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   DealBook: Breaking: Tesla’s new showdown on Musk’s pay
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   The carmaker will hold another shareholder vote on the record package.
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             April 17, 2024
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          Good morning. We’re reporting the news that Tesla wants shareholders to vote again on Elon Musk’s Tesla pay package. We also reveal that the F.T.C. is preparing to sue to block a fashion megadeal and detail the growing threat to global trade. (Was this newsletter forwarded to you?
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          )
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             Tesla’s board is asking shareholders to vote again on Elon Musk’s huge compensation deal.
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             Gonzalo Fuentes/Reuters
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
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          Tesla tries again on Musk’s record pay package
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nearly three months ago, a Delaware court voided Elon Musk’s
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          multibillion-dollar pay package
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          that Tesla’s board — and most shareholders — had given him in 2018, contending that the process to decide it was “deeply flawed” and that the company didn’t properly disclose it to investors.
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         <span>
          This morning, Tesla said that it would
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          ask shareholders to vote
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          again
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          on that same pay package, now valued at about $47 billion, at its annual meeting on June 13. The company’s board is effectively asking shareholders, now armed with all of the information that was revealed about the negotiations in court, to make the court’s ruling moot.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The vote is likely to set off a bitter battle among investors and governance experts over whether shareholders should provide Musk with the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          richest pay package
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         <span>
          in U.S. corporate history. It comes as Tesla faces new challenges, especially slumping sales that have erased billions off its market value in recent months.
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          The background:
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         <span>
          In 2018, Tesla came up with a package that would give Musk the right to buy up to 304 million shares at a preset price of $23.34 —
         </span>
         <span style="font-style:italic">
          if
         </span>
         <span>
          he met a series of increasingly difficult-to-achieve financial milestones. If he didn’t meet them, he would get nothing. At the time, the company was worth $59 billion.
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              A MESSAGE FROM MASTERWORKS
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               Skip the Waitlist
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          It was the most radical, “skin-in-the game” compensation plan ever devised. This is how Andrew
         </span>
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          described the compensation arrangement
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          at the time:
         </span>
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        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          If Mr. Musk were somehow to increase the value of Tesla to $650 billion — a figure many experts would contend is laughably impossible and would make Tesla one of the five largest companies in the United States, based on current valuations — his stock award could be worth as much as $55 billion.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          About 73 percent of non-Musk shareholders approved the plan in a 2018 vote.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Musk managed to surpass those high hurdles. But in January, a Delaware judge struck down the plan, agreeing with shareholders who had sued to block the payouts because, they said, it was created with the help of overly compliant Tesla directors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What Tesla is doing now:
         </span>
         <span>
          The company will ask its shareholders to vote yes or no on the pay package again. Here’s the rationale, as laid out in a special board committee’s report included with its proxy filing:
         </span>
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         <span>
          We suggest simply subjecting the original 2018 package to a new shareholder vote, accompanied by expansive disclosure as to the process undertaken and the potential conflicts of interest that were considered at the time.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          In other words, if the Delaware judge’s objection to the plan was that shareholders weren’t aware of all of the circumstances behind its creation in 2018, they would be if they voted this time. While Tesla is still appealing that decision, a new shareholder vote on the plan would clear up the matter.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The committee added that four of Tesla’s 10 biggest institutional shareholders, including the money management giant T. Rowe Price, asked the carmaker’s board for a new vote and indicated that they would vote in favor of it again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Tesla is also making good on Musk’s threat to relocate the company out of Delaware,
         </span>
         <span>
          letting shareholders vote to move its incorporation to Texas. Tesla argues that the plan makes business sense, given the size of its operations in the Lone Star State and that shareholders would have more of a say there.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Tesla board says the vote is about fairness.
         </span>
         <span>
          Here’s what Robyn Denholm, the carmaker’s chair, wrote in a letter to shareholders this morning:
         </span>
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        <p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and shareholder value. That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of stockholders who voted for it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Tesla noted that since 2018, Musk hasn’t drawn
         </span>
         <span style="font-style:italic">
          any
         </span>
         <span>
          compensation, including salary or cash bonuses, despite achieving the board-set hurdles. (That said, he has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold $23 billion worth of stock
         </a>
         <span>
          in 2022 and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pledged hundreds of millions of existing shares
         </a>
         <span>
          against personal loans.) Also, perhaps less well understood is that Musk has to keep the shares for five years after he receives them, again aligning his interests with shareholders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Still, the vote opens up a number of complications.
         </span>
         <span>
          Musk has already demanded more voting control at Tesla. He could argue that if shareholders refuse to sign off on the compensation package, he will devote more of his time — and, perhaps more important, his work on promising technology like artificial intelligence — to his other businesses, like SpaceX or his xAI start-up.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some Tesla shareholders have been unhappy with Musk’s increasing willingness to make provocative and unpredictable comments on the social media platform X, some of which have alienated customers. And the plaintiffs’ lawyers who brought the case to overturn Musk’s pay package could campaign to persuade investors to block the deal.
         </span>
        </p>
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         <tbody>
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           <td style="text-align:center">
            <img alt="A chart showing Tesla's share price since 2018 and noting when Elon Musk's pay package was approved and when it was voided." class="css-16mzoch" height="514" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F04%252F17%252Fbusiness%252F17db-tsla-chart-alternative%252F17db-tsla-chart-alternative-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTMzNTAwMjIuMTQ3Mjg0M30:1rx2bm:4xs6l_jSPJiAyAKDHqGW17Hx5q6AU0j5Lh_LR-qyY9U" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:15px;padding-bottom:30px;line-height:0" width="500"/>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If shareholders now have the opportunity to try to
         </span>
         <span style="font-style:italic">
          save
         </span>
         <span>
          tens of billions of dollars in compensation costs, it’s possible that some might vote against the deal, betting that Musk is already so invested in Tesla that he wouldn’t walk away. That said, Tesla’s board said that it had received unsolicited messages from thousands of shareholders in support of the 2018 pay plan since the judge’s ruling.
         </span>
        </p>
        <a class="" style="display:block;width:1px;height:1px;max-height:1px;overflow:hidden;color:transparent">
         Continue reading the main story
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             ADVERTISEMENT
            </h3>
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              HERE’S WHAT’S HAPPENING
             </span>
            </h3>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Biden will call for tripling tariffs on Chinese steel.
         </span>
         <span>
          Biden is expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          push for the measures
         </a>
         <span>
          in a meeting with the United Steelworkers union today in Pennsylvania, a top battleground state. The president has previously signaled his opposition to Nippon Steel’s proposed $14.9 billion deal to buy U.S. Steel.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jay Powell suggests that the Fed may wait to cut interest rates.
         </span>
         <span>
          The central bank’s chair cited recent data showing stubbornly elevated inflation as a reason to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          delay lowering borrowing costs
         </a>
         <span>
          . Many investors now expect the Fed to start cutting rates in September, as opposed to earlier predictions of June.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          United Airlines takes a $200 million charge over the 737 Max 9.
         </span>
         <span>
          The company, which reported an adjusted loss for the first quarter, said it would have been profitable if it weren’t for the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grounding of the Boeing jets
         </a>
         <span>
          .
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td style="height:10px">
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         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The F.T.C. weighs blocking a big bag deal
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Federal Trade Commission is preparing to sue to block a mega fashion deal, Tapestry’s $8.5 billion takeover of Capri Holdings, which would bring together labels including Versace, Michael Kors and Coach, two people with knowledge of the matter who were not authorized to discuss the deliberations tell DealBook’s Lauren Hirsch.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The F.T.C.’s five commissioners are expected to meet this week to discuss the case, a move that could precede a formal vote on whether to file a lawsuit, the people said. They cautioned that it was still possible that the agency could opt not to sue.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The deal would create an American luxury conglomerate to compete with European powerhouses like LVMH.
         </span>
         <span>
          Executives have said the deal could help grow the brands’ geographic reach and their direct-to-consumer businesses.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it comes amid a wider slowdown in the luxury business: LVMH reported a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          drop in first-quarter earnings
         </a>
         <span>
          yesterday, citing economic and geopolitical concerns and a slowdown in China.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The F.T.C. has been scrutinizing the deal for months,
         </span>
         <span>
          even as it was approved by regulators in the European Union and Japan.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Investors have increasingly bet against the deal going through: Shares of Capri are down 23 percent this year, while those in Tapestry are up 6 percent.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Monopoly cases in the fashion industry are rare,
         </span>
         <span>
          because there’s no shortage of new labels. “It is the paradigmatic part of the economy where there is ample competition,” Howard Hogan, the chair of the fashion, retail and consumer practice at the law firm Gibson Dunn, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The F.T.C. could argue that putting Michael Kors and Coach under the same roof would limit the need of those brands to compete on price. But Tapestry and Capri could point to the rise of upstart brands like Aupen (which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          celebrities like Taylor Swift
         </a>
         <span>
          have helped make popular) and Cult Gaia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The case brings a new angle to the Biden administration’s antitrust efforts.
         </span>
         <span>
          Regulators sometimes introduce competition lawsuits in overlooked industries to prove a point that they are protecting all consumers, as the Justice Department did three decades ago in its failed effort to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          block Gillette’s takeover of a luxury fountain pen company
         </a>
         <span>
          , according to William Kovacic, a former F.T.C. chair.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But he added that the Tapestry deal was “not a case that has great appeal as a way of protecting the downtrodden.”
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Is free trade under threat?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The global economy is on the brink of the “Tepid Twenties,” a period of stable but inflation-sapping growth, the International Monetary Fund has forecast.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But a new warning has emerged this week at the annual I.M.F. and World Bank spring meetings in Washington: the rise in protectionist policies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could make things even worse
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Governments introduced more than 2,500 new industrial policies last year,
         </span>
         <span>
          the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          I.M.F. says
         </a>
         <span>
          . They were mostly intended to protect domestic businesses, but they often mean adding tariffs and subsidies that can have an inflationary effect.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Such measures can squash international growth.
         </span>
         <span>
          The I.M.F. sees global output rising by a lackluster 3.2 percent this year, the same as 2023. But protectionist moves won’t help. “There are different ways of shooting yourself in the foot,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          M. Ayhan Kose
         </a>
         <span>
          , the deputy chief economist of the World Bank, told The Times. “This is one way of doing it.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jamie Dimon, JPMorgan Chase’s C.E.O., agrees. He
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warned last week
         </a>
         <span>
          that industrial policies had become so broadly designed as to risk hindering global trade.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Policy may turn more protectionist.
         </span>
         <span>
          Donald Trump, who once labeled himself “tariff man,” has proposed a 10 percent across-the-board tariff on imports and other aggressive measures, if he’s re-elected. E.U. officials are already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bracing for a trade fight
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The Biden administration appears to have instigated a wider trend.
         </span>
         <span>
          The U.S. passed bills in 2022 to strengthen its domestic
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          semiconductor industry
         </a>
         <span>
          and the renewable
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          energy
         </a>
         <span>
          sector, after Western governments complained for years about Chinese subsidies for its companies. The European Union responded with its own
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Green Deal Industrial Plan
         </a>
         <span>
          , and South Korea approved the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          K-Chips Act
         </a>
         <span>
          ” to support its chipmakers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Guidelines are needed,
         </span>
         <span>
          the I.M.F.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          argues
         </a>
         <span>
          . Protectionist measures are “only advisable” when they generate clear benefits (such as lower carbon emissions) and when they “do not discriminate against foreign firms.”
         </span>
        </p>
        <table width="100%">
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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            <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
             <span>
              THE SPEED READ
             </span>
            </h3>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Mistral
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the French artificial intelligence start-up backed by Microsoft, is said to be in talks to raise more capital at a $5 billion valuation. (The Information)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Rippling
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                is reportedly in talks to raise at least $200 million in a funding round that could value the H.R. company at up to $13.4 billion. (TechCrunch)
               </span>
              </li>
             </ul>
            </td>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                first seven jurors have been picked
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in Donald Trump’s hush-money criminal trial in Manhattan. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                The Biden administration is expected to block a mining company’s application to build a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                211-mile road
               </a>
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