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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
‘This is for the best’
</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">
A week ago, we learned that Elon Musk had purchased a big stake in Twitter. Shortly after, the billionaire chief of Tesla — and Twitter power user — was invited to join the social media company’s board.
</p>
</td>
</tr>
</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Late last night, Twitter announced that
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Musk would not join the board after all
</a>
, another unexpected twist in an increasingly convoluted saga. Twitter’s shares fell in premarket trading, although they remain higher than before Musk’s stake was first revealed.
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
What is going on?
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<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">
“I believe this is for the best,”
</span>
Twitter’s C.E.O., Parag Agrawal, said in a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
short statement
</a>
on the U-turn. But in offering him a seat, he said Twitter’s board had decided that having Musk on the board, where fiduciary duties as a director would require him “to act in the best interests of the company and all our shareholders,” was “the best path forward.” That said, “we will remain open to his input,” Agrawal said of Musk.
</p>
</td>
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<table cellpadding="0" 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">
On the morning he was supposed to join the board, Musk told Twitter he wouldn’t
</span>
, Agrawal said. That was Saturday, and no specific reason was given — Agrawal noted that Musk’s appointment was contingent on a background check and formally accepting the offer. (Musk also needed to fill out a questionnaire given to all directors,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
according to a filing
</a>
.) Musk tweeted erratically throughout the weekend, asking his 81 million followers “
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Is Twitter dying?
</a>
” and rattling off a stream of critiques in now-deleted tweets, suggesting (with unclear degrees of seriousness) that Twitter should think about removing ads, changing its name and converting its San Francisco headquarters into a homeless shelter.
</p>
</td>
</tr>
</tbody>
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Continue reading the main story
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A MESSAGE FROM
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Analytic Partners
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Analytic Partners x Hilton: The Power of Real-Time Evolution
</p>
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How can an established brand harness the power of evolution in real time in order to thrive in a rapidly changing environment? Analytic Partners sat down with Hilton to uncover how we accomplished that together and built success amid disruption through a winning analytics strategy. From fostering the adoption of data-driven decisioning to taking action on insights delivered via the commercial mix framework, learn how you can evolve in real time.
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WATCH THE VIDEO
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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">
Now what?
</span>
This might not be the end of the drama. If he is not on Twitter’s board, Musk is not bound by the “standstill” agreement in which he pledged to buy no more than 14.9 percent of Twitter’s stock. Recall that Musk initially disclosed his stake in a filing that suggested he was a passive investor in Twitter, but later refiled with
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the form that activist investors use
</a>
. The famously mercurial Musk now has no restrictions on how much of Twitter’s stock he can buy, leading some to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lay out scenarios
</a>
in which he takes an even more active role trying to influence the platform.
</p>
</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">
Pointedly, Agrawal said that “there will be distractions ahead” and told Twitter employees to “tune out the noise.”
</p>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
</h3>
</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">
Emmanuel Macron will face Marine Le Pen for president of France.
</span>
After Sunday’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
first round of voting
</a>
, a runoff on April 24 will pit Macron, the incumbent, against Le Pen, the far-right leader whose late surge reflected French voters’ anger and anxiety over rising prices, security and immigration.
</p>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" 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">
Companies are set to report strong first-quarter profits.
</span>
Earnings season begins this week, and
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
FactSet forecasts that profits for the S&P 500 will rise
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
an average of 10 percent
</a>
from a year ago. The data service also noted that analysts had the highest number of
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
“buy” recommendations
</a>
in a decade.
</p>
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Continue reading the main story
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JetBlue and Alaska Air are cutting flights.
</span>
Ahead of what is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
likely to be a busy summer travel season
</a>
, the airline industry is hoping to avoid the problems of thin staffing and long delays that plagued travelers last summer.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The crypto industry is writing its own legislation.
</span>
In the absence of strong federal regulation, crypto executives and lobbyists are
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
helping to draft bills
</a>
at the state level, then pushing state lawmakers to adopt them.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A former Goldman banker has been convicted on bribery and money-laundering charges.
</span>
Roger Ng was
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
accused of receiving illegal kickbacks
</a>
from Malaysia’s 1MDB sovereign wealth fund. He could face up to 30 years in prison.
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‘This is not unexpected’
</h2>
</td>
</tr>
</tbody>
</table>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Weeks after the U.S. loosened its pandemic protocols, there has been a small rise in infections, including among some high-profile figures.
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Dozens tested positive
</a>
after attending the annual dinner for Washington’s elite at the Gridiron Club, including
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
administration officials
</a>
and members of Congress. Yesterday, Mayor Eric Adams of New York, a major proponent of
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reopening
</a>
the city, said that he too
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
had Covid
</a>
.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
“We are going to pivot and shift as Covid is pivoting and shifting,” Adams
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
said last week
</a>
. So,
<span style="font-style:italic;font-size:inherit">
is
</span>
it time for a pivot?
</p>
</td>
</tr>
</tbody>
</table>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
By the numbers:
</span>
There are more than
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
31,000 new virus cases a day
</a>
in the U.S., on average, a 3 percent increase from two weeks ago. Case counts remain far below peaks during the winter surge, even in places where they are rising rapidly.
</p>
</td>
</tr>
</tbody>
</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">
Some say this wave may be less disruptive than in the past,
</span>
because it’s more likely to affect people
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
who have been the most cautious
</a>
. At the same time, Democrats fear that renewed lockdowns
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
could turn off voters
</a>
as the midterm elections approach. How to handle this latest wave will be one of the first tests faced by the Biden administration’s new Covid czar,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Ashish Jha
</a>
.
</p>
</td>
</tr>
</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">
“This is not unexpected,” Dr. Anthony Fauci said of the recent uptick in cases.
</span>
He
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
told ABC yesterday
</a>
that if hospitalizations began to rise, “we may need to revert back to being more careful and having more utilization of masks indoors.” Dr. Fauci said it was up to individuals to decide on “the individual risks they’re going to take.” Many in Washington seem eager to
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party on
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Crown Prince Mohammed bin Salman of Saudi Arabia with Jared Kushner, a close ally during the Trump administration, and Ivanka Trump.
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<span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Jonathan Ernst/Reuters
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On Jared Kushner, Steven Mnuchin and Saudi money
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A fund led by the Saudi crown prince agreed to invest $1 billion in a fund created by the former Treasury secretary Steven Mnuchin — but it invested twice as much, and on more generous terms, in a new private equity firm started by Jared Kushner, the former White House adviser and son-in-law to former president Donald Trump.
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Those are some of the many new details in
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an investigation by The Times’s David Kirkpatrick and Kate Kelly
</a>
into efforts by the two former Trump administration officials to raise money from the Saudi sovereign wealth fund. They also report:
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A panel that screens investments for the Saudi fund objected to the Kushner deal, documents show, concluding that his firm’s fees were too high and its operations were “unsatisfactory in all aspects.” The full board, led by Crown Prince Mohammed bin Salman, who benefited from Kushner’s support when he worked in the White House, overruled the panel.
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Kushner’s venture, Affinity Partners, depends primarily on the Saudi money, documents and filings indicate. He planned to raise up to $7 billion, but appears to have signed up few other major investors.
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The Saudis’ internal debate over the Kushner investment was a stark contrast to their easy approval of the proposal by Mnuchin, who, unlike Kushner, had a track record in private equity before entering government.
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<span class="css-2zlgwg e1aggfhi3" style="margin:0;font:normal 12px georgia,serif;color:#666">
Mystery megadonor.
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Evan Agostini/Invision/AP
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Scrutinizing MacKenzie Scott’s methods
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
The philanthropist MacKenzie Scott has donated more than $12 billion in less than three years, to more than 1,200 groups. But her method of giving — fast, large and often shrouded in secrecy — is raising concerns in the world of nonprofits,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The Times’s Nicholas Kulish and Rebecca Ruiz report
</a>
in a must-read profile of Ms. Scott, who has pledged to give away all of her substantial fortune.
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Scott does not give through a foundation that would have to file tax returns.
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Instead, she uses a donor-advised fund, which allows her to give large, tax-free donations without revealing their source. Scott tends to reveal her donations in batches, disclosing dozens at a time, often
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
in a blog post
</a>
. This approach contrasts with an earlier philanthropic effort, Bystander Revolution, which began in 2014, when Scott was still married to Amazon’s Jeff Bezos (they divorced in 2019). After a splashy launch, the anti-bullying organization seemed to fizzle, and Scott appeared not to want to serve as its face.
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Little is known about Scott’s giving methodology
</span>
. She is advised by the influential nonprofit consulting firm
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bridgespan
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and directs her gifts via a Delaware-registered shell company called Lost Horse. Little else is known about her operation, down to the number of employees.
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“Her preferences are shaping the face of American civil society,”
</span>
said Rob Reich of Stanford. “That power deserves civic scrutiny and attention.”
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<span class="css-2zlgwg e1aggfhi3" style="margin:0;font:normal 12px georgia,serif;color:#666">
“If everyone expects to finish with more, we’re in trouble.”
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<span style="margin:0;font:normal 11px georgia,serif;padding-left:5px;color:#888;letter-spacing:.01em">
Emily Berl for The New York Times
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Abigail Disney on American oligarchs
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The war in Ukraine has put the
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spotlight on Russian oligarchs
</a>
, as countries have sanctioned wealthy business leaders with ties to President Vladimir Putin of Russia. Well-connected billionaires in the U.S. deserve more scrutiny as well, argues Abigail Disney of Patriotic Millionaires, a nonprofit that pushes for higher taxes on the rich.
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Ms. Disney, a granddaughter of Walt Disney, is
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intimately familiar
</a>
with the privileges — and perils — of wealth. “We have our own oligarchs manipulating the economy and governance,” she told DealBook. “We need to get very serious about that.” Last week, Patriotic Millionaires gathered in Washington to discuss
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domestic oligarchy
</a>
, and Disney said she felt a “remarkable” receptivity to their message.
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“We spend too much time arguing around the edges,”
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Disney said. She believes that a few rich Americans use their tremendous wealth to fund campaigns that foment division on fringe issues. Voters actually agree on a lot when it comes to class and economic fairness, she said, pointing to the popularity of minimum-wage increases.
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“The energy now is new and different,”
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Disney said. “In the past people would wave the class-war flag, but I think most Americans have a revulsion to economic injustice.” Not only are wealthy progressives more energized than before, she said, but conservatives are also increasingly open to the idea of a fairer tax code.
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“It took me forever to see,”
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Disney said of her gradual transformation from conservative family heiress to progressive activist. One instance more than 20 years ago stands out: She woke up alone in a queen-size bed in her father’s private 737 jet, and wondered if
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less might be more
</a>
. “If everyone expects to finish with more, we’re in trouble,” she said, and others in her privileged position increasingly agree. “People are beginning to understand you can say ‘no’ to more money.”
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<h3 class="css-132hdgt e8bxl341" 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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Russia-Ukraine war
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S&P placed Russia’s government in “selective default” because it repaid debt in rubles instead of dollars.
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(
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indefinitely suspended
</a>
its business in Russia, and Société Générale announced a multibillion-euro hit from
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
selling its stake
</a>
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WSJ
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Mindbody, the owner of the exercise subscription service ClassPass, is plotting a return to public markets. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
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NYT
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Rising prices could wipe out thousands of Britain’s fish-and-chips shops. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
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Bloomberg Businessweek
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“What the New TV Shows About Start-Up Grift Still Don’t Get” (
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2 years, 1 month ago - nytdirect@nytimes.com
He won’t join Twitter’s board after all. View in browser|nytimes.comContinue reading the main sto...