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   DealBook: Conviction in Trump
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   Also, can the crypto winning streak continue in Washington?
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             May 31, 2024
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          Good morning. We break down why megadonors and business leaders are flocking to Donald Trump’s corner after yesterday’s historic conviction. Also: how the crypto industry is spending big to influence policy and politics; and the Middle East finds itself caught up in the U.S.-China tech trade war. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             Donald Trump may be the first former president to be convicted of a felony, but his support among megadonors remains intact.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Hiroko Masuike/The New York Times
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Convicted
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Guilty on all counts. Donald Trump is the first sitting or former president to be
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          convicted of a felony
         </a>
         <span>
          in U.S. history, after a jury ruled that he falsified business records to cover up a sex scandal with a porn star that could have sunk his 2016 campaign.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In normal times, that might mean the end of his political ambitions. Instead, Wall Street and Silicon Valley money is flowing into his re-election campaign following the ruling.
         </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">
          Republican mega donors are energized.
         </span>
         <span>
          “This verdict will have less than zero impact on my support,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Omeed Malik
         </a>
         <span>
          , the president of 1789 Capital and a co-host of a Trump fund-raiser last night at the Pierre hotel, told Bloomberg.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Andy Sabin
         </a>
         <span>
          , the metals magnate, was more direct. “I haven’t heard anybody who gives a …,” he told CNBC of the conviction, using an expletive.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The hedge fund billionaire (and Biden critic)
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bill Ackman
         </a>
         <span>
          is set to back Trump, too.
         </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">
          Some big Silicon Valley names are doubling down.
         </span>
         <span>
          David Sacks, the venture capitalist who will co-host a San Francisco fund-raiser for Trump next week, called it a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “sham trial”
         </a>
         <span>
          and said that the former president had lots of supporters in the tech world who were afraid to admit it. One who did is Shaun Maguire, a partner at Sequoia Capital, who gave $300,000 to the Trump campaign after the ruling, even though he acknowledged the decision
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could cost him friends
         </a>
         <span>
          and hurt business.
         </span>
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          the question
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          is how much that big money heading to Trump will even matter.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Unhappiness with President Biden is one reason.
         </span>
         <span>
          Trump’s tough-on-immigration, low-tax, regulation-shredding stance has been a big draw for billionaires who may be calculating that an endorsement or donation
         </span>
         <span style="font-style:italic">
          now
         </span>
         <span>
          will reap a bigger return if he wins in November. Another possible calculation: backing Trump at a low point could amplify that return even more.
         </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">
          Trump has mustered support among voters despite multiple controversies.
         </span>
         <span>
          The Republican still leads in many polls even though yesterday’s ruling is his third straight court defeat (following the E. Jean Caroll defamation cases). Some supporters, like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Steve Schwarzman
         </a>
         <span>
          , the Blackstone C.E.O., who distanced themselves from Trump over attempts to overturn the 2020 election and the Republicans’ poor showing in the 2022 midterms, and have U-turned to back him again.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump allies, such as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Gov. Ron DeSantis of Florida
         </a>
         <span>
          , and die-hard critics of Biden like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Elon Musk
         </a>
         <span>
          slammed the trial, with the tech entrepreneur saying the ruling damaged the “public’s faith in the American legal system.”
         </span>
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          Trump’s campaign is also seeking to capitalize on the conviction.
         </span>
         <span>
          A “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          breaking news
         </a>
         <span>
          ” banner was plastered on his campaign website with an urgent petition for cash, including “$100 if you think President Trump did nothing wrong!”
         </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 campaign hopes to exploit it.
         </span>
         <span>
          The White House sees an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          opportunity
         </a>
         <span>
          to cast the choice for voters in stark terms even if the ruling may do little to change the result of the election. “There’s only one way to keep Donald Trump out of the Oval Office: At the ballot box,” Biden
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          posted on X
         </a>
         <span>
          after the verdict in a call for donations.
         </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’s next?
         </span>
         <span>
          X, Musk’s social media platform, will host
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          live video town halls
         </a>
         <span>
          with Trump ahead of the election (It’s a sign of how their
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          warming relationship
         </a>
         <span>
          could be good for Musk’s business empire.) Trump will hold a press conference today and is due to be sentenced on July 11, four days before the start of the Republican National Convention. Will he face prison? Could he pardon himself? That’s unclear. More certain is that he will probably appeal, dragging the case deeper into the campaign season.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:30px">
           </td>
          </tr>
          <tr>
           <td style="padding:0;font-size:0;border-top:8px solid #000">
            <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">
          Bill Ackman is said to be weighing an I.P.O. for Pershing Square.
         </span>
         <span>
          The billionaire investor is planning to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          take his firm public
         </a>
         <span>
          as soon as next year, The Wall Street Journal reports. He will sell a stake in Pershing Square before the I.P.O. that could value the firm at about $10.5 billion, as Ackman looks to capitalize on his growing public profile through his prolific use of social media.
         </span>
        </p>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
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            <h3 class="css-kf37zi" style="font:10px/13px arial,sans-serif;color:#666;letter-spacing:.7px;margin-bottom:7px;margin-top:0;text-align:center">
             ADVERTISEMENT
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Skydance has sweetened its offer for Paramount.
         </span>
         <span>
          The studio run by David Ellison has submitted an improved bid for the entertainment giant, DealBook has confirmed following a report in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Wall Street Journal
         </a>
         <span>
          . Skydance is now viewed as the front-runner in the race to merge with Paramount, which owns MTV, CBS and the movie studio behind “Top Gun,” after Sony and Apollo backed away from a rival $26 billion bid.
         </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">
          Eurozone inflation ticks up.
         </span>
         <span>
          Consumer prices
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rose by 2.6 percent
         </a>
         <span>
          on an annualized basis in May, higher than economists’ expectations. Still, the markets are pricing in that the European Central Bank will cut interest rates at next week’s meeting. Investors will now shift focus to U.S. inflation data, due at 8:30 a.m. Eastern.
         </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">
          TikTok is reportedly working on a clone of its algorithm.
         </span>
         <span>
          The company is hopeful that making a duplicate of TikTok’s source code would lay the groundwork for separating out its U.S. assets, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Reuters
         </a>
         <span>
          . The clock is ticking for the popular video app to divest from its Chinese parent, ByteDance, or be outlawed in the U.S.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="height:10px">
           </td>
          </tr>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           <td style="height:20px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Crypto bulls target D.C.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The crypto industry has had a good few months, and it is using that momentum to widen its reach in Washington ahead of the election. Andreessen Horowitz, the Silicon Valley venture capital firm, is the latest to ramp up donations, saying it would give $25 million to promote pro-crypto candidates on both sides of the aisle.
         </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">
          Recent victories have inspired crypto donors to double down.
         </span>
         <span>
          Chris Dixon, who leads Andreesen’s crypto efforts, said yesterday that the firm’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donation
         </a>
         <span>
          to the Fairshake super PAC and others — bringing its total giving this election cycle to $47 million — followed “a big week in DC and a series of election wins for pro crypto candidates.” Last week alone, the House passed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crypto bill
         </a>
         <span>
          that could create more regulatory clarity for the sector and the S.E.C. said it would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          allow the creation of exchange-traded funds
         </a>
         <span>
          tied to Ether, the second-biggest crypto token approved.
         </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">
          Crypto money is flowing into super PACs.
         </span>
         <span>
          Fairshake told Axios that its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          war chest was at more than $110 million
         </a>
         <span>
          , and crypto-backed super PACs had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          raised more than $100 million
         </a>
         <span>
          before the latest donations flowed in. The money has already been used to help defeat candidates seen as unfriendly to the industry, like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Representative Katie Porter
         </a>
         <span>
          , the California Democrat who was angling for a Senate seat.
         </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">
          Supporters say sentiment on crypto is shifting in their direction.
         </span>
         <span>
          Ripple donated $25 million to Fairshake this week — its second gift of this size this election cycle — and said more would come as it faces off with the S.E.C.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          over XRP, its cryptocurrency. Brad Garlinghouse, Ripple’s C.E.O.,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said
         </a>
         <span>
          the donation sent “a message to backward looking politicians that their failed policies will not be tolerated!”
         </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">
          Crypto is winning new fans.
         </span>
         <span>
          Donald Trump, once a crypto antagonist, is now taking digital asset donations. And this month, Democrats and Republicans in both houses
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          voted
         </a>
         <span>
          to nullify S.E.C. guidance on crypto accounting rules that the industry opposed. President Biden has signaled that he would veto the congressional resolution but has also indicated he is willing to work with lawmakers on crypto legislation. For the industry, these are all signals that their strategy is working.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-1ux4czy" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A new front opens in the chip wars
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Middle East could become a new battleground in the fight between Washington and Beijing over chips, and that’s spooking tech investors as Chinese leader Xi Jinping holds talks with Arab leaders to bolster trade ties.
         </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">
          Shares in chipmakers Nvidia and AMD fell in premarket trading
         </span>
         <span>
          following
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a Bloomberg report
         </a>
         <span>
          that the Biden administration was slowing the licensing of high-end chips to the region for fears they could fall into the hands of Chinese companies. The companies’ semiconductors are seen as a crucial component in the development of artificial intelligence. The White House argues that keeping such technology away from Chinese companies is a matter of national security.
         </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 is reviewing how A.I. is being developed in the Middle East
         </span>
         <span>
          , especially in Saudi Arabia and the United Arab Emirates, according to Bloomberg. It’s uncertain how long the investigation will last, and what it may ultimately mean for chip shipments at a time when the Gulf region is tapping its oil riches to expand its A.I. capabilities.
         </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 White House is in a tough spot with the Middle East.
         </span>
         <span>
          A string of U.S. tech giants, including Amazon, Google and IBM, have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          expanded their presence
         </a>
         <span>
          there and tap into the billions that oil-rich governments are spending to diversify their economies. Saudi Arabia has created a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          roughly $40 billion A.I. development fund
         </a>
         <span>
          , attracting the likes of heavyweight Silicon Valley investors like Andreessen Horowitz. And Washington has already flexed its muscles: Last month, it orchestrated a deal to force
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Microsoft to invest in G42
         </a>
         <span>
          , an Emirati A.I. start-up, to box out 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">
          Trade barriers have slowed Chinese companies’ access to advanced tech, but haven’t cut them off entirely.
         </span>
         <span>
          The CHIPS and Science Act in 2022 was supposed to restrict U.S. exports of high-end semiconductors to China. But Chinese companies
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          have found workarounds
         </a>
         <span>
          , often relying on a network of global business partners to secure the banned components. The new review by administration officials could be seen as a way to plug some of those holes.
         </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">
          China sees commercial and diplomatic opportunities in the Middle East.
         </span>
         <span>
          Xi is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          holding a summit with Arab leaders
         </a>
         <span>
          in Beijing this week in an effort to deepen ties. Earlier this week, Lenovo, the Chinese tech company, said it would sell $2 billion worth of bonds to Saudi Arabia’s sovereign wealth fund and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          build a research and development hub in Riyadh
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
         <tbody>
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           </td>
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           </td>
          </tr>
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         <span style="font-style:italic">
          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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          Subscribe to The New York Times
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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>
           </td>
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         </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">
          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">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Citadel Securities named
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Jim Esposito
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , a top former Goldman Sachs executive, as president as it goes head to head with Wall Street in the lucrative market-making business. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Brookfield, the infrastructure investment giant, is said to be teaming with Singapore’s investment fund Temasek to buy a French wind power developer, Neoen,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                for $6.6 billion
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (FT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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        </div>
        <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">
                Elon Musk
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                agreed to testify
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in an S.E.C. investigation into his 2022 purchase of Twitter. (Reuters)
               </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 U.S. Labor Department accused Hyundai and three other companies in a lawsuit of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                using child labor
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                on an assembly line in Alabama. (NYT)
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
          Best of the rest
         </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">
                Private equity
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                has come for bowling
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                . (The Lever)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Zero-down mortgages
               </a>
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          misstated the number of Disney shares that Nelson Peltz had sold. It was a portion of the $3.5 billion of the Disney stock that he had controlled, not the entire stake.
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