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   DealBook: Rockets to riches?
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             June 4, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          The upcoming U.F.C. bout on the White House lawn isn’t the only combat spectacle in Washington. At a Senate committee hearing yesterday, Treasury Secretary Scott Bessent was asked about reports that he had threatened Bill Pulte, the federal housing chief who was just named acting director of national intelligence, and who has drawn backlash for helping
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          instigate criminal prosecutions
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         <span>
          of Trump political targets like the Fed governor Lisa Cook.
         </span>
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         <span>
          “Did you actually tell Pulte you were going to
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          punch him in the face
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          ?” Senator Thom Tillis, Republican of North Carolina, asked. “No sir,” Bessent replied. “I actually said I was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          going to kick his ass
         </a>
         <span>
          .” (Tillis said he shared “the emotion” and vowed to block Pulte’s intelligence appointment.) Presented without comment. (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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             <span style="color:#666;font:normal 14px georgia,serif">
              SpaceX appears confident that its expected I.P.O. will soar.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Steve Nesius/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Take it or leave it
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s official:
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          wants to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          set an astronomical record
         </a>
         <span>
          with SpaceX’s I.P.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          revised prospectus from SpaceX
         </a>
         <span>
          shows that Musk is exceptionally confident about demand for its market debut, slated for next week. But the company is increasingly staking its future not on its moneymaking rockets and satellite internet businesses, but on its artificial intelligence division that isn’t an industry leader.
         </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">
          How confident is SpaceX?
         </span>
         <span>
          Most companies propose a price range for their offerings, then home in on a specific price after talking with investors.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Not SpaceX. It just set its offer price at $135 a share.
         </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">
          Here’s what that means:
         </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">
                SpaceX would raise at least
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $74.4 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in net proceeds, a record. That amount could rise to
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                $85.7 billion
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                if underwriters exercise what’s known as a greenshoe option if there’s greater-than-expanded demand.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The company would have a market value of $1.77 trillion, making it one of the
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                10 largest U.S. publicly traded companies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
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            <img alt="A bar chart shows the biggest I.P.O.s ever, by deal size." class="css-mcckse" height="305" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F04%252Fbusiness%252F04db-chart%252F04db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA1NzU2MDEuOTQ1ODQ4Mn0:1wV73J:WtjiZKdTApse9B1pa9p3P1fSWCAcsL6YP45rPV06VsU" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px" width="500"/>
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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">
          There are reasons to think SpaceX’s I.P.O. will shoot the lights out.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Investors have waited for it for a long time, and they’ll probably have to pay up to buy shares, since SpaceX will have a small float of publicly traded stock.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Its team of underwriters is primed to promote the stock. (
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jamie Dimon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of JPMorgan Chase will
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                personally help pitch it
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to ultrawealthy clients, according to 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">
                SpaceX is set for fast-track inclusion 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">
                many broad-based indexes
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , meaning that giant stock funds will be obligated to buy its shares.
               </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">
          But there’s reason for some skepticism.
         </span>
         <span>
          In its prospectus, SpaceX talked up a $28.5 trillion potential addressable market, a vast majority of which is in A.I. Yet the company’s xAI division is considered far behind Anthropic and OpenAI, and Musk’s goals like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          building data centers in space
         </a>
         <span>
          are expensive and potentially constrained by physics.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Morningstar recently valued SpaceX
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                at just $780 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , citing concerns including the huge costs and risks of the A.I. business.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Some hedge funds are looking 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">
                bet against SpaceX’s stock
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Yet SpaceX will suck up a lot of investor attention and dollars.
         </span>
         <span>
          That has widespread consequences, including further
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          depressing the price of Bitcoin
         </a>
         <span>
          and raising the stakes for Anthropic and OpenAI, the next A.I. giants set to go public.
         </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 other A.I. news: Anthropic has 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">
                picked Morgan Stanley
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to lead its I.P.O., while Sam Altman of OpenAI
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                made the rounds in Washington
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                yesterday. And Ray Dalio explained how China’s approach to A.I.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                differs from America’s
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <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>
             HERE’S WHAT’S HAPPENING
            </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">
          Oil prices dip after a cease-fire in Lebanon is announced.
         </span>
         <span>
          Brent crude, the international benchmark for oil, fell near $96 a barrel this morning
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on the agreement
         </a>
         <span>
          , which requires the cooperation of Hezbollah, the Iran-backed armed group. War in the Middle East has
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sapped U.S. crude stockpiles
         </a>
         <span>
          , prompting new inflation worries and growing political backlash, with the House
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          passing a rebuke
         </a>
         <span>
          of President Trump’s handling of the fighting.
         </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">
          Private equity concerns batter investment giants.
         </span>
         <span>
          Shares in Blackstone, Blue Owl, Carlyle and other private equity giants
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          sold off sharply yesterday
         </a>
         <span>
          after Partners Group moved to limit withdrawals from one of its flagship funds. Investors have been growing worried about valuations of private market holdings.
         </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">
          New York State opens an antitrust inquiry into Compass, the real estate giant.
         </span>
         <span>
          The office of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Letitia James
         </span>
         <span>
          , the attorney general, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          investigating the brokerage
         </a>
         <span>
          after it acquired Anywhere Real Estate, which owns Century 21 and Coldwell Banker. The Justice Department declined to pursue an extended examination of the deal this year despite concerns among some enforcement officials.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260604%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA1NzU2MDEuOTQ2MDE5Nn0:1wV73J:AZ0hXDsIGf8eP7gXyl7lIzJOWdkxHorLOnQmF7EZBzI" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
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              <tbody>
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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D269018%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260604%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA1NzU2MDEuOTQ2MzQ5fQ:1wV73J:J_UYx5Oa6F4c_ayb5ldClV1zL_wDD5obQTLIYgsM1Po" style="display:block;width:100%;max-width:480px" width="480"/>
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            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Jeffrey Kessler’s Paramount debut
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Wall Street is still buzzing over the decision by
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jeffrey Kessler
         </span>
         <span>
          , one of the country’s top litigators, to help Paramount as it races to seal its acquisition of Warner Bros. Discovery, and as potential legal challenges mount.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kessler, an executive chairman of Winston Taylor, is fresh off helping 33 states and Washington, D.C., in their antitrust lawsuit that found that the ticketing giant Live Nation had
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          acted as a monopoly
         </a>
         <span>
          . One of those states, California, is
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          threatening to sue
         </a>
         <span>
          to block the Warner Bros. Discovery deal.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Now Kessler is revealing some of the game plan if the states were to sue, in Paramount’s response to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lawsuit
         </a>
         <span>
          by current and prospective Paramount+ subscribers seeking to block the acquisition, Lauren Hirsch reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The deal is good for the industry
         </span>
         <span>
          , Paramount argues in new legal filings. In one of them, Kessler calls the latest suit an attempt to “politicize antitrust law.” And, he argues, the deal would bolster competition against streaming giants like Netflix, Amazon and Disney.
         </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 filings include two sworn declarations from Paramount executives,
         </span>
         <span>
          the first time that Paramount executives have promoted the deal’s potential benefits under oath.
         </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">
                Dana Goldberg
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a chair of Paramount Pictures, reiterated Paramount’s promise of bringing at least 30 films per year to theaters, and says there are no plans to reduce the number of television series the combined company would produce.
               </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">
                Andy Gordon
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , Paramount’s C.O.O. and chief strategy officer, said that while Paramount expected to enjoy cost savings from the deal, it plans to get most of them “from nonlabor sources.”
               </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">
          Why did Kessler join the case?
         </span>
         <span>
          “I have a lot of respect for the states, but my whole career as an antitrust lawyer is taking on the biggest, most interesting cases that I believe in — and this is one where Paramount came to me,” Kessler told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          He added: “I took a look at it, and I looked at what the facts were, and I said, ‘Yeah, this is not an antitrust violation.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          He doesn’t see a conflict of interest.
         </span>
         <span>
          “When I took on the Live Nation representation, the states knew” that Winston Taylor defended “a lot of clients, including in state investigations,” Kessler said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In some of those cases, he said, “we are adverse to some of the states.”
         </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="Steve Hilton standing behind a lectern with his name on it. " class="css-18ei5jy" height="362" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F04%252Fmultimedia%252F04db-hilton-governor-zgjq%252F04db-hilton-governor-zgjq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODA1NzU2MDEuOTQ2NTA1NX0:1wV73J:ewT3bCCB_yNzxaurzvJIh2JC0f7AKarK9pnvHbuVvpg" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
          </tr>
          <tr>
           <td class="css-1b9cqt1" style="text-align:center;width:100%;padding-bottom:15px;line-height:14px">
            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Steve Hilton, a Republican and former Fox News host who is running for governor of California, wants to deregulate A.I.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Rich Pedroncelli/Ap Photo/Rich Pedroncelli
             </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>
          What’s riding on the California election runoffs
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With many of the votes from California’s primary elections counted, it appears the state is headed toward a handful of high-profile runoffs in November.
         </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 governor’s race features ideological opposites.
         </span>
         <span>
          Steve Hilton, a Republican and former Fox News host, is leading in the primary, followed by Xavier Becerra, a Democratic former representative and a health secretary under President Joe Biden. The billionaire climate activist Tom Steyer is in third place.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s unclear whether Hilton will maintain that lead or make the runoff, as
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          California counts mail-in ballots
         </a>
         <span>
          — which are likely to lean Democratic — over the coming weeks. Becerra leads in bets on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prediction
         </a>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          markets
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mayor Matt Mahan of San Jose conceded after a dismal showing, in what was a bad day for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tech-friendly candidates
         </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">
          What’s at stake?
         </span>
         <span>
          The next governor of the state, which has a $4.25 trillion economy, will shepherd policy on issues with significant national implications:
         </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">
          Artificial intelligence.
         </span>
         <span>
          Last year, California became the first state to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pass a law regulating the frontier A.I. labs
         </a>
         <span>
          , requiring them to disclose safety test results. Members of the State Legislature have proposed an array of bills targeting the sector.
         </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">
                Hilton is running on a promise of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                A.I. deregulation
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , warning that tougher oversight would push the industry out of the state.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Becerra
               </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">
                has emphasized
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                working closely with the sector
               </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">
                Meta donated about $1 million
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to a pro-Becerra political group.)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Steyer
               </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">
                favors
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                closer oversight of the A.I. industry
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , though his campaign recently
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                walked back his support
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a moratorium on building new data centers.
               </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">
          The California billionaire tax
         </span>
         <span>
          will probably be on the ballot in November, too. In a new poll, a majority of likely voters said they
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          approved
         </a>
         <span>
          of the proposed tax, which would place a one-time 5 percent levy on Californians with a net worth north of $1 billion. The initiative has ignited
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an outcry
         </a>
         <span>
          from the state’s wealthiest individuals and caused some to leave California. If it’s approved, the next governor will oversee its enforcement.
         </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">
                Becerra, 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">
                Gov. Gavin Newsom
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , opposes the measure, and instead calls for extending existing taxes on high-income earners.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Hilton strongly opposes the billionaire tax. He has proposed eliminating income taxes on the first $100,000 that Californians earn and wants a flat tax.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Steyer
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                supports
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the billionaire tax, though added that he
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                doesn’t want the wealthy to flee
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the state.
               </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">
          In the Los Angeles mayoral race,
         </span>
         <span>
          the incumbent, Karen Bass, will face a runoff against either Nithya Raman, a progressive City Council member, or Spencer Pratt, a Republican and a veteran of reality TV who received a surge of donations from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          prominent business executives
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          While Pratt is currently running
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          in second place
         </a>
         <span>
          , it’s unclear
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          whether he’ll make the runoff
         </a>
         <span>
          once all mail-in ballots are counted.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1061896%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260604%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA1NzU2MDEuOTQ2NjMyfQ:1wV73J:YDagt-wBqp_9WQQqnduHAW3cOo7ae4acK1RmTmZFOfY" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
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                  <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D791919%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260604%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODA1NzU2MDEuOTQ2OTR9:1wV73J:qdZ9czsdrTW7sL6mPGoGde2svtrazMbF4Ap7wa8aXis" style="display:block;width:100%;max-width:480px" width="480"/>
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                </td>
               </tr>
              </tbody>
             </table>
            </span>
           </td>
          </tr>
          <tr>
           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <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>
          Number of the day: 210% debt to G.D.P.
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That ratio would be roughly when the U.S. federal debt load becomes unsustainable — a kind of fiscal breaking point — according to a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new study
         </a>
         <span>
          by the Penn Wharton Budget Model shared exclusively with DealBook. At the end of March, U.S. debt held by the public
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          surpassed 100 percent of gross domestic product
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The dreaded 210 percent limit has a 25 percent probability of occurring in the next 14 years, according to the model. At that point, America would be unable to finance the interest payments on its debt, and no amount of future taxes could prevent a default.
         </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>
          $100 million to promote capitalism
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The U.S. Chamber of Commerce just landed a windfall that will help fund its pro-business agenda: One individual is giving $100 million, the largest single donation in the organization’s 114-year history, DealBook is first to report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The donation arrives as the organization, which has been
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          critical of President Trump’s tariffs
         </a>
         <span>
          , is rallying to challenge what it views as growing skepticism about free market capitalism on both sides of the political spectrum.
         </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 chamber landed the pledge after just “one conversation,”
         </span>
         <span>
          Suzanne Clark, its president and C.E.O., told DealBook. She said that the donor, a “longtime member” of the chamber who wishes to remain anonymous, included a condition that the gift should not be used for “election-related activity.”
         </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">
          Where will the money go?
         </span>
         <span>
          The chamber, a top K Street spender, had already been fund-raising with a goal of $100 million for its “New Fight for Free Enterprise” initiative as it works to counter what it calls “anti-business” policies, especially “regulatory overreach and anti-growth” measures.
         </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">
          Last year, the chamber entered the tariff fight.
         </span>
         <span>
          It filed legal briefs in support of lawsuits challenging some of Trump’s most bruising levies, which the Supreme Court struck down in February.
         </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">
                On Tuesday, the Trump administration proposed new tariffs on trading partners. Clark said that the chamber’s legal position on those hadn’t been determined. “The team is studying it,” she said.
               </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">
          The chamber’s campaign seeks to promote a positive narrative around capitalism.
         </span>
         <span>
          The recent election of democratic socialists as mayors in New York and Seattle, as well as a billionaire tax initiative in California, are signs that some voters are in an anti-business mood.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Clark said the group’s members are worried about politicians on the extremes of both parties making business the bad guy. “In our belief system, business generates the good and solves problems,” Clark said.
         </span>
        </p>
        <table width="100%">
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          We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
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           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             THE SPEED READ
            </span>
           </h3>
          </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">
                Benchmark, the prominent venture capital firm, is said to have
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                raised $2 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for its latest funds, including its first vehicle for older start-ups. (WSJ)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Bill Ackman’s Pershing Square has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                sold off its stake in Universal Music Group
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                after the giant music label rejected its takeover offer. (Bloomberg)
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Politics, policy and regulation
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
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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">
                An international anti-scam operation led by Meta and that included the Justice Department, Microsoft, Coinbase and Starlink has
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                led to 63 arrests
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Fox News)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “MAGA isn’t sold on
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Trump’s face on the $250 bill
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Axios)
               </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">
                Could
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                lunch-break Botox “tweakments”
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                help executives get ahead at work? (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">
                President Trump likened the U.F.C. arena being built on the White House lawn to the Eiffel Tower and suggested, “
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Maybe we’ll never ever take it down
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .” (ABC News)
               </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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