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   DealBook: Musk gets a nudge from Mudge
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   Also, Powell’s pain trade
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             August 29, 2022
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                  Calling on Mudge?
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             A new main character in Elon vs. Twitter?
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             Last week, Twitter’s former security chief, Peiter Zatko, leveled serious allegations that Twitter
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              had misled the public
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             about its security practices. Twitter executives
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              strongly reject
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             the claims. But it’s becoming increasingly likely that Zatko’s accusations will take center stage in Elon Musk’s legal battle to extricate himself from buying Twitter, as
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              Musk’s legal team foreshadowed
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             late last week.
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             Still, it’s not clear how the whistle-blower campaign by Zatko, who goes by the nickname Mudge in the security community, might dovetail with Musk’s legal strategy to undo the $44 billion buyout. (A spokesman at Whistleblower Aid, a nonprofit group that is working with Zatko, did not respond to a request for comment.)
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Musk and Mudge both accused Twitter of fraud,
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             but their allegations are not identical. Musk says Twitter’s public disclosures about spam — which he says he relied upon before he agreed to purchase the company — were misleading. Zatko, who was little known outside the hacker community until last week, has accused Twitter of years of “material misrepresentation and omissions” about the security and privacy protections built into its platform.
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              Musk can’t simply tweak his current case to incorporate Zatko’s allegations.
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             He needs the court’s permission — something that the presiding judge, Kathaleen McCormick of the Delaware Court of Chancery, may be reluctant to do, given that the October trial is right around the corner.
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              Musk may opt to bring a new federal securities fraud lawsuit against Twitter,
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             arguing that, under
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              federal law governing the sale of securities,
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             he has the right to walk away from the deal because he was defrauded. The terms of Musk’s Twitter deal require that all regulatory disclosures since January 2022, including the 2021 annual report, be accurate; Musk could argue that Zatko’s concerns should have been disclosed in that report. A possible supporting factor: Zatko’s complaint reads like a securities lawsuit, with a strong focus on how the company purportedly misled investors.
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              Musk’s lawyer offered a possible road map.
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             At a hearing last week, Musk’s lawyer, Alex Spiro, signaled to the judge that Twitter’s 2021 annual report was filed in February days after Zatko says he
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              wrote to company executives outlining his concerns
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             . Twitter would likely counter that, had Musk done his own due diligence, he would have seen any documents sent to the board.
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              It would be a risky strategy.
             </span>
             Musk would be trying to prove fraud in a federal court, where the bar is higher than his current fraud claim in Delaware. What’s more, he would risk upsetting a court that is playing an increasingly important role in his future: Bringing a new federal suit effectively undercuts the Delaware court’s raison d’être of overseeing corporate deals. Musk has three other cases pending in Delaware courts, including a coming trial before Judge McCormick on his Tesla compensation package.
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              Investors step up wagers against the euro.
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             Bets that the currency has further to fall reached
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              their highest level since March of 2020
             </a>
             . The culprit: sharply rising energy costs in Europe. There are positive signs for the continent, however. Germany said it’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              ahead of schedule
             </a>
             in stocking up on natural gas inventory for the winter.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Abbott will restart production of its Similac baby formula.
             </span>
             The
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reopening of a Michigan plant
             </a>
             that had been shut in February over contamination concerns is meant to ease a U.S. shortage of baby formula. But Abbott warned that there could be production stops and starts “from time to time.”
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Air travel disruptions will persist through the winter.
             </span>
             Airlines and airports plan to keep
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cutting flight schedules
             </a>
             and keeping passenger caps as they continue to struggle with a surge in travel and a shortage of workers. Some airlines predict the turmoil could extend to next summer.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Boeing seeks to regain lost ground with NASA’s latest launch.
             </span>
             The aerospace giant is the biggest contractor for the U.S. space agency’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              new mission to the moon
             </a>
             , set to take off this morning. At stake for Boeing is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              re-establishing its space prowess
             </a>
             as it faces competition from the likes of SpaceX.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The Powell “pain” trade goes global
            </h2>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The Fed chair Jay Powell on Friday said that he and his fellow central bank policymakers were determined to bring down inflation even if it led to “some pain” for households, businesses and investors. The comments were the clearest sign yet from Powell that the Fed plans to continue raising interest rates for the foreseeable future.
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              Powell’s words roiled global markets.
             </span>
             The S&amp;P 500 fell nearly 3.5 percent on Friday, its worst one-day showing since June, and seemingly ended the summer rally that pushed stocks up nearly 20 percent in two months. Meanwhile, Asian and European stock markets were a blur of red today; U.S. equities point to a weak open, too.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Bond markets were also volatile. Investors continued to dump bonds: The yield on the two-year Treasury note hit a 15-year high today on fears that the economy will slow further.
            </p>
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Some see more pain ahead, perhaps for good reason.
             </span>
             Three things to consider:
            </p>
           </td>
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              <span style="font-size:17px;line-height:25px">
               The U.S. payrolls report on Friday is likely to show that hiring slowed in August.
              </span>
             </li>
             <li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
              <span style="font-size:17px;line-height:25px">
               September is historically the worst month for markets, adding to investors’ jitters.
              </span>
             </li>
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              <span style="font-size:17px;line-height:25px">
               The Fed is expected to raise interest rates to their highest level since 2008 at the next scheduled meeting of its board of governors, in a few weeks.
              </span>
             </li>
            </ul>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             “It’s a challenging few weeks ahead,” Lee Ferridge of State Street Global Markets
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              told The Times’s Joe Rennison
             </a>
             . “The Fed has talked about causing pain, and now markets have to react.”
            </p>
           </td>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             A big foe for a new data privacy bill
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             House Speaker Nancy Pelosi is caught in a showdown between her home state, California, and Washington colleagues pushing for a sweeping data privacy legislation. The bill, the American Data Privacy and Protection Act, received overwhelming support in a bipartisan committee on a vote of 52 to 3 last month and is now awaiting a House vote.
            </p>
           </td>
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        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              The pressure for lawmakers to act fast intensified last week
             </span>
             following allegations by Twitter’s former security chief, Peiter Zatko, that the social media company misled federal regulators about its security vulnerabilities. Representative Jan Schakowsky, Democrat of Illinois, a co-author of the data privacy bill, told DealBook that she was “redoubling” efforts on the measure after Zatko’s “troubling” revelations: “More than anything, it shows that Americans, no matter where they live, need fundamental privacy protections online,” she said in a statement. “The status quo has once again failed American consumers.” Adding to the momentum: Zatko is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              scheduled to testify
             </a>
             on Sept. 13 before the Senate Judiciary Committee.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             And a coalition of 48 groups made up of civil rights, privacy, and consumer advocates on Thursday sent
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a letter
             </a>
             to Pelosi urging her to move “expeditiously,” arguing that the federal bill will “for the first time, create real and lasting protections for the personal data of hundreds of millions of consumers” by addressing algorithmic bias, data collection and correction, targeted youth marketing, and more.
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              But the bill is facing pushback from California lawmakers.
             </span>
             The measure, which allows consumers to sue to have misinformation about them corrected, addresses concerns that have come up since the European Union’s G.D.P.R. went into effect in 2018, such as the mental health crisis among teens driven partly by social media, a senior staff member for Schakowsky told DealBook. It has “more teeth,” than existing measures, he contends. California officials do not agree.
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             The California Data Privacy Protection Agency protested this month that the bill, which it says is inferior to its own data protection law, will actually harm consumers. Similar complaints have come from
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Gov. Gavin Newsom
             </a>
             and other
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              California lawmakers
             </a>
             who worry the federal bill comes up short on data protection.
            </p>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Data brokers are also opposed to the bill.
             </span>
             A new Politico investigation found that
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
             </span>
             five prominent data brokers facing new limits under the federal bill collectively
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              increased their lobbying spending
             </a>
             as House lawmakers reached their bipartisan
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              compromise on data privacy
             </a>
             .
            </p>
           </td>
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       </div>
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           </td>
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        </table>
       </div>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             “I don’t like to take attendance or babysit, but managers should know where their people are.”
            </h2>
           </td>
          </tr>
         </tbody>
        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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           <td align="left">
            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-style:italic;font-size:inherit">
              — Colleen McCreary, chief people officer at Credit Karma, on the hope that
             </span>
             <span style="font-style:italic;font-size:inherit">
              <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
               workers will finally return to the office
              </a>
             </span>
             <span style="font-style:italic;font-size:inherit">
              this fall.
             </span>
            </p>
           </td>
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        </table>
       </div>
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             What’s ahead for Carlyle?
            </h2>
           </td>
          </tr>
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        </table>
       </div>
       <div style="margin:0 auto;max-width:600px;width:100%">
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             The sudden exit this month of the Carlyle Group’s C.E.O., Kewsong Lee, surprised many on Wall Street. The private equity giant’s founders had handpicked the 58-year-old Lee to succeed them. Now, with Carlyle searching for his replacement, the firm faces bigger questions about its future.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              Carlyle’s founders want to be more involved,
             </span>
             after taking a step back several years ago,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              The Times’s Maureen Farrell and Peter Eavis report
             </a>
             . Lee and other executives had already chafed at perceived distractions for Carlyle caused by the family office of David Rubenstein, the firm’s most recognizable co-founder. Lee was also seen as taking not-so-subtle digs at Carlyle’s old guard.
            </p>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             When another founder, Bill Conway, told Lee on Aug. 5 that Carlyle’s founders planned to have a bigger say on strategy and operations, Lee balked, and said he preferred to leave, Maureen and Peter report. (Lee also sought a far bigger employment contract, but was rebuffed.)
            </p>
           </td>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              What’s next?
             </span>
             Carlyle has
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              hired the executive search firm Russell Reynolds
             </a>
             to find a new chief executive who, in a spokeswoman’s words, “will drive Carlyle forward.” But deal aficionados know that a company without a permanent C.E.O. — and one that has underperformed peers — is often vulnerable to a takeover. Could Carlyle, whose market cap stands at $12 billion, be a tempting target for a bigger asset management firm looking to bulk up in the alternative investments space?
            </p>
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               Porsche has reportedly drawn pre-orders for its planned I.P.O. that value the carmaker at
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                up to $85 billion
               </a>
               . (Bloomberg)
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                $4.4 billion EV battery factory
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               in Ohio. (WSJ)
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                fallen by nearly half
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               after Washington and Beijing reached a compromise on audits, according to Goldman Sachs analysts. (CNBC)
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               The F.D.A. could
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                approve Omicron booster shots
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               this week — even if the trial data isn’t ready and there’s
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                less money to distribute them
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               . (WSJ, NYT)
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               The price of Bitcoin
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                fell below $20,000
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               after Jay Powell said the Fed would continue raising interest rates. (MarketWatch)
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               The world must keep using oil and gas in the short term,
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                according to Elon Musk
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               , “because otherwise civilization will crumble.” (Reuters)
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               Teens are increasingly taking
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                multiple psychiatric medications
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               , despite a dearth of testing of such use. (NYT)
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               The C.E.O. of Boom Supersonic is trying to
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                beat back skepticism
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               that ultrafast air travel is poised for a comeback. (FT)
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               A Mickey Mantle baseball card
               <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
                sold for $12.6 million
               </a>
               at auction, setting a record for sports memorabilia. (NYT)
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                having Lego at the office
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               . (WSJ)
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