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   DealBook: Musk vs. Altman
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   Also, a Warsh-led Fed nears reality.
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             <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" title="DealBook">
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             April 27, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Breaking: The United Airlines C.E.O. Scott Kirby
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          just publicly described
         </a>
         <span>
          why he had approached American Airlines about a tie-up. The potential deal, he suggested, would have been “about adding and not subtracting” from the airline industry and would have created “a truly great airline that customers love.” Kirby acknowledged that he won’t press the matter — but the message feels a bit like it’s meant to put pressure on American anyway.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Separately, we are relieved that this weekend’s shooting at the White House correspondents’ dinner did not result in widespread casualties. We’re also still processing the financial implications. President Trump has called for the event to be rescheduled within 30 days. Was it insured? Would the Washington Hilton offer the venue and services for free? And what is the price tag for security? (Was this newsletter forwarded to you?
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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            <img alt="Elon Musk, center, in a dark suit, surrounded by other men, looking to his right." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F27%252Fmultimedia%252F27db-musk-vfqt%252F27db-musk-vfqt-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzcyOTAzNzkuODE0NjQzMX0:1wHKPr:TZfI3H5XBZB5JIDVacjf6nkiBScMYj9Btr1fsfVWkFA" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             Elon Musk wants billions of dollars in damages — and more — from OpenAI.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Jason Henry 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>
          The OpenAI trial is set to start
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The trial of the artificial intelligence age, a legal battle between Elon Musk and OpenAI, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          set to begin today
         </a>
         <span>
          in a courtroom in Oakland, Calif.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But while much of the attention is on the juicy details about OpenAI’s back story, what matters most is what the outcome might mean for the future of the A.I. industry.
         </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 fight promises lots of dirt.
         </span>
         <span>
          Musk’s lawsuit accuses OpenAI, which the billionaire co-founded with Sam Altman and others in 2015 as a nonprofit A.I. research lab, of betraying its original mission. OpenAI argues that Musk, who left in 2018, had wanted to control the organization (and had also sought to commercialize it).
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Legal discovery in the case has already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unearthed titillating details
         </a>
         <span>
          involving a wide cast of characters, including Shivon Zilis, a former OpenAI board member and the mother of several of Musk’s children; Mark Zuckerberg of Meta; Satya Nadella of Microsoft; and Jared Birchall, a longtime Musk lieutenant. Some are scheduled to testify.
         </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">
          Musk is asking for stiff penalties.
         </span>
         <span>
          They include more than $150 billion in damages; the removal of Altman and another OpenAI co-founder, Greg Brockman, from their leadership roles; and a return of OpenAI to a fully nonprofit status.
         </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 A.I. sector has changed a lot since the dispute began.
         </span>
         <span>
          OpenAI isn’t a research lab dependent on Musk’s money anymore: It’s a $730 billion behemoth that has raised hundreds of billions of dollars from an array of tech giants.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet Musk is a formidable A.I. competitor, too. He raised billions for his xAI lab, then had his SpaceX buy it at a $250 billion valuation. SpaceX has since agreed to potentially
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy the A.I. coding start-up Cursor
         </a>
         <span>
          for $60 billion.
         </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 A.I. industry doesn’t just revolve around Musk’s and Altman’s businesses, either.
         </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;font-weight:700;font-family:arial,sans-serif;color:#000">
                Anthropic
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , founded by former OpenAI executives, has soared in popularity among the all-important corporate crowd. And its powerful latest model, Claude Mythos Preview,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has scared many
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with its perceived potential for harm.
               </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">
                Google
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the A.I. competitor Musk has long worried about, has made its Gemini model highly capable. It’s expected to announce
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                even more powerful A.I. tools
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                at its developer conference next month.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Other competitors, like
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                DeepSeek
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of China, are making potent models — available free of charge.
               </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">
          The stakes:
         </span>
         <span>
          A Musk win could deal OpenAI a potentially serious blow. An OpenAI win could permit Altman to run the company more freely. But it’s unlikely to give either side a decisive edge in an industry that in some ways has outgrown their fight.
         </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">
          The suspect in the White House correspondents’ dinner shooting is set to appear in court today.
         </span>
         <span>
          Federal authorities said evidence showed that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Cole Tomas Allen
         </a>
         <span>
          , 31, was armed with knives, a shotgun and a handgun and had intended to target administration officials, including President Trump. The president used the incident to justify his push for a secure ballroom, though federal officials said security at the event
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          worked as intended
         </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">
          Iran reportedly offers to reopen the Strait of Hormuz, with a catch.
         </span>
         <span>
          Tehran has proposed talks on letting ship traffic resume through the vital passageway for global energy shipments, but
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          wants to postpone discussions
         </a>
         <span>
          about its nuclear program, according to Axios. The Trump administration is said to plan a discussion about how to resolve
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          the stalemate with Iran
         </a>
         <span>
          . Meanwhile, Brent crude, the international oil benchmark, traded above $106 today.
         </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">
          Earnings and central banks are in focus this week.
         </span>
         <span>
          About 44 percent of the S&amp;P 500, by market value, announce quarterly results this week, notably the tech giants Alphabet, Amazon, Meta and Microsoft, all on Wednesday, and Apple on Thursday. Investors will also pay attention to what Fed policymakers do and say on Wednesday — more below on that — as well as the Bank of Japan (Tuesday) and the European Central Bank and the Bank of England (both Thursday).
         </span>
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            <img alt="Kevin Warsh, President Trump’s pick to run the Fed, is seen in a blue suit and tie, clasping his hands and grinning tightly as he enters a room." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F27%252Fmultimedia%252F27db-warsh-vmch%252F27db-warsh-vmch-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzcyOTAzNzkuODE1MDkzM30:1wHKPr:IVJM8qdJIh70bimz-OYhUnymRRRhhENzFubUO2iyvgo" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Kevin Warsh, President Trump’s pick to run the Fed, just cleared an important hurdle on his path to run the central bank.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Kenny Holston/The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          A big “yes” for Warsh
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump looks to be a step closer to getting his man to run the Fed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yesterday, Senator Thom Tillis,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Republican of North Carolina and a key vote on the Senate Banking Committee, signaled he would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stop blocking
         </a>
         <span>
          the nomination of Kevin Warsh for Fed chair. A vote to advance Warsh’s nomination to the full Senate could come
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          as soon as Wednesday
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Tillis’s announcement
         </a>
         <span>
          may remove some of the succession drama hanging over the central bank. But the path to interest rate cuts, a Trump imperative, still looks uncertain.
         </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>
          Tillis had vowed to block confirmation of any of Trump’s Fed picks, including Warsh, until the Justice Department ended its criminal investigation into Jay Powell, the current Fed chair, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a costly renovation
         </a>
         <span>
          of the central bank’s headquarters.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On Friday, Jeanine Pirro, the U.S. attorney in Washington, said the department would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          close its inquiry
         </a>
         <span>
          . While Pirro said she would “not hesitate” to reopen the investigation, Tillis appeared to be satisfied.
         </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">
          “I take the Department of Justice at its word: the investigation is closed,”
         </span>
         <span>
          Tillis wrote on X, calling the inquiry a “threat to the Fed’s independence.” Tillis told NBC’s “Meet the Press” that only a criminal referral from the inspector general would be enough in his mind to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reopen the criminal investigation
         </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">
          But what will Powell do?
         </span>
         <span>
          His tenure as chair is set to end May 15. But last month, he said he had “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          no intention of leaving
         </a>
         <span>
          ” the Fed’s board — he could stay on as a governor through January 2028 — “until the investigation is well and truly over.” (He’s also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          deeply invested in what happens
         </a>
         <span>
          to Trump’s effort to fire a fellow governor, Lisa Cook.)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          So does he also see the matter as a case closed?
         </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">
          Expect him to field that question at Wednesday’s news conference:
         </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">
                Powell said last month that if Warsh’s confirmation were to bog down,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                he would stay on
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as acting chair, a move that would probably rankle Trump.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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">
                The other pressing matter will be rates.
               </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">
                Before Powell speaks, the
               </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">
                Fed is expected to hold borrowing costs steady. Inflation
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has surged
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                since the war in the Middle East began, potentially tying policymakers’ hands on rates.
               </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">
          Worth noting:
         </span>
         <span>
          During his confirmation hearing last week, Warsh never explicitly called for rate cuts. But hours before the hearing, Trump told CNBC that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          he would be disappointed
         </a>
         <span>
          if a Warsh-led Fed didn’t lower borrowing costs right away.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That said, traders are betting that the Fed won’t cut rates until September 2027.
         </span>
        </p>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Lessons from London on taxing luxury homes
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In New York, a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pied-à-terre tax proposal
         </a>
         <span>
          aimed at the ultrawealthy and spearheaded by Mayor Zohran Mamdani has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          roiled the city’s business community
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now, real estate agents and economists have entered the debate with dire warnings that the tax could do wider economic harm, reports Debra Kamin for The Times. As a lesson worth heeding, they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          point to London
         </a>
         <span>
          , which has placed hefty taxes on luxury homes during the past decade and seen its wider real estate market slump considerably.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kamin writes:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          The flurry of new taxes, said Lucian Cook, a London-based housing economist who leads research for Savills, has created a narrative that London is no longer as friendly to real estate investment. The number of foreign buyers in Britain registering with a real estate agent — the first step before purchasing property — is now at its lowest level since 2008. At the same time, the real estate markets in cities like Barcelona and Dubai, where tax rules are much friendlier to second-home buyers, are seeing a fresh influx of foreign money.
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          “One city’s tax is another city’s gain,” said Ryan Serhant, the founder and chief executive of the New York brokerage Serhant.
         </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">
                In related news, a proposal for a new wealth tax on California’s billionaires
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                has collected enough signatures
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to place the measure on the state’s November ballot, according to a labor union backing the idea. Gov. Gavin Newsom and Silicon Valley executives like
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sergey Brin of Google
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                are strong critics of the measure.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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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            <img alt="A yellow Spirit Airlines jet is about to touch down for a landing on an airport runway. Its nose is slightly raised and its wheels are down." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F04%252F27%252Fmultimedia%252F27DB-spirit-bankruptcy-ptlz%252F27DB-spirit-bankruptcy-ptlz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NzcyOTAzNzkuODE1NDc2Mn0:1wHKPr:9AbJuSFgNj-1VzA9sSLDGuO1cX_4CeLRYzRbNPa9Nk4" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
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            <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">
              Spirit Airlines recently filed for Chapter 11 bankruptcy for the second time in a year.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Marco Bello/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Readers respond: Should Spirit Airlines get a bailout?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On Thursday, Andrew asked about a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          proposal to save Spirit Airlines
         </a>
         <span>
          in which the Trump administration would lend the airline up to $500 million, giving the federal government a controlling stake in the company and giving it preferential status among other lenders. Andrew also pointed out that the government previously blocked Spirit’s proposed sale to JetBlue during the Biden administration. “Should taxpayers rescue Spirit Airlines?” Andrew asked.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A lot of you responded and the sentiment was overwhelmingly against a bailout. Here’s what you had to say (the answers have been condensed and edited):
         </span>
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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            <td style="padding:0 0 5px">
             <ul class="css-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">
                “As you point out, in the past the government has bailed out banks and automakers. But in those instances there was support for an entire sector, not just one entity. In this case, Spirit is just a very poorly run company.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Scott Schildhaus
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
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        <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 airline should be allowed to cease operations and sell off its few remaining assets to pay back creditors. It is not essential to air travel. And the fact that it is a second bankruptcy in a very short time does not make any government cash infusion prudent for the public.” —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Carolyn Dow
               </span>
              </li>
             </ul>
            </td>
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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">
                “Spirit Airlines is not ‘too big to fail.’ While it will be bad for regular employees, the executives who could not keep the company solvent do not deserve a taxpayer bailout. We are already spending money we do not have on things we should not be paying for." —
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
                Lou Steigerwald
               </span>
              </li>
             </ul>
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            <span>
             THE SPEED READ
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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          <tbody>
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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">
                China blocked
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Meta’s $2 billion takeover of the artificial intelligence start-up Manus, potentially raising tensions with the U.S. amid a tech arms race. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sun Pharmaceuticals of India agreed 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">
                buy Organon
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a spinoff from Merck focusing largely on women’s health, for $11.75 billion. (WSJ)
               </span>
              </li>
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          Technology and artificial intelligence
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        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In data center news: They’re becoming a big factor in
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Georgia’s political races
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                this year, and here’s a town of 7,000 that plans to cover
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                14 percent of its land with them
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Politico, WaPo)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Tech C.E.O.s are
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                beefing up their security protection
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                — and want bodyguards who look casual enough to fit in at a Silicon Valley board meeting. (The Information)
               </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">
          Best of the rest
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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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">
                “Michael,” the Michael Jackson biopic, has been savaged by critics. That didn’t stop it from
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                collecting an estimated $217 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in its opening weekend at the box office. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                How Dwarkesh Patel
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                became the podcaster of choice
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for the A.I. elite. (NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Sabastian Sawe won the London Marathon yesterday —
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                and so did Adidas
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , whose $500 ultralight running shoes were on his feet when he became the first runner to finish a competitive marathon in less than two hours. (WWD)
               </span>
              </li>
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