Cardinal Robert Francis Prevost, 69, was elected as the 267th leader of the Catholic Church — the first-ever American pope.

• "Peace be with you all," Prevost — now Pope Leo XIV — said as he addressed the crowd gathered outside St. Peter's Basilica today.

🌎 Prevost was born in Chicago but has spent much of his life abroad. He studied in Rome, worked for 20 years in Peru and has served in a senior role in Vatican City since Pope Francis made him a cardinal in 2023.

• He's known for his quiet demeanor and alignment with Francis' focus on social justice, Reuters reports.

💬 World leaders congratulated the new pope.

• "It is such an honor to realize that he is the first American Pope," President Trump wrote on Truth Social. "What excitement, and what a Great Honor for our Country. I look forward to meeting Pope Leo XIV. It will be a very meaningful moment!"

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Many companies are pulling back from the Pride parades that will take place across the country next month, Axios Communicators author Eleanor Hawkins reports.

• It's a major pivot for corporate America, which has enthusiastically embraced LGBTQ+ rights but is now under increasing pressure to back away from diversity programs and related public positioning.

⛔️ State of play: Mastercard, Citi, Pepsi, Nissan and PwC pulled sponsorship of NYC Pride. Booz Allen Hamilton and Deloitte pulled out of WorldPride Washington, D.C., and Anheuser-Busch, Comcast and Diageo stopped sponsoring San Francisco Pride.

• 39% of corporations are scaling back external Pride Month engagements this year, according to Gravity Research data.
• 57% of companies that are federal contractors plan to reduce external engagement, highlighting the risk of federal investigations.

Go deeper.

1. 🚢 President Trump announced a trade deal with the U.K. that reduces tariffs on cars, steel and aluminum but leaves a baseline 10% tariff in place. Go deeper.
2. 💰 Bill Gates said he plans to give away his $112 billion fortune more quickly than he had previously intended. He said he'll give away ""virtually all" of his wealth over the next 20 years, at which point the Gates Foundation will close. Go deeper.
3. 🩺 Casey Means, a doctor and wellness influencer, is Trump's new pick for surgeon general. She's a close ally of RFK Jr. and often promotes dietary supplements, teas and other products with unproven health benefits. Go deeper.

Today is the 80th anniversary of VE Day — the end of World War II in Europe.

• Above, reenactors prepare for a parade in front of the Arc de Triomphe in Paris.
• Below, members of the U.S. military mark the occasion at the World War II memorial in Washington.