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June 30, 2025
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Good morning. Andrew here. We’re getting down to the wire for President Trump’s big beautiful bill this morning. Elon Musk called the bill “insane” over the weekend — yet big business seems to be behind it after a number of last-minute changes were made.
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Meanwhile, some trade deals may be getting closer to done. And we’re focused on comments that Zohran Mamdani, the presumptive front-runner for New York City mayor, made over the weekend about billionaires (and his refusal to condemn the phrase “globalize the intifada”). (Was this newsletter forwarded to you?
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The vote of Senator Lisa Murkowski of Alaska is among the unknowns confronting Republicans in their quest to pass a huge Senate policy bill.
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A crucial vote nears
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Republicans are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slogging toward a vote
</a>
<span>
later today on the Senate’s version of a major domestic policy bill that’s the linchpin of President Trump’s agenda. But the proposal’s ultimate fate appears cloudier than ever.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Among the obstacles: the Senate’s rule keeper has struck several provisions, which could torpedo crucial support by wavering lawmakers; a potential price tag that far exceeds the fiscal impact of the House’s bill; and the latest fulminations online by Elon Musk, Trump’s erstwhile ally.
</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 latest:
</span>
<span>
Senate leadership delayed a marathon series of votes on amendments to the legislation until today. Republicans are forging ahead with an accounting gimmick that’s meant to get around the chamber’s longstanding rules and unilaterally declare that extending the 2017 tax cuts — estimated to cost about $3.8 trillion over a decade — would add nothing to the federal deficit.
</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">
But warning signs keep cropping up:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
Even as pressure from Trump on Senator Thom Tillis over his misgivings about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
potential cuts to Medicaid
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
prompted
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
the lawmaker’s retirement
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the North Carolina Republican
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
warned his colleagues
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that they were about to “make a mistake on health care and betray a promise.” Tillis’s comment underscores some lawmakers’ fears that the potential Medicaid cuts could cost Republicans at the polls.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
One of the latest rulings by the Senate parliamentarian
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
struck a provision
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
meant to benefit Alaska, to help win support from Senator Lisa Murkowski. While she voted to advance the bill out of committee, some Republicans worry that the loss of that sweetener could cost her support. The parliamentarian also rejected an effort to expand a Medicare drug price negotiation exemption for “orphan” drugs.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The nonpartisan Congressional Budget Office calculated that the Senate bill would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
add $3.3 trillion to the federal deficit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, compared with a $2.4 trillion hit from the House’s version. That could erode support in the lower chamber —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
especially from the House Freedom Caucus
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
— which must approve the Senate’s changes.
</span>
</li>
</ul>
</td>
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</tbody>
</table>
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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">
And Musk has weighed in again.
</span>
<span>
Over the weekend, the billionaire — whose public denunciations of the legislation opened a rift between him and Trump — called the Senate proposal
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“political suicide” for Republicans
</a>
<span>
and said it would “destroy millions of jobs in America.” He added that it would put the country “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
in the fast lane to debt slavery
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Tesla chief also took aim at the legislation’s proposed cuts to clean energy initiatives, calling it “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a massive strategic error
</a>
<span>
” that “will leave America extremely vulnerable in the future.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, Musk’s earlier criticism appeared to fail in persuading House Republicans to vote against the legislation.
</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">
Will all this reignite Musk’s feud with Trump?
</span>
<span>
A war of words between the two earlier this month raised the prospect of the president using his administration to attack his former ally’s businesses, many of which could be vulnerable to tougher regulation.
</span>
</p>
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</td>
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<td>
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</td>
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</td>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The men had appeared to settle their differences, with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump telling Fox News
</a>
<span>
in an interview recorded on Friday, before Musk’s latest criticisms, “I think Elon is a wonderful guy.” Trump added of their previous interaction, “he got a little bit upset, and that wasn’t appropriate.”
</span>
</p>
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<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>
</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">
Iran could enrich uranium in “a matter of months,” a U.N. inspector says.
</span>
<span>
The statement by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Rafael Mariano Grossi
</a>
<span>
, the head of the International Atomic Energy Agency, is at odds with President Trump’s claim that U.S. strikes had “obliterated” the country’s nuclear facilities, and more closely matches reports from European intelligence and a preliminary report by the Defense Intelligence Agency. It raises the prospect of further fighting that could unsettle energy markets.
</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 says a buyer for TikTok has emerged.
</span>
<span>
He told Fox News yesterday that a “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
group of very wealthy people
</a>
<span>
” are in the running to acquire the popular Chinese-owned video app, without identifying them.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Speculation on bidders
</a>
<span>
— from Amazon to a group led by Larry Ellison’s Oracle — has percolated in recent months, but a deal still hinges on approval from Beijing, which may see TikTok as leverage in trade talks.
</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">
Baidu makes a big A.I. bet.
</span>
<span>
The Chinese tech behemoth plans to to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
open-source Ernie, its large language model
</a>
<span>
, CNBC reports. The move, which would make Ernie freely available to developers, could further undercut interest in closed-source proprietary models from OpenAI and Anthropic — but some that have embraced the open-source approach,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
such as Meta
</a>
<span>
, are reconsidering.
</span>
</p>
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</td>
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</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">
Apple finally takes a box-office victory lap.
</span>
<span>
“F1: The Movie,” starring Brad Pitt and produced by the tech giant,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pulled in $144 million globally
</a>
<span>
this weekend, giving the iPhone maker a sorely needed win for its Hollywood efforts after a series of theatrical duds. Still, “F1” cost Apple an estimated $350 million to make and market, meaning it still has a long way to go to be profitable.
</span>
</p>
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</td>
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<td height="20">
</td>
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</table>
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<tbody>
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<td style="text-align:center">
<img alt="" class="css-xsf469" height="63" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-glasses-graph%252Fdealbook-icon-glasses-graph-jumbo-v6.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTEyODQyNjEuMjA2NTMyN30:1uWD2L:N47eWjrY_PRnowVLad7kGWN5Br7KZhDE0yCxrogZu-E" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A bullish pivot on trade
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The drama in Washington over President Trump’s policy bill doesn’t seem to be fazing investors.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Global markets were edging higher today amid hopes that progress is being made on trade deals ahead of next week’s deadline for some of Trump’s biggest tariffs.
</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 latest:
</span>
<span>
Canada said it would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
scrap a digital services tax
</a>
<span>
that had drawn the ire of Trump and tech giants and had become a flashpoint in trade talks between the countries. Last week, Trump had threatened to pull out of negotiations over the tax, which was to go into effect today.
</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 suggested he can be more flexible in negotiations,
</span>
<span>
telling Fox News’s Maria Bartiromo yesterday that it would be “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
no big deal
</a>
<span>
” if he were to extend a July 9 deadline before reciprocal tariffs to kick in. (Treasury Secretary
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Scott Bessent
</a>
<span>
suggested the same last week). But Trump added, “I don’t think I’ll need to.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ultimately, the president may be accepting reality, as administration officials acknowledge
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the difficulty in striking quick deals
</a>
<span>
, Politico reports.
</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">
Market bulls are heartened.
</span>
<span>
S&P 500 futures point to a solid open after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Friday’s record close
</a>
<span>
, with investors betting the Fed may lower borrowing costs soon to bolster a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
slowing economy
</a>
<span>
, as consumers pull back on spending.
</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">
That puts added focus on Thursday’s jobs report.
</span>
<span>
Any sign of significant cooling in the labor market could put additional pressure on the Fed.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Andrew Hollenhorst, an economist at Citi, wrote in a research note on Friday that the first cut of the year could come at the July meeting if the unemployment rate rises to around 4.5 percent, from the current 4.2 percent. The futures market this morning was pricing in roughly two cuts by year-end, with the first coming in September.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Watch what Jay Powell, the Fed chair, has to say tomorrow at the European Central Bank’s annual confab in Sintra, Portugal. The event has taken on more significance after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
yesterday’s warning
</a>
<span>
by the Bank for International Settlements that the trade wars could reignite inflation.
</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">
There’s one more thing markets are watching: Powell and Trump.
</span>
<span>
The president has been pushing Powell to cut rates or resign — an unrelenting attack on the independence of the central bank that, when combined with the deficit-expanding G.O.P. policy bill, could
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
destabilize investor demand
</a>
<span>
for U.S. financial assets, economists warn.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
“I even ask them, ‘Is there anything you want me to say to prove that I’m a real human?’ ”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<span>
Jessica Lindsey, a customer service agent for the outsourcing services provider Concentrix, on callers who question if she is actually an artificial intelligence bot. (
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
She can’t always convince them
</a>
<span>
.)
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="Zohran Mamdani, center, wearing a shirt and tie and raising his left arm." class="css-xsf469" height="327" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F06%252F30%252Fmultimedia%252F30db-newsletter-mamdani-blvt%252F30db-newsletter-mamdani-blvt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTEyODQyNjEuMjA2NzR9:1uWD2L:03P9SvNkJVVXs-wKsapy6yCdmt5Db_ms3d6Jyans8RQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
As New York business leaders fret over Zohran Mamdani’s rise, recent comments by the lawmaker have given them more reason to worry.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Kylie Cooper/Reuters
</span>
</span>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Mamdani vs. the billionaire class
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
As many of New York City’s business elites study ways to stop Zohran Mamdani, the democratic socialist who won the Democratic mayoral primary, he doubled down yesterday on some of the policies that are making them nervous.
</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">
“I don’t think that we should have billionaires
</span>
<span>
,” Mamdani
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
told “Meet the Press
</a>
<span>
” on NBC News. “Because frankly, it is so much money in a moment of such inequality.” He added, “I look forward to work with everyone, including billionaires, to make a city that is fairer for all of them.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Mamdani intends to fund many of his ambitious plans — including a rent freeze and free city buses — in part by raising the corporate tax rate and income taxes for the city’s millionaires by two percentage points, and by having the city issue tens of billions in new debt. Yesterday, he said the tax increase on millionaires had “broad support.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Further worrying some executives was Mamdani’s refusal to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
condemn the phrase “globalize the intifada,”
</a>
<span>
though he added that he would be a mayor who “protects Jewish New Yorkers” if elected.
</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 business leaders haven’t let up on their criticism.
</span>
<span>
Among them is
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
Bill Ackman, the billionaire financier who backed Andrew Cuomo in the primary and yesterday
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reposted an X message
</a>
<span>
“from the perspective of someone who helped
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@AOC
</a>
<span>
win, and now sees the light.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, Mamdani yesterday reaffirmed his commitment to his tax plans, citing benefits for the wealthiest New Yorkers, too. “The reason I want to increase these taxes on the top 1 percent, the most profitable corporations, is to increase quality of life for everyone, including those who are going to be taxed,” he told “Meet the Press.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
One problem: Gov. Kathy Hochul, who would have to sign off on the increase,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
says she’s deeply opposed
</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">
President Trump is starting to target Mamdani, too.
</span>
<span>
In an interview with Fox News that aired yesterday, Trump, a billionaire himself,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
threatened
</a>
<span>
to withhold federal funding from New York City. “He’s going to have to do the right thing or they’re not getting any money,” Trump said. (The president also claimed that Mamdani is a communist, which Mamdani denied.)
</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">
But how corporate leaders will actually move to stop Mamdani remains unclear.
</span>
<span>
Some — including Dan Loeb of the hedge fund Third Point, Shayne Coplan of the prediction market Polymarket and Rob Wiesenthal of the aviation company Blade — have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
met with Mayor Eric Adams
</a>
<span>
, The Times previously reported.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
And Bloomberg has reported that some Republican donors are examining if there is a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
way to remove Curtis Sliwa
</a>
<span>
, a longtime social activist who is the GOP nominee, from the ballot to give that line to Adams. But state election law makes that exceedingly tricky, and Sliwa has said he doesn’t plan to step aside.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, bets on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Polymarket
</a>
<span>
and a rival prediction market,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Kalshi
</a>
<span>
, suggest that Adams, whom polls have shown is deeply unpopular, faces long-shot odds.
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
Bonus: CNN’s inside account of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
how Cuomo lost to Mamdani
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the primary, despite having raised tens of millions from business leaders and others.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
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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>
</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-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
The Justice Department
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
settled its lawsuit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
seeking to block Hewlett Packard Enterprise’s $14 billion deal for Juniper Networks. (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
In I.P.O. news:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Lens Technology
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a major supplier to Apple, is seeking to raise roughly $600 million in a Hong Kong listing; and Klarna is accelerating its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
push into digital banking
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
as it prepares a second attempt to go public. (Bloomberg, FT)
</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">
Tech and artificial intelligence
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
Hundreds of children have reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
lost access to schooling
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
after Mark Zuckerberg and his wife, Priscilla Chan, pulled back on their philanthropic efforts (WaPo)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Can you spot the difference
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
between A.I.-generated videos
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
and the real thing? (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-1dtd48z" 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:normal 17px/25px georgia,serif;vertical-align:middle">
An investigation into the ties between
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Sheikh Mansour bin Zayed al-Nahyan
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the Emirati owner of the Manchester City soccer club, and some of Africa’s most notorious warlords and autocrats. (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“The Mysterious Billionaire
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Behind the OnlyFans Porn Empire
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (WSJ)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
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<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Thanks for reading! We’ll see you tomorrow.
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But investors don’t appear worried.View in browser|nytimes.comJune 30, 2025Good morning. Andrew h...