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How the election is dividing techThe tech world has long been divided by rivalries: Macs versus PCs, open source versus closed source. It’s a reminder, as DealBook has noted, that Silicon Valley’s libertarian wing is feeling more emboldened to flex its money and influence to buck what has become a traditionally Democratic consensus. Who’s who: Some of the most vocal Democratic donors among the tech elite are Hoffman; Vinod Khosla, the venture capitalist; Aaron Levie, the C.E.O. On the Republican side are a camp of libertarians that includes Musk and the investors Peter Thiel, David Sacks, Marc Andreessen and Ben Horowitz. Then there are those staying neutral, including Mark Zuckerberg of Meta, who are ostensibly trying to avoid antagonizing whoever wins in November.

Persons: Elon Musk, Reid Hoffman, Ryan Mac, Erin Griffith, Mike Isaac, DealBook, Who’s, Hoffman, Vinod Khosla, Aaron Levie, Roger McNamee, Peter Thiel, David Sacks, Marc Andreessen, Ben Horowitz, Mark Zuckerberg, Meta Organizations: Republican

Ackman delays his big betMonday isn’t going to be the day that Bill Ackman prices the I.P.O. of his Pershing Square USA investment vehicle, as had been planned. But the long-awaited fund, whose investors will probably include many who follow Ackman’s provocations on social media, is still coming, it says. The context: Pershing Square USA is a so-called closed-end fund that’s raising money to make the sort of concentrated investments that Ackman is now known for. The fund had faced big expectations after Ackman set an initial I.P.O.

Persons: Bill Ackman, Ackman Organizations: Pershing Square USA, Pershing

A question about the future of antitrustNews that Reid Hoffman, the billionaire LinkedIn co-founder and major Democratic donor, wants Vice President Kamala Harris, if she wins in November, to replace Lina Khan as chair of the F.T.C. Senator Bernie Sanders, independent of Vermont, called it “unacceptable,” and Tim Wu, the Columbia Law School professor and former Biden antitrust official, demanded that the Harris campaign return Hoffman’s donations. Khan is perhaps the most consequential regulator for business in the Biden administration, and her fate as F.T.C. chair underscores anxiety among Democrats about how Harris would approach antitrust policy should she become president. So Khan could be stripped of that role and replaced with a colleague, though that could be awkward.

Persons: Reid Hoffman, Kamala Harris, Lina Khan, Bernie Sanders, Tim Wu, Biden, Harris, Khan Organizations: LinkedIn, Democratic, Columbia Law School Locations: Vermont, United States

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

☆ Middle East Crisis Netanyahu Under Pressure to Address Cease-Fire Calls in His Speech to Congress
▼ + stars: | 2024-07-24 | by ( Ephrat Livni | ) www.nytimes.com time to read: +5 min

Children walking near stagnant wastewater on their way to a food distribution point in Deir al Balah, in central Gaza, last week. The large number of people treated for war injuries — almost 90,000, Gaza’s health ministry says — and the surge in illness have overwhelmed Gaza’s diminished medical system. The Israeli military has launched two operations at Gaza’s largest hospital, Al-Shifa, fighting deadly battles with militants there. Before the war, Gaza’s health care system was “reasonably well functional,” said Dr. Rik Peeperkorn, the W.H.O.’s representative to Gaza and the West Bank. Now, fewer than half of its facilities remain even partly operational, he said, and its health care work force is severely depleted.

Persons: Sally Thabet, Deir al, “ Amoon, ”, Israel, Tedros Adhanom Ghebreyesus, poliovirus, Dr, Hanan Balkhy, —, Balkhy, Rik Peeperkorn, ’ Organizations: World Health Organization, Hamas, The New York Times, West Bank Locations: Deir al Balah, Gaza, Gaza City, Deir, Kandi, Gaza’s, Al, Israel

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

☆ This Was the Message Netanyahu Took to Congress
▼ + stars: | 2024-07-24 | by ( Ephrat Livni | ) www.nytimes.com time to read: +1 min

Addressing a joint meeting of Congress on Wednesday, Prime Minister Benjamin Netanyahu pushed back forcefully on condemnations of Israel’s prosecution of the war in the Gaza Strip. He name-checked both Biden and Trump. Mr. Netanyahu was careful to walk a middle path, thanking both Democrats and Republicans, including President Biden and the Republican presidential nominee, Donald J. Trump, for their support. Thank you, my friends.”Mr. Netanyahu said he had known Mr. Biden for 40 years and expressed particular appreciation for his “heartfelt support for Israel after the savage attack” on his country that was led by Hamas on Oct. 7. But he also made a point of praising Mr. Trump, who as president was more receptive to some of his expansionist policies.

Persons: Benjamin Netanyahu, Trump, Netanyahu, Biden, Donald J, “, ”, ” Mr, Mr Organizations: Biden, Mr, Republicans, Republican, Israel Locations: Gaza, United States, America

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

“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

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

☆ Israel-Gaza War: Latest News
▼ + stars: | 2024-07-18 | by ( Ephrat Livni | ) www.nytimes.com time to read: +5 min

His speech there before a divided Congress figures to be contentious, particularly if he cannot close a deal with Hamas to end the war before he travels. Image Prime Minister Benjamin Netanyahu of Israel at the Knesset, Israel’s Parliament, in Jerusalem on Wednesday. Credit... Ammar Awad/ReutersSome in Mr. Netanyahu’s governing coalition have urged him to oppose a deal with Hamas. Mr. Netanyahu’s grip on power relies on the support of two far-right parties opposed to any agreement that would leave Hamas in power in Gaza. The war has killed more than 38,000 people and led to widespread hunger, according to Gazan health authorities.

Persons: Benjamin Netanyahu, Israel, Netanyahu, Ronen Zvulun, Yair Lapid, Mr, Lapid, ” Ella Ben, Ami, Ohad Ben, Ben, Be’eri, Raz Ben, Ella Ben, Yoav Gallant, ”, Gallant, Ammar Awad, “, Matthew Miller, Mike Johnson, Dani Elgarat, Nir Oz, Noa Argamani, Elgarat Organizations: Protesters, Hamas, ., Families, Wednesday, Credit, Reuters, Shas, Department, Democratic, Louisiana Republican, Mr Locations: Israel, Washington, Qatar, Egypt, Israel’s, Jerusalem, Tel Aviv, Gaza, Louisiana, United States

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

☆ Israel-Hamas War and Gaza Fighting: Latest Updates
▼ + stars: | 2024-07-16 | by ( Ephrat Livni | ) www.nytimes.com time to read: +6 min

Settlers are governed by Israeli civil law while their Palestinian neighbors are subject to Israeli military law. “Settler soldiers are actually an armed militia.”Image Israeli army reservists near the settlement of Tekoa in the West Bank in October. From the perspective of some in the Israeli military, settler violence is a threat to Israel’s security. The Israeli military did not immediately respond to a request for comment. Israeli forces have killed more than 530 West Bank Palestinians since the war in Gaza began, according to the United Nations Office for the Coordination of Humanitarian Affairs, which tracks West Bank violence on a weekly basis.

Persons: Benjamin Netanyahu’s, Hagit, ’, ” Ms, Ofran, Tamir Kalifa, Bezalel Smotrich, Smotrich, Yehuda Fox, “, ” Matthew Mpoke Bigg, Sheikh Ahmad Organizations: West Bank, The European Union, European Council, United, State Department, “, The New York Times, Mr, Israel’s, Command, Palestinian, United Nations Office, Humanitarian Affairs Locations: United States, Peace, Israel, Jordan, Gaza, West, Palestinian, ”, Tekoa, Al Bireh, Ramin, Deir Abu Mash’al, Ramallah

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

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

☆ Escalation Between Israel and Hezbollah Hangs Over Gaza Cease-Fire Talks
▼ + stars: | 2024-07-11 | by ( Ephrat Livni | ) www.nytimes.com time to read: +6 min

When intelligence chiefs of the United States, Israel and Egypt went to Qatar on Wednesday for talks aimed at brokering a cease-fire in Gaza, there was more on the line than Israel’s war against Hamas. Hezbollah and Hamas are both allied with Iran in what they call “the axis of resistance,” a coalition that opposes Israel’s right to exist. Israeli forces and Hezbollah fighters in Lebanon, who are backed by Iran, have traded fire since the war in Gaza began after Hamas led an attack on Israel on Oct. 7. Israeli government officials and military leaders have in recent weeks toured northern Israel and met with troops stationed there who were preparing for a potential escalation. Whether efforts at de-escalating the conflict between Israel and Hezbollah can succeed may well depend on how the cease-fire talks in Qatar progress.

Persons: Hassan Nasrallah, ”, Mr, Nasrallah, Hezbollah’s, Abbas Salman, Yasser Nemr Qranbish, Bilal Hussein, —, heightening, — Noa, Nir Baranes, Yoav Gallant, Lloyd J, Austin III, Israel ”, Meir Elran, al, Ansari Organizations: Hamas, Hezbollah, ., Associated, Ortal, Lebanese, U.S ., Tel Aviv University’s Institute for National Security Studies, Brig, Qatar’s Foreign Ministry Locations: United States, Israel, Egypt, Qatar, Gaza, Lebanon, Hezbollah, Iran, Syria, Beirut, Golan, Washington, Tel Aviv, France

☆ Israeli Airstrike Near a Gaza School Building Kills at Least 25: Latest News
▼ + stars: | 2024-07-10 | by ( Liam Stack | Anushka Patil | ) www.nytimes.com time to read: +5 min

Top NewsAn Israeli airstrike near a school building being used as a shelter by displaced Palestinians killed at least 25 people and injured more than 50 on Tuesday outside of Khan Younis, in southern Gaza, the Gaza Ministry of Health said. The strike hit the entrance of Al Awda School in the town of Abassan, on the eastern outskirts of Khan Younis, according to the health ministry. Credit... Haitham Imad/EPA, via Shutterstock Image A Palestinian man carrying an injured child to Nasser hospital in Khan Younis on Tuesday. Last month, an Israeli airstrike in central Gaza killed dozens of people at a U.N. school complex that thousands of displaced Palestinians were using as a shelter. Palestinian officials said the strike killed civilians, including many women and children.

Persons: Khan Younis, Josep Borrell Fontelles, ”, Haitham Imad, Nasser, Bashar Taleb, Israel, ” Ephrat Livni Organizations: Gaza Ministry, Health, Al Awda School, UNRWA, United Nations, Jerusalem, Nasser Hospital, ., Agence France, Palestine TV, Palestinian Authority, West Bank, Presse, Reuters, New York Times Locations: Israeli, Gaza, Abassan, Khan, Israel, Nuseirat, Gaza City, Palestine

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

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

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

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