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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
Jordan Chiles has been a gymnast since the age of six. The 5'5 athlete grew up in Vancouver, WA, and was named after Michael Jordan, according to her profile on Team USA's website. Chiles told The Times that she considered quitting in 2017 after having a difficult experience with her former coaches. Jordan Chiles and Simone Biles train together and have been friends for years. "Hey Jordan, this is Michael Jordan.
Persons: , Jordan Chiles, Simone Biles, Chiles, Elsa, Michael Jordan, Suni Lee, Hezly Rivera, Jade Carey, Timothy, Gina Chiles, she'd, Biles, Carter, Beyoncé, Hey Jordan, Here's, Hope Organizations: Service, Paris Olympics, USA, Business, US, USA's, The New York Times, Times, The Times, UCLA, NBC, Nike, Beyoncé's Locations: Paris, Washington, Vancouver , WA, Texas, Tokyo
Why Tesla Is Still Struggling
  + stars: | 2024-07-24 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
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
It began in Tokyo when Simone Biles said she couldn’t go on and no one told her she’d better go anyway. We were all beaten down and battered,” Strug’s teammate Dominique Dawes says in “Simone Biles Rising,” a Netflix documentary. Simone Biles talks with coach Cécile Canqueteau-Landi after the vault that led her to withdraw from the team all-around at the Tokyo Olympics. Are they really letting Simone Biles try out for the Olympics? GO DEEPER Team USA's Olympics gymnastics leotards revealed: A look at the eight designs for Paris(Top illustration: Dan Goldfarb / The Athletic; photo of Simone Biles: Jamie Squire / Getty Images)
Persons: couldn’t, Kerri Strug, Béla Károlyi, , Larry Nassar, Simone Biles, Strug, Jack Youngblood’s, Kirk Gibson’s, Willis Reed’s, Michael Jordan’s, Demi Moore, Bruce Willis, Bill Clinton, , Doug Pensinger, Karolyi, Dominique Dawes, “ Simone Biles, Biles, Cécile Canqueteau, Landi, Robert Deutsch, “ It’s, I’ve, ” Simone, don’t, ” Simone Biles, Elsa, Getty, audibly —, “ They’ll, leotards, Dan Goldfarb, Jamie Squire Organizations: Paris Games, United, Olympic, Gymnastics, Paris, Planet Hollywood, Sports Illustrated, USA, Netflix, Team, U.S, Tokyo, Russian Olympic Locations: Atlanta, United States, Tokyo, U.S, American, Strug, Russia, USA, Paris
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
In 2011, Harris became the attorney general of California. Gary Reyes/MediaNews Group/The Mercury News via Getty ImagesHarris served as the attorney general of California for six years. The Washington Post's Matt Viser reported that President Donald Trump and Ivanka Trump donated to two of Harris' bids for attorney general. In her first year as attorney general, Harris supported a law signed by Republican Gov. Jerry Brown as lawmakers who didn't allow "newly available DNA testing," and said new DNA evidence might vindicate Cooper.
Persons: Harris, Michael Johnson, Gary Reyes, Getty Images Harris, Matt Viser, Donald Trump, Ivanka Trump, Arnold Schwarzenegger, Julianne Hing, Nicholas Kristof, Kevin Cooper, Kristof, Jerry Brown, Cooper Organizations: San Jose, MediaNews, Mercury, Getty Images, Republican Gov, Color, The New York Times, CBS News, San, San Bernardino County, Attorney's, Los Angeles Times Locations: California, Washington, San Bernardino
How did the Democrats lose Silicon Valley? The loudest donors in Silicon Valley are promoting Trump at a time when the tech world as a whole is ascending in Washington, with billionaires using their ballooning wealth and media foothold to exert influence. Their voices are made all the more prominent amid the conspicuous neutrality of Big Tech leaders like the Google C.E.O. Sundar Pichai and the Meta chief Mark Zuckerberg, who are possibly afraid of invoking Trump’s ire and employee backlash. Musk was brushed off by President Biden over his anti-union stance and excluded from an electric vehicle event at the White House in 2021.
Persons: Elon Musk, David Sacks, Marc Andreessen, Trump’s, Sundar Pichai, Mark Zuckerberg, Biden, Tesla Organizations: Elon, Trump, Big Tech, Google, White House Locations: Silicon Valley, Washington
Many people fail to adjust their retirement savings when their income grows. I started making my retirement savings strategy a priority, from automating monthly contributions to maxing out various savings vehicles, from 401(k) plans to SEP IRAs. Not adjusting your retirement savings with your lifestyleAnother retirement mistake? Consider a financial advisor. Finding a financial advisor doesn't have to be hard.
Persons: , it's, Brent Weiss, there's, isn't, ​ ​ Jen Reid, Michael J, Ashley Feinstein Gerstley, you'll, Weiss, doesn't Organizations: Service, Yardley Wealth Management Locations: Roth
Financial transactions around the world were affected by a tech outage on Friday, hampering operations as workers at several firms struggled to log into their corporate systems. Employees at companies including JPMorgan Chase and Instinet, a brokerage firm owned by the Japanese bank Nomura, have had trouble gaining access to their work stations, according to people with knowledge of the matter who spoke on condition of anonymity. That has led to delays in some trades, though the companies have been working on workarounds, the people said. The London Stock Exchange said that its RNS corporate news service was unable to publish, citing a “third-party global technical issue” that it was investigating. The exchange operator added that the matter was not affecting securities trading and other services.
Organizations: Employees, JPMorgan Chase, Nomura, London Stock Exchange
“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
ABU DHABI, United Arab Emirates — LeBron James was genuinely thrilled to see Stephen Curry in that Bellagio hotel ballroom in Las Vegas on the eve of Team USA training camp. If they say they want to play for Team USA, they aren’t going to be told no. Advertisement“It’s just cool, I’m not going to lie,” said Tyrese Haliburton, a Team USA guard at the tender age of 24. LeBron James congratulates Stephen Curry after the 2017 NBA Finals. (Jesse D. Garrabrant / NBAE via Getty Images)But from 2015 through 2018, James’ Cavs and Curry’s Warriors met every June in the NBA Finals.
Persons: LeBron James, Stephen Curry, ” James, Curry, James, , , , Tyrese Haliburton, that’ll, ” Will Haliburton, Jesse D, James ’ Cavs, James ’, Cavs, Cleveland, Kevin Durant, Martin Luther King Jr, Harrison Barnes, Irving, hysterically, ” Curry, ” James nodded, “ There’s, Ethan Miller, Larry Bird, Johnson, Michael Jordan’s, I’m, Isiah, Thomas, Magic, Michael, Barkley, they’ve, Durant, Steph, he’s, Bron, ” Durant, Anthony Davis, Steve Kerr, Dan Goldfarb, Giuseppe Cacase, Joe Murphy Organizations: Paris Games, United, United Arab Emirates, USA, NBA, American Olympic, Olympic, USA Basketball, FIBA, ., Team USA, Golden State Warriors, University of Nevada, Paris Olympics, Davidson, NCAA, Golden State, Warriors, Getty, Curry’s Warriors, Cleveland, , Locations: ABU DHABI, United Arab, Bellagio, Las Vegas, Akron , Ohio, USA, America, New York, Abu Dhabi, Cleveland, Miami, San Francisco, AFP
The Fed Under Trump 2.0
  + stars: | 2024-07-17 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
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
Did Biden Do Enough?
  + stars: | 2024-07-12 | by ( Andrew Ross Sorkin | Ravi Mattu | Bernhard Warner | ) www.nytimes.com   time to read: +1 min
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
Alexis Ohanian, at his first-ever track and field event, found himself transported. So he didn’t need to experience track to spark his motivation to invest in track. Gabby Thomas and Alexis Ohanian speak at the Athlos announcement in April. AdvertisementKipyegon is one of those gems of women’s track. Winning an Athlos event will pay $60,000.
Persons: Alexis Ohanian, Serena Williams, Gabby Thomas, He’d, Thomas ’, Spencer McManes, ” Ohanian, Reddit, Ohanian, Athlos, Sha’Carri Richardson, Sydney McLaughlin, Levrone, Shelly, Ann Fraser, Pryce, Athing Mu, Alica Schmidt, Elsa, Getty, Athlos ’, Thomas, , Alexis Holmes, Kipyegon, Let’s, , Noah Lyles, Richardson, Jakob Ingebrigtsen, Michael Johnson, it’s, “ I’ve, Andy Lyons Organizations: Paris Games, Wimbledon, Hayward Field, University of Oregon, U.S, Angel City Football Club, Angel City FC, , Harvard, Olympics, Diamond League, sport’s, Athletics, Netflix, de France —, Getty Locations: New York City, Germany, New York, United States, America, Paris, Athlos, Norwegian
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
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
A former employee of the World Economic Forum, the nonprofit organization behind the glittery annual gathering of business and political leaders in Davos, Switzerland, sued the group and its founder, Klaus Schwab, on Monday, accusing them of workplace discrimination. In a lawsuit filed in U.S. District Court in Manhattan, Topaz Smith, who is Black, said the organization embraced a “scofflaw approach to anti-discrimination laws” and oversaw a hostile atmosphere toward women and Black workers. She added that it denied her and other Black employees opportunities to advance professionally. The accusations are the latest black eye for the nonprofit, whose conferences — particularly the one in Davos in January — have become destinations for the global elite to meet and network under the auspices of saving the world. (The theme of this year’s forum in Davos was “Rebuilding Trust,” while last year’s was “Cooperation in a Fragmented World.”)An article in The Wall Street Journal last month, citing internal complaints and interviews with current and former employees, said workers had accused the organization of sexual harassment and racism.
Persons: Klaus Schwab, Topaz Smith, Organizations: Economic, Cooperation Locations: Davos, Switzerland, U.S, Manhattan
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
A wildfire that erupted in the mountains of Santa Barbara County in Southern California has burned more than 16,000 acres, prompting an evacuation order and threatening ranches, including Michael Jackson’s former Neverland Ranch, the authorities said. The fire, called the Lake Fire, broke out shortly before 4 p.m. on Friday near Zaca Lake, just northeast of Los Olivos, according to the California Department of Forestry and Fire Protection. The cause of the fire, which was zero percent contained as of Sunday, remained under investigation. The Santa Barbara County Sheriff’s Office issued an evacuation order for an area near the Los Padres National Forest that includes the property once known as Michael Jackson’s Neverland Ranch, a 2,700-acre property in Los Olivos, about 150 miles northwest of Los Angeles. About 100 residents were affected by the evacuation order, said Kenichi Haskett, a public information officer for Cal Fire.
Persons: Michael Jackson’s, Kenichi Haskett Organizations: California Department of Forestry, Santa Barbara County Sheriff’s, Los Padres National, Cal Fire Locations: Santa Barbara County, Southern California, Zaca Lake, Los, Santa Barbara, Los Olivos, Los Angeles
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