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An “irrevocable” trust? Rupert Murdoch is showing yet again that real life can be more fascinating than fiction. It’s about control of a global media business with extraordinary political power, one that’s still trying to preserve its influence in America and elsewhere. The context: When Murdoch dies, control of the family’s companies, including the broadcaster Fox and the newspaper publisher News Corp, will be shared among his four eldest children via the trust. Under the arrangement, Prudence, Lachlan, James and Elisabeth will each get an equal say in how the businesses are run.

Persons: Rupert Murdoch, —, Jim Rutenberg, Jonathan Mahler, isn’t, Murdoch, Prudence, Lachlan, James, Elisabeth Organizations: Fox, News Corp Locations: Nevada, America

But all that attention isn’t translating into success at Musk’s core business, as Tesla reported another sharp drop in quarterly profit that has spooked investors. Shares in Tesla are down sharply premarket on the company’s results. That’s despite Tesla cutting costs and laying off more than 10 percent of its global work force. Among the troubles bedeviling the company are sluggish consumer demand and a price war with competitors that has dented profits. Tesla sold $890 million worth in the quarter, three times the figure in 2023.)

Persons: Tesla’s doldrums Elon Musk, Donald Trump —, Tesla

Why some big money is holding out for nowAfter just one full day of campaigning, Vice President Kamala Harris has a glide path to the Democratic presidential nomination. The Harris campaign also said it had raised more than $100 million between Sunday afternoon and Monday evening. But some major Democratic donors, including Mike Bloomberg and the venture capitalist Vinod Khosla, have yet to endorse her. The concern is that if they support Harris too soon, they would appear to be anointing their party’s presidential candidate, rather than her earning it through a full democratic process. And Khosla posted on X, “An open process will allow everyone a chance to make their case and express their views.

Persons: Kamala Harris, Nancy Pelosi, Harris, Mike Bloomberg, Vinod Khosla, DealBook, don’t, Khosla, ” Organizations: Democratic, Bloomberg Locations: Chicago

Follow the moneyThe shock waves from President Biden ending his re-election bid, after weeks of pressure to step aside, are still reverberating around the world. Many Democratic officials and financial backers have followed his lead and endorsed Vice President Kamala Harris as his successor in the race. But the conspicuous silence of some senior party leaders and warnings from prominent donors suggest that the party’s ticket isn’t a done deal. The latest: Biden’s withdrawal opened a flood of Democratic donations, with more than $50 million pouring in on Sunday, in what one strategist said might be “the greatest fund-raising moment in Democratic Party history.”Wall Street and Hollywood donors came back in force, while stalwart Biden backers, including the tech billionaire Reid Hoffman and the hedge fund scion Alex Soros, pledged their support to Harris.

Persons: Biden, Kamala Harris, Reid Hoffman, Alex Soros, Harris Organizations: Democratic, Democratic Party

☆ Open Championship: American Billy Horschel edges ahead after Shane Lowry sunk by ‘coffin’ bunker nightmare
▼ + stars: | 2024-07-20 | by ( Jack Bantock | ) edition.cnn.com time to read: +4 min

CNN —Billy Horschel will carry the slenderest of leads into the final 18 holes of the Open Championship in Scotland, as the American capitalized on Shane Lowry’s grisly slide to edge clear in a rain-soaked third round. I’m embracing it,” Horschel, whose career best major performance was a tied-fourth finish at the 2013 US Open, told reporters. Lowry's round went downhill after trouble at the 'coffin' bunker on the eighth hole. Stuart Franklin/R&A/Getty ImagesHaving taken a three shot advantage to the eighth tee, the 37-year-old will start the final round three strokes adrift of leader Horschel, and one back from world No. 1 Scottie Scheffler, who shot even-par 71 to stay in contention for a second major title of the season.

Persons: Billy Horschel, Shane Lowry’s, “ I’ve, I’m, ” Horschel, “, I’ll, ”, Kevin C, Cox, Thriston Lawrence, Sam Burns, Russell Henley, Xander Schauffele, Justin Rose, Daniel Brown, Brown, I’ve, ” Brown, you’d, Andrew Redington, Coffin ’, Lowry’s, Lowry, Stuart Franklin, Horschel, Scottie Scheffler, ” Lowry, Adam Scott, Lawrence Organizations: CNN, Troon, European, Irish Locations: Scotland, Horschel, American, Troon

“This outage is historic in scale,” Mikko Hypponen, a research specialist at the software company WithSecure and a cybercrime adviser to Europol, told DealBook. It issued a software update that is causing Microsoft systems, including its Azure cloud service, to crash or not function properly. Long queues of airline passengers could be seen at airports around the world, with some resorting to manual check-in. In France, the television networks TF1 and Canal+ told the public on X that they could not go on the air on Friday morning. The incident points to how reliant the global economy is on a handful of major tech companies to run vital infrastructure.

Persons: ” Mikko Hypponen, Europol, DealBook, George Kurtz, CrowdStrike, ” Organizations: Microsoft, United, Delta, Airlines, Air France, KLM, Japan Airlines, TF1, Sky Locations: Europe, Asia, France

☆ Global IT outage grounds planes and sends broadcasters off air
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal IT outage grounds planes and sends broadcasters off airCNBC's Andrew Ross Sorkin and Becky Quick report on the latest news.

Persons: Andrew Ross Sorkin, Becky Quick

How Musk could influence Trump’s policiesElon Musk has given Donald Trump his endorsement, and perhaps soon, millions of dollars to help his re-election campaign. A big question now is what Musk would most likely push for if the former president prevails in November. DealBook spoke with Musk watchers to figure out how the Tesla and SpaceX chief could influence a potential second Trump administration. The short of it: Much of the policies he wants would benefit his companies, but some would just line up with his ideology. The Wall Street Journal reported in May that Trumpdiscussed offering Musk an advisory role if he is re-elected.

Persons: Elon Musk, Donald Trump, DealBook, Trump Organizations: SpaceX, Trump, PAC, Street

Trumponomics and the FedOne of the hot debates on Wall Street this election cycle is how Donald Trump would deal with the Fed if he is re-elected and, in particular, if he would fire or demote Jay Powell as chair, The Times’s Jeanna Smialek writes for DealBook. In an interview with Bloomberg Businessweek conducted before last weekend’s assassination attempt, Trump said that he did not plan to fire Powell, allowing him to serve out his term. Trump appointed Powell, but turned on him over interest rate policy. The former president was displeased when the central banker refused to cut rates to bolster economic growth. President Biden reappointed Powell to a new four-year term that started in 2022.

Persons: Donald Trump, Jay Powell, Smialek, Trump, Powell, it’s, Biden Organizations: Bloomberg Businessweek, Trump

Vance as his running mate and a possible successor to lead the “Make America Great Again” movement. The 39-year-old served in Iraq and later went to Yale Law School, where he met his wife, Usha Vance. (She resigned from her role as a trial lawyer at Munger Tolles & Olson after Vance joined the ticket.) Vance rose to national prominence after publishing the best-selling memoir “Hillbilly Elegy.” He worked at Mithril Capital Management, a venture capital firm co-founded by Peter Thiel, and Steve Case’s Revolution. Vance is close to the libertarian wing of the tech industry.

Persons: Donald Trump, Vance, He’s, ”, he’s, Usha Vance, Olson, Peter Thiel, Steve Case’s, Thiel, Eric Schmidt, Marc Andreessen, David Sacks Organizations: Trump, Yale Law School, Mithril Capital Management, Ohio Senate, Republican National Convention Locations: Iraq, Munger, Silicon, Ohio

The attempted assassination of Donald Trump has reverberated around the world. The question for business and policy leaders, beyond the immediate implications for the election, is how to halt the increasing political violence in this nation. America’s economy and innovation may be the envy of the world, but our politics and polarized culture are not. Business leaders and donors are not doing enough to tamp it down; most won’t speak out, afraid of potential blowback, giving outsize influence to a handful of voices on social media. A shooting changes the electionTwenty-four hours after surviving an assassination attempt, Donald Trump arrived in Milwaukee for the Republican National Convention, while President Biden and political and business leaders continue to denounce the incident.

Persons: Andrew, Donald Trump, Biden Organizations: Business, Republican National Convention Locations: American, Milwaukee

☆ Elon Musk is gloating on X after Biden's big-boy press conference fumbles
▼ + stars: | 2024-07-12 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewPresident Joe Biden's press conference on Thursday was hotly watched by the nation, including one Elon Musk. Musk said in response to a clip where Biden had accidentally referred to Vice President Kamala Harris as "Vice President Trump." Advertisement"I wouldn't have picked Vice President Trump to be vice president, if she's not qualified to be president," Biden said on Thursday. — Elon Musk (@elonmusk) July 12, 2024Musk also poked fun at the muted facial expressions Biden's Cabinet members had when he made the mistake. I'm not saying I'd vote for Trump," Musk told moderator Andrew Ross Sorkin at The New York Times Dealbook Summit in November.

Persons: —, Joe Biden's, Elon, couldn't, gaffes, Musk, Biden, Kamala Harris, Trump, Harris, she's, Karine Jean, Pierre, John Kirby, Justin Sink, Tesla, Donald Trump, I'm, Andrew Ross Sorkin, Ron DeSantis, he's, Don Lemon Organizations: Service, Business, Trump, downer, White, National Security, Bloomberg, Democratic Party of, The New York Times Dealbook Summit, Florida Gov, GOP, CNN, BI Locations: Southern, Florida

The takeaway was a split decision: Biden rambled and misspoke several times, but also displayed the confidence and depth of knowledge that his supporters had hoped to hear. Yet for many donors and Democratic officials, the performance wasn’t enough to settle the debate over whether he should stay in the race. Biden demonstrated his command of foreign policy at the news conference. Biden made two headline-making flubs: calling Vice President Kamala Harris “Vice President Trump,” and saying he followed the advice of his “commander in chief” — his own title — about military aid to Ukraine. (Earlier in the day, he introduced President Volodymyr Zelensky of Ukraine as “President Putin” before quickly correcting himself.)

Persons: Biden’s, Biden rambled, Biden, Kamala Harris “, Trump, ” —, Volodymyr Zelensky, Putin ” Organizations: NATO, Democratic Locations: Russia, China, Ukraine, Gaza

A brutal 24 hoursPresident Biden and his allies may have thought they had stemmed a rebellion by fellow Democrats and donors after his debate debacle. Some Democratic lawmakers made clear that they weren’t falling into line behind Biden. She said she would back whatever decision he takes, but the equivocal comments were seen as offering other Democrats space to speak up. Hours later, Peter Welch of Vermont became the first Democratic senator to call on Biden to withdraw. “We can’t unsee what we saw” at the debate, Welch told The Times, adding that Donald Trump’s returning to power would be a “catastrophe.”

Persons: Biden, Nancy Pelosi, MSNBC’s, Joe ”, Peter Welch of, Welch, Donald Trump’s Organizations: NATO, Democratic, White, The Times, Peter Welch of Vermont, Times

☆ The NFL is open to private equity team ownership of up to 10%, Commissioner Roger Goodell says
▼ + stars: | 2024-07-11 | by ( Alex Sherman | ) www.cnbc.com time to read: +4 min

"We've had a tremendous amount of interest [from private equity firms], and we believe this could make sense for us in a limited fashion, probably no more than 10% of a team. The National Football League is considering allowing minority private equity ownership for its 32 teams of up to 10%, Commissioner Roger Goodell said in an exclusive CNBC interview Thursday. "I think it may be leading to some rethink into the consideration of letting private equity, as an example, or institutional investors into the NFL." Private equity incentives around reaching investment targets and exit thresholds could alter the motivations for ownership in ways that make the bigger sports leagues uncomfortable. Private equity firms, tasked with finding investment vehicles to make returns on their assets under management, may be better suited to minority ownership.

Persons: Roger Goodell, Goodell, CNBC's Julia Boorstin, We've, Josh Harris, Harris, Andrew Ross Sorkin, Magic Johnson, Eric Schmidt, David Blitzer, They're, Ted Leonsis, You'll Organizations: National Football League, Allen & Company Sun Valley, National Basketball Association, Major League Baseball, National Hockey League, Major League Soccer, NFL, Allen & Co, Sun Valley Conference, CNBC, Apollo Global Management, Washington, Summit, Washington , D.C, NBA, Blackstone Group, Philadelphia 76ers, New Jersey Devils, Women's Soccer League, Washington Capitals, Wizards, Mystics, ESPN Locations: Sun Valley , Idaho, Washington ,

Powell’s balancing actThe S&P 500 is on a six-day winning streak and closed at another record on Tuesday, as investors grow more confident that the Fed could cut interest rates soon. The market rally came after Jay Powell, the Fed chair, made encouraging comments about inflation and the labor market in his first of two days of testimony on Capitol Hill. Lowering rates prematurely could risk reigniting inflation, and doing so too slowly could undermine growth. “We’re very much balancing those two risks, and that’s really the essence of what we’re thinking about these days,” Powell told the Senate Banking Committee on Tuesday. In something of a rarity in recent months, financial services stocks led the way on Tuesday.

Persons: Jay Powell, that’s, ” Powell, Powell Organizations: Capitol, Senate, Wall

Making them waitPresident Biden hasn’t let up on his aggressive defense against calls to step aside: Over the past 24 hours, he pushed back against Democratic lawmakers, the news media and top fund-raisers. But an attempt to mollify some of his biggest donors in a hastily arranged call started off poorly: It began more than 30 minutes late. For the Biden campaign, that may not be a big concern, given its highlighting of small-dollar fund-raising and attacking of corporate greed. Biden started the day lashing out at elite critics. After a weekend of campaigning in Pennsylvania and Wisconsin, he sent a defiant letter to congressional Democrats pledging to stay in the race.

Persons: Biden hasn’t, Biden, DealBook’s Lauren Hirsch Organizations: Democratic Locations: Pennsylvania, Wisconsin

Wall Street’s game theoryAs more leading Democrats say privately that President Biden should withdraw from the presidential race, some of the party’s most prominent backers on Wall Street spent the holiday weekend debating what to do next. If they favor calling for him to step back, they discussed what their next moves should be. Wall Street is taking a different approach than Hollywood. (Many are also reportedly irate at Jeffrey Katzenberg, Biden’s campaign co-chair.) And many donors want to maintain their influence within the Democratic Party.

Persons: Biden, Larry Fink, BlackRock, Robert Rubin, Jon Gray, Blackstone, Peter Orszag, Lazard, Blair Effron, Robert Wolf, Barack Obama —, DealBook, Reed Hastings, Barry Diller, Rob Reiner, Abigail Disney, Jeffrey Katzenberg Organizations: Wall, Treasury, Centerview Partners, UBS, Hollywood, Netflix, IAC, Democratic Party

☆ Live Updates: U.K. Votes in Election That Could Drive Conservatives From Power
▼ + stars: | 2024-07-04 | by ( Mark Landler | ) www.nytimes.com time to read: +8 min

Polls have predicted that the election could be a major turning point, with the center-left Labour Party expected to unseat the right-wing Conservative Party, possibly with a crushing landslide. Credit... Andrew Testa for The New York TimesImage Portsmouth town center. Credit... Andrew Testa for The New York TimesImage England flags and election posters for the Reform U.K. candidate on Kingston Road, Portsmouth. Credit... Andrew Testa for The New York TimesSome formerly stalwart Conservative supporters said they were rethinking their vote. But others defended the Conservative Party.

Persons: “, ”, Sam Argha, Andrew Testa, Penny Mordaunt, King Charles III, Ms, Mordaunt, Liberal Democrats —, Grahame Milner, Milner, Mr, Tracy Patton, It’s, Daisy Quelch, Kiran Kaur, Quelch, Margaret Thatcher, Nigel Farage, Andrew Revis, Kerry Harris, Shanice Bakes, gestured, Harris Organizations: Conservative, Labour Party, Conservative Party, Portsmouth, The New York Times, The New York, Labour, Liberal Democrats, Conservatives, Navy, Residents, National Health Service, European Union, Reform, Reform U.K Locations: Portsmouth, strollers, Britain, England, Southsea, Dixie’s, Kingston, Credit, Ukraine, Iceland

Plan B talks get louderThe Biden campaign’s attempts to soothe panicked Democrats and donors after the president’s calamitous debate appear to have cratered. One Democratic lawmaker has openly called on President Biden to withdraw from the race, while others are sharply criticizing his campaign’s response. And many party backers remain as nervous about sticking with him as they were last week — but also worry about the alternatives. The latest: Representative Lloyd Doggett of Texas became the first sitting Democrat to demand that Biden step aside. Democrats and foreign allies worry that Biden has increasingly seemed confused or listless, The Times reports.

Persons: Biden, Lloyd Doggett, Jim Clyburn, “, ” Barack Obama Organizations: Biden, Democratic, South Carolina, The Washington Post, Times Locations: Texas, South, NewsNation

☆ CNBC Daily Open: U.S. seeks Boeing guilty plea
▼ + stars: | 2024-07-01 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. On Friday, the S&P 500 and Nasdaq hit record highs before pulling back. Boeing 'guilty plea'U.S. prosecutors plan to seek a guilty plea from Boeing over a charge related to two fatal 737 Max crashes in 2018 and 2019, attorneys for the victims' family members said. [PRO] Rally will broadenThe tech sector has driven market performance in 2024, with the S&P 500 tech group up 28% and Nvidia soaring 149%, while small-caps have lagged.

Persons: Max, John Donahoe, Morgan Stanley, Stifel, Gregory Greene, Mary Daly, CNBC's Andrew Ross Sorkin, John Stoltzfus, Lisa Kailai Han Organizations: Dow Jones, Nasdaq, CNBC, Hezbollah, Boeing, U.S, The Justice, DOJ, Nike, Federal Reserve, San Francisco Fed, Nvidia Locations: Israel, Iran, Gox, Japanese

Donors still on edgeThe shock waves from last week’s presidential debate are still reverberating, as President Biden and his aides sought to allay concerns from despondent Democrats and wealthy donors about his age and fitness for office. Donors are increasingly becoming reconciled to Biden remaining the Democratic nominee even after Biden’s disastrous performance. But some in the party, and in the markets, are increasingly expecting Donald Trump to win in November. Seventy-two percent of registered voters don’t believe Biden has the mental and cognitive health to serve as president, according to a CBS News poll published Sunday, compared with 65 percent in early June. With the odds for a Trump win rising after the debate, Wall Street analysts are recalculating what that could mean for the economy and the markets.

Persons: Biden, Donald Trump, don’t, Trump Organizations: Democratic, CBS, Trump, Wall Street

☆ Tech billionaire Peter Thiel says he only allows his children 1.5 hours of screen time a week
▼ + stars: | 2024-06-30 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +1 min

Peter Thiel said he only lets his kids use screens for 1.5 hours a week. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Or my kids, says Peter Thiel. This story is available exclusively to Business Insider subscribers.

Persons: Peter Thiel, Evan Spiegel, Sundar Pichai, —, Andrew Ross Sorkin, Thiel Organizations: Service, Aspen Ideas, PayPal, Facebook, Business Locations: Colorado

Post-debate panicAfter a bruising 90-minute debate that underscored President Biden’s single-biggest weakness — concern about his age — Democratic donors exchanged panicked texts and emails with one question: What’s Plan B? The 81-year-old Biden’s halting, shaky performance against a confident (if sometimes misleading) showing by Donald Trump has set off alarm among Democrats with just seven weeks before the Democratic National Convention and four months before the November election. Some party faithful who were suppressing their doubts about Biden are now privately lobbying Democratic leaders and scouring rule books to figure out how to change the presidential ticket. “Disaster,” one unnamed Democratic donor told CNBC after the debate, reflecting the mood among the party’s moneyed class. Other reactions included “absolute train wreck” and “game over.” “Do we have time to put somebody else in there?” Mark Buell, a well-known Democratic donor, told The Times.

Persons: Biden’s, Donald Trump, Biden, ”, ” Mark Buell Organizations: Democratic National Convention, Democratic, CNBC, Times

☆ Microsoft AI CEO explains why the economics of information are about to 'radically change'
▼ + stars: | 2024-06-28 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

AI will cut the marginal costs of producing information, Microsoft AI CEO Mustafa Suleyman says. AdvertisementIf the internet dramatically cut the costs of producing information, AI is bound to eliminate them. That's according to Mustafa Suleyman, the CEO of Microsoft AI. "The economics of information are about to radically change," Suleyman said in an interview with journalist Andrew Ross Sorkin at the Aspen Ideas Festival this week. "In 15 or 20 years' time, we will be producing new scientific, cultural knowledge at almost zero marginal cost."

Persons: Mustafa Suleyman, Suleyman, —, Andrew Ross Sorkin Organizations: Microsoft, Service, Aspen Ideas

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