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Good morning. Andrew here. The Trump-Musk drama is back, and it could put a certain Silicon Valley star in a bind. We tell you who below and what’s at stake.
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We also dive into the Senate tax and policy bill that has gone back to the House, where it faces big challenges. And we have some thoughts ahead of this week’s jobs numbers
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Joe Gebbia, left, is a confidant of Elon Musk. Could he be pulled into his friend’s feud with the president?
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A Musk ally to watch
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The short-lived truce between President Trump and Elon Musk appears over, broken by Musk’s persistent criticism of the Republican domestic policy bill — more on that below — and then the president’s heated response.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Elon may get more subsidy than any human being in history, by far,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump wrote on Truth Social yesterday
</a>
<span>
. The president added, “Perhaps we should have DOGE take a good, hard, look at this?”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But any move to sic the so-called Department of Government Efficiency, the government cost-cutting initiative that Musk championed, on him could put one man in an increasingly complicated position: Joe Gebbia, the Airbnb co-founder.
</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">
Gebbia has many roles.
</span>
<span>
He sits on Tesla’s board and is a close friend and confidant of Musk, the Tesla chief. That means Gebbia has a fiduciary duty to the carmaker and its shareholders.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But Gebbia remains deeply involved with DOGE. He was recruited by Musk himself and stayed after his friend’s departure from government. He is poised to take on a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
key leadership role on the team
</a>
<span>
, The Times has reported, along with the former Morgan Stanley investment banker Anthony Armstrong, another Musk ally.
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Any move to deploy DOGE against Tesla could create a conflict for Gebbia.
</span>
<span>
Most of his work at the cost-cutting initiative has focused on
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
digitizing paper-based federal retirement processes
</a>
<span>
. But that could change if he assumes a bigger leadership role at the team.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Could he fulfill his duties to Tesla while living up to his government commitment?
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Gebbia couldn’t be reached for comment. A representative for Robyn Denholm, Tesla’s chair, declined to comment.
</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>
Musk has repeatedly hit out at the Republican legislation as fiscally irresponsible,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
writing on X
</a>
<span>
yesterday, “All I’m asking is that we don’t bankrupt America 🤷♂️.” He has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
threatened to form a new political party
</a>
<span>
and to challenge sitting lawmakers who vote in favor of the proposal.
</span>
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<span>
That has angered Trump, who has chalked up the outburst to the legislation’s elimination of electric-vehicle subsidies that benefit Tesla. Hence his threat to cut off federal funding to Musk’s business empire, including SpaceX, Starlink and Tesla: “No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE,” the president wrote on Truth Social.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shares in Tesla have already plunged more than 11 percent over the last five trading sessions as investors appear worried about the potential loss of E.V. subsidies — and, increasingly, the risks of Trump retaliation against the company’s chief.
</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">
President Trump says he’s “not thinking” about extending a tariff deadline.
</span>
<span>
The president signaled on Air Force One yesterday that his steepest import taxes
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
could go into effect
</a>
<span>
as soon as next week if trade deals aren’t reached. Trump said that he was optimistic an agreement with India could be sealed soon, but not so with Japan. The status of more potential agreements remains uncertain, leaving many investors uneasy.
</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">
Trump settles his “60 Minutes” lawsuit.
</span>
<span>
Paramount, which owns CBS News, agreed to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pay $16 million
</a>
<span>
to end a dispute over a segment of the news program. (Trump secured the same sum from ABC News in December to settle a defamation case.) The settlement did not include an apology. It resolves a potential sticking point among regulators as Paramount seeks approval for its proposed sale to Skydance.
</span>
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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">
Columbia has reportedly been the victim of a major hacking.
</span>
<span>
A hacker shared with Bloomberg
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a big trove of personal data
</a>
<span>
that represents 2.5 million university applications spanning several years. The breach, which Columbia officials said they were investigating, comes as the university remains in negotiations with the Trump administration to restore $400 million in federal research funding.
</span>
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<img alt="Senator Rand Paul center, wearing a blue sport coat and glasses and walking down a hallway in the Capitol." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F02%252Fmultimedia%252F02db-newsletter-randpaul-htqw%252F02db-newsletter-randpaul-htqw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTE0NTkyNzAuNzkxNDU2N30:1uWwZ4:z3nfs2fFYePAGu0Gxg3eCcTNWhHb2M3ORDzrZp1kyR4" 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">
“Republicans now own the debt, and Republicans now own the spending,” Senator Rand Paul, Republican of Kentucky, said of the Senate policy bill.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Kent Nishimura for The New York Times
</span>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Scoring the Senate bill
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
After days of wrangling and cajoling, Republican senators
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
narrowly approved sweeping policy legislation
</a>
<span>
that’s the center of President Trump’s domestic agenda.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Its fate in the House is uncertain. Lawmakers there have criticized the bill’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$3.3 trillion cost
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Still, the bill would produce a number of big winners — and losers. Here’s the score.
</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 would win:
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
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<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;font-weight:700;font-family:arial,sans-serif;color:#000">
Businesses, broadly:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The legislation would permanently extend a series of tax breaks first instituted in 2017 that were set to expire. They include giving smaller companies a bigger tax deduction for qualified business income and restoring businesses’ ability to fully deduct research and development costs.
</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">
Chipmakers:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
They would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
get a bigger tax break
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
— to 35 percent from 25 percent — for building manufacturing plants in the U.S. by 2026.
</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">
Workers who get tips:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Their tip income would be tax-exempt up to $25,000 per person.
</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">
Workers in high-tax states:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The Senate bill
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
raises limits on deductions for state and local taxes
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to $40,000 a year for five years, though that would decrease for those who earn more than $500,000 a year.
</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">
Who would lose:
</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;font-weight:700;font-family:arial,sans-serif;color:#000">
Clean energy:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The Senate bill would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
gut most of the tax credits
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
for production of solar and wind power that were introduced in Joe Biden’s signature climate law in 2022. (One winner here:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
China
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which is a major producer of solar panels.)
</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">
Electric vehicles:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
A popular $7,500 credit for E.V. purchases would expire at the end of September, earlier than what previous versions of the legislation called for.
</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">
Universities:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Institutions with big endowments would see the tax on those funds rise 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">
as high as 8 percent
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, though that’s down significantly from the 21 percent cap in the House’s version of the legislation.
</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">
The Consumer Financial Protection Bureau:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Its funding would be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
cut nearly in half
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, further starving the agency of resources.
</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">
Poor working Americans:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The annual after-tax incomes for the bottom fifth of earners would
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
fall on average 2.3 percent
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the next decade, according to an analysis by the Budget Lab at Yale, a research center. Top earners would receive a 2.3 percent boost.
</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">
Fiscal hawks:
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Republicans now own the debt, and Republicans now own the spending,” Senator Rand Paul of Kentucky, one of the Republican no votes, said.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Ray Dalio
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, the billionaire financier and a prominent critic of the federal deficit, wrote on LinkedIn that Republicans’ (and Democrats’) inability to adopt a balanced approach was “a tragedy.”
</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">
What comes next?
</span>
<span>
Speaker Mike Johnson said that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
he wasn’t happy
</a>
<span>
with the Senate changes to the House’s version of the legislation but that he would continue to push colleagues to approve the bill.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Fiscally conservative House members are taking a stronger line. Representative Chip Roy of Texas, a member of the House Freedom Caucus, said the chances that the bill would pass by July 4 “are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
hell of a lot lower
</a>
<span>
than they were even 48 hours ago.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Republicans can afford to lose only three votes in the House,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
providing the biggest test yet
</a>
<span>
of Trump’s influence on his party.
</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>
Jobs are in focus again
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Despite President Trump’s trade war, businesses have been on a hiring spree. The Fed and Wall Street will be watching closely to see if that trend holds up in tomorrow’s jobs report.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
For the first time in months, this release carries high stakes. As if the pressure from Trump were not enough, a disappointing reading could heap pressure on the Fed to make a summertime interest-rate cut to bolster the economy, and the labor market.
</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 numbers to watch:
</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">
Economists surveyed by Reuters forecast that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
110,000 jobs were created
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
last month —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
down from 139,000 jobs
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in May.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The unemployment rate is expected to have ticked up to 4.3 percent, from 4.2 percent.
</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">
It would have to be a “terrible jobs report” for the central bank to cut
</span>
<span>
rates at its next meeting later this month
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
,
</span>
<span>
David Seif, the chief economist for developed markets at Nomura, told DealBook. The unemployment rate would most likely have to rise to around 4.5 percent before the Fed would even consider intervening, he added.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
has badgered Jay Powell
</a>
<span>
, the Fed chair, to cut rates immediately, so he may not want to hear that.
</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 futures market this morning was pricing in two rate cuts this year.
</span>
<span>
That’s in line with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the Fed’s June dot-plot projection
</a>
<span>
. But Powell has signaled that his mind isn’t fully made up. “I wouldn’t take any meeting off the table or put it directly on the table,” he said at the European Central Bank’s annual conference in Sintra, Portugal, yesterday. If it weren’t for tariff uncertainty, the Fed
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
would have already made a cut this year
</a>
<span>
, he 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">
Inflation is unpredictable.
</span>
<span>
A resurgence in prices could also pressure the Fed to avoid action, putting added focus on the Consumer Price Index report due July 15. Some economists expect it will show more signs of the inflationary effect of Trump’s tariffs.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
With the labor market looking steady, “the Fed is trying to buy time to get a little more data and digest the impacts of tariffs on inflation,” Sarah House, a senior economist at Wells Fargo, told DealBook.
</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>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A line chart shows the performance of Novo Nordisk over the past 12 months, versus the Stoxx Europe 600 index." class="css-xsf469" height="538" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F07%252F02%252Fbusiness%252F02db-chart%252F02db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTE0NTkyNzAuNzkxNjMyMn0:1uWwZ4:KmJRK8dkHn7yHNTtw1RZDFYqbPPmrGHYMwiAjpn_EOQ" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Novo nosedive
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The rise and fall of the Danish drugmaker Novo Nordisk looks destined to become a business-school case study.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The company rode the success of its diabetes-cum-weight-loss drugs, Ozempic and Wegovy, to huge profits and stock-price gains. But rivals have taken market share, notably Eli Lilly with its Zepbound and Mounjaro treatments, leading to a sharp plunge in Novo Nordisk’s stock and the departure of executives including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Lars Fruergaard Jorgensen
</a>
<span>
as C.E.O.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A Reuters report, citing unnamed insiders, traces a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
series of miscalculations
</a>
<span>
by Novo Nordisk, including ignoring projections that semaglutide-based drugs would be huge sellers and instead sticking to conservative sales targets for too long. The drugmaker also failed to ramp up supply or to secure health-insurance deals needed to protect its market lead, Reuters said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Another big problem was getting prices wrong, according to Reuters:
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
Novo also drew backlash from insurers, doctors and patients for launching Wegovy in the U.S. at more than $1,300 per month, about $350 more than Ozempic. Lilly priced Zepbound at $1,080, similar to its diabetes drug Mounjaro, which uses the same active ingredient. The U.S. drugmaker offered steep discounts, including
</span>
<a class="css-sdwaa1" style="-webkit-text-decoration:underline;text-decoration:underline;color:inherit">
out-of-pocket
</a>
<span>
prices starting at $349, through its LillyDirect pharmacy for some uninsured patients.
</span>
</p>
<p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
<span>
One of the former employees said Novo was reluctant to offer meaningful rebates to pharmacy benefit managers (PBMs), who negotiate on behalf of health insurers and employers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
<span>
Novo Nordisk rejected Reuters’ reporting: “The premise you are following is simply not true,” the spokesperson said.
</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>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Subscribe to The New York Times
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<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="30">
</td>
</tr>
<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
<span>
THE SPEED READ
</span>
</h3>
</td>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Deals
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The F.T.C. is reportedly
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
expanding its antitrust investigation
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
into SoftBank’s proposed $6.5 billion purchase of the computer-chip designer Ampere Computing. (Bloomberg)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The design software maker
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Figma publicly filed to be listed on
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
the New York Stock Exchange, two years after it called off a $20 billion sale to Adobe amid regulatory opposition. (CNBC)
</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">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Many of America’s biggest banks plan 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">
increase
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
their shareholder payouts
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in the third quarter after passing recent stress tests by the Fed . (Reuters)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
“Republicans test new red line:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Denaturalization
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (Semafor)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
What’s behind
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Lululemon’s lawsuit against Costco
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
over athletic wear. (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">
Does LeBron James’s decision 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">
exercise his option
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to play for the Los Angeles Lakers next season for $52.6 million say anything about whether his days in L.A. are numbered? (The Athletic)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td height="10">
</td>
</tr>
<tr>
<td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
<td height="20">
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
Correction:
</span>
<span>
</span>
<span style="font-style:italic">
Yesterday’s newsletter
</span>
<span>
</span>
<span style="font-style:italic">
incorrectly compared the values of the two bids for GMS. Home Depot’s deal values the company at $5.5 billion, including debt, while QXO’s values the business at $5 billion.
</span>
</p>
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