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DealBook: A setback for policing social media; China hedges its bets
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</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<tbody>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
A new hole emerges in efforts to police social media
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Government efforts to interact with social media platforms took a major hit yesterday when a federal judge restricted the Biden administration from
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
communicating with tech companies
</a>
about a broad array of online content.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The 155-page ruling, which the administration is likely to appeal, raises questions about how the government is supposed to interact with platforms that reach billions of people. It also complicates the outlook for regulating tech companies over the content their users post.
</p>
</td>
</tr>
</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The ruling:
</span>
Judge Terry Doughty of the U.S. District Court for the Western District of Louisiana said that broad parts of the government, including the Department of Health and Human Services and the F.B.I., couldn’t talk with social media companies in any way that would lead to the “removal, deletion, suppression or reduction” of content.
</p>
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“If the allegations made by plaintiffs are true, the present case arguably involves the most massive attack against free speech in United States’ history,” said Doughty, who was appointed by President Donald Trump.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
It’s a win for Republican state attorneys general who sued the administration,
</span>
arguing that federal officials were seeking to curtail users’ First Amendment rights. In their lawsuit, the plaintiffs cited emails and text messages in which,
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
they claimed
</a>
, federal officials had pressured tech executives to remove or censor posts about federal pandemic policies, articles about Hunter Biden, election security and other issues.
</p>
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A MESSAGE FROM
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Masterworks
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Portfolios with 5% in art have higher returns
</p>
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Research has proven that an investment portfolio with just 5 percent invested in contemporary art has historically driven higher returns versus a “traditional” portfolio of 60 percent stocks and 40 percent bonds. In other words: more money in your bank account, with fewer ups and downs. Thanks to Masterworks, anyone can now invest in shares of multimillion-dollar art, for just a fraction of the cost. Recently, Masterworks investors realized net returns of 17.8 percent, 21.5 percent and 35 percent. See disclosures: masterworks.com/cd
</p>
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Skip the Waitlist
</p>
<img alt="Masterworks Logo" height="35" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252Flogo_monogram-01%2520%25282%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1qH1SO:SwErF0bddnOMCfMb47VOcD8t3Qn33w9wLJoFzwVtm3I" style="height:35px;width:35px" width="35"/>
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Doughty also pointed to efforts to remove or play down content by Robert Kennedy Jr., the anti-vaccine activist who is now challenging President Biden for the Democratic presidential nomination. Kennedy cheered the decision: “Happy Independence Day Everyone!,”
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
he tweeted
</a>
.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Doughty listed some exceptions in his ruling, including in instances involving crimes, national security threats or foreign attempts to influence elections. And other government officials, including lawmakers, can still reach out to social platforms.
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Critics of the ruling say it’s too broad and problematic,
</span>
especially because it applies to government efforts to encourage action by companies, not force it. “It can’t be that the government violates the First Amendment simply by engaging with the platforms about their content-moderation decisions and policies,” Jameel Jaffer of the Knight First Amendment Institute at Columbia University told The Times.
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Experts are also worried disinformation will only increase on social platforms, which have already cut their content moderation teams.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The injunction may have wider consequences for tech regulation.
</span>
Other Republican state officials have moved to ban internet platforms from taking down some political content, which legal experts say are likely to wend their way to the Supreme Court.
</p>
</td>
</tr>
</tbody>
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Meanwhile, plaintiffs in this case have argued that the Biden administration had threatened tech companies by floating moves to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
revise antitrust law or Section 230
</a>
of the Communications Decency Act, the legal shield protecting online platforms from lawsuits over user content. (It’s worth noting that the Trump administration
<span style="font-style:italic;font-size:inherit">
also
</span>
made noise about rethinking Section 230.)
</p>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
While there’s little chance at the moment of Section 230 being overturned, Doughty’s ruling raises the prospect that some kinds of pressure about revising tech regulations might be viewed as improper pressure on tech companies.
</p>
</td>
</tr>
</tbody>
</table>
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
</h3>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Global temperatures set a record.
</span>
Yesterday saw an average worldwide temperature of
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
17.2 degrees Celsius
</a>
(about 63 degrees Fahrenheit), the latest example of extreme weather battering people from China to India to Texas. The return of the El Niño phenomenon is likely to fuel temperature rises, and climate officials urged more action on cutting the use of fossil fuels.
</p>
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A short but packed week awaits investors.
</span>
This afternoon, the Fed will publish minutes from its rate-setting meeting last month. Markets will look at how many officials at the central bank feel that multiple rate increases would be needed this year to tamp down inflation. On Friday, the Labor Department will publish monthly jobs numbers; economists polled by Reuters have predicted that employers added
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
225,000 new jobs
</a>
last month.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A SPAC seeking to take Donald Trump’s media company public settles with the S.E.C.
</span>
Digital World Acquisition Corporation said that it would
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pay $18 million in penalties
</a>
and revise its securities filings to resolve an investigation into its proposed merger with the parent company of the Truth Social online platform. But it’s unclear whether Trump’s company wants to proceed with the merger.
</p>
</td>
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</tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Illumina reportedly faces a record penalty by the European Union.
</span>
The gene-sequencing company could be fined up to $453 million, or
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
10 percent of its sales
</a>
, for closing its $8 billion takeover of the cancer-detection business Grail despite a continuing investigation into the deal, according to The Financial Times. (E.U. regulators eventually opposed the deal.) Such a penalty would be far higher than any previously imposed by Brussels.
</p>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
China hedges its bets
</h2>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Janet Yellen is scheduled to land in Beijing tomorrow on her
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
first trip to China as Treasury secretary
</a>
, the latest effort by the Biden administration to improve dialogue between the world’s two biggest economies. Experts don’t expect big breakthroughs, especially as the trade fight shows little sign of abating. But China’s stuttering economy and Beijing’s focus on elections in the United States and Taiwan next year are driving a calculation by Chinese policymakers that it is still worth engaging.
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China’s economy has not fully rebounded from Covid lockdowns.
</span>
New data published today showed that
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
services sector activity
</a>
expanded at its slowest pace in five months. That adds to a parade of weak data showing tepid consumer spending, lackluster exports and manufacturing.
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Chinese stocks have fallen
</a>
, too, as hopes for a large-scale stimulus seem increasingly remote.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
That’s one reason China has been on a charm offensive with global business.
</span>
It tried to use the
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
World Economic Forum meeting
</a>
in Tianjin last week. But that came after a crackdown on consulting and due diligence firms with Western connections, prompting worries about doing business in the country.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Yellen’s visit follows a new round of tit-for-tat sanctions.
</span>
China announced
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
export restrictions
</a>
on two metals used to make semiconductors on Monday. Last week, the Netherlands said
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Dutch companies like ASML
</a>
, which makes machines that are crucial to chip-making, would need to seek government permission to ship some equipment abroad. Washington is also reportedly weighing new measures to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
restrict Chinese access to cloud computing
</a>
technology.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
But the Chinese are looking beyond the United States, and 2023.
</span>
“Beijing policymakers are hedging their bets,”
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
Rana Mitter, director of Oxford University’s China Center, told DealBook. “They believe that the Biden administration is using softer language but in practice seeking to contain China. They are therefore waiting to see what happens in the key elections of 2024, and also seeking to create warmer dialogue with the E.U., U.K. and other major trading states.”
</p>
</td>
</tr>
</tbody>
</table>
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</td>
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</td>
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</tbody>
</table>
</div>
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<td align="left">
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
The Twitter-Meta rivalry heats up
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
This week is shaping up to be rough for Elon Musk and Twitter. After the social network unexpectedly announced
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
limits on viewing tweets
</a>
— freezing out power users and
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
potentially hurting
</a>
the company’s efforts to woo back advertisers — Meta is set to debut a rival app tomorrow that some have called a “Twitter killer.”
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Users will be able to test out the app, Threads,
</span>
a forum for short message posts that looks a lot like Musk’s online platform. Its development arises from a longstanding desire by Mark Zuckerberg, who as Meta’s C.E.O. helps oversee Facebook and Instagram, to “dislodge Twitter and provide the central place for public conversation online,” The Times’s
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Mike Isaac reports
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
For some inside Meta, the tumult at Twitter since Musk took over the company last fall has been an opportunity to, in the words of one employee’s internal post last year, “GO FOR THEIR BREAD AND BUTTER.”
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Advertisers will be watching closely.
</span>
Meta has strong
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
relations with advertisers
</a>
, and probably more so after many fled Twitter amid turmoil tied to sudden policy changes that Musk imposed. That whiplash at Twitter has created a challenge for Linda Yaccarino, who became the company’s C.E.O. last month and is tasked with
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reviving the platform’s ad business
</a>
.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Yaccarino’s job may have been complicated by the new limits on viewing tweets — which may have also hurt Google’s ability to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
display posts in its search results
</a>
— according to analysts.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
(Musk said the new policy was temporary and meant to deter artificial intelligence companies from scraping Twitter posts to train their services without adequate payment.)
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
In case you missed it:
<span style="font-style:italic;font-size:inherit">
Another
</span>
dust-up between Musk and Zuckerberg — a potential “cage match” —
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
appears to be going forward
</a>
, according to Dana White of Ultimate Fighting Championship, who is helping to arrange the fight.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Blackstone’s Schwarzman has a big payday
</h2>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Last year was a dud for most investors, but chief executive pay continued to zoom higher.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Leading the list of the most richly compensated was Steve Schwarzman
</span>
, Blackstone’s C.E.O., whose pay package topped a quarter of a billion dollars, according to
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Wall Street Journal
</a>
. At $253 million, Schwarzman’s pay put him slightly ahead of Alphabet’s Sundar Pichai ($226 billion).
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
In total, nine C.E.O.s made more than $100 million in 2022. That included some running companies that didn’t perform so well for investors, such as Barry McCarthy of Peloton ($168 million), whose stock fell about 77 percent last year, and Stephen Scherr of Hertz ($182 million), which emerged from bankruptcy in 2021 and whose stock underperformed the S&P 500.
</p>
</td>
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</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Restricted stock and options make up a big chunk of executive pay.
</span>
A Blackstone spokesman told The Journal that 30 percent of Schwarzman’s compensation could be attributed to the private equity giant’s 2021 stock performance; last year, Blackstone shares fell roughly 40 percent.
</p>
</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Another bonus:
</span>
About $190 million of Schwarzman’s compensation is tied to carried interest, a common form of Wall Street pay that has a relatively low tax rate. The Biden administration wanted to close the carried interest loophole, but senior officials blamed
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
fierce lobbying in Washington by the private equity industry
</a>
for stymieing those plans.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Options don’t always work out.
</span>
The package that Peloton’s McCarthy received was almost entirely in options that carry a strike price below today’s share price, $8.19. Cashing that in would cost him.
</p>
</td>
</tr>
</tbody>
</table>
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</td>
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</td>
</tr>
</tbody>
</table>
</div>
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<table cellpadding="0" width="100%">
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</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Shein, the Chinese fast-fashion giant, has reportedly
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
hired investment banks
</a>
to prepare for a potential I.P.O. in New York. (Reuters)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Britain’s financial regulator, the Financial Conduct Authority, confirmed that it is
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
investigating the hedge fund Odey Asset Management
</a>
amid sexual abuse accusations against its founder, Crispin Odey. (FT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A super PAC backing Robert Kennedy Jr.’s presidential campaign said it had
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
raised $10.25 million
</a>
from Democrats and Republicans. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
French insurers said they had received
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
$305 million worth of claims
</a>
tied to nationwide protests after the police killing of a teenager. (Bloomberg)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Toyota said it had found a way to reduce the size and weight of
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
electric vehicle batteries
</a>
. (Guardian)
</span>
</li>
<li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Why
<a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
“flat” business hierarchies
</a>
often don’t work. (NYT)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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</td>
</tr>
</tbody>
</table>
</div>
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<tbody>
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2 years ago - nytdirect@nytimes.com
DealBook: A setback for policing social media; China hedges its bets
Also, the Meta-Twitter rivalry looks set to heat up.View in browser|nytimes.comContinue reading t...