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   DealBook: It isn’t just Tesla and Musk
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   Also, behind the $13 billion bet on taking Endeavor private.
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             April 3, 2024
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          Good morning. Today, we’re watching
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Disney’s annual meeting
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         <span style="font-style:italic">
          , which starts at 1 p.m. Eastern and is where Bob Iger and his board will seek to fend off a challenge by the investor Nelson Peltz. So far, the House of Mouse
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          appears to be winning
         </a>
         <span style="font-style:italic">
          — but an unusually high base of retail investors means that victory isn’t yet assured. (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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         <span style="font-style:italic">
          )
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            <img alt="Elon Musk, Tesla’s C.E.O., prepares to exit a Tesla automobile, dressed in a dark suit." class="css-1ytstr3" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2024%252F04%252F03%252Fmultimedia%252F03db-musk-hmqb%252F03db-musk-hmqb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTIxNDM4NDMuODU5NjN9:1rrypH:GQPbF7rEIrDS85L73CHtWkhGmI_y55gQYHG9QHtMnFU" 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">
             Elon Musk, Tesla’s C.E.O., had warned of tough times for the E.V. sector. The company’s results yesterday underscore the industry’s challenges.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Tingshu Wang/Reuters
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tesla’s woes prompt an E.V. reassessment
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street has sounded the alarm for weeks that the transition to electric vehicles may be stalling, despite billions in government subsidies and huge investments by auto giants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Tesla’s latest sales figures suggest that the pullback may be worse than thought — and beyond one company’s ability to fix.
         </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">
          Tesla’s numbers undershot forecasts.
         </span>
         <span>
          The car maker’s stock fell nearly 5 percent yesterday after it
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported
         </a>
         <span>
          deliveries of 387,000 cars worldwide in the first quarter — the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Evercore ISI estimate
         </a>
         <span>
          was 443,000 — in its first year-on-year quarterly decline since 2020.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That has contributed to a more than 30 percent decline in Tesla’s stock, which has made it one of the worst performers on the S&amp;P 500 this year.
         </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">
          Tesla had warned of “
         </span>
         <a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;font-weight:700;font-family:arial,sans-serif;color:#000">
          notably lower
         </a>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          ” growth this year.
         </span>
         <span>
          The company has faced setbacks including a suspected arson attack on its German gigafactory and shipping delays tied to the turmoil in the Red Sea. Meanwhile, high interest rates and the rise of cheaper Chinese E.V.s are sapping global demand and eating into Tesla’s once dominant market share.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Some Elon Musk critics — including Ross Gerber, an outspoken Tesla investor —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          laid the blame
         </a>
         <span>
          squarely on the company’s C.E.O., saying that his “toxic behavior” had “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          absolutely damaged the brand
         </a>
         <span>
          .” (Musk has said little about the Tesla numbers, except to call Gerber “ an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          idiot
         </a>
         <span>
          ,” and to note “it was a tough quarter” for all E.V. makers.)
         </span>
        </p>
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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">
          Musk isn’t wrong on that front.
         </span>
         <span>
          China’s BYD, which briefly dethroned Tesla as the world’s biggest E.V. maker, yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported sales
         </a>
         <span>
          of roughly 300,000 last quarter, a 13 percent gain from the same period earlier but a quarter-on-quarter dip. The Warren Buffett-backed carmaker has gained market share in Europe and Asia by appealing to more cost-conscious buyers, though it doesn’t sell cars in the U.S. because of tariffs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kia, Toyota and Volkswagen have reported better sales growth, though all are coming off smaller bases than Tesla or BYD.
         </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">
          Analysts are worried that E.V. demand may cool further
         </span>
         <span>
          . Government credits for car buyers in the U.S. and Europe have expired in recent months. And concerns about charging times and battery range are pushing some consumers to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pick hybrid-engine vehicles
         </a>
         <span>
          or
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stick with less expensive gasoline-powered
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         <span>
          ones.
         </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">
          Is it a blip?
         </span>
         <span>
          Over all, E.V. sales were flat in the fourth quarter of 2023, despite being up 40 percent year on year, “suggesting a sharp deterioration in growth,” Tom Narayan, an auto analyst at RBC Capital Markets, wrote to investors yesterday.
         </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
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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">
          President Biden talks trade, TikTok and more with China’s Xi Jinping.
         </span>
         <span>
          In a call yesterday, the two leaders
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          covered trade policies
         </a>
         <span>
          , the detainment of U.S. nationals and China’s support of Russia despite its full-scale invasion of Ukraine. The conversation precedes Treasury Secretary Janet Yellen’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          visit to Beijing this week
         </a>
         <span>
          , where she is expected to address China’s dominance over raw materials essential for E.V.s and solar panels.
         </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">
          Fed officials warn that they’re in no hurry to cut interest rates.
         </span>
         <span>
          Two voting members of the central bank’s rate-setting committee, Loretta Mester and Mary Daly, said that they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          saw three cuts
         </a>
         <span>
          as likely this year — but added that, with the economy growing, there’s no rush to do so. Investors this morning penciled in a 66 percent chance of a June cut, down slightly from the prior week.
         </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">
          Taiwan is rocked by its worst earthquake in decades.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          7.4-magnitude tremor
         </a>
         <span>
          , which struck shortly before 8 a.m. local time, occurred in the country’s east coast but could be felt in the capital, Taipei; at least nine are dead and hundreds are wounded.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          TSMC
         </a>
         <span>
          , the world’s biggest maker of advanced semiconductors, briefly evacuated some factory workers, amid worries about
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          potential harm
         </a>
         <span>
          to the country’s chip manufacturing sector.
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Can going private fix Endeavor’s problems?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          After years of complaining that public investors didn’t understand what they were building, Endeavor executives, led by the Hollywood superagent Ari Emanuel, are finally getting their wish: a breakup with Wall Street.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          taking Endeavor private
         </a>
         <span>
          — with the help of Silver Lake, its longtime financial partner — actually make help the company grow?
         </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">
          Endeavor was built on serial deal making.
         </span>
         <span>
          Emanuel and his team believed that their company could be not just be a talent agency, but an entertainment hub that supplied media companies with content (and the talent that created it) as well.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With the help of Silver Lake, which invested in Endeavor in 2012, Emanuel bought an array of assets: IMG, the sports- and fashion-focused talent agency, Professional Bull Riders; New York Fashion Week; and sports-betting technology.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The crowning achievement was buying Ultimate Fighting Championship and World Wrestling Entertainment, combining them into TKO Group, a publicly traded combat-sports company that Endeavor controls.
         </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 investors were unimpressed,
         </span>
         <span>
          with Endeavor often trading below its I.P.O. stock price.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Going private means that Emanuel and Silver Lake are freer to pursue their vision: “We are all in on working with the Endeavor team and our trusted anchor investors to create value by accelerating growth at scale,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Egon Durban
         </a>
         <span>
          , Silver Lake’s co-C.E.O., said of the deal announced yesterday, which values the company at $13 billion, including debt.
         </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 big question: Will Endeavor’s strategy make sense now?
         </span>
         <span>
          Profiting from content deals hasn’t always worked out.
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          TKO’s stock tumbled
         </a>
         <span>
          after W.W.E. scored a
         </span>
         <span style="font-style:italic">
          better
         </span>
         <span>
          rights agreement for its SmackDown franchise.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Endeavor and Silver Lake appear to be betting that they’ll benefit from giving their premium strategy more time to play out. They also believe that the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sum of Endeavor’s parts
         </a>
         <span>
          are greater than yesterday’s deal valuation.
         </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">
          Silver Lake has gotten rich from this kind of deal before.
         </span>
         <span>
          It
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          partnered with Michael Dell
         </a>
         <span>
          to buy out other investors in Dell, then a mostly unloved maker of personal computers. That deal was bitterly contested by the activist financier Carl Icahn, who accused the two of buying the computer maker
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on the cheap
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Dell Technologies eventually returned to the public markets — and Dell, Silver Lake and their partners are believed to have made a profit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          exceeding $40 billion
         </a>
         <span>
          .
         </span>
        </p>
        <table width="100%">
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           <td class="css-1ux4czy" style="padding-bottom:15px">
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The deal hurdles facing Paramount’s board
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Merger talks between Paramount, the media company that’s the home of the “Top Gun” franchise and Nickelodeon, and the studio Skydance are heating up, with the two discussing
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          entering into exclusive talks
         </a>
         <span>
          , DealBook’s Lauren Hirsch and The Times’s Benjamin Mullin report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Such a move would be a big step forward in a process dogged by uncertainty for months. But many questions, and obstacles, remain.
         </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 Paramount special board committee is under extra pressure to be fair.
         </span>
         <span>
          Shari Redstone controls Paramount via special shares held by National Amusements, her family’s holding company. Under the terms being discussed, Skydance would buy National Amusements and then combine with Paramount.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But virtually every time there’s a controlling shareholder, companies appoint a group of directors to ensure that any offer treats all investors fairly.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Given the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          shareholder litigation
         </a>
         <span>
          over the merger of Viacom and CBS that created Paramount, the special committee here has been especially cautious, DealBook hears. Some directors have expressed concern that a Skydance deal would benefit Redstone more than other shareholders.
         </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">
          Then there’s the question of cultural fit.
         </span>
         <span>
          Personality matches matter in any deal, but are especially pertinent when it comes to media companies that tend to have executives with outsize personas.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          How will that play out in the potential union of an old-school company like Paramount and Skydance, a much-younger studio led by
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          David Ellison
         </a>
         <span>
          , the son of the tech billionaire Larry Ellison?
         </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">
          Don’t forget that there are others interested in Paramount.
         </span>
         <span>
          They include the investment firm Apollo, which has offered $11 billion to buy Paramount’s movie studio, and the media mogul Byron Allen.
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          “I wanted to have you on a podcast, and Apple asked us not to do it.”
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          —
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Jon Stewart
         </a>
         <span style="font-style:italic">
          , a host of “The Daily Show.” On his most recent episode, he told his guest, the F.T.C. chair and aggressive antitrust enforcer Lina Khan, that when he had an Apple TV+ show, the tech giant urged him not to interview her.
         </span>
        </p>
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        <h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Behind Biden’s love-hate approach to corporate America
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Biden has taken aim at big companies in recent months on issues including rising prices, tax breaks and big mergers. But he has also introduced huge corporate subsidies via his climate and manufacturing laws, and presided over an enormous increase in oil production.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In short, he has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sought to walk a fine line
         </a>
         <span>
          between challenging corporate America and courting it to help carry out his policy goals, The Times’s Jim Tankersley writes. His re-election chances may depend in part on how well he manages that balance.
         </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">
          Democratic pollsters have encouraged Biden to hit big companies for political gain,
         </span>
         <span>
          particularly by emphasizing his plans to raise corporate taxes and call out companies for so-called shrinkflation and junk fees.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The hope is that those attacks will expose a vulnerability for Donald Trump, whose policies as president largely benefited companies — and who is currently
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          leading Biden in key battleground states
         </a>
         <span>
          , according to a new poll.
         </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">
          Biden has also sought counsel from C.E.O.s.
         </span>
         <span>
          He regularly asks their advice on issues including supply chains and worker training. Key initiatives like infrastructure improvements and increased domestic manufacturing rely on cooperation with the private sector.
         </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 corporate leaders buy his approach.
         </span>
         <span>
          C.E.O.s including Jamie Dimon of JPMorgan Chase and Ken Griffin of Citadel have criticized Biden’s economic policies, while oil and gas executives have denounced an administration pause on the permitting of new liquefied natural gas export terminals.
         </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">
          Some may favor the likely chaos of a potential Trump return.
         </span>
         <span>
          “You can look at a Trump administration with a lot more uncertainty, but directionally, the regulatory effort was moving to lighten the regulatory costs,” Neil Bradley, the chief policy officer at the U.S. Chamber of Commerce, told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While the Biden administration has been clear about what regulations will look like, they’ll still be onerous, Bradley added. “And so, interestingly, there’s a lot of people saying, ‘The chaos is better,’” he said.
         </span>
        </p>
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             <span>
              THE SPEED READ
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          Deals
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Shares in the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                power business GE Vernova
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                began trading yesterday, completing the breakup of General Electric. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Hunterbrook Capital
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , a hedge fund that is funding a media operation to produce investigations it can trade on, has raised $100 million. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Yahoo is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                buying the technology behind Artifact
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                , the artificial intelligence news start-up founded by co-founders of Instagram. (The Verge)
               </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">
          Policy
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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-size:17px;line-height:25px;vertical-align:middle">
                Meet Don Hankey, the California billionaire who is
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                covering the $175 million bond
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                in the civil fraud judgment against Donald Trump. (WaPo)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                “The Supreme Court May Give Us
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Another 2008 Financial Crisis
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                ” (The Lever)
               </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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-9m6grc" 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">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
                Office vacancies in the U.S.
               </a>
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                rose to a record 19.8 percent in the first quarter, according to Moody’s, as the commercial real estate sector remains under pressure. (Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font-size:17px;line-height:25px;vertical-align:middle">
                Ratings for Monday night’s women’s college basketball matchup between the University of Iowa, featuring the phenom Caitlin Clark, and L.S.U.
               </span>
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