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The company argues that the law violates the First Amendment by effectively killing an app in the U.S. that millions of Americans use to share their views. Another problem: a divestiture within 270 days is practically impossible, Sapna Maheshwari and David McCabe report for The Times. DealBook spoke with Maheshwari about the lawsuit filed yesterday and what happens next. Do legal experts think TikTok has a chance at winning? Alan Rozenshtein, an associate professor at the University of Minnesota Law School, says that a victory is possible based on the “very, very substantial First Amendment challenge” involved.

Persons: TikTok, Sapna Maheshwari, David McCabe, DealBook, Maheshwari, Alan Rozenshtein, ” Organizations: U.S, The Times, University of Minnesota Law School Locations: Washington, ByteDance, U.S

The numbers behind a big fundOn Wall Street, one mystery has been whispered about for months: How accurate is the valuation of Blackstone’s flagship real estate fund? The speculation has arisen because the fund, the $59 billion Blackstone Real Estate Income Trust — more commonly known as BREIT — has managed to keep an “appraised” value of its assets that far exceeds virtually every other real estate fund. Many rivals have fallen in value, some quite dramatically, in the face of high interest rates and a flagging property market. BREIT’s performance has floated above its competition, and it has boasted a 10.5 percent annual return since its 2017 debut. (Those appraisals help to determine a firm’s management fees: The higher the appraisal value, the higher the fees.)

Persons: —, Blackstone, DealBook’s Andrew Ross Sorkin, Michael de la Organizations: Blackstone Real Locations: Michael de la Merced

☆ Jensen Huang's 6 a.m. starts and 14-hour workday helped him turn Nvidia into a $2 trillion company
▼ + stars: | 2024-05-02 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +6 min

The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. AdvertisementRunning a $2 trillion company comes with early morning starts — just ask Jensen Huang. Huang works holidays but finds it relaxingNvidia CEO Jensen Huang. When I'm not working, I'm thinking about working, and when I'm working, I'm working. Got insights into what it's like working for Jensen Huang?

Persons: Jensen, Huang, —, Jensen Huang, Mohd Rasfan, Huang doesn't, workshy, Nicolai Tangen, Tangen, Nicolai, Huang's, Patrick Collison, I'm, Michael M, That's Organizations: Nvidia, Service, Financial Times, New York Times DealBook, Microsoft, Apple, Getty, Norges Bank Investment Management, Stripe Sessions, Big Tech, CNN, Forbes, Stanford School of Business, Stanford University Locations: AFP

☆ Amazon CEO Andy Jassy broke federal labor law with anti-union remarks
▼ + stars: | 2024-05-01 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +2 min

Amazon CEO Andy Jassy violated federal labor law in comments he made to media outlets about unionization efforts at the company, a National Labor Relations Board judge ruled Wednesday. NLRB Administrative Law Judge Brian Gee cited interviews Jassy gave in 2022 to CNBC's "Squawk Box," Bloomberg Television and at The New York Times' DealBook conference. At the DealBook conference, Jassy said that without a union the workplace isn't "bureaucratic, it's not slow." The NLRB filed the complaint against Amazon and Jassy in October 2022. But the Amazon chief's other remarks that employees would be less empowered and "better off" without a union violated labor law, "because they went beyond merely commenting on the employee-employer relationship."

Persons: Andy Jassy, Brian Gee, Jassy, Gee, Mary Kate Paradis, Paradis Organizations: National Labor Relations, NLRB, Bloomberg Television, The New York Times, CNBC, Bloomberg, Amazon Locations: Amazon's

☆ Daniel Ek’s Next Act: Full-Body Scans for the People
▼ + stars: | 2024-04-27 | by ( Bernhard Warner | ) www.nytimes.com time to read: +2 min

The problem: Mr. Ek had neither a plan, nor the time or money to do much about it. He knew whom to contact: Hjalmar Nilsonne, a Swedish tech entrepreneur who Mr. Ek had met the year prior at the Brilliant Minds event, an annual gathering Mr. Ek started. At first, Mr. Nilsonne rebuffed Mr. Ek’s proposition. But Mr. Ek eventually won him over. Mr. Ek, a former computer coder, and Mr. Nilsonne, an engineer, zeroed in on building a better diagnostic tool.

Persons: Daniel Ek, ” Mr, Ek, DealBook, Hjalmar Nilsonne, Mr, Nilsonne, Watty Organizations: Spotify, Apple, YouTube, Amazon Music, Apple Watch, Neko Health Locations: Swedish, Stockholm, London

☆ Tesla surges after Elon Musk says new affordable EV models coming
▼ + stars: | 2024-04-24 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Elon Musk speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center in New York City, Nov. 29, 2023. Tesla shares surged 15% on Wednesday morning after CEO Elon Musk said the electric-vehicle company plans to begin production of new affordable EV models by early 2025. Musk's comments came during Tesla's earnings call on Tuesday after the company reported disappointing first-quarter numbers. The company previously expected to start production of the new EV models in the second half of 2025. UBS analysts on Tuesday reiterated their neutral rating of Tesla stock and lowered their price target to $147 from $160, saying they remain skeptical of the company's talk.

Persons: Elon Musk, Tesla, Musk's, Tesla's, Michael Bloom Organizations: New York Times, Jazz, Lincoln Center, Revenue, Bank of America, UBS Locations: New York City

☆ Tesla shares slide to 15-month low ahead of earnings, as Wall Street frets over price cuts, layoffs
▼ + stars: | 2024-04-22 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla shares fell for a seventh straight day, reaching their lowest since January 2023, as further price cuts over the weekend added to mounting concerns heading into the company's first-quarter earnings report Tuesday. Tesla also lowered the price of its premium driver assistance system by one-third. The price cut follows a monthlong free trial that Tesla pushed out to customers throughout North America starting in late March. "Since late 2023, sentiment on Tesla (TSLA) has deteriorated," John Murphy, an analyst at Bank of America, wrote in a note on Monday. WATCH: Tesla stock hits 52-week low ahead of earnings

Persons: Elon Musk, Tesla, John Murphy, Murphy, Joseph Spak, Spak, — CNBC's Michael Bloom Organizations: New York Times, Jazz, Lincoln Center, North America, National, Traffic Safety Administration, CNBC, Bank of America, Reuters, UBS, EV, Traders, S3 Partners, Apple Locations: New York City, U.S, China, Europe

☆ Stocks making the biggest moves midday: United Airlines, Travelers, Abbott Laboratories and more
▼ + stars: | 2024-04-17 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Quarterly revenue came in at $12.54 billion, topping an LSEG estimate of $12.45 billion. Travelers said it generated $4.69 in earnings per share on $10.18 billion in revenue. Interactive Brokers — Shares popped 3% after Interactive Brokers posted quarterly results that came in slightly ahead of Wall Street's expectations. J.B. Hunt posted earnings of $1.22 per share on $2.94 billion in revenue. Alcoa is set to report earnings after the bell.

Persons: LSEG, Eli Lilly, ASML, Hunt, Kate Spade, Abbott, Joe Biden's, Jefferies, —, Jesse Pound, Hakyung Kim, Pia Singh, Michelle Fox, Alex Harring, Sarah Min Organizations: United Airlines —, Travelers Companies, Travelers, U.S, Interactive, Hunt Transport Services, The New York Times, Federal Trade Commission, Versace, Capri Holdings, Autodesk —, Autodesk, Bancorp — U.S, Bancorp, Abbott Laboratories, FactSet, Alcoa Locations: China

☆ Stocks making the biggest premarket moves: Eli Lilly, Travelers, United Airlines, Alcoa and more
▼ + stars: | 2024-04-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Travelers — Shares fell nearly 5% after the insurance company reported an earnings and revenue miss for its first quarter. Revenue was $10.18 billion compared with the $10.51 billion expected. J.B. Hunt Transport Services — Shares sank 8% a day after the transportation and logistics company reported an earnings and revenue miss for its first quarter. ASML Holding — U.S.-listed shares sank 5% after the Dutch semiconductor company posted revenue and new bookings that came in below consensus estimates. Omnicom — The stock added nearly 3% a day after the communications company reported an earnings and revenue beat for its first quarter.

Persons: Eli Lilly, ResMed, Eli Lilly's, Zepbound, J.B, Hunt, Joe Biden, TD Cowen, Ferrari, Bernstein, —, Dealbook, Kate Spade, Jesse Pound, Hakyung Kim, Sarah Min, Fred Imbert Organizations: LSEG, Revenue, Travelers, United Airlines, Hunt Transport, ASML, Urban, Jefferies, Autodesk, Alcoa, United Steelworkers, Ferrari, Abbott, Abbott Laboratories, New York Times, Federal Trade Commission Locations: J.B, China, Pittsburgh

But this week’s dinner was overshadowed by the fight between the PGA Tour and the Saudi-backed LIV Golf series that has split the sport. The only certainties, according to insiders who have spoken to DealBook, are that a final agreement isn’t imminent after a series of deadlines have come and gone. And whatever happens between the PGA and LIV may permanently shape the future of professional sports. The 2023 winner, Jon Rahm, designed a menu that reflected his roots in the Basque region of northern Spain. There was, however, a bitter taste to his triumphant return: He quit the PGA Tour for LIV almost four months ago.

Persons: LIV, Jon Rahm Organizations: Augusta National Golf Club, PGA Tour, PGA Locations: Saudi, Basque, Spain

Housing gloomThe higher-for-longer inflation predicament has hit the U.S. housing market like a thunderbolt. More economists are paring their bets that the Fed will cut rates after the latest Consumer Price Index report. They all argue that sticky inflation will force the Fed to keep borrowing costs higher for longer. The country is growing faster than many peers, but voters are zeroing in on inflation to explain their disapproval of President Biden’s handling of the economy. (Some DealBook readers in recent days have emailed to say that they’re strongly feeling the pain of housing inflation.)

Persons: Goldman Sachs, ” Lawrence Yun, Biden’s Organizations: Bank of America, Deutsche Bank, National Association of Realtors

☆ The Economic Paradox of the Biden Presidency
▼ + stars: | 2024-04-06 | by ( Bernhard Warner | ) www.nytimes.com time to read: +1 min

The paradox is that there is no guarantee that the jobs boom will keep Biden in the White House beyond November, completely scrambling the adage “It’s the economy, stupid” that wins elections. For 39 straight months, employers have added jobs despite many predictions that the United States was destined for a recession. The latest data released Friday overshot analysts’ expectations by a huge margin, with employers adding 303,000 jobs. That takes the tally over the past 12 months to more than 2.8 million hires — and economists expect the upward course to continue. “We do think there’s still room for growth” into next year, Jeremy Schwartz, a senior U.S. economist at Nomura, told DealBook.

Persons: Biden, Port, —, Jeremy Schwartz, DealBook Organizations: Labor, Nomura Locations: U.S, White, United States, Ukraine, Gaza, Panama, Red Sea, Port of Baltimore

☆ Bob Iger says 'woke' Disney is over, but it may not silence his critics
▼ + stars: | 2024-04-03 | by ( Lucia Moses | Madeline Berg | ) www.businessinsider.com time to read: +5 min

Disney CEO Bob Iger wants people to know the company isn't trying to advance a political agenda. It's a message Iger has been keen to send since his return as CEO in November 2022. Peltz made "woke" Disney a plank of his campaign, questioning Marvel's "Black Panther" and "The Marvels" that cast Black and female leads, respectively. Just take the vicious online reactions to its new "Star Wars: The Acolyte" series on Disney+, made by a female showrunner. And with Iger promising the company will lean more on its beloved franchises, Disney is likely to continue being a magnet for criticism from social conservatives.

Persons: Bob Iger, aren't, —, Iger, I've, we'll, Ron DeSantis, Elon Musk, Ariel, Nelson Peltz, Peltz, Marvel's, — Iger, — Ben Hart, Star Wars Guy 💫, ake Organizations: Disney, Service, Reuters, Pixar, Florida Gov, Marvel, Financial, Star Wars Locations: Florida

Politicians and auto executives on both sides of the Atlantic are calling for more protectionist measures. After Tesla lost its crown to BYD as the world’s biggest E.V. Otherwise, the Tesla C.E.O. said, Chinese E.V. The continent’s auto sector employs 13 million people and generates 8 percent of the bloc’s G.D.P.

Persons: China Tesla, —, Warren Buffett, Tesla, Elon Musk, ” Luca de Meo, Vivienne Walt, DealBook, ”, June’s E.U Organizations: Renault Group’s, Airbus Locations: China, Europe, June’s

☆ Elon Musk took a jab at Disney's Bob Iger with an apparent recycled April Fools' joke
▼ + stars: | 2024-04-01 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +5 min

Elon Musk took aim at Disney CEO Bob Iger in an apparent April Fools' Day joke posted to X. "Excited to join @Disney as their Chief DEI Officer," Musk wrote in the early hours of April 1. AdvertisementElon Musk took aim at Disney CEO Bob Iger in an apparent April Fools' Day joke which, it turns out, wasn't that original. "Excited to join @Disney as their Chief DEI Officer," Musk wrote on X, formerly Twitter. "Can't wait to work with Bob Iger & Kathleen Kennedy to make their content MORE woke!

Persons: Elon Musk, Bob Iger, Musk, Musk's, —, Kathleen Kennedy, Can’t, — Elon, Tesla, Konstantin Kisin, Kisin, 😂, ingle, ince, ake, lon, ina, haring, ike, olitical Organizations: Disney, @Disney, Service, TRIGGERnometry, BBC, ust Locations: lon, usk, ife

Raised stakes in a firearms takeover contestA battle over Vista Outdoor, the company behind top ammunition brands like Remington and Camelbak water bottles, is escalating — and national security is becoming a bigger factor in the fight. MNC is offering $37.50 a share for all of Vista, up from a bid of $35 last month and 16 percent higher than where Vista’s stock closed on Friday. In a letter to Vista’s board reviewed by DealBook, the investment firm reiterated that it had lined up financing for its offer, despite questions by Vista about how solid those commitments were. Vista rejected MNC’s previous offer, saying a planned breakup of itself would be more valuable for shareholders. (Vista has agreed to sell its ammunition business to CSG for $1.9 billion, leaving its nonfirearm division, Revelyst, as a stand-alone public company.)

Persons: DealBook, Vista Organizations: Vista, Remington, MNC Capital, Czechoslovak, MNC, CSG Locations: U.S, Vista

☆ ‘Cherry on the Cake’: How China Views the U.S. Crackdown on TikTok
▼ + stars: | 2024-03-23 | by ( Ravi Mattu | ) www.nytimes.com time to read: +1 min

He spoke with DealBook about how China views the latest U.S. crackdown on TikTok. How does China see the latest TikTok fight? Chinese state media and government spokespeople have made it clear that this is very unwelcome. State media is keeping its powder dry because there are still several steps before ByteDance might have to sell TikTok in the U.S. Before this looks really imminent, state media is not rallying citizens to object too much.

Persons: Dan Wang, Wang, Yale Law School’s Paul Tsai, DealBook, spokespeople, ByteDance Organizations: Yale Law, Yale Law School’s Paul Tsai China Center, U.S Locations: China, United States, America, Beijing, U.S

A different kind of battle for Third PointA small computer chip design company, R2 Semiconductor, has been notching wins in a potentially big patent fight against Intel over the past few months — a dispute that could force Intel to stop selling several chip lines in Europe. The context: R2 sued Intel, as well as two customers, Hewlett Packard Enterprise and Dell, in Germany, alleging that the chipmaker had infringed on a patent dealing with voltage regulation in semiconductors. A regional court in February issued injunctions against the sale of at least some Intel chips. And on March 8, a higher court rejected Intel’s effort to halt the decision. Meanwhile, a trial in Britain over the patent is set to begin next month.

Persons: DealBook, Dan, haven’t Organizations: R2 Semiconductor, Intel, Amazon Web Services, Fujitsu, Hewlett Packard Enterprise, Dell Locations: Europe, Germany, Britain

What’s next for ByteDance’s U.S. investors? DealBook has spoken with people in the know about what these investors, including financial giants like the Susquehanna International Group, can do, with billions of dollars on the line. Mnuchin, a former Treasury secretary, told Andrew on CNBC on Thursday that he was in talks with a “combination of U.S. investors” about a TikTok deal. He added that he had spoken with some of the investors in ByteDance, TikTok’s Chinese parent, about possibly rolling over their stake. of the video game giant Activision Blizzard, also reportedly has been looking for potential partners for a bid.

Persons: What’s, ”, DealBook, Steven Mnuchin, Andrew, Bill Ford, Bobby Kotick Organizations: ByteDance’s U.S, U.S, Susquehanna International Group, CNBC, Activision Locations: Beijing, China, ByteDance

☆ Mark Cuban says he's not voting for Donald Trump because he doesn't want 'a snake oil salesperson as President'
▼ + stars: | 2024-03-06 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

The billionaire said Trump "will tell you his snake oil will cure everything that ails you." I'm voting for Biden/Harris over Trump all day every day," Cuban told Axios on Tuesday. Cuban told Axios that when it came to Trump and Biden, it was a match-up between "the snake oil salesperson vs the incumbent, traditional politician." Musk mocked Cuban on Monday and said Cuban would vote for Biden even if the president "were a flesh-eating zombie." He can do what he wants," Cuban said when asked about the reported meeting between Musk and Trump.

Persons: Mark Cuban, Joe Biden, Donald Trump, Trump, Biden, Cuban, —, Harris, Axios, Joe Biden's, he'd, Cuban's Biden, Elon, Musk, didn't, Biden's, Tesla, I'm, Andrew Ross Sorkin Organizations: Service, Biden, Trump, Cuban, Bloomberg, Elon Musk, The New York Times DealBook Summit, The Times, Musk, GOP, Republicans Locations: Florida

By contrast, Musk appeared to discourage OpenAI co-founders from taking a too-lean approach to fundraising, according to emails the company reproduced from December 2018. The startup also said in its blog post that Musk sought to become OpenAI's CEO in 2017 as it was changing its structure. In emails from January 2018 reproduced by OpenAI, Musk agrees with an unnamed sender who encouraged the startup's co-founders to rely on Tesla as their "cash cow." CNBC has not independently verified the authenticity of the emails included in OpenAI's response on Tuesday, some of which contained partial redactions. Attorneys for Elon Musk were not available to comment on Tuesday night after OpenAI published its response.

Persons: Elon Musk, Musk, OpenAI, Sam Altman, Greg Brockman, —, Google's, Sutskever, Brockman, Altman, Tesla, xAI, Elon, OpenAI isn't, — CNBC's Jordan Novet Organizations: SpaceX, Microsoft, The New York Times, X Corp, CNBC, Elon Locations: OpenAI

☆ Elon Musk reportedly met with Donald Trump in Florida
▼ + stars: | 2024-03-05 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +4 min

Tesla CEO Elon Musk met with former President Donald Trump on Sunday in Palm Beach, Florida, along with unnamed wealthy Republican donors, the New York Times reported, citing three people briefed on the meeting. Private jets belonging to Trump and Musk were spotted landing within less than an hour of one another at a Palm Beach airport on March 2. Musk, who owns X and runs defense contractor SpaceX in addition to Tesla, didn't endorse Trump in his 2016 or 2020 campaigns. In 2022, Trump called Musk a "bull---- artist," claiming that the Tesla CEO said he voted for Trump in private conversations between them. In November 2022, after Musk bought Twitter with the assistance of funding from Saudi Arabia, President Biden was asked whether Musk was a potential threat to national security.

Persons: Elon Musk, Donald Trump, Trump, Joe Biden, It's, didn't, Elon, Musk, Biden, Tesla, Mayra Flores, he's, He's, Ron DeSantis, DeSantis, Nikki Haley, who's, Marty O'Donnell, Jeremy Sylestine Organizations: New York Times, Trump, White, SpaceX, Republican, White House, Twitter, Florida Gov, New, Biden, Congress Locations: Palm Beach , Florida, Palm, Paris, Texas, Saudi Arabia, New Hampshire, U.S, Nevada, Austin , Texas

Last week, Musk sued OpenAI and co-founders Sam Altman and Greg Brockman for breach of contract and fiduciary duty. "It's certainly a good advertisement for the benefit of Elon Musk," Kevin O'Brien, partner at Ford O'Brien Landy LLP and former assistant U.S. attorney, told CNBC. In the suit, Musk's lawyers say they want OpenAI to return to its work as a research lab and no longer exist for the "financial benefit" of Microsoft. Musk's attorneys didn't respond to a request for comment. Musk has an AI company of his own, X.AI, which introduced a competing chatbot called Grok in November after two months of training.

Persons: Elon Musk, Tesla, Beata Zawrzel, Elon, Musk, OpenAI, Sam Altman, Greg Brockman, It's, Kevin O'Brien, Ford O'Brien Landy, I'm, O'Brien, isn't, Shannon Capone Kirk, Ropes & Gray, Chris Ratliffe, Kirk, —, X.AI, He's, bigwigs, Andrej Karpathy, Kyle Kosic, OpenAI's, Jason Kwon, Kwon Organizations: Nurphoto, Microsoft, Elon, CNBC, Ropes &, Ropes & Gray LLP, Bloomberg House, Economic, Bloomberg, Getty, The New York Times, SEC, Tesla, X.AI, OpenAI Locations: Krakow, Poland, Davos, Switzerland, OpenAI

Two names are likely to draw attention: LeBron James, the superstar basketball player, and Drake, the rapper. James and Drake are committing additional capital as “strategic investors,” and are expected to use their marketing power to help the tour broaden its audience. James and the PGA Tour commissioner, Jay Monahan, were at the home of Tom Werner, F.S.G.’s chairman, recently discussing just that, DealBook hears. Fans may see the stars around the greens, perhaps in the same way Drake is a frequent courtside presence at Toronto Raptors games. I remember some of my best childhood memories was being on the golf course with my uncle,” Drake said in a statement to DealBook.

Persons: LIV Golf, wasn’t, LeBron James, Drake, Steve Cohen, Arthur Blank, Marc Lasry, James, Jay Monahan, Tom Werner, F.S.G, ’, DealBook, ” Drake, “, ” Organizations: Fenway Sports Group, PGA, PGA Tour, Toronto Raptors Locations: Saudi

“We believe the claims in this suit may stem from Elon’s regrets about not being involved with the company today,” wrote OpenAI Chief Strategy Officer Jason Kwon in an internal memo on Friday that was viewed by CNBC. The next year, Musk gave nearly $20 million to OpenAI, which the attorneys reiterated was more than other backers. "We did not think either approach was right for the mission," Kwon wrote. Regarding OpenAI's transformation from an "open source foundation" to a multibillion-dollar for-profit company, Musk said, "I don't know, is this legal?" — CNBC's Lora Kolodny and Hayden Field contributed to this reportWATCH: Elon Musk lawsuit against OpenAI and Altman began a year ago

Persons: Elon Musk, Tesla, ”, Jason Kwon, Sam Altman, OpenAI, Altman, Musk, Greg Brockman, Kwon, they've, Andrej Karpathy, Karpathy, didn't, — CNBC's Lora Kolodny, Hayden Field, Elon Organizations: CNBC, Elon, Microsoft, Tesla, The New York Times, OpenAI Locations: OpenAI

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