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   DealBook: Down to the wire
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   Also, the growing cost of C.E.O. security.
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             April 7, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          And so we wait to find out whether President Trump will follow through on his pledge to bomb Iran’s bridges and power plants if no deal is reached by his looming deadline. The outcome could have far-reaching implications on the global economy. We’ve got the latest below.
         </span>
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          We’re also looking at rapidly growing security costs for C.E.O.s, per new regulatory filings. And OpenAI’s embrace of retail investors in its latest fund-raising round could signal the beginning of a new trend. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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             President Trump has rattled markets as he intensifies his threats against Iran.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Tom Brenner for The New York Times
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “A deal that’s acceptable to me”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump has repeatedly threatened Iran since the war in the Middle East began, only to largely back down. But with another deadline just hours away, investors seem to be bracing for him to follow through this time.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Global markets are under pressure today as Trump demands that Tehran end its effective blockade of the Strait of Hormuz, a vital passageway for oil and natural gas, by 8 p.m. Eastern, or the country’s infrastructure would be eventually “decimated.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We have to have a deal that’s acceptable to me,” Trump said yesterday, even as his tone has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grown more belligerent
         </a>
         <span>
          in recent days. Iran has put forward a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          10-point proposal
         </a>
         <span>
          according to Iranian state media, and threatened retaliation if Trump followed through with his threatened attacks.
         </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>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the global benchmark for oil,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                traded around $111 a barrel
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . West Texas Intermediate, the U.S. benchmark, briefly topped $115 a barrel, despite Trump’s contention that the U.S. is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                largely insulated
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from the Hormuz-driven energy shock.
               </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 average price of gasoline in the U.S. hit $4.14 a gallon this morning. If the strait doesn’t fully reopen by mid-April, the price could
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                rise above $5
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , analysts at JPMorgan Chase told investors yesterday.
               </span>
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            <img alt="A line chart shows the rise in West Texas Intermediate, the U.S. oil benchmark, since the start of the year." class="css-xsf469" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F07%252Fbusiness%252F07db-chart%252F07db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzU1NjI1OTkuOTk5ODgzfQ:1wA4wR:OnFji0jV1pjtDdN-YjuqfFDEfHbRHAFGI2_1ay2j9t0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
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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">
          The war’s effect on inflation could come into greater focus.
         </span>
         <span>
          Economists predict the headline figure for the Consumer Price Index, a report set to be released on Friday, will rise 1 percent, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          biggest monthly gain since 2022
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Among the probable culprits: higher energy, food and airfare.
         </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">
          Surging prices could scramble the Fed’s rates outlook.
         </span>
         <span>
          Since the war began on Feb. 28, traders have increasingly bet on zero rate cuts this year, down from roughly two. That is partly due to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an improving labor market
         </a>
         <span>
          , but also because of inflation.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beth Hammack
         </a>
         <span>
          , the president of the Cleveland Fed, told The Associated Press yesterday that she “could see where we might need to raise rates if inflation stays persistently above our target.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That would most likely infuriate Trump, who has long pushed for far lower borrowing costs. A deeply divided Fed could put Kevin Warsh, the president’s pick to lead the central bank, in a bind if he eventually gets Senate confirmation.
         </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">
          Could the mounting risks drive Trump to de-escalate once more?
         </span>
         <span>
          Throughout the war, markets have shown a “bias to optimism,” Paul Donovan, the chief economist for UBS Global Wealth Management, wrote to investors this morning.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As Trump’s threats escalate, that view is being challenged, he added.
         </span>
        </p>
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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>
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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">
          Artemis II astronauts begin the long journey home.
         </span>
         <span>
          The crew of NASA’s lunar flyby mission has officially gone farther from Earth than any humans in history, as its four astronauts slipped behind the moon, more than a quarter-million miles from Earth. (Crew members studied the moon’s surface, observed a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          solar eclipse
         </a>
         <span>
          and took
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a stunning picture of the Orientale basin
         </a>
         <span>
          .) Splashdown is expected later this week; NASA hopes to land astronauts near the moon’s south pole
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as 2028
         </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">
          Bill Ackman bids for Universal Music Group.
         </span>
         <span>
          Shares in the record label, the home to Taylor Swift and Bad Bunny, soared in Amsterdam today after Ackman’s Pershing Square Capital Management offered to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy the company
         </a>
         <span>
          at a $64 billion valuation. The deal would move Universal Music’s stock listing to the U.S. from Europe, but would seek to keep Lucian Grainge as the label’s C.E.O.
         </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">
          A.I. giants reportedly team up to fend off copycats.
         </span>
         <span>
          OpenAI, Anthropic and Google are collaborating to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          defend their models from rivals
         </a>
         <span>
          , especially Chinese ones, seeking to closely imitate parts of their A.I. models, Bloomberg reports. Elsewhere, Anthropic said it was on pace to book
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than $30 billion in revenue
         </a>
         <span>
          , up from $9 billion at the end of last year, and it is reportedly in talks to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          invest $200 million
         </a>
         <span>
          in a joint venture with private equity firms.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
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           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Who’s afraid of private credit?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For many of the biggest players in private credit, the pain keeps coming. But even as banking chiefs like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jamie Dimon of JPMorgan Chase
         </a>
         <span>
          warn that the industry still faces trouble, other Wall Street institutions are seeking to dive into the business.
         </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 Blue Owl Capital closed at a record low yesterday,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hitting $8.45
         </a>
         <span>
          , as investors’ worries about the embattled firm grow. Remember that last week, Blue Owl disclosed that it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          limiting withdrawals
         </a>
         <span>
          from two of its funds amid a wave of requests from investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Many observers say the near-term future of many private credit players remains bleak. In his letter to shareholders published yesterday, Dimon warned that ​​“credit standards have been modestly weakening pretty much across the board.”
         </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 others aren’t shying away from the sector.
         </span>
         <span>
          A $15.7 billion fund run by Goldman Sachs, which relied less on money from individual retail investors than the likes of Blue Owl, said that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          it would benefit
         </a>
         <span>
          as competitors find themselves on their back heels, according to Bloomberg.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Morgan Stanley said it was raising money for a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new so-called interval fund
         </a>
         <span>
          that will predominantly invest in private credit. It’s not the only firm doing that:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          JPMorgan is creating
         </a>
         <span>
          a similar fund.
         </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">
          To be clear, the private credit crisis has even dinged those banks.
         </span>
         <span>
          The Goldman fund disclosed that investors had sought to withdraw just under 5 percent of its assets — 4.999 percent, to be more specific — in the first quarter. (The funds’ managers called that a win, according to Bloomberg.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And a separate Morgan Stanley fund reported sharply
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          limiting withdrawal requests
         </a>
         <span>
          last month.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Still, some of the new funds are suggesting that they won’t crack down as hard on investor redemption requests as firms like Blue Owl have. The JPMorgan interval fund is also seeking permission to let investors withdraw at least 2 percent of their cash every
         </span>
         <span style="font-style:italic">
          month.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <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>
          The rising cost of keeping C.E.O.s safe
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the year-plus since UnitedHealthcare’s C.E.O., Brian Thompson,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was killed
         </a>
         <span>
          on a Midtown Manhattan sidewalk, large companies have, understandably, put a new emphasis on security.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The current crop of proxy statements, which are for 2025, the first full year after Thompson’s death, show that many large companies increased spending to protect their C.E.O.s and other top executives, Michelle Leder, the founder of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Footnoted
         </a>
         <span>
          , which digs through filings to the S.E.C., reports for DealBook.
         </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">
          Data from Equilar, an executive data firm, shows that 38 percent
         </span>
         <span>
          of S&amp;P 500 companies paid for security services for their executives in 2025, up from 24 percent four years earlier. The median cost of providing the service increased more than 136 percent over the same span, to $130,468.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          JPMorgan Chase disclosed
         </a>
         <span>
          yesterday that it spent $1.2 million last year on security for its chairman and C.E.O., Jamie Dimon, up from $882,000 in 2024. The increase was due to some charges from late 2024 that weren’t paid until early 2025, a spokesman for the company, Michael Fusco, said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          American Express, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          filed its proxy
         </a>
         <span>
          on March 25, disclosed spending $3.5 million in 2025 to provide security to its C.E.O., Stephen Squeri, with “home security and protection services,” a more than tenfold increase from 2024. In its recent filing, the company described this as “reflective of enhanced security measures due to the broader security environment.”
         </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">
          This isn’t happening at every company.
         </span>
         <span>
          CVS Health, which filed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          its proxy
         </a>
         <span>
          last Thursday, disclosed spending just $7,500 to provide its C.E.O., David Joyner, with home security — roughly half as much as it spent on his financial planning.
         </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 to watch:
         </span>
         <span>
          Some companies that typically disclose hefty security expenses, such as Meta, have yet to file their proxies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For 2024, Meta disclosed that it spent
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          more than $27 million
         </a>
         <span>
          on security for its C.E.O., Mark Zuckerberg.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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                <td style="line-height:0;font-size:0">
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             </table>
            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
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          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “The blessing and the curse is that now everyone inside your company becomes a coder.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          — Michele Catasta, the president and head of artificial intelligence at Replit, an A.I. coding start-up. Silicon Valley has embraced A.I. programming tools, but they’ve also forced companies to grapple with managing a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          flood of code
         </a>
         <span style="font-style:italic">
          .
         </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="Sam Altman holds his right hand up to his chin while wearing a dark T-shirt." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F07%252Fmultimedia%252F07db-altman-openai-retailinvestors-gjmk%252F07db-altman-openai-retailinvestors-gjmk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzU1NjI2MDAuMDAwODc2fQ:1wA4wS:4C1X6lPSGXjJSXqmsD40dIZyIx3LxZg-oWRtuwUNw3A" 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">
              OpenAI, led by Sam Altman, raised $122 billion in its most recent funding round.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Shelby Tauber/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>
          OpenAI courts retail investors
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          OpenAI’s latest fund-raising round made headlines for its sheer scale. The start-up landed $122 billion in capital commitments, which valued the company at $852 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But another aspect of the transaction could have big ramifications for regular investors and institutions alike.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          OpenAI announced
         </a>
         <span>
          that some of its shares would be available to retail investors through exchange-traded funds managed by Ark Invest.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The move is a milestone as privately held companies increasingly look to attract retail investment dollars before going public, even as concerns about the risks of private capital mount, Niko Gallogly 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">
          “The floodgates are open
         </span>
         <span>
          ”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          for retail money in private companies,
         </span>
         <span>
          Todd Sohn, a chief E.T.F. strategist at Strategas, told DealBook. While the S.E.C. restricts most retail investors from investing directly in privately held companies, Wall Street firms like Ark Invest are providing more financial instruments that allow individuals to buy exposure to private companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Money from retail investors in private capital soared to $22 trillion in 2024, up from $9.7 trillion in 2012, according to Bank of America.
         </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 the timing of this deal is awkward.
         </span>
         <span>
          Retail investors are gaining new access to equity in pre-I.P.O. companies, like OpenAI, even as they get cold feet about a different type of private capital investment: private credit.
         </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">
          Private credit’s travails underscore the risk of expanding retail access to private markets,
         </span>
         <span>
          Caroline Crenshaw, a former Democratic S.E.C. commissioner, told DealBook. Private markets “shortchange retail investors, who will lack the transparency, liquidity and readily available valuations that come along with public markets,” she said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Crenshaw has argued that larger private companies should provide more information to investors. That would encourage start-ups to go public sooner and reduce the risk for retail investors.
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                SpaceX reportedly told bankers that it wanted
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                an early June roadshow
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                for its blockbuster I.P.O, and that retail investors would be “a critical part” of the deal’s success. (Reuters)
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                New research argues that the JOBS Act of 2012 made it
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                more attractive for companies to be acquired
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                than to go public. (University of Kansas)
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                , a tax-sheltered savings system for children. (NYT)
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                aren’t always accurate
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