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   DealBook: Expanding Trump accounts?
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             May 6, 2026
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          Good morning. Andrew here.
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         <span>
          We’ve got a fascinating scoop on talks to potentially expand so-called Trump accounts. But before we get there, some breaking news: A report by Axios today that the U.S. and Iran were closing in on efforts to end the war has led to a more than 10 percent decline in oil prices and a jump in stock futures. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="President Trump is seen standing in front of a large blue screen advertising “Trump Accounts,” gesturing with an outstretched finger." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F06%252Fmultimedia%252F06db-trump-accounts-wtkf%252F06db-trump-accounts-wtkf-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwNjgzMjUuMjk4NTE2fQ:1wKanN:b5FyRHUVm7Ukerm19MtbmOA1TIQJT9_CC0x7I5cEYjo" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Trump administration officials have discussed a major expansion of so-called Trump accounts.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Allison Robbert 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>
          Scoop: Treasury weighs adding stock to Trump accounts
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So-called Trump accounts, the Trump administration’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new investment accounts
         </a>
         <span>
          for millions of American children, have already been funded with billions of dollars from philanthropic gifts. Now, there is talk about making the program even bigger — and potentially more complicated.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          White House and Treasury Department officials have held internal conversations about expanding what can go into the accounts, formally known as Section 530A accounts, DealBook understands.
         </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">
          Under discussion: letting the world’s wealthiest individuals donate shares in their companies.
         </span>
         <span>
          Trump accounts, which can start receiving contributions on July 4, are restricted to cash investments in diversified index funds. Stock donations aren’t allowed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The push is being led by Brad Gerstner, the founder of Altimeter Capital who spearheaded what became the 530A account program. Gerstner,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          who got a shout-out
         </a>
         <span>
          during the State of the Union address in February, has discussed the potential change with administration officials.
         </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 idea is to tap the unrealized wealth of moguls like Elon Musk or Jensen Huang.
         </span>
         <span>
          If the rules are changed, Musk would be free to donate shares of Tesla or SpaceX, or Huang of Nvidia could give stock in the chipmaker he runs, directly to Trump accounts.
         </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">
          Among the potential benefits:
         </span>
        </p>
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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">
                Instead of slow-and-steady returns from index funds, children could own exposure to high-growth mega-stocks — and hopefully huge upside — for years.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Donors could offload billions of dollars’ worth of hugely valuable stock without realizing capital gains, and
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                also
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                receive a full charitable deduction for the stock’s fair market value. It further minimizes their tax liability while also providing philanthropy.
               </span>
              </li>
             </ul>
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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">
          There’s growing buzz for Trump accounts among potential donors.
         </span>
         <span>
          Based on chatter this year at the Milken Institute Global Conference, many of the wealthiest Americans and companies are planning to give.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s a fulfillment of the hopes of Michael and Susan Dell, who pledged to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donate $6.25 billion to the initiative
         </a>
         <span>
          in December.
         </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 idea has prompted debate within the Treasury Department,
         </span>
         <span>
          DealBook understands. Restricting Trump accounts to diversified index funds is meant to protect children from wild market swings.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It would require an amendment — possibly through legislation — to change the statute, which was part of the major domestic policy bill that passed last year. (There’s a question about whether new Treasury Department guidance or an executive order could work instead.)
         </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 biggest questions about allowing direct stock donations to 530A accounts:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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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">
                Will the highest-flying stocks of today still be up decades from now?
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                And would this turn Trump accounts into a huge holding pen for tech moguls’ stock — which might lock up billions of dollars’ worth of shares that can’t be sold for years?
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Treasury spokesperson declined to comment.
         </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">
          Oil prices plunge and stocks rise on peace hopes.
         </span>
         <span>
          Brent crude, the international benchmark for oil, fell to around $98 a barrel, while U.S. stock futures gained after Axios reported today, citing unnamed sources, that the White House believed it was close to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reaching a framework agreement with Iran
         </a>
         <span>
          to end the war. President Trump said last night that Washington would pause “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          for a short period of time
         </a>
         <span>
          ” an effort to guide ships through the Strait of Hormuz, citing “progress” in negotiations. Worth noting: Mike Wirth, the C.E.O. of Chevron, said “economies are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          going to have to slow
         </a>
         <span>
          ” because of war-related disruptions to oil supplies.
         </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 U.S. will review more artificial intelligence models for national security concerns.
         </span>
         <span>
          Google, Microsoft and Elon Musk’s xAI
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          agreed to let a government agency
         </a>
         <span>
          examine their new models before they are released publicly, as Washington grows more anxious about an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          A.I.-driven cybersecurity threat
         </a>
         <span>
          . Separately, China’s DeepSeek is reportedly in talks to raise money
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at a $45 billion valuation
         </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">
          The A.I. stock rally mints another trillion-dollar company.
         </span>
         <span>
          Shares in
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Samsung Electronics
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          soared 13 percent today
         </a>
         <span>
          in South Korea, pushing its market capitalization over $1 trillion. Robust demand for processors and memory chips, especially among A.I. giants, has bolstered the chipmakers’ fortunes.
         </span>
        </p>
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            <img alt="A line chart shows the stock market performance of Samsung Electronics versus the Nasdaq Composite over the past year." class="css-xsf469" height="536" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F06%252Fbusiness%252F06db-chart%252F06db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwNjgzMjUuMjk4NjQ5M30:1wKanN:-WWODStysCiux6Xk-2U7Ch34c9iCEChlrkc5X-WoPJw" 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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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Lawmakers press credit bureaus on “buy now, pay later”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Four Senate Democrats sent a letter yesterday to TransUnion, Equifax and Experian, the largest U.S. credit reporting agencies, demanding information on how they incorporate “buy now, pay later” loans into consumer credit reports, Niko Gallogly is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This action came after an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          inquiry by Democratic senators
         </a>
         <span>
          in November into the loan practices of several buy now, pay later lenders, including Affirm, Klarna, PayPal and Block.
         </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 consumer picture has grown more worrisome.
         </span>
         <span>
          In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          recent survey by LendingTree
         </a>
         <span>
          , 47 percent of pay-later borrowers said they had paid late on one of their loans during the previous year, up 13 percentage points from two years ago.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those numbers have raised concerns among the lawmakers, who want to understand how pay-later borrowing may be affecting consumers’ credit scores.
         </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">
          Take a step back:
         </span>
         <span>
          Pay-later borrowing surged during the coronavirus pandemic as online shopping became more popular while consumers grappled with financial uncertainty and inflation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Since 2021, pay-later spending has grown roughly 20 percent a year, reaching an estimated $70 billion in transactions last year, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a report
         </a>
         <span>
          published by a Richmond Fed employee.
         </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">
          Not all pay-later lenders handle their data the same way.
         </span>
         <span>
          Affirm is the only major lender that shares
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          all of its loan data
         </a>
         <span>
          with U.S. credit reporting agencies. Because that data is not shared with other lenders, it does not affect Affirm customers’ credit scores, a policy the company said it would not change until all other lenders reported their loans.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Others, including Block and Klarna, don’t share consumer data with credit reporting agencies out of concern that the loans won’t be classified fairly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Block will not furnish Afterpay data until scoring models can reliably reflect modern financial behavior and produce clear consumer benefit,” Amanda Anderson, Block’s global head of public policy,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          said in response
         </a>
         <span>
          to the November inquiry. (Afterpay is Block’s pay-later service.)
         </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">
          Another concern for lenders: competition.
         </span>
         <span>
          Credit reporting agencies sell lenders’ customer data to other lenders. By reporting their consumer data, pay-later lenders risk having rivals poach their best customers, Benedict Guttman-Kenney, an assistant professor of finance at Rice University, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ensuring that credit scoring fairly classifies pay-later loans is a “technical problem” that’s solvable, Guttman-Kenney said. Persuading lenders to share their data “is a more fundamental problem.”
         </span>
        </p>
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           </td>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Ben Cohen, the co-founder of Ben &amp; Jerry’s, is seen on a street speaking to a camera with people gathered behind him." class="css-xsf469" height="338" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F06%252Fmultimedia%252F06db-ben-cohen-jwgm%252F06db-ben-cohen-jwgm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwNjgzMjUuMjk5MTUyNH0:1wKanN:mvY5YtsyVpW9g3qk9RoyY6T6Wlq8nRwy0eOx_tmkG7Y" 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">
              Ben Cohen, a co-founder of Ben &amp; Jerry’s and a political activist, has a new campaign against the company that owns the ice cream brand he helped create.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Amanda Swinhart/Associated Press
             </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>
          Ben &amp; Jerry’s co-founder takes on Magnum
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Ben Cohen no longer runs the company that bears his name, but he isn’t willing to walk away from it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The 75-year-old is waging a campaign to “Free Ben &amp; Jerry’s” from its owner — the Magnum Ice Cream Company, which was spun out of Unilever last year — after Magnum removed members of its independent board and clamped down on the company’s political activism.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “We’re turning up the heat,” Cohen told Niko Gallogly.
         </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’s next:
         </span>
         <span>
          NorthStar Asset Management, an activist investment firm aligned with Cohen, plans to press Magnum’s management tomorrow at the company’s annual shareholder meeting. Its concerns include the board removals and a desire for greater clarity on Ben &amp; Jerry’s stand-alone financial performance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Cohen said he would call for a boycott of Magnum products if the company did not agree to sell Ben &amp; Jerry’s to an investor group that Cohen said would offer a fair price.
         </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 history:
         </span>
         <span>
          Cohen and Jerry Greenfield started Ben &amp; Jerry’s in 1978, took it public in 1984, and sold it to Unilever in 2000. The sale arranged for Ben &amp; Jerry’s to maintain an independent board, partly to protect its corporate activism.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Years later that arrangement began to break down:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In 2022, Ben &amp; Jerry’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sued Unilever
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                when it sold the distribution rights for the brand in Israel to a local firm after Ben &amp; Jerry’s said it would stop selling ice cream in Israeli-occupied territories.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In 2024, Ben &amp; Jerry’s
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sued Unilever
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in a New York federal court, claiming its leadership had tried to censor its social activism on Gaza and Palestinians.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Also in 2024, Unilever announced that it would spin off its ice cream brands, including Ben &amp; Jerry’s. And it has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                removed Dave Stever
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Ben &amp; Jerry’s C.E.O., and members of the independent board.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Last week, Ben &amp; Jerry’s sought, among other things, a permanent injunction to reinstate the board members.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Cohen is trying something highly unusual
         </span>
         <span>
          .“I can’t think of any similar cases,” Farzad Mukhi, a managing director at the M.&amp;A. advisory firm Kroll, told DealBook.
         </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">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260506%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzgwNjgzMjUuMjk5MjU1MX0:1wKanN:rILFPcXdmIaUD0UD8kiiwcM1L_q9Q7dZfAmU5ywafoM" style="max-width:96px;margin-bottom:7px"/>
            </div>
            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
               <tr>
                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <img alt="Ad" border="0" class="css-63f6sn" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260506%2526stpe%253Ddefault%2526li_coord%253Ddesktop%2526collapse_width%253D600/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzgwNjgzMjUuMjk5Mzc0fQ:1wKanN:4dSrAbIPbYwlZuUkWFRzkgZrJgGkU_Y2ps_ufU-AqA8" style="display:block;width:100%;max-width:600px" width="600"/>
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               </tr>
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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260506%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NzgwNjgzMjUuMjk5NTEyOX0:1wKanN:BJanuwZjh4noimvJFoAc7KgEvNl7-RXHJdmGSIG815I" style="display:block;width:100%;max-width:480px" width="480"/>
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            </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">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Justin Wolfers, wearing glasses, sits at a table in his home with a laptop and recording equipment." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F06%252Fmultimedia%252F06db-wolfers-newsletter-bfkj%252F06db-wolfers-newsletter-bfkj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgwNjgzMjUuMjk5NjE3NX0:1wKanN:aEe3ll2H6xmo1Qt6jqyr7zgzTvJsgsU2KF14f_aTa1A" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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           <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">
              Justin Wolfers, an economist who is a regular on cable TV, has just announced his new media start-up.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Rosem Morton for The New York Times
             </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>
          An outspoken economist joins the creator economy
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Justin Wolfers was a well-known economist before President Trump returned to the White House last year. But Wolfers, a University of Michigan professor with a strong Australian accent and talent for one-liners, has become a regular on cable-TV known for his crisp, and often withering, assessments of Trump’s trade policy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now he’s joining the creator economy.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Today, Wolfers, 53, announced that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he has founded Platypus Economics
         </a>
         <span>
          , an independent media start-up that aims to reach a mainstream audience on YouTube, Substack and other platforms, Brian O’Keefe is first to report.
         </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">
          Wolfers is funding the business himself.
         </span>
         <span>
          He’s using income from the highly successful introductory economics textbook he wrote with his life partner, Betsey Stevenson, a professor at Michigan and a member of the Council of Economic Advisers during the Obama administration.
         </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">
          Wolfers is teaming up with Initial Digital,
         </span>
         <span>
          the digital media division of the Initial Group, an entertainment company backed by the investment firm TPG.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Formerly called Silver Tribe Media, Initial Digital was acquired by the Initial Group in December. Its client and project list leans heavily toward sports, such as Peyton Manning’s Omaha Productions and the sports-talk maestro Colin Cowherd.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Initial Digital had been looking to diversify its roster.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Wolfers joked to DealBook that he was joining the company’s “nerd division.”
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Rather than give up equity,
         </span>
         <span>
          Wolfers is paying Initial Digital an undisclosed monthly fee plus a cut of ad sales for its services, which include providing creative guidance and optimizing his social channels.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After decades of climbing the academic ladder, Wolfers said he was excited to switch gears. “My tribe does not like a microphone, and almost no words of serious economic analysis are said in front of a video camera,” he said.
         </span>
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            <span>
             THE SPEED READ
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          Deals
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                Lupa Systems, James Murdoch’s company, is said to be in talks to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy big parts of Vox Media
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , potentially putting the Murdoch scion in the U.S. news business. (NYT)
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                Sorry, junior bankers: Anthropic introduced artificial intelligence agents to
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                help financial firms
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                create pitch decks and more. (Bloomberg)
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          Politics, policy and regulation
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                The S.E.C. formally proposed
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                ending quarterly reporting requirements
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for publicly traded companies. (FT)
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                President Trump reportedly pressured Marty Makary, the F.D.A. commissioner, to
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                quickly approve flavored vapes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as a way to appeal to younger voters. (WSJ)
               </span>
              </li>
             </ul>
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          Best of the rest
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ken Griffin of Citadel said his firm would
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                “double down” on Miami
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after Mayor Zohran Mamdani of New York featured the billionaire’s Central Park penthouse in a video promoting a proposed pied-à-terre tax. (WSJ)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A market for the future, according to Larry Fink of BlackRock:
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                derivatives tied to computing power
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
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