning that the material on the ceiling is flammable.

“Be careful with the foam,” the voice shouts, as people wave the same sparklers.

But the questions here are not just for the owners.

This week the local authorities in Crans made the shocking admission that they hadn’t carried out mandatory safety checks of the bar for five years.

They offered no explanation.

“It was a hell inside that bar. More than 1,000 degrees of temperature. There was no way to escape,” Italy’s ambassador to Switzerland, Gian Lorenzo Cornado, told the BBC, citing a long list of safety violations.

Six Italians were killed as a result.

“Italy wants justice, the Italian government wants justice and the Italian people want justice, for sure. The families want justice,” the ambassador stressed.

That includes for those with life-changing injuries.

The regional hospital in Sion took the first major influx of patients. The stress was compounded by the fact that many doctors’ own children were partying in Crans for the New Year.

“They were all scared the next stretcher to arrive would be carrying their own child,” hospital director Eric Bonvin remembers.

But he’s proud of how his team coped.

Some casualties were unconscious and so badly burned, it took time to identify them.

The most serious cases were moved to specialist burns centres elsewhere in Switzerland and in Europe where some are still in a critical condition.

All face a long, tough path to recovery which the doctor likens to a “rebirth” because many of his young patients have severe burns to the face.

“First the body needs to be protected, like the foetus in a mother’s womb. That’s what’s happening for many now. Then they will have to re-enter the world and find their identity,” Professor Bonvin says.

“It will take a lot of work and resilience.”

Add to that the anguish of surviving.

“They came round and at first they felt lucky to be alive. But some now feel this guilt, wondering why they are here, but not their friend or brother,” Bonvin explains.

“It is a delicate moment.”

In central Crans, the heap of tributes for the dead is still growing, protected from the elements by a canvas.

After leaving their own fresh flowers on Friday, many people then stood in front of the ruins of the bar itself for a moment. Remembering, in silence.

Client’s Challenge

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Client Challenge



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Swiss Bar Owner Detained for Investigation into Fire

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new video loaded: Owner of Swiss Bar Detained in Fire Investigation

Prosecutors in Switzerland ordered Jacques Moretti to be detained after investigators questioned him and his wife, Jessica Moretti. Officials are looking into whether negligence played a role in last week’s deadly fire at their bar, Le Constellation.

By Meg Felling

January 9, 2026

CEO of MP Materials, Litinsky, sells $19.2 million worth of stock

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Litinsky, MP Materials CEO, sells $19.2 million in stock

Trump offers oil executives ‘unprecedented security’ in exchange for investing in Venezuela | Latest updates on Donald Trump

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United States President Donald Trump has called on oil executives to rush back into Venezuela as the White House looks to quickly secure $100bn in investments to revive the country’s ability to fully tap into its expansive reserves of petroleum.

Trump, as he opened the meeting with oil industry executives on Friday, sought to assure them that they need not be sceptical of quickly investing in and, in some cases, returning to the South American country with a history of state asset seizures as well as ongoing US sanctions and the current political uncertainty.

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“You have total safety,” Trump told the executives. “You’re dealing with us directly and not dealing with Venezuela at all. We don’t want you to deal with Venezuela.”

Trump added: “Our giant oil companies will be spending at least $100bn of their money, not the government’s money. They don’t need government money. But they need government protection.”

Trump welcomed the oil executives to the White House after US forces earlier on Friday seized their fifth tanker over the past month that has been linked to Venezuelan oil. The action reflected the determination of the US to fully control the exporting, refining and production of Venezuelan petroleum, a sign of the Trump administration’s plans for ongoing involvement in the sector as it seeks commitments from private companies.

“At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said on Friday in a predawn social media post.

The White House said it invited oil executives from 17 companies, including Chevron, which still operates in Venezuela, as well as ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalisation of private businesses under former President Nicolas Maduro’s predecessor, Hugo Chavez.

“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s un-investable,” said Darren Woods, ExxonMobil CEO. “And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections and there has to be change to the hydrocarbon laws in the country.”

Benjamin Radd, a senior fellow at the UCLA Burkle Center for International Relations, told Al Jazeera that he had “noted the hesitation and less-than-full-throated enthusiasm for re-entering the Venezuelan market”, citing Woods, who told the gathering that the company had its assets there seized twice already.

“The bottom line is that until Trump can outline and provide assurances of a plan towards political stability, it will continue to be a risky endeavour for these oil companies to re-engage Venezuela. And what is there is a regime change in Iran in the days or weeks or months to come, and all of a sudden that re-emerges as a place where Western oil companies can do business? Even though the reserves don’t equal what Venezuela has, the risk is far less, and the infrastructure is more sound,” Radd said.

Other companies invited included Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol, as well as a vast swath of domestic and international companies with interests ranging from construction to the commodity markets.

Wait and see

Large US oil companies have so far largely refrained from affirming investments in Venezuela, as contracts and guarantees need to be in place. Trump has suggested that the US would help to backstop any investments.

Venezuela’s oil production has slumped below one million barrels per day (bpd). Part of Trump’s challenge to turn that around will be to convince oil companies that his administration has a stable relationship with Venezuela’s interim President Delcy Rodriguez, as well as protections for companies entering the market.

While Rodriguez has publicly denounced Trump and the abduction and ouster of Maduro, the US president has said that to date, Venezuela’s interim leader has been cooperating behind the scenes with his administration.

Most companies are in a wait-and-see mode as they await terms from the Venezuelans, stability and wait to find out how much the US government will actually help, said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security.

Those like Chevron that are already in there are in a better position to increase investments as they “already have sunk costs”, Ziemba pointed out.

Ziemba said she expects a partial ramp-up in the first half of this year as the volumes that were going to China – Venezuelan oil’s largest buyer – are redirected and sold via the US. “But long-term investments will be slow,” she said as companies wait to find out about US commitments and Venezuelan terms.

Tyson Slocum, director of the consumer advocacy group Public Citizen’s energy programme, criticised the gathering and called the US military’s removal of Maduro “violent imperialism”. Slocum added that Trump’s goal appears to be to “hand billionaires control over Venezuela’s oil”.

So far, the US government has not said how the revenue from the sale of Venezuelan oil will be shared and what percentage of the sales would be given to Caracas.

Ziemba said she was worried that “if funds do not go to Venezuela for basic goods, among other local needs, there will be instability that will deepen the country’s economic crisis“.

In the news conference on Friday, Trump said the US had a formula for distributing payments. UCLA’s Radd said that “if the US can or will guarantee security and stability, it makes sense for it to expect a return on investment in that sense. But then this makes it sound more like a mafia-style ‘racket’ than a government-led operation”, he told Al Jazeera.

Meanwhile, the US and Venezuelan governments said on Friday they were exploring the possibility of restoring diplomatic relations between the two countries, and a delegation from the Trump administration arrived in the South American nation on Friday.

Trade Rumors Focus on One Key Wizards Player in Potential Trae Young Trade – Basketball Insiders

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Hawks and Wizards in Ongoing Discussions

Trade chatter around Trae Young has shifted into high gear as the 2026 NBA trade deadline approaches. Sources say the Atlanta Hawks and Washington Wizards have discussed a possible deal centered on Young’s move to Washington. These conversations are reportedly amicable and involve key pieces like CJ McCollum and potentially Corey Kispert as part of a return package for Atlanta.

The Wizards have legitimate interest, according to NBA insiders. They see Young as a player whose scoring and playmaking could lift their offense and help them build around a young core. Meanwhile, the Hawks appear willing to listen but have not yet agreed to terms. Atlanta might want additional player assets or draft capital along with McCollum to move forward.

Trae Young Trade Rumors Zero In on One Key Wizards Player

Why CJ McCollum Is Central to Trade Talks

At the heart of many trade scenarios is CJ McCollum, who now plays for the Wizards on an expiring contract. League sources suggest McCollum’s salary would help match Young’s contract in a swap, creating a workable framework for both teams.

McCollum brings veteran scoring, playmaking, and hard-nosed defense. That blend could help Atlanta maintain offensive balance and floor spacing after a Young departure. The Hawks would also gain more financial flexibility if McCollum’s contract clears soon, setting up the franchise for future maneuvers.

While McCollum remains the linchpin of this reported framework, the Wizards might sweeten offers with shooters like Kispert to balance the roster and match salary. The Hawks appear to value young players who can grow with their core rather than just expiring pieces.

Hawks Rumors Trae Young Trade Rejected By Kings Due To Contract, Style of Play

Young’s Perspective and Performance

Young has not publicly demanded a trade, but insiders say he is “open-minded to a new uniform” and increasingly aware of the Hawks’ direction. His contracting situation — including a $49 million player option for 2026-27 — complicates trade value and decision making.

This season hasn’t been smooth for the four-time All-Star. He has missed time due to injury and dealt with dips in shooting efficiency and assists compared to earlier seasons. Still, his career track record and elite playmaking make him intriguing to teams that need a lead guard.

What Happens Next

For now, the Wizards are widely seen as the most active suitor in talks involving Young. Washington’s interest and connection through executive Travis Schlenk — who once helped draft Young — give these rumors traction.

Atlanta will likely push for solid value in return, while Young considers what direction best suits his career. With the deadline looming, both teams could accelerate talks and finalize a deal in the weeks ahead.

The Stealthiest, Lightest Pickup Camper: The 90-Second Tent

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Depending on how you look at it, the all-new Camp Tonneau Tent could be called an integrated, fast-pitch truck tent, an ultralight, affordable pop-up pickup camper, or a tonneau cover that doubles as a truck-back shelter. Or, you could rightfully consider it all three. Weighing less than most rooftop tents and taking up far less space than a camper, the simple, no-frills solution is always at the ready for a camping trip but stows completely out of the way for unencumbered everyday commuting and cargo hauling. It sets up into a hybrid hard/soft-walled shelter in about a minute and a half.

The creator of Camp Tonneau Tents (CTT), Derek Milligan is far from the first to have the idea of a simple pickup tonneau cover that lifts and expands into a tent camper. Beyond the similar wedge-shaped homebuilt projects scattered around the likes of YouTube, Reddit and Pinterest, we know of past commercial builds based on the same general concept. Looking around the current marketplace, we also see a couple of tonneau covers that lift into cab-height caps (i.e. camper shells).

The Camp Tonneau Tent is a security cover that protects cargo in your pickup bed and a lightweight pop-up truck shelter for two

Camp Tonneau Tents

Heck, even Elon Musk once sketched out a very similar idea designed for the unique dimensions of the Cybertruck.

Milligan’s design essentially rolls a wedge-style body similar to those common on pickup camping toppers like those from Go Fast Camper or Catapult AV into a hinged, lift-up tonneau. It’s essentially a pop-up pickup topper that uses the truck bed as the entire living area, rather than squeezing in a sleeping platform over top it.

By dropping its roof down to tonneau height, CTT saves on materials and weight while offering a product it plans to retail at less than half the price of those taller alcove-style toppers. The design is also meant to improve aerodynamic performance, covering over the pickup box for smoother airflow, unlike toppers and RTTs that add drag by sticking out above the truck cab.

By folding the tent flat, the CTT keeps the truck bed wide open for carrying camping gear, luggage, mattresses, and everyday cargo
By folding the tent flat, the CTT keeps the truck bed wide open for carrying camping gear, luggage, mattresses, and everyday cargo

Camp Tonneau Tents

The Tonneau Tent itself is rather simple, storing a pair of fold-out sidewalls, extension tent fabric and frame poles inside the hinged hard cover. This keeps the bed free for using as a pickup truck during work hours, weekend projects, and when hauling coolers, duffels and gear to the campground.

When it’s time to pull off the road and spend the night, the Tonneau Tent sets up in a claimed 90 seconds. The cover itself lifts up into wedge form with the help of struts, and the tent fabric with integrated poles then pulls out and up, standing in place atop the open tailgate. The hard sidewalls swing out and secure inside tracks mounted atop the bed rails. As Milligan points out in a prototype demo, the tracks feature drainage holes on the outside to keep the water moving outward instead of pooling and potentially leaking inside.

The rails that secure atop the pickup bed sidewalls serve to hold the tonneau tent's hard walls in place
The rails that secure atop the pickup bed sidewalls serve to hold the tonneau tent’s hard walls in place

Camp Tonneau Tents

The inclusion of an outer extension tent ensures there’s plenty of room to sleep inside the pickup bed, even if it’s a 5-foot (1.5-m) short bed. It also takes advantage of the highest roof point to provide enough space to bring a pair of chairs up onto the truck bed and sit inside the tent, enjoying a shaded lounge area. The fabric extension tent walls zip to the hard walls over the truck bed, and the doors open and swing to the sides as needed.

If the Tonneau Tent looks a little rough in CTT’s materials, that’s because it’s still in the prototype stages. Milligan has validated that the design works as planned and is now moving to make a few alterations and finalize materials and specs. Plans call for the addition of features like an HVAC port, extended door awning, load-bearing tonneau construction with available crossbars, refined hardware for faster, smoother setup, and improved sealing. CTT wants to keep total weight between 80 and 100 lb (36 and 45 kg), about the same as a lightweight two-person rooftop wedge tent.

A better look at the large skylight panel that offers views of the stars
A better look at the large skylight panel that offers views of the stars

Camp Tonneau Tents

That’s a pretty significant list of to-dos that need doing and estimates that need finalizing, and some of the specs may ultimately get cut or altered before CTT is ready for production. Because of that, we wouldn’t be inclined to jump on a Kickstarter for a product at this early of a stage, but plenty of folks seem to disagree. CTT’s campaign has already glided past its US$30,000 goal after launching just a few days ago.

As far as pricing goes, CTT will need to walk a fine line. It’s ultimately offering the equivalent of a deconstructed rooftop tent that doubles as a tonneau cover. At the lowest $1,899 Kickstarter super-early bird base pledge, it fits right toward the middle of the two-person wedge RTT market – cheaper than premium-priced products like the iKamper BDV Duo or Mars Aeroblade but more expensive than lower-priced alternatives, including the Topoak Galaxy 2.0 and Naturnest Polaris 2.

If you add in a few hundred dollars on top of those RTT prices for the tonneau cover, the $1,899 for the CTT combo seems a solid deal, comparable to what you might spend on a two-person RTT and separate tonneau cover, minus the cost of a roof rack or pickup bed rack. And that’s how CTT bills it: cheaper, lighter, simpler and lower profile than buying an individual pickup bed rack, rooftop tent and tonneau cover, more comfortable than sleeping below your average truck shell.

Use a folding mattress as a sofa ...
Use a folding mattress as a sofa …

Camp Tonneau Tents

But then again, we’re still looking at a super-early-bird Kickstarter pledge, not the estimated $3,149 to $3,599 retail price, which varies depending on truck/bed size. That might still end up cheaper than buying the roof tent, pickup bed rack and tonneau cover all separately, but now you’ll want to really look more closely at convenience vs. price across a variety of product options.

Is the Tonneau Tent that much more convenient than carrying a basic $100 to $600 pickup truck tent and installing a standard tonneau? Is moving your cargo out and sleeping in the truck bed between wheel wells really worth the couple hundred bucks you might save versus buying a truck rack + RTT setup? Could you just mount the tent to the cab roof and cut the price of the rack out entirely? Could you skip on the tonneau cover? Would a new or used truck shell, with or without a tailgate tent extension, make more sense?

Finishing up set up involves pushing the tailgate tent's roof upward, which drops the orange hard walls down to bed rail level
Finishing up set up involves pushing the tailgate tent’s roof upward, which drops the orange hard walls down to bed rail level

Camp Tonneau Tents

As always, there’s no right answer for everyone. Plus, CTT does advertise a few additional advantages like the ability to sit inside the Tonneau Tent on a camping chair, which you wouldn’t have in a standard RTT, and the lack of a ladder for easier access in and out, particularly good for camping with a young child or dog. The low profile means it’ll be less cumbersome when you’re not camping. Compared to a ground tent, you’re up off the ground on a more level surface, surrounded on three sides by hard walls.

With that in mind, we wish Milligan and Co luck in getting this solution to market and maybe knocking retail price down with volume production. There’s still a ways to go, though, as the company’s plans call for a delivery start a year from now in January 2027, which will sadly fast-forward right past the three most comfortable seasons for camping in the back of a truck.

Source: Kickstarter