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   DealBook: Scoop: Diller’s bet on MGM Resorts
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   And the other Strait of Hormuz risk.
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             June 1, 2026
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          Good morning. Andrew here.
         </span>
         <span>
          We’ve got a scoop: Barry Diller is working on a bid to buy MGM Resorts, the casino giant.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Also, Niko Gallogly goes behind the scenes of a law firm giant’s investment in its own A.I. systems and what it means for partners and associates. And Vivienne Walt reports for DealBook on Tehran’s threats to damage or seize control of data cables under the Strait or Hormuz. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Barry Diller’s next big bet is on a giant of the Las Vegas Strip.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Vincent Alban/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>
          An $18 billion takeover bid for MGM Resorts
         </span>
        </h2>
        <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">
          Barry Diller’s
         </span>
         <span>
          business empire, People Inc., is preparing an offer to buy MGM Resorts, the casino giant, that values it at more than $18 billion, DealBook has learned.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The proposal is still being finalized and could be delayed or scrapped, but the move would be Diller’s latest strategic pivot after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          overhauling the company
         </a>
         <span>
          once known as IAC.
         </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 Diller plans to offer:
         </span>
         <span>
          People Inc. is planning to bid $48.30 a share in cash for the 73.9 percent of MGM Resorts that it doesn’t already own.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That’s a nearly 10.6 percent premium over MGM Resorts’ closing price on Friday and 30 percent higher than its volume-weighted average price over the past 90 days.
         </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">
          MGM Resorts already figures large at People Inc.
         </span>
         <span>
          Beyond the existing 26.1 percent stake, Diller’s company holds two board seats, one of which Diller himself occupies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That holding is now one of People Inc.’s major businesses, along with a big digital publishing arm anchored by the magazine the company is named after. (Over the past year, IAC shed other divisions, including the home services platform Angi and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Care.com
         </a>
         <span>
          .)
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It’s unclear whether a bid by People Inc. for MGM Resorts would put the casino operator in play, drawing in other suitors. But its existing stake could serve as a substantial blocking position against rivals.
         </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">
          Why Diller is betting on MGM Resorts:
         </span>
         <span>
          In a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          letter to People Inc.’s shareholders
         </a>
         <span>
          in April, Diller described the casino operator this way:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          MGM Resorts is an extraordinary operation powered by a compelling mix of iconic resort destinations, scalable digital platforms, premium brands, an expanding global presence, and, under its C.E.O. Bill Hornbuckle, an outstanding management team. MGM owns 40 percent of the Las Vegas Strip — an entertainment nucleus that simply cannot be replicated anywhere in the world.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          Combined with People Inc.’s digital media businesses, Diller wrote, MGM Resorts’ “very hard assets” represents a “perfect hedge in a world that is changing so unpredictively fast.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Shares in MGM Resorts have climbed over 19 percent over the year so far as analysts have said the company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          could benefit from a comeback by Las Vegas
         </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">
          Diller has been enamored of MGM for years,
         </span>
         <span>
          first building a stake during the pandemic lockdowns of 2020. He has long been focused on travel and leisure: The mogul famously bought Expedia just after Sept. 11 and spun it off in 2005, and the company became one of his most successful investments.
         </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">
          Yet MGM Resorts faces new challenges.
         </span>
         <span>
          Its BetMGM digital business is growing profitably amid competition from the online betting sites DraftKings and FanDuel. But the sector is also competing for bettors with the increasingly popular prediction market sites Kalshi and Polymarket.
         </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">
          Nvidia moves into personal computing and robots.
         </span>
         <span>
          The dominant maker of chips for artificial intelligence
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unveiled a new chip
         </a>
         <span>
          , called the RTX Spark, for laptop and desktop computers that run A.I. systems locally rather than via the cloud.
         </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">
          Berkshire Hathaway makes its first big purchase of the post-Buffett era.
         </span>
         <span>
          The conglomerate agreed to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          buy Taylor Morrison
         </a>
         <span>
          , an Arizona-based home builder, for $6.8 billion in cash. Shares in Berkshire have dropped about 4.5 percent this year as investors have questioned whether Greg Abel, who took over as C.E.O. this year, possessed the deal savvy of his predecessor, Warren Buffett.
         </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">
          SoftBank becomes Japan’s biggest company.
         </span>
         <span>
          The technology conglomerate surpassed Toyota as the country’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          largest business by market capitalization
         </a>
         <span>
          amid investor enthusiasm for its A.I. bets like OpenAI. SoftBank’s latest foray into the sector: a planned
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          €75 billion ($87.4 billion) investment
         </a>
         <span>
          in a network of artificial intelligence computing facilities in France.
         </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 White House is said to have helped steer millions to a company tied to Donald Trump Jr.
         </span>
         <span>
          ProPublica reports, citing unnamed sources, that the presidential adviser Peter Navarro requested that the Defense Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lend $620 million to Vulcan Elements
         </a>
         <span>
          , a North Carolina rare-earth magnet start-up, about three months after 1789 Capital, a venture capital firm where the president’s son is a partner, invested in it. The Pentagon denied that the company had received preferential treatment.
         </span>
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         </tbody>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Many ships in a body of water at sunset, with mountains in the background." class="css-18ei5jy" height="281" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F01%252Fmultimedia%252F01db-hormuz-hbqz%252F01db-hormuz-hbqz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAzMTUyNTAuODA3MDEyfQ:1wU1K6:iuixbGawMj5VnNlEfBSeFJLCvkBxbTTwEVSMYzPunto" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
           </td>
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           <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">
              Commercial ship traffic isn’t the only worry businesses have about the Strait of Hormuz.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              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>
          Iran’s threat to undersea data cables
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Peace talks with Iran have stalled as the U.S. and Iran negotiate over nuclear enrichment, frozen assets and missile supplies for Tehran. Meanwhile, American warships are quietly
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          guiding commercial vessels
         </a>
         <span>
          through the Strait of Hormuz.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But executives are worried about a less public danger: Tehran’s threats to damage or seize control of data cables under the strait, Vivienne Walt 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">
          Tech giants are conducting “intensive back-channel engagement”
         </span>
         <span>
          to protect their crucial subsea networks, according to Sean Evins, head of artificial intelligence advisory for the communications firm Kekst CNC and a former global affairs director for Meta.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The latest:
         </span>
         <span>
          In early May, an Iranian military spokesman said the country was threatening to demand license fees from Amazon, Google, Microsoft and Meta to use the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cable networks they operate
         </a>
         <span>
          under the strait. There was a suggestion that the cables could be cut or tampered with, with a semiofficial news agency calling the networks a “vulnerable point in the region’s digital economy.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It estimated that the cables carry about $10 trillion a day in financial transactions.
         </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">
          Underwater risk:
         </span>
         <span>
          The cables connect the Gulf region to parts of Europe, Asia and Africa, part of a vast subsea infrastructure that carries about 99 percent of global internet traffic, according to the International Telecommunication Union, a U.N. agency.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The group estimates there are about 200 cable cuts worldwide every year, mostly from seaquakes or dragging anchors.
         </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 Iranian military is still dangerous.
         </span>
         <span>
          Despite suffering heavy damage to its navy, Iran still has the combat divers, unmanned underwater vessels, and munitions needed to shut down cable traffic, according to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an April report
         </a>
         <span>
          by Al Habtoor Research Center, a research center affiliated with an Emirati billionaire.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “It wasn’t at the top of anyone’s mind,” Erin Murphy, a former C.I.A. analyst and the managing director for Asia at Redpoint Advisors, a global intelligence firm in Washington, told DealBook. “Now people are going, ‘Shoot, we’ve got to think about this.’”
         </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">
          It’s easier to damage cables than to fix them.
         </span>
         <span>
          A 2024 cable cut in the nearby Red Sea, during attacks on commercial vessels by Houthi rebels in Yemen, shut 25 percent of internet traffic across the region and took weeks to restore.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As for the repair work: Only four companies specialize in laying undersea cables, while there are roughly just
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          20 repair ships
         </a>
         <span>
          , many of which would need weeks to arrive in the Middle East — if they can go at all.
         </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="Letters spelling out “Kirkland &amp; Ellis” on a wall behind gates in an office building, seen through glass." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F01%252Fmultimedia%252F01db-kirkland-tjqb%252F01db-kirkland-tjqb-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAzMTUyNTAuODA3MTc5fQ:1wU1K6:hVBF0pur3ZCY3dWV50CrALyqNg__6D2SP8mcT4z8mWQ" 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">
              Kirkland &amp; Ellis is building, not buying, its own A.I. platform.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jeenah Moon for 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>
          Behind Kirkland’s big A.I. bet
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          A plunge in enterprise software stocks this year — the so-called
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          SaaSpocalypse
         </a>
         <span>
          — was driven by fears that companies would increasingly use artificial intelligence tools to build software instead of buying it.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The news last week that the giant law firm Kirkland &amp; Ellis planned to spend $500 million to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          build its own A.I. platform
         </a>
         <span>
          underscores another concern for corporations weighing whether to build or buy software: More businesses are looking to build their own tools so they can protect their intellectual property and maintain a competitive edge, Niko Gallogly 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">
          A.I. upstarts have put pressure on the legal industry,
         </span>
         <span>
          which largely charges clients on an hourly basis, including for tasks that A.I. threatens to automate. A.I.-native law firms, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Norm Law
         </a>
         <span>
          ,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Crosby
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          General Legal
         </a>
         <span>
          , charge far less for work like contract reviews and have been hiring lawyers away from traditional firms.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And start-ups like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Harvey
         </a>
         <span>
          and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Legora
         </a>
         <span>
          have attained multibillion-dollar valuations selling legal A.I. software.
         </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">
          Kirkland has high ambitions for its software.
         </span>
         <span>
          The firm is building more than a chatbot, a spokesperson told DealBook: Employees will do most of their work on the platform, rather than using it for specific tasks.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          About 180 developers inside and outside the firm are creating the system, which will be built on top of existing A.I. models. An early version will be rolled out in the next few weeks.
         </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">
          Behind Kirkland’s bet:
         </span>
         <span>
          The law firm, the world’s highest-grossing, most likely wants to “own the technology” rather than depend on third-party providers, Zoë Egelman, a founder of the start-up law firm Elego, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Kirkland will probably use its decades of internal data — “every M&amp;A deal, every capital-markets transaction, every case, every complex commercial contract,” Egelman said — to create a system fine-tuned on highly proprietary information. That could reassure clients who are anxious that their confidential data could be shared with a third party.
         </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">
          A downside, of course, is cost.
         </span>
         <span>
          Kirkland, which reported a record $10.6 billion in revenue last year, is one of few firms that can afford to design and operate such a system.
         </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 big question:
         </span>
         <span>
          Will A.I. let the richest firms pull further ahead of less-profitable rivals?
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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          <tr>
           <td height="10">
           </td>
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           <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_20260601%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODAzMTUyNTAuODA3MzUxfQ:1wU1K6:fb9w6Uk3yjUZ1ofstAcGlvDcyL1K1e9nzxTPLIYyXBw" style="max-width:96px;margin-bottom:7px"/>
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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_20260601%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODAzMTUyNTAuODA3NzEwNn0:1wU1K6:ZDIDPM42cL-Zj9-o1bjn4xJS8iGf1czkxPV5QQJ_-CM" style="display:block;width:100%;max-width:480px" width="480"/>
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         </tbody>
        </table>
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         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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          <tr>
           <td style="text-align:center">
            <img alt="Bill Gates, in a tailored jacket, collared shirt and sweater, holding up his hands." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F01%252Fmultimedia%252F01db-gates-jphz%252F01db-gates-jphz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODAzMTUyNTAuODA3ODczfQ:1wU1K6:IbOhvrI_v1BldVW3RV-hPA4r4119d-pjnmTBx7ympQw" 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">
              Bill Gates was asked not to speak at several prominent events after the Justice Department released files related to Jeffrey Epstein, according to The Wall Street Journal.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Caitlin Ochs/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>
          How Epstein derailed the Gates P.R. machine
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Justice Department’s release of files related to Jeffrey Epstein led to the resignations of prominent names in business, entertainment and academia.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Revelations from those documents also
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          derailed an effort
         </a>
         <span>
          by the staff of
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill Gates
         </span>
         <span>
          , the Microsoft co-founder and philanthropist, to burnish his reputation as a global philanthropist, The Wall Street Journal reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The release of files associated with Epstein, the convicted sex offender, revealed extramarital affairs by Gates and a much closer relationship with Epstein than Gates had admitted to.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          That led to the shunning of Gates from high-profile events, The Journal reports.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In February, Gates was scheduled to speak at an artificial intelligence conference in India attended by heads of state and major tech C.E.O.s. Then this happened:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          Gates was stationed at the Oberoi, a hotel in New Delhi, known for its symmetrical staircase and a “Tree of Life” sculpture in its lobby. He waited to receive word if he should attend a dinner with Indian Prime Minister
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Narendra Modi
         </span>
         <span>
          , French President
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Emmanuel Macron
         </span>
         <span>
          and business leaders, government officials said. Those who attended were part of the A.I. summit.
         </span>
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        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          Gates did not end up attending the dinner. [Archna Vyas, the Gates Foundation’s India lead] later received word from the Indian government that it would be better if Gates wasn’t part of the summit since the heightened Epstein news would take away from the A.I. focus.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:20px 0 15px">
         <span>
          The Epstein files also strained Gates’s relationship with his longtime friend
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Warren Buffett
         </span>
         <span>
          . From The Journal:
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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          In early May, Gates didn’t attend the annual meeting of Berkshire Hathaway, the company Buffett led for decades where Gates had been a board member until 2020. While he wasn’t barred from attending, some people advised Gates not to go. It was the first time he didn’t attend in many years.
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                In other Epstein-related news:
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Jes Staley
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , who resigned as C.E.O. of the British lender Barclays amid an investigation into his ties with Epstein, 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">
                agreed to testify before Congress
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                about that relationship.
               </span>
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            <span>
             THE SPEED READ
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          Deals
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                Yum Brands is said to be in talks to
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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">
                sell the Pizza Hut chain
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to the investment firm LongRange Capital. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Shares in easyJet, the European airline, are up more than 9 percent after the U.S. investment firm Castlelake said it might
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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">
                make a takeover bid
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                worth more than $4 billion. (WSJ)
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                The Fed is undergoing a
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                “stress test” of its own
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                — a challenge to its credibility — Jay Powell said in his first public comments since stepping down as chair. (Axios)
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                More than 10,000 lawyers have left
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                the federal government in President Trump’s second term. (NYT)
               </span>
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          Best of the rest
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                “Miami’s Wealthiest ZIP Code Is Fighting 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">
                Evict Its Least Glamorous Neighbor
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (WSJ)
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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">
                “No, I’m not planning to murder all of you”: What Tilly Norwood, the A.I.-generated actress whose creation drew outrage and criticism,
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                had to say in an interview
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (NYT Magazine)
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