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   DealBook: Mark Cuban vs. California’s wealth tax
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             August 17, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          The president of OpenAI,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Greg Brockman
         </span>
         <span>
          , is expected to publish an essay today about the increasing cybersecurity threats that artificial intelligence presents, describing a tipping point that may be underappreciated.
         </span>
        </p>
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         <span>
          He says that OpenAI is improving its cyberdefenses as models get smarter and more dangerous, and he offers advice to others: “Over the coming months, every organization will need to begin significantly automating its security program to stay secure.”
         </span>
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          Keep an eye out for it later this morning. More below. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Mark Cuban, the investor and entrepreneur, is seen in profile." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F17%252Fmultimedia%252F17db-cuban-zplh%252F17db-cuban-zplh-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY5Njk3MzQuNzMxMjI1M30:1wvwSU:-5yvNmEgJZYSiyOTboFNsvQbJAdzUuCcQygeDp4i5BI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Mark Cuban, the investor and entrepreneur, has expressed his concerns that California’s wealth tax proposal could chill the state’s start-up culture.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Julia Demaree Nikhinson/Associated Press
             </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Cuban vs. Khanna on the wealth tax
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          California’s wealth tax proposal has become an expensive
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          and closely watched political fight
         </a>
         <span>
          , as the issue of economic disparity looks set to dominate midterm elections in November and beyond.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, more tech heavyweights have weighed in amid concern that Proposition 40 — which would impose a one-time 5 percent tax on California billionaires — could upend the state’s start-up ecosystem.
         </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>
         <span>
          On Saturday,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Representative
         </span>
         <span>
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ro Khanna
         </span>
         <span>
          , a Democrat who represents parts of Silicon Valley,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          posted on X
         </a>
         <span>
          that the measure was gaining traction.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “California voters want a Democratic Party that will stand up for the working class over the billionaire class,” Khanna said, adding that the proposal has the backing of Senator
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bernie Sanders
         </span>
         <span>
          , independent of Vermont, and California labor groups.
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The California Democratic Party supports the tax measure, but the effort has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                drawn opposition
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                from figures like state’s the governor,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Gavin Newsom
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Still, Khanna wants 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">
                see a national tax on billionaires
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , he said last week at a Democratic National Convention meeting in Texas. (While he’s against Proposition 40, Newsom has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                called for a national wealth tax
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , too.)
               </span>
              </li>
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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">
          The backlash was swift. Mark Cuban
         </span>
         <span>
          , the prominent entrepreneur and investor, warned Khanna that the California proposal would sock entrepreneurs who raise billions for their start-ups.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Cuban
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wrote on X
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          How are you going to tax them ? Make them borrow money against their shares, if they can? They just raised money to grow their company and a bank will come along and loan them money ? A company that has been in business maybe less than a year ?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          “IMO, if this passes, only idiot startup founders stay in Cali,” Cuban added.
         </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 debate continued.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Khanna responded
         </a>
         <span>
          that state assistance would let founders pledge shares with a loan (of perhaps 10 years) from the government to pay tax, paid back in cash or in equity.
         </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">
          Palmer Luckey
         </span>
         <span>
          , a founder of the start-up Anduril and a supporter of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          responded on X
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Great, so founders would have 10 years to speedrun their way to a giant pile or cash and forced to surrender their company to the government if they can’t do it fast enough.
         </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">
          The fight over Prop 40 is drawing more money.
         </span>
         <span>
          Building a Better California, a coalition backed by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Sergey Brin
         </span>
         <span>
          , a Google founder,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donated $5 million
         </a>
         <span>
          to oppose the measure.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Other California billionaires have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          donated nearly $40 million
         </a>
         <span>
          to the campaign to defeat the measure as well, according to The Financial Times, including
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          John Doerr
         </span>
         <span>
          of Kleiner Perkins, a venture capital firm;
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Chris Larsen
         </span>
         <span>
          of Ripple; and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Neil Mehta
         </span>
         <span>
          of Greenoaks Capital.
         </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>
          </td>
         </tbody>
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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">
          Stripe reportedly reaches a deal for OpenRouter.
         </span>
         <span>
          Stripe, the big payment processor, agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pay more than $7 billion
         </a>
         <span>
          for OpenRouter, which
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          runs a marketplace
         </a>
         <span>
          for artificial intelligence models, Bloomberg reports, citing unnamed sources. The acquisition would give Stripe a bigger presence in A.I. and reflects interest in helping companies limit their spending on the technology.
         </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 Trump family’s crypto business moves closer to the banking world.
         </span>
         <span>
          The company, World Liberty Financial, said on Friday that the Office of the Comptroller of the Currency had granted a subsidiary, World Liberty Trust, preliminary conditional approval to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          operate as a chartered national trust bank
         </a>
         <span>
          . The effort underscores the Trump family’s ties to the cryptocurrency industry, which have weighed on national legislation to regulate the 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">
          The Fed and retailers’ earnings are in focus this week.
         </span>
         <span>
          The health of the consumer will be a big discussion point in earnings reports, including from Home Depot tomorrow; TJX, Lowe’s and Target on Wednesday; and Walmart on Thursday. Investors will also closely scrutinize the minutes from the last policy meeting, which are set for release on Wednesday.
         </span>
        </p>
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            <img alt="Mark Walter, the owner of the Los Angeles Dodgers, is seen walking on the field, wearing a team jacket." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F08%252F17%252Fmultimedia%252F17db-walter-bcmk%252F17db-walter-bcmk-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY5Njk3MzQuNzMxNjgxNn0:1wvwSU:Sij6u-E5pxAlfYDfH6rjL5Hw44-4FGBE76fYIvtLkss" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Mark Walter, the financier and owner of the L.A. Dodgers, in March.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jayne Kamin-Oncea/Imagn Images, via Imagn Images Via Reuters Connect
             </span>
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          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The spotlight on Mark Walter’s businesses grows
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The sports world is still reeling over the $12.5 billion that
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Josh Kushner
         </span>
         <span>
          , the venture capitalist, and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bob Iger
         </span>
         <span>
          , the former Disney C.E.O., agreed to pay to buy the L.A. Lakers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But Wall Street is increasingly taking note of the seller:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Walter
         </span>
         <span>
          , the financier who bought control of the N.B.A. franchise just over a year ago.
         </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">
          Federal prosecutors are reportedly examining several Walter-linked businesses,
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to The Wall Street Journal
         </a>
         <span>
          , which cited unnamed sources. They include Bradford Allen, a real-estate broker, and Hudson Trading, a Chicago financial firm.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The authorities are investigating whether Walter or his companies committed fraud by failing to disclose connections between insurers that the financier controlled and other businesses of his. Proceeds from the loans passed through the entities that prosecutors are examining, The Journal added.
         </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 inquiry could have wider repercussions,
         </span>
         <span>
          particularly for the trillion-dollar private credit industry, which has largely copied Walter’s strategy of using insurers’ cash hoards to bet on alternative assets,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          according to The Financial Times
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The private capital industry is worried that a scandal engulfing Walter’s insurers could fuel doubts about how trillions of dollars of US retirement funds are being managed by private capital groups, spoiling the party.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          While the issues at Walter’s insurers could unfold over many months, one top insurance adviser said their new disclosures pose longer-term risks over their capital position.
         </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">
          Separately, the sports industry is still unpacking the repercussions of the Lakers sale,
         </span>
         <span>
          and the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increasingly escalating valuations of sports teams
         </a>
         <span>
          .
         </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">
                “I am absolutely convinced that we have not reached anything close to a ceiling,”
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Irwin Kishner
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a chair of the sports law division at the law firm Herrick, told The Times.
               </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">
                Mark Cuban
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who previously owned the Dallas Mavericks, added that soon, “One individual writing a check for a team will be rare.”
               </span>
              </li>
             </ul>
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          </tbody>
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            <img alt="" class="css-mcckse" height="63" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-glasses-pixels%252Fdealbook-icon-glasses-pixels-jumbo-v11.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODY5Njk3MzQuNzMyMTQ0fQ:1wvwSU:fSwj2sMFm0vubA8o3Bt5w_4Jyh2KBVCvHwF3FMn5iMM" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Meet OpenAI’s new revenue chief
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The departure of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Denise Dresser
         </span>
         <span>
          as OpenAI’s chief revenue officer after just eight months on the job added to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          flurry of executive exits
         </a>
         <span>
          at the artificial intelligence giant.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But it’s worth paying attention to her replacement,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Dali Rajic
         </span>
         <span>
          , whose experience and technical expertise could be key as OpenAI prepares to go public as soon as next year, Sri Muppidi 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">
          Who is Rajic?
         </span>
         <span>
          He was most recently the president and chief operating officer of Wiz, the cybersecurity company that Google bought in a $32 billion acquisition that closed this year.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Before Wiz, Dali was a top executive at Zscaler, a publicly traded cloud security company. He was also the chief customer and revenue officer at AppDynamics, a software analytics company that Cisco bought for $3.7 billion in 2017.
         </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">
          Rajic is methodical about go-to-market planning,
         </span>
         <span>
          say people who have worked with him. He tracks in-depth data about sales to ensure that a company hits its quarterly goals.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That could help OpenAI demonstrate a predictable revenue stream to prospective I.P.O. investors.
         </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">
          He brings a similar technical approach to hiring salespeople.
         </span>
         <span>
          “Dali was able to recruit like a scientist,” Shardul Shah, a partner at Index Ventures who led the firm’s investment in Wiz, 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">
          Rajic’s also an expert in selling to business customers,
         </span>
         <span>
          a key focus of OpenAI as it seeks to catch up with Anthropic on enterprise sales.
         </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">
                OpenAI has now
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                topped $40 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in annualized revenue, according to Bloomberg. The company’s C.F.O.,
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sarah Friar
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , told investors on Friday that most of its sales now come from business customers, according to a person with knowledge of the matter, who was not authorized to discuss it publicly. At the start of 2026, a majority of OpenAI’s revenue came from its consumer business.
               </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">
                Anthropic said
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in May that its annualized revenue
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                surpassed $47 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . It generated more than $11.5 billion in revenue in its second quarter, up from $787 million a year prior,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bloomberg reported
               </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">
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          DealBook has learned. Brockman, the company’s president, has taken charge of commercial functions — including sales, partnerships and advertising — since
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          Fidji Simo
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          stepped down as a full-time executive.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          Brockman has been hiring executives like Rajic who are aligned with his metrics-driven approach.
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             THE SPEED READ
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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">
                Higgsfield, an artificial intelligence start-up, has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $400 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at a $5.4 billion valuation in a round led by DST Global. A Goldman Sachs fund and Intel’s venture capital fund also participated. (Higgsfield)
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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 trading firm Jane Street reportedly
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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">
                lost about $15 billion last month
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                amid market volatility and its exposure to Situational Awareness, the A.I.-focused hedge fund founded by
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Leopold Aschenbrenner
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                President Trump
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                has gutted much of the Biden administration’s clean energy agenda, except for reportedly a roughly
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                $600 billion chunk of it
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                . (Politico)
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                Jamie Dimon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of JPMorgan Chase reportedly warned
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                John Healey
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Britain’s new chancellor of the Exchequer, that
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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">
                higher taxes on banks
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                risked job losses in the sector. (FT)
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          Best of the rest
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                Alex Cooper
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                , the star podcaster, is reportedly
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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">
                switching talent agencies
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to C.A.A. from United Talent Agency amid a shake-up in her business empire. (Bloomberg)
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                “
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                How Ralph Lauren won the work wear wars
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as America returned to the office” (FT)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Tommy John
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who notched 288 wins as a pitcher but is better known for the surgery that saved careers,
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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">
                has died
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . He was 83. (NYT)
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