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   DealBook: Electric slide
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   Also, Sam Bankman-Fried’s looming legal battle.
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             January 4, 2023
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                <img class="css-13ktpoc" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2023%252F01%252F04%252Fmultimedia%252F04db-newsletter-tesla-1-db96%252F04db-newsletter-tesla-1-db96-articleLarge.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1pD3B2:Q1vEXUi0Iod5F2cILCp8KLZ-hvYuI3Wry00LDTz98fU" style="display:block;width:100%;height:auto;padding-top:5px"/>
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                  Darker times for Tesla investors.
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                  Filip Singer/EPA, via Shutterstock
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Elon Musk faces a “reality check” as Tesla sinks
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             With its stock in free fall and competition mounting on all sides, Tesla appears to be losing its most bullish supporters on a daily basis.
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              Shares in the electric car maker sank 12 percent yesterday
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             , shaving roughly $47 billion (or, the equivalent of Ford’s entire market valuation) off its market cap as investors worry about growth in the year ahead. Zooming out, the Elon Musk-led company has lost more than $850 billion in market value since its peak in November 2020.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Wall Street is growing pessimistic.
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             Analysts at Goldman Sachs and Cowen cut their price targets after Tesla disclosed on Monday that it had
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              missed its 2022 year-end goal
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             for new deliveries despite offering steep discounts on some models. Adam Jonas, an auto analyst at Morgan Stanley who has long championed the company, is
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              now forecasting
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             a decline in earnings over the next year.
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             “2023 will definitely be a reality check, because electric car makers will have to swim more on their own,” Matthias Schmidt, an independent auto analyst, told DealBook. “And Tesla will feel it.”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Tesla shareholders could face more disappointment this year.
             </span>
             Schmidt sees four challenges for Tesla:
            </p>
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              <span style="font-size:17px;line-height:25px">
               Soaring interest rates will make car loans pricier, potentially sapping consumer demand.
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              <span style="font-size:17px;line-height:25px">
               Consumer incentives are also evaporating in markets like Britain, Germany and Sweden. (The opposite is happening in the U.S. under the Inflation Reduction Act.)
              </span>
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               Protectionist policies in countries like China and Japan will increasingly favor domestic players.
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               Consumers now have more choice in electric vehicles, including the Ford Mustang Mach-E and the Volkswagen ID3. In Europe, the world’s second biggest E.V. market behind China, Tesla’s market share of new electric vehicles sold has fallen from 33 percent in 2019 to about 15 percent, Schmidt calculates.
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              Musk himself has blamed the Fed’s aggressive interest rate rises
             </span>
             for the sinking share price. But Tesla investors including Ross Gerber, a co-founder of Gerber Kawasaki, think he is too distracted by the travails of running Twitter to focus on righting the ship at Tesla.
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Following yesterday’s stock price drop, a nostalgic Musk
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              tweeted
             </a>
             , “12 months ago, I was Person of the Year.” Gerber responded, “easy come, easy go …”
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Do investors have reason for hope?
             </span>
             Reuters reports that Tom Zhu, Tesla’s China chief, will now
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              oversee U.S. plant operations
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             and sales in North America and Europe. “That’s a huge admission from Musk he needs help,” Schmidt said.
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              In other Tesla news:
             </span>
             Musk has
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              subpoenaed Yasir Al-Rumayyan
             </a>
             , the head of Saudi Arabia’s sovereign wealth fund, as part of his defense against an investor lawsuit over his 2018 comments about taking Tesla private.
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             HERE’S WHAT’S HAPPENING
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              Representative Kevin McCarthy will try again to become House speaker.
             </span>
             The California Republican
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              failed to win over
             </a>
             hard-right members of his party through three ballots yesterday, bringing House business to a standstill. Democrats don’t intend to work with McCarthy to break the impasse and criticized Republicans for the chaos.
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              Beijing vows to fight back over Covid restrictions on Chinese travelers.
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             New testing requirements by several countries — including Australia, Canada and the United States —
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              were political acts
             </a>
             that merit retaliation, a government official said. It’s the latest sign that the coronavirus remains politically sensitive for Beijing, as the dismantling of its zero-Covid policies lead to a surge in new cases.
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              Apple’s market valuation falls below $2 trillion.
             </span>
             Shares
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fell yesterday
             </a>
             as investors worry about
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              slowing sales
             </a>
             of iPhones, AirPods and MacBooks. Apple was the last company to hold onto a $2 trillion market cap; Microsoft lost that status last year.
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Microsoft workers form a union.
             </span>
             Employees of ZeniMax, a video game studio that the tech giant bought last year,
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              voted to organize
             </a>
             . Unlike other tech companies, Microsoft — which is trying to get its $69 billion takeover of Activision Blizzard approved — stayed neutral throughout the organizing campaign and recognized the union.
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              Microsoft reportedly plans to use ChatGPT’s A.I. for search.
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             The company, which has invested $1 billion in the chat bot’s creator, OpenAI, is working on
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              incorporating the tech
             </a>
             into a new version of its Bing search engine, according to The Information. That could help Microsoft get a leg up on Google, which has
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              declared ChatGPT a “code red.”
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             Sam Bankman-Fried prepares for a legal battle
            </h2>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The FTX founder Sam Bankman-Fried
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pleaded not guilty
             </a>
             to fraud charges related to the collapse of his crypto exchange. (His trial is set to begin on Oct. 2.) The back-and-forth yesterday between his lawyers and federal prosecutors in a Manhattan courtroom suggests that he is gearing up for a potentially titanic legal fight.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Here are the highlights from yesterday’s hearing:
            </p>
           </td>
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           <td style="padding:0 0 5px">
            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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              <span style="font-size:17px;line-height:25px">
               Prosecutors asked the presiding judge for a new bail condition that would block Bankman-Fried from transferring any funds from FTX or its trading affiliate, Alameda Research. (The judge authorized the request.)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Bankman-Fried’s lawyers requested that the names of two other co-signers for his bond, aside from his parents, remain sealed to protect their privacy. (This was also approved.)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Prosecutors also described what they said was a growing body of evidence, including documents provided by banks, employees, political campaigns, internet service providers and FTX’s new leaders.
              </span>
             </li>
            </ul>
           </td>
          </tr>
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           <td style="padding-bottom:15px">
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A fight over frozen crypto assets
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The fallout from the collapse of Sam Bankman-Fried’s FTX empire is still reverberating across the crypto sector as it confronts angry investors and new lawsuits, and executives turn on each other. Cameron Winklevoss, a co-founder of the crypto exchange Gemini, has blamed Barry Silbert, the founder of Digital Currency Group, the crypto conglomerate, for
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              his own customers’ troubles
             </a>
             .
            </p>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              “This mess is entirely of your own making,”
             </span>
             Winklevoss wrote in an open letter published on Twitter. He said that 340,000 customers were owed a total of about $900 million
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             on Gemini Earn, a product that allowed customers to earn up to 8 percent interest on their digital coins by lending them to Genesis Global Capital, a DCG subsidiary. Genesis, which has about $175 million frozen on FTX, halted withdrawals in November following FTX’s collapse, ultimately leaving Earn users out of pocket.
            </p>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Winklevoss accused Silbert of borrowing from Gemini customers.
             </span>
             “You hide behind lawyers, investment bankers and process,” he wrote, and accused him of “bad faith stalling tactics.” Silbert
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              fired back
             </a>
             that Gemini had not responded to its latest resolution offer and denied claims about DCG’s finances.
            </p>
           </td>
          </tr>
         </tbody>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Late last month, Earn investors filed a proposed class action in New York federal court, naming Gemini and its founders Cameron and Tyler Winklevoss. The lawyers behind the suit, Hee-Jean Kim and James Serritella, told DealBook that they regard the Winklevoss letter as an attempt to shift the blame for investor losses in Earn, which Gemini had marketed as risk-free and akin to a “crypto savings bank.”
            </p>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Gemini faces one of crypto’s existential questions:
             </span>
             When is a crypto product a security? The suit alleges that Gemini failed to register Earn with the S.E.C. and didn’t disclose material information to investors. (In previous cases, BlockFi, the bankrupt crypto lender, settled charges with the regulator last year after failing to register a similar product, and the agency blocked a proposed interest offering from the crypto exchange Coinbase in 2021.)
            </p>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Gary Gensler, chair of the S.E.C., told DealBook in a recent interview that the products are all securities “whether you call it rewards, yield or staking,” and that the crypto industry is beset by conflicts of interest when “providing an earn, yield or staking service and an exchange function.”
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Gemini, Genesis and DCG declined to comment.
            </p>
           </td>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “It’s taking longer to get stuff out the door.”
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Adria Bagshaw, vice president of the industrial parts maker W.H. Bagshaw. The company and many others are finding productivity falling as employees leave for other jobs, forcing employers to
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               constantly train new hires
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              .
             </span>
            </p>
           </td>
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           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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           <td align="left">
            <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The N.F.L.’s latest crisis
            </h2>
           </td>
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         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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         <tbody>
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           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The N.F.L. is a financial juggernaut that
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              generated $11 billion in revenue
             </a>
             in 2021 and just
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              signed a seven-year streaming deal
             </a>
             with YouTube that could be worth $2.5 billion a year — an indication of professional football’s continued pull.
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             But the league is now facing one of its biggest crises in decades, writes
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times Ken Belson
             </a>
             , as the Buffalo Bills defender Damar Hamlin remains in critical condition after he suffered cardiac arrest in a game against the Cincinnati Bengals on Monday.
            </p>
           </td>
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         </tbody>
        </table>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Questions persist over how the N.F.L. handled the incident.
             </span>
             Joe Buck, the ESPN broadcaster, initially said the players had been told they would have about five minutes to get ready to resume the game (it was ultimately postponed and the N.F.L. denied that it had given any consideration to a restart). ESPN said it had been in constant communication with the N.F.L. during the broadcast and “we reported what we were told in the moment.”
            </p>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Violence is
             </span>
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               increasingly the focus
              </a>
             </span>
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              as football participation rates fall.
             </span>
             The N.F.L., which has set an annual revenue goal of $25 billion by 2027, has
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              spent millions
             </a>
             trying to shift the narrative from the more violent aspects of the game amid a string of high-profile player injuries. The league recently
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              opened an investigation
             </a>
             into the handling of a concussion suffered by the Miami Dolphins quarterback Tua Tagovailoa; Hamlin’s teammate, the Bills cornerback Dane Jackson, was immobilized after
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              hurting his neck
             </a>
             in a game.
            </p>
           </td>
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       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The next big decision is whether to finish the Bengals-Bills game.
             </span>
             Both teams are vying for a bye in the first round of the playoffs
             <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              heading into the last weekend of the regular season
             </a>
             . But it’s unclear whether the players are mentally prepared to play while Hamlin remains hospitalized, or if the public will want a time out, too.
            </p>
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            <h3 class="css-132hdgt" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
             THE SPEED READ
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              Deals
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            </p>
           </td>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               General Electric completed the
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                spinoff of its health care division
               </a>
               , as part of its plan to break itself into three separate companies. (General Electric)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               The University of California will
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                invest $4 billion
               </a>
               in Blackstone’s embattled BREIT real estate fund to shore up confidence after a wave of redemptions. (WSJ)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Cooper Morgenthau, the former C.F.O. of a SPAC, pleaded guilty to embezzling money from that fund to
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                trade in meme stocks
               </a>
               . (Bloomberg)
              </span>
             </li>
            </ul>
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              Policy
             </span>
            </p>
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       <div style="margin:0 auto;max-width:600px;width:100%">
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             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Here’s how U.S. lawmakers fared in
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                their stock trading in 2022
               </a>
               : Both parties outperformed the S&amp;P 500, with Representative Patrick Fallon, Republican of Texas, doing the best. (Unusual Whales)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Twitter will
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                expand political advertising
               </a>
               on its platform, largely reversing a ban adopted in 2019. (‌‌NYT)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Kentucky accused 11 companies, including BlackRock, Citigroup and JPMorgan Chase, of
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                boycotting the fossil-fuel industry
               </a>
               , the latest state to push back against E.S.G.-focused investing. (Bloomberg)
              </span>
             </li>
            </ul>
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              Best of the rest
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            <ul class="css-27qc8p" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Google and Meta represented
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                less than 50 percent of U.S. digital ad dollars
               </a>
               spent last year, the first time since 2014, as Amazon and TikTok gain momentum. (WSJ)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Crown Prince Mohammed bin Salman of Saudi Arabia is reportedly
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                clashing with the financial professionals
               </a>
               who help run his kingdom’s $600 billion sovereign wealth fund. (WSJ)
              </span>
             </li>
             <li class="css-11scvta" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               Denmark reported
               <a class="css-5nb5nb" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                zero bank robberies
               </a>
               last year, a first, as the nation goes cashless. (Bloomberg)
              </span>
             </li>
            </ul>
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