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   DealBook: Kalshi is worth $22 billion
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   Also, Anthropic says it needs more compute
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             May 7, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          DealBook’s Michael de la Merced has the scoop on Kalshi raising another $1 billion. We’ve got a deep dive on a fascinating deal between Anthropic and SpaceX. And we take a look at the accusations of an insider trading scheme that has many in Big Law chattering. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Travelers in a New York City subway car are sitting down. A brightly lit screen advertising Kalshi is in the background." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F07%252Fmultimedia%252F07db-subway-lhkm%252F07db-subway-lhkm-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgxNTU5NjUuNTQ5NjA2Nn0:1wKxav:Wp7GeTNsM39XWRSQJ9RRM0kt_bwmID5H9_jUwyH6WJw" 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">
             Kalshi, a prediction market platform, just raised a new funding round as it continues to grow rapidly.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Karsten Moran 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>
          Kalshi raises another $1 billion
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Prediction markets have been on a tear, drawing millions of users who bet on sports, TV shows, weather forecasts and more.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That growth has helped one of the biggest platforms, Kalshi, raise a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          huge new round of funding
         </a>
         <span>
          as it courts bigger institutional users, Michael de la Merced 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">
          Kalshi has raised $1 billion at a $22 billion valuation,
         </span>
         <span>
          the company expects to announce today. The round was led by Coatue Management, an investment firm. Other investors included Sequoia Capital, Andreessen Horowitz, IVP, Paradigm, Morgan Stanley and ARK Invest.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The valuation is double what Kalshi was worth in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          December fund-raising round
         </a>
         <span>
          , which more than doubled the valuation in
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an October round
         </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">
          Just how fast is Kalshi growing?
         </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">
                The company said its annualized trading volume had hit $178 billion, more than tripling over the last six months.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The company’s annualized revenue is now more than $1.5 billion.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                It has two million monthly users.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Literally, outside of A.I., you don’t see anything growing like that,” Lucas Swisher, Coatue’s co-lead of growth investing, told DealBook.
         </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">
          Kalshi has its eye on drawing institutional users,
         </span>
         <span>
          including brokerages and hedge funds. Those bigger users would bring more liquidity to Kalshi’s trading, which Tarek Mansour, the company’s co-founder and C.E.O., said would make the pricing of its bets more accurate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Last week, the company executed its
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          first custom block trade
         </a>
         <span>
          , a large transaction negotiated off a public market between institutions. Kalshi said that trading volume on its platform from institutional investors grew 800 percent over the last six months.
         </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">
          Other prediction markets have their eye on the same market.
         </span>
         <span>
          Polymarket, Kalshi’s chief rival, raised capital
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          from the Intercontinental Exchange
         </a>
         <span>
          , the parent of the New York Stock Exchange, in October. (That said, Polymarket is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          struggling
         </a>
         <span>
          to get its U.S.-regulated platform going, according to The Information.)
         </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">
          Do the sector’s legal concerns threaten that goal?
         </span>
         <span>
          A reminder of what’s happening:
         </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">
                Several states have accused Kalshi of skirting their laws on sports betting.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The platforms have faced outrage over allegations of insider trading in their markets, particularly in instances
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                involving military operations
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
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        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Mansour noted a recent win: A federal judge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          permanently blocked Arizona
         </a>
         <span>
          from prosecuting the company for what state officials said were violations of state gambling laws.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And Swisher pointed to the company’s announcement of enforcement actions against insider trading. “Institutions want to work with a regulated entity that follows the rules and cares about insider trading,” he said.
         </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">
          Markets gain even as Washington and Tehran send mixed messages.
         </span>
         <span>
          Brent crude, the international benchmark for oil, dipped to around $98 and S&amp;P 500 futures edged higher today despite
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no clear progress toward ending the war
         </a>
         <span>
          in Iran. New data from the New York Fed shows that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lower-income Americans
         </a>
         <span>
          have been especially affected by a surge in gasoline prices. President Trump’s advisers are on edge
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          about the soaring cost of jet fuel
         </a>
         <span>
          , according to The Wall Street Journal.
         </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">
          Elon Musk’s romantic partner, a former OpenAI board member, testifies.
         </span>
         <span>
          In the trial over Musk’s lawsuit against the artificial intelligence giant,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Shivon Zilis
         </a>
         <span>
          , the mother of four of his children and a former member of OpenAI’s board, faced questions over her funneling of insider information to him. Among the evidence introduced: text messages between Zilis and Musk about whether she should stay close to OpenAI even as he sought to poach employees.
         </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">
          Apollo Global Management’s C.E.O. warns of economic fallout for private capital.
         </span>
         <span>
          Marc Rowan
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          privately told investors recently
         </a>
         <span>
          that he was shoring up the balance sheet of the firm’s in-house insurance business and selling its riskier debt investments, according to The Financial Times. Rowan also cautioned of “contagion risk” at rival insurers if the economy contracts. Separately, Blue Owl Capital, the beleaguered private credit firm, said yesterday that it had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cut dividend payments
         </a>
         <span>
          for two of its publicly traded funds.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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            <div style="width:100%;text-align:center;line-height:0">
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           </td>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          What’s driving Anthropic’s deal with SpaceX
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Anthropic has reached
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a deal with Elon Musk’s company SpaceX
         </a>
         <span>
          to access vast reserves of computing power.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The unlikely partnership between two artificial intelligence rivals underscores Anthropic’s growing need for computing firepower amid
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          concerns in Silicon Valley and Washington
         </a>
         <span>
          that it’s running out of this vital resource, Niko Gallogly writes.
         </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 context:
         </span>
         <span>
          Dario Amodei, Anthropic’s C.E.O., told Andrew at the DealBook Summit in December that his job required managing the “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cone of uncertainty
         </a>
         <span>
          ” around how much to prudently spend on what the industry calls “compute.” He also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          needled competitors
         </a>
         <span>
          — read: OpenAI — for what he described as “YOLO” spending on compute.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But as demand for the Anthropic model Claude
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has skyrocketed
         </a>
         <span>
          — and interest in its Mythos model grows — Amodei has now found himself in deal mode.
         </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">
          Anthropic has been engaged in “deal-making jiujitsu,
         </span>
         <span>
          ” Matt Murphy, a partner at Menlo Ventures, which is an investor in Anthropic, told DealBook. They’ve “scratched and scraped together” different partnerships to access compute, Murphy said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In the last month Anthropic announced:
         </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">
                A
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                $100 billion deal
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Amazon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to secure up to five gigawatts of compute.
               </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">
                (A single gigawatt can provide enough electricity for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                more than 300,000 homes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .)
               </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">
                Amazon, an early Anthropic backer, recently said it would invest up to $25 billion more in the A.I. company.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                deal worth up to $200 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for another five gigawatts from
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Google
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , The Information reported on Tuesday. It’s part of a partnership that was announced last month, in which Google committed to invest up to $40 billion in Anthropic.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                SpaceX
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                deal will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                unlock another 300 megawatts
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </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">
          Anthropic wants to keep its breakneck growth rate.
         </span>
         <span>
          Amodei said yesterday that revenue and usage
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          grew 80 times in the first quarter
         </a>
         <span>
          , far outstripping its forecast of 10 times growth.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But he added that the expansion has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          strained its compute resources
         </a>
         <span>
          , frustrating customers.
         </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">
          Enter Musk:
         </span>
         <span>
          The billionaire, who is focused on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growing SpaceX’s xAI business
         </a>
         <span>
          and has frequently criticized Anthropic, said he agreed to the deal after meeting with Anthropic’s team last week. “No one set off my evil detector,” Musk
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote on X
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          What the deal says about Musk’s ability to monetize xAI is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          another big question
         </a>
         <span>
          ahead of SpaceX’s planned I.P.O.
         </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">
                Speaking of SpaceX: The American Federation of Teachers, a prominent labor union,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                urged the S.E.C.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday to closely scrutinize the I.P.O. Among its concerns are SpaceX’s accounting and leadership practices and that it probably qualifies for “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                fast entry
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” into the Nasdaq 100, meaning that any stumbles in its stock could hit union members’ retirement funds.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         CHART OF THE DAY
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Tracking a historic profit boom
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The war in Iran may or may not be ending, energy prices have spiked, and consumer sentiment has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hit a new low
         </a>
         <span>
          , yet the stock market keeps
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          rallying to record highs
         </a>
         <span>
          . What explains such investor exuberance?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One answer is that companies continue to deliver historically high profit margins, Christine Zhang reports. The blended net profit margin for the S&amp;P 500 — net income as a percentage of total revenue — is estimated to be 14.7 percent in the first quarter of 2026, according to data from FactSet.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That would smash the previous record of 13.2 percent, set in the fourth quarter of 2025. FactSet’s current estimate encompasses reported earnings from about two-thirds of S&amp;P 500 companies as well as analysts’ estimates for the companies that have not yet reported first-quarter earnings.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="A bar chart showing quarterly blended net profit margins for the S&amp;P 500 from 2009 through the end of 2026. The 2026 figures, which are estimates, show the net profit margin reaching historical highs this year." class="css-xsf469" height="390" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F05%252F01%252Fbusiness%252FoakImage-1777651268351%252FoakImage-1777651268351-jumbo-v4.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzgxNTU5NjUuNTUwMDI4fQ:1wKxav:pyb9R3-G5Nae5TCV4nOivv6905867g2rV00t4agJ-Fo" 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">
              Source: FactSet.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Christine Zhang/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td height="10">
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           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The insider trading ring inside top law firms
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Flights,” “rabbi” and “learning.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Those were among the code words used by a ring of lawyers at elite corporate law firms who passed around tips on multibillion-dollar M.&amp;A. transactions over the last decade, according to charges against the group in court filings unsealed yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The defendants worked at firms that included Wachtell, Lipton, Rosen &amp; Katz and Latham &amp; Watkins. Government lawyers said the scheme netted millions of dollars in gains.
         </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">
          Thirty people were charged,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to the indictments
         </a>
         <span>
          by the U.S. attorney’s office in Boston. Among them were Nicolo Nourafchan, a Yale Law School graduate who had worked at Latham and Goodwin &amp; Procter, and Robert Yadgarov, a college classmate.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nourafchan and Yadgarov were accused of recruiting lawyers to funnel information about deals their firms were working on. The participants in the scheme didn’t necessarily work on the deals: Some of the information came from spying on drafts in the firms’ document management systems in preview or read-only mode.
         </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 transactions involved:
         </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">
                Burger King’s $11 billion deal for Tim Horton’s
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Johnson &amp; Johnson’s $6.5 billion takeover of Momenta Pharmaceuticals
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Thoma Bravo’s $6.9 billion acquisition of SailPoint Technologies
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Amazon’s $1.7 billion purchase of iRobot
               </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">
          How it worked:
         </span>
         <span>
          Participants in the scheme, government lawyers wrote, used burner phones and met secretly in places like bookstores.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          They also used code words to mask their discussions. Here’s how a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          related S.E.C. lawsuit
         </a>
         <span>
          against many of the same defendants
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          described one exchange
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          On June 17, 2022, Simon Fensterszaub messaged Hatanian: “I am running around on errands today. I hope to find out today when the Rabbi’s surgery is going to take place[.]” “Rabbi’s surgery” was a coded reference to the announcement of the Amazon-iRobot transaction. Hatanian responded: “ok please let me know - I am praying!”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          And here’s how two defendants discussed the SailPoint transaction being announced earlier than expected, according to the complaint:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Simon Fensterszaub responded: “We just arrived at the airport to watch the plane takeoff[.] | Too little too late[.]” Silverstein replied: “Seriously. What a waste[.]” Simon Fensterszaub shared Silverstein’s frustration with missing an opportunity to profit from their advance knowledge of the acquisition: “So basically nobody got in | This sucks!”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What some of the affected law firms said,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to Bloomberg
         </a>
         <span>
          :
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
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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">
                Wachtell: “There are no allegations of wrongdoing against the firm. Wachtell Lipton has cooperated fully with the U.S. attorney’s office and will continue to do so.”
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Latham: “The former associate charged today has not been associated with our firm for five years, and the conduct as alleged would reflect a serious violation of our robust policies and procedures.”
               </span>
              </li>
             </ul>
            </td>
           </tr>
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </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">
          Deals
         </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">
                Ryan Cohen’s bid to have GameStop buy eBay continues 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">
                puzzle and divide Wall Street
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . The latest twist: Cohen said eBay
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                shut down his user account
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after an apparent attempt to promote his offer. (NYT, Bloomberg)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hedge funds just tallied their
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                best month since 2020
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , bolstered by a blistering tech stock rally. (FT)
               </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">
          Politics, policy and regulation
         </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">
                “Wall Street went to war with crypto.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                It’s losing.
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Politico)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Importers say they’ve
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                started receiving refunds
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from the $166 billion in tariffs that the Trump administration collected and the Supreme Court ruled were unlawful. (Bloomberg)
               </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-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">
                JPMorgan Chase
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                offered $1 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to settle sexual harassment and discrimination claims by a former investment banker that have become the talk of Wall Street. (NYT)
               </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:normal 17px/25px georgia,serif;vertical-align:middle">
                Tributes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                continue
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to pour in for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Ted Turner
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a media mogul, philanthropist and land baron, who died yesterday at 87. (NYT, @ptj_official)
               </span>
              </li>
             </ul>
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             Andrew Ross Sorkin
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