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   DealBook: “I’ll have to fire him”
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   Also, the China factor in the war in the Middle East.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             April 15, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: President Trump has renewed his threat to fire Jay Powell as Fed chair; we’ve got more below. Separately, we’re tracking a significant pivot in New York fiscal policy: Gov. Kathy Hochul is set to propose
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a “pied-à-terre” tax
         </a>
         <span>
          on secondary residences in New York City valued at $5 million or more. By aligning with Mayor Zohran Mamdani, Hochul is making an aggressive revenue push that may rattle some in the C-suite.
         </span>
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         <span>
          The move specifically targets so-called tax refugees, like those who have relocated to Florida but kept a New York foothold. For them, the tax makes maintaining a dual-city lifestyle more costly. Critics warn that it could stifle big-ticket investments, while supporters argue that it is the fairest way to raise revenue.
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          What do you think?
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          Drop me a line
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          . (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span style="color:#666;font:normal 14px georgia,serif">
             President Trump again endorsed a criminal investigation over the renovation of the Federal Reserve headquarters.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Nathan Howard/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump ramps up his fight with Powell
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Just as war jitters are beginning to subside in the markets, investors are bracing for new uncertainty over leadership of the Fed as President Trump threatens to again fire Jay Powell, the central bank’s chair.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump’s declaration, in an interview that aired today, came after the Senate finally scheduled a confirmation hearing for Kevin Warsh, his pick to head the central bank. Warsh’s path through the Senate was already looking shaky, particularly after federal prosecutors appear set to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          press on with a criminal investigation
         </a>
         <span>
          into the Fed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Trump, who has repeatedly harangued Powell to lower interest rates, told Fox Business he wants Powell to leave the central bank next month, when his term as chair expires. Powell has indicated he would stay on the Fed as long as a criminal investigation into him continues. If Powell doesn’t leave, Trump told Fox Business, “I’ll have to fire him.”
         </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">
          Which bring us to:
         </span>
         <span>
          Prosecutors made a surprise visit yesterday to the Fed’s construction site as part of their inquiry into the renovation of the central bank’s headquarters, The Times and others report. (They were turned away for not requesting permission beforehand.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The visit signals that Jeanine Pirro, the U.S. attorney in Washington and a Trump loyalist, is continuing to put heat on Powell. In the Fox Business interview, Trump said he supported the investigation.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s despite a federal judge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quashing Justice Department subpoenas
         </a>
         <span>
          of the Fed last month, finding that “the government has offered no evidence whatsoever that Powell committed any crime other than displeasing the president.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Robert Hur, a former federal prosecutor whom the Fed hired as outside counsel, accused the prosecutors yesterday of trying to circumvent that ruling.
         </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">
          Warsh had just completed a procedural step toward confirmation:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disclosing his financial assets
         </a>
         <span>
          , which total more than $100 million, some of which he said he would divest to comply with legal requirements.
         </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 next?
         </span>
         <span>
          Senator Thom Tillis, Republican of North Carolina and a key member of the Senate Banking Committee, has vowed to block the confirmations of Warsh and any of Trump’s other Fed picks until the investigation ends. Senator Lisa Murkowski, Republican of Alaska, has backed that stance.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Senator Tim Scott, the chairman of the banking committee and a Republican,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          was somewhat vague
         </a>
         <span>
          on a timeline for Warsh’s confirmation. “I believe that the D.O.J. will finish and wrap this up in the next several weeks,” he told Fox Business yesterday.
         </span>
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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">
          Bank of America reports solid quarterly earnings.
         </span>
         <span>
          The lender said profits
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          jumped 17 percent
         </a>
         <span>
          year-on-year, to $8.6 billion, thanks to strong results in trading and investment banking. Perhaps more important, its C.E.O., Brian Moynihan, said the bank had experienced “solid consumer spending” that indicated that the U.S. economy was “resilient.” Morgan Stanley also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported better-than-expected results
         </a>
         <span>
          , bolstered by trading revenue.
         </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">
          Jeff Bezos muscles further into SpaceX’s turf with a big Amazon deal.
         </span>
         <span>
          Amazon’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          roughly $11 billion acquisition
         </a>
         <span>
          of Globalstar, a satellite communications company, puts Amazon in greater competition with SpaceX’s Starlink in a market that’s expected to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grow to perhaps $200 billion
         </a>
         <span>
          . The agreement also puts new focus on Bezos’
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          space race
         </a>
         <span>
          with Elon Musk.
         </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">
          ASML shows the A.I. chip boom isn’t slowing down.
         </span>
         <span>
          ASML, a Dutch semiconductor equipment company,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          bested analysts’ profit expectations
         </a>
         <span>
          and raised its full-year sales forecast, saying that demand for chips that help run artificial intelligence is “outpacing supply.” One of ASML’s biggest clients,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          TSMC
         </a>
         <span>
          , reported record first-quarter revenues last week,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          breathing new life
         </a>
         <span>
          into the A.I. stock rally.
         </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">
          Netflix is set to commemorate a deal that didn’t happen.
         </span>
         <span>
          Executives at the streaming giant and some of the advisers on its aborted takeover bid for Warner Bros. Discovery are expected to hold a dinner next week to thank those who worked on the effort, Lauren Hirsch reports. Netflix may have lost out to Paramount Skydance, but it did walk away with a $2.8 billion breakup fee.
         </span>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The China question
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Judging by the latest market rally, investors appear to believe that the war in the Middle East is all but over.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But many
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          economists
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Wall Street heavyweights
         </a>
         <span>
          remain concerned that economic blowback from the fighting is far from done. And the war may continue to strain important trading relations — including those between the U.S. and China.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
        </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">
                U.S. stock futures are roughly flat as the S&amp;P 500
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                flirts with a new record
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brent crude, the international benchmark for oil, was trading around $95 amid more choppy trading. West Texas Intermediate, the U.S. benchmark, was trading around $91.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump said that he viewed the war as “very close to over,” reiterating that Iran was eager to strike a peace deal. He separately said that new talks
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could take place
         </a>
         <span>
          in Pakistan over the next two days.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Javier Blas of Bloomberg Opinion calculates
         </a>
         <span>
          that Iran has made about $175 million a day from oil sales since the strikes began, up sharply from prewar levels, giving it a big financial cushion. Whether the blockade will soften Tehran’s stance at the negotiating table remains to be seen.
         </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 state of the Strait of Hormuz:
         </span>
         <span>
          U.S. Central Command said that the American blockade had completely stopped all commercial traffic to and from Iranian ports. (Confirmation from independent sources wasn’t immediately available.)
         </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 China looms as an X factor.
         </span>
         <span>
          The U.S. blockade is also weighing on major customers of Iranian oil — notably Beijing. The naval blockade will deprive China of an important source of crude, potentially forcing it to tap into strategic reserves.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Without mentioning the U.S. or Trump by name, China has declared the blockade “dangerous and irresponsible.” Its effect on broader U.S.-China relations will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          almost certainly be tested
         </a>
         <span>
          if Trump goes to Beijing next month to meet with Xi Jinping, the country’s top leader, as planned.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The Gulf is hemorrhaging money on canceled events
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Negotiations between the U.S. and Iran are bolstering markets, with hopes rising for an end to the war in the Persian Gulf. But the war continues to wreak havoc on business activity in the region, including the jampacked calendar of tech and finance conferences, Vivienne Walt reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The latest victim is LEAP, Saudi Arabia’s global tech conference, which was set to begin this week in Riyadh, the capital. It has been rescheduled for Aug. 31 — at least for now.
         </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 bigger concern for business and government leaders?
         </span>
         <span>
          How to sustain the Gulf’s soaring events economy now that the region’s image of peaceful stability has been shattered.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          A destination for dollars:
         </span>
         <span>
          LEAP (short for Leading Edge Advancement and Progress) has become an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investment bonanza
         </a>
         <span>
          for Saudi Arabia since it began in 2022. Attending companies inked some
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $14.9 billion
         </a>
         <span>
          in deals last year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          included a $1.5 billion Saudi partnership
         </a>
         <span>
          with Groq, the California artificial intelligence hardware company (not to be confused with Elon Musk’s Grok chatbot), to build out A.I. infrastructure in the kingdom. There were also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investments from
         </a>
         <span>
          Alibaba, Google and Qualcomm.
         </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">
          We’re postponing, not canceling.
         </span>
         <span>
          That’s the message from event organizers keen to portray the war as a temporary blip. But several conferences have effectively been canceled, in part because Western airlines have suspended flights to the region, and because events and individual travelers face huge insurance costs during wartime.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Token2049, a major global crypto conference that was scheduled to begin on April 29 in Dubai, United Arab Emirates,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has been rescheduled for next April
         </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">
          Entertainment and sports, other big sources of money, have also been affected.
         </span>
         <span>
          This weekend’s Formula 1 race on the Jeddah seafront was canceled, as was last weekend’s F1 fixture in Bahrain.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
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            <span style="text-align:center">
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                <td style="line-height:0;font-size:0">
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           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A tall, white rocket viewed from the ground under a blue sky with wispy clouds. " class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F15%252Fmultimedia%252F15DB-spacex-rocket-zftk%252F15DB-spacex-rocket-zftk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzYyNTU1MTkuOTA1MTM1NH0:1wCzCZ:f6nIWq8SBEHfn_w8w7VbNZ6hGf-EnYhC_eo8oEh54YU" 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">
              A SpaceX rocket on display in California.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Patrick T. Fallon/Agence France-Presse — Getty Images
             </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>
          Wall Street bends to Musk’s will
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As SpaceX, Elon Musk’s giant start-up, gears up for what could be the biggest I.P.O. in history, it is using its leverage to extract preferential treatment from Wall Street.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Musk has demanded that potential advisers on its I.P.O.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy subscriptions to Grok
         </a>
         <span>
          , the chatbot made by xAI, which is now part of SpaceX, The Times has reported. And the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          may allow insiders
         </a>
         <span>
          to sell shares on the first day of trading, instead of waiting out a typical 180-day lockup period.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now Musk is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          demanding changes to index fund rules
         </a>
         <span>
          to quickly open the gates for SpaceX. The move could bolster the company’s stock price and, some fear, hurt investors, Niko Gallogly reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Nasdaq goes all in.
         </span>
         <span>
          The exchange is in fierce competition with the N.Y.S.E. to land SpaceX’s listing. Under its current rules, SpaceX would be blocked from entering the coveted Nasdaq 100 index, which includes technology giants like Apple, Nvidia and Alphabet.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those rules
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          are changing
         </a>
         <span>
          , paving the way for SpaceX to quickly join the Nasdaq 100. Starting May 1, the index will:
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Eliminate its minimum equity requirements.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Previously, companies had to list at least 10 percent of their shares to be added to the Nasdaq 100. That rule would have most likely cut off SpaceX, which is expected to list about 5 percent of its shares.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Allow faster entry.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Newly
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                listed companies will now be able to enter the Nasdaq 100 after 15 days of trading, down from what’s typically a three-month waiting period.
               </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">
          Some market watchers are worried.
         </span>
         <span>
          Adding a company with a small market float to major indexes can bolster its stock price, because large index funds will be forced to buy from a constrained supply of shares. The new fast-entry rules will exacerbate that effect, according to Tyler Gellasch, who runs the Healthy Markets Association, a financial policy nonprofit group that calls for more market regulations.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The market won’t have time to assess “the true value of the company” before index funds snap up shares, he told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A Nasdaq spokesperson told DealBook: “We believe our latest enhancements will continue to ensure that the Nasdaq 100 index remains timely and representative of the market it measures.”
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          The stakes are high.
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          More than $1.4 trillion investor dollars are invested in exchange traded funds, mutual funds and other financial products tied to the Nasdaq 100. One of the largest E.T.F.s tracking the index,
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Invesco QQQ
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          , manages about $400 billion in assets.
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          Other indexes may follow suit.
         </span>
         <span>
          FTSE Russell is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          considering fast entry
         </a>
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          for large companies. So is
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          the S&amp;P 500.
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            <span>
             THE SPEED READ
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          Deals
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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">
                In law firm news: Kirkland &amp; Ellis is reportedly set to hire the head of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Wachtell, Lipton, Rosen &amp; Katz’s restructuring practice
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , and equity partners at Latham &amp; Watkins enjoyed a 21 percent jump in pay last year, to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                a record $8.7 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (FT)
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                Caterpillar is said to have
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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">
                acquired Monarch Tractor
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a struggling maker of self-driving electric tractors. (Bloomberg)
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          Politics, policy and regulation
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Treasury Secretary Scott Bessent
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                questioned the cause of climate change
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                and its economic costs, dismissing a broad scientific consensus. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “Trump’s Changes Lock Some Employers
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Out of H-1B Visa Program
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
               </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Disney announced job cuts —
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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">
                reportedly about 1,000 positions
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — as the company streamlines itself under its new C.E.O., Josh D’Amaro. (Hollywood Reporter)
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                “Is the
               </span>
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                office bar back
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ?” (FT)
               </span>
              </li>
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