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April 4, 2022
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Shares of Twitter soared 25 percent in premarket trading on news that Elon Musk had personally bought a 9.2 percent stake in the social media company, making him its largest shareholder. The stake, revealed in a
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regulatory filing
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, was amassed before Musk criticized Twitter in — yes — a series of tweets,
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questioning
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wondering
</a>
whether a new social media platform was needed. With more sway over the company, will he try to reinvent Twitter to be more to his liking?
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<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">
Musk’s relationship with Twitter is long and complicated
</span>
, involving most notably his
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
legal wranglings
</a>
with the S.E.C. over his tweets about Tesla’s finances. Will Musk now agitate for Twitter to alter its policy on moderating content in the name of freer speech? What is Elon Musk doing now?Will he push for Twitter to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
open up its algorithm
</a>
, which the company’s co-founder and former C.E.O. Jack Dorsey appeared to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
support
</a>
last week? (Musk and Dorsey
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
are friendly
</a>
.)
</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">
We have many more questions:
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Musk built the stake through passive investments — will he keep buying or even try to acquire the company outright? (It would put a relatively small dent in his $270 billion-plus
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
net worth
</a>
.)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Will Musk ask to join Twitter’s board? Will Twitter invite him to join?
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
What do Tesla and SpaceX shareholders think of this? Will they see it as a distraction for Musk? And if Musk steers Twitter in a direction that irks policymakers, who have been trying to rein in social media platforms, could that create complications for Tesla or SpaceX? Recall that President Trump took a dim view of Amazon because he disagreed with
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
coverage in The Washington Post
</a>
, which Jeff Bezos owned separately.
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Given Musk’s history with PayPal and interest in cryptocurrency, might he push Twitter to do more in payments?
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
How much money did Musk make off this morning’s news? Musk’s disclosure came out today, but the document detailing the stake, worth about $3 billion at Friday’s closing price, is dated March 14. Twitter’s shares are up about 50 percent since then.
</span>
</li>
</ul>
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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>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A judge strikes down a California law on board diversity.
</span>
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
The law
</a>
, which went into effect in 2020, requires California-based public companies to have board members from underrepresented communities. The law
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
put pressure
</a>
on boards nationwide to diversify, and some lawyers said the ruling was unlikely to reverse those efforts.
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The labor movement notches a historic win at an Amazon warehouse.
</span>
Supporters of a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
grass-roots unionization effort
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topped opponents at the Staten Island facility
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by more than 10 percentage points
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SoftBank winds down its embattled hedge fund.
</span>
After racking up estimated losses of more than $6 billion, the Japanese tech giant
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
decided to liquidate
</a>
almost all of the fund, which became known as the “Nasdaq Whale” for its voracious tech trades.
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China proposes changes to confidentiality rules on offshore stock listings.
</span>
The move signals that China is
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
eager to resolve a dispute
</a>
over American regulators’ ability to audit Chinese companies, which could have led to hundreds of Chinese firms delisting from U.S. markets.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
A quick roundup of global election news:
</span>
Voters in Hungary and Serbia appear to have extended the tenures of Europe’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
two most Putin-friendly leaders
</a>
; preliminary results for
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Costa Rica’s presidential election
</a>
put Rodrigo Chaves, who was
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
reprimanded for sexual harassment
</a>
while at the World Bank, in the lead; and Carrie Lam, Hong Kong’s leader since 2017, said that she
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
would not seek a second term
</a>
.
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‘We are facing challenges at every turn’
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
This morning, JPMorgan Chase published Jamie Dimon’s
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
annual letter
</a>
to shareholders, which is widely read on Wall Street and beyond. Dimon, the head of America’s largest bank, focused on the effect that the war in Ukraine could have on the global economy, and on JPMorgan specifically, among other issues that present “challenges at every turn.”
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<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Lananh Nguyen
</a>
, who covers Wall Street for The Times, highlights some of the most noteworthy parts of Dimon’s 44-page letter for DealBook:
</p>
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On the war in Ukraine:
</span>
The conflict is already having a “substantial economic impact,” Dimon wrote, and it could worsen in unpredictable ways, particularly if more sanctions are imposed on Russia and commodity supplies are further disrupted.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
On JPMorgan’s exposure to Russia:
</span>
Dimon said the bank could lose $1 billion “over time,” but it’s not something he’s worried about. He described complying with sanctions as an “enormous undertaking.” JPMorgan and Goldman Sachs said last month that they were
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
winding down
</a>
their businesses in Russia.
</p>
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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 energy security:
</span>
“We need a ‘Marshall Plan’ to ensure energy security for us and our European allies,” Dimon wrote, a point he
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
made to President Biden
</a>
directly last month. Dimon called on the U.S. to boost investments in
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
liquefied natural gas
</a>
that can be exported to Europe to reduce the continent’s dependence on Russian energy.
</p>
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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 U.S. economy:
</span>
Consumers and businesses are flush with cash, but inflation is mounting and persistent, Dimon said. As such, Dimon wrote that JPMorgan is “prepared for drastically higher rates and more volatile markets.”
</p>
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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 return to office:
</span>
Dimon softened his earlier stance on wanting all JPMorgan employees back in the office as soon as possible. Instead, he now expects that about 40 percent of JPMorgan’s roughly 271,000 employees may move to a hybrid working model, and an additional 10 percent could end up working from home full-time. But he also said there were “serious weaknesses” to remote working, which “eliminates much spontaneous learning and creativity.”
</p>
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Starbucks puts buybacks on ice
</h2>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Starbucks announced this morning that it is immediately
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
suspending stock buybacks
</a>
. It is Howard Schultz’s first act on his first day back in the top job. He returns as the chain is under pressure from a growing effort to unionize its stores,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
which it has resisted
</a>
. Halting buybacks could win Schultz some fans among frustrated workers, and highlights the tension between supporters and critics of the practice.
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Stopping buybacks would allow Starbucks “to invest more profit into our people and our stores,”
</span>
Schultz said in a letter to employees, customers and shareholders. This is “the only way to create long-term value for all stakeholders,” he said, echoing critics who say that buybacks divert money from R.&D., capital expenditure, hiring and wages. Last October, Starbucks said it would spend $20 billion on buybacks and dividends over the next three years. Starbucks’ stock was down in premarket trading today.
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Corporations are spending more money than ever on buybacks,
</span>
which have drawn increased scrutiny from policymakers.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
Last week,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the Biden administration proposed
</a>
a new tax on buybacks and called for regulations that would bar executives from selling their personal shares for years after a company repurchases its own stock.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Many executives have been critical of rules that could limit buybacks.
</span>
In December, the S.E.C. proposed a number of new rules that, like the more recent White House proposal, are aimed at limiting the ways executives can disproportionately benefit from stock buybacks. Executives, corporate lobbying groups and institutional investors submitted
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
comment letters
</a>
last week asking the S.E.C. to rewrite some of the proposed changes or scrap them altogether. The National Association of Manufacturers, for example,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
said
</a>
more frequent and timely disclosure of buybacks, which the S.E.C. has proposed, would lead to market manipulation — benefiting traders, not long-term shareholders.
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<img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-percentage%252Fdealbook-icon-percentage-articleLarge-v11.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nbLi0:QxOg6rRvEqL2DymhoAGf1MT9DJf_mbbsaAhewc-skS8" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
On private equity, E.S.G. and unions
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Blue Wolf Capital has closed its fifth fund, at $1.1 billion, DealBook is first to report. The private equity firm, which focuses on midmarket investments that adhere to environmental, social and governance, or E.S.G., criteria, was founded by Adam Blumenthal, a former finance official at the New York City Comptroller’s office who also helped oversee the United Auto Workers’ medical fund.
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Blumenthal spoke with DealBook about E.S.G., unions and more. The conversation has been edited and condensed.
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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">
Do you support the S.E.C.’s
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
recent proposal
</a>
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
to regulate E.S.G. disclosures?
</span>
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Right now, there’s strong investor interest in E.S.G., and so it’s very appropriate for the S.E.C. to create rules and definitions for reporting, in order to both standardize metrics and make people accountable for the accuracy of what they report. That’s the kind of transparency that brings discipline to markets.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
It’s rare to see unions come out in favor of a private equity takeover, like in some of your deals. How does that work?
</span>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
It really depends on the situation. At
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Twin Rivers Paper Company,
</a>
we were invited by the paperworkers union to evaluate buying the company, even though they knew that it was overstaffed. For this company to be sustainable, it needed both new management, new capital and a new labor contract that would be more productive. So the trust that we would deliver all three of those things and create a sustainable business is why we got the call.
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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">
How big a deal is the
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
union win at the Amazon warehouse
</a>
</span>
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
?
</span>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
I think it’s representative of a very broad change in the labor market. The number of jobs in the U.S. today is about 2 million less than it was prepandemic and it’s because there are not enough workers. And so your bargaining power is going to change: That will support unionization, it will support other changes in working conditions in nonunion companies.
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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">
Since you began raising your fund, Russia invaded Ukraine, inflation jumped and the yield curve inverted. Are you preparing for a recession?
</span>
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We certainly anticipate a recession within the investment horizon of the fund. We capitalize our companies quite conservatively as a result, because resiliency is going to turn out to be a critical factor. If you borrow as much money as you can, you’re going to regret it.
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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
</h3>
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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">
Russia-Ukraine war
</span>
</p>
</td>
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</tbody>
</table>
</div>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Mounting evidence of Russian forces’ indiscriminate killings of Ukrainian civilians led world leaders to consider harsher sanctions, including a ban on Russia’s gas industry. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The price companies are paying to leave Russia is high, but so is the cost of staying. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Vladimir Putin has stabilized the ruble but left his country financially isolated. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
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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">
Deals
</span>
</p>
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<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Shein, the Chinese fast-fashion company, is considering a funding round at a heady valuation of $100 billion. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Short sellers are reportedly betting aggressively against the cryptocurrency Tether. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
KKR said it plans to drop its nearly $12 billion takeover of Telecom Italia if it doesn’t get access to the company’s books soon. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Bloomberg
</a>
)
</span>
</li>
</ul>
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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">
Policy
</span>
</p>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A flurry of legislative action is intensifying the divide between liberal- and conservative-led parts of the country. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Jen Psaki is in advanced talks to join MSNBC after she leaves the Biden administration, which could happen as soon as next month. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Britain wants to make its pandemic-era business aid programs permanent. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
</ul>
</td>
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</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">
Best of the rest
</span>
</p>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Pay packets last year for S&P 500 C.E.O.s surpassed 2020’s record, reaching a median of $14.2 million. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Sony
</a>
and
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Netflix
</a>
are reportedly putting their Will Smith projects on the back burner. (NBC, The Hollywood Reporter)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
A conversation with the economist Thomas Piketty, who thinks America is primed for wealth redistribution. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
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</tbody>
</table>
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2 years, 1 month ago - nytdirect@nytimes.com
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