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DealBook: Scooping a S.F. Giants private equity deal
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March 18, 2025
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Good morning. As private equity firms continue to crowd into the market for ownership of pro sports teams, DealBook is first to break some big news: The San Francisco Giants are selling a stake to the private equity firm Sixth Street, Ken Belson and Lauren Hirsch report. (Was this newsletter forwarded to you?
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Jung Hoo Lee of the San Francisco Giants signing autographs. The franchise has sold a roughly 10 percent stake to a private equity firm.
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Lindsey Wasson/Associated Press
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San Francisco Giants sell stake to private equity
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The San Francisco Giants, one of Major League Baseball’s most successful franchises, have sold about 10 percent of the team to the private equity group Sixth Street, The Times’s Ken Belson and DealBook’s Lauren Hirsch are first to report.
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The team will use the cash to help pay for upgrades to the franchise’s 25-year-old stadium and other facilities, as well as the Mission Rock real estate development adjacent to the ballpark.
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Details of the purchase, which was approved by Major League Baseball yesterday, were not disclosed. But the team was last
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valued at $3.8 billion
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by Forbes. The Giants are owned by a syndicate of 35 owners, led by Greg Johnson.
</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 has been making bolder investments in sports teams and properties.
</span>
<span>
Live sports is one of the few products still attracting big audiences, driving up the valuations of teams out of reach of many individual investors. This has led all of the top pro leagues to invite big funds to invest in teams.
</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">
Baseball was the first major league in North America to welcome major funds.
</span>
<span>
Now, more than half of Major League Baseball’s 30 teams, including the Boston Red Sox and the Chicago Cubs, have relationships with private equity groups.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Arctos, another private equity firm, owns about 2 percent of the Giants, as well as stakes in the Houston Astros, the San Diego Padres and other teams.
</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">
Streaming has made sports a global bet
</span>
<span>
. And investors are eager to tap into the global appeal of sports. “Technology has changed the game, it’s broken down barriers,” Alan Waxman, the C.E.O. of Sixth Street, told DealBook, referring to streaming services and other products that have allowed fans to follow teams across the world.
</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">
Major League Baseball has embraced digital distribution.
</span>
<span>
It sells streaming passes for the entire season, both domestically and internationally, and a growing number of teams are starting their own streaming platforms.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Sixth Street also has investments in the N.B.A.’s San Antonio Spurs and the European soccer clubs F.C. Barcelona and Real Madrid, and owns a controlling interest in Bay F.C., a women’s soccer team in the fast-growing N.W.S.L.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The deal is also a bet on San Francisco.
</span>
<span>
Oracle Park, which sits on just 12 acres, is now a quarter-century old and needs a face-lift. Over the next three years, the team plans to enhance the stadium’s main entrance facing Willie Mays Plaza, add designated sections for rooter clubs akin to those in soccer stadiums and upgrade and expand premium sections that include all-inclusive food and drink service.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“New capital is necessary in today’s world,” said Larry Baer, the team’s longtime president and C.E.O.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“This is not about a stockpile for the next Aaron Judge,” he said, referring to the New York Yankees star. “This is about improvements to the ballpark, making big bets on San Francisco and the community around us, and having the firepower to take us into the next generation.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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<td height="30">
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<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">
Alphabet is poised to announce its biggest takeover.
</span>
<span>
Google’s parent company could announce a more than
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
$30 billion deal for Wiz
</a>
<span>
, a provider of cloud security services,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
as soon as today
</a>
<span>
, according to news reports. The transaction would be Alphabet’s second run at Wiz, after it failed to buy the company last year at a $23 billion valuation. One question: The previous deal effort failed because of concerns about antitrust scrutiny — has the calculus changed under the Trump administration?
</span>
</p>
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</td>
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<td>
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</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">
Harvard will make tuition free for more students.
</span>
<span>
The university said that the plan would apply to students whose families
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
make $200,000 or less
</a>
<span>
, matching other schools including the University of Pennsylvania, M.I.T. and Caltech. Such moves, which come in the face of pushback from the Trump administration, are aimed in part at increasing diversity. Separately, many universities, including Harvard, are rushing to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
raise money in the bond markets
</a>
<span>
before potential funding cuts by President Trump.
</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">
SpaceX’s Starlink is now available across the White House.
</span>
<span>
Administration officials said Elon Musk’s satellite internet service was
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
donated to the Trump administration
</a>
<span>
, The Times reports. The system is meant to improve internet access across the complex, though some experts questioned the security of the arrangement. Separately, a SpaceX capsule is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
ferrying home two astronauts
</a>
<span>
who have stayed at the International Space Station months longer than expected.
</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">
Hong Kong and Chinese leaders question BlackRock’s big ports deal.
</span>
<span>
The leader of Hong Kong, John Lee, said that the transaction, in which the Hong Kong conglomerate CK Hutchison would sell most of its ports, including two around the Panama Canal, to a group led by BlackRock deserved “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
serious attention
</a>
<span>
.” His remarks come after
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
criticism of the agreement by Beijing
</a>
<span>
over its potentially depriving China of influence over key shipping routes. The comments suggest yet more geopolitical blowback to a deal that was partly aimed at allaying the Trump administration’s concerns about control of the Panama Canal.
</span>
</p>
<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>
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<td height="20">
</td>
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</tbody>
</table>
<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Europe wants to reverse a huge “capital flight”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While America’s once high-flying stock market is in turmoil, Europe’s markets are faring much better. Shares in European companies have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
vastly outperformed the S&P 500
</a>
<span>
despite the potential damage of President Trump’s trade war.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Officials in Brussels say that the rally could be even bigger. The European Commission, the European Union’s executive arm, is set to introduce a proposal tomorrow to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tap trillions of euros
</a>
<span>
parked in Europeans’ savings accounts to invest in Europe Inc., according to a draft proposal viewed by DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A second objective of the draft proposal: Encourage consolidation among European asset managers, a sector Wall Street has long overshadowed.
</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 is part of a larger vision to shake up the region’s byzantine capital markets,
</span>
<span>
an effort that has taken on new urgency since Mr. Trump’s re-election.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“It’s because of Trump, but also the need for more integration in so many sectors,” Fabrizio Pagani, a partner at the investment bank Vitale and a former top economic adviser to the Italian government, told DealBook. “There is so much positive catch-up to do.”
</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 plan is also meant to address an issue that bugs many European officials:
</span>
<span>
That European retail and institutional investors
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
put roughly €300 billion
</a>
<span>
($328 billion) annually into stocks and other assets based
</span>
<span style="font-style:italic">
outside
</span>
<span>
the European Union. “This is capital flight, and mostly to the U.S.,” Pagani said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That drain deprives European companies of capital needed to invest, innovate and grow. At the same time, Europe is scrambling
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to raise vast sums
</a>
<span>
to improve its economy — and, in a sudden new priority, rearm as Trump threatens to cut off military support to Ukraine.
</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">
Consider the global flight to Nvidia.
</span>
<span>
Late last year, the chip-making giant at the center of the artificial intelligence boom saw its market capitalization soar above $3.6 trillion — surpassing the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
entirety of Germany’s blue-chip Dax 40
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Nvidia’s run made it
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a top holding
</a>
<span>
for some European pension funds. And the desire to cash in on the U.S. tech stock surge became a recurring discussion point at investor road shows across Europe late last year, analysts told DealBook.
</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 bloc’s draft plan to reverse that money flow involves a savings and investment union
</span>
<span>
:
</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">
Advisers to the commission want to see member states cut “unnecessary” red tape in any consolidation among the continent’s army of asset managers, which are vastly outgunned by U.S. giants like BlackRock, Vanguard and Fidelity.
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
They are also calling for introducing tax breaks for investors and pension funds, especially those who put their money into European financial assets — not just stocks, but in bonds and venture funding for private companies.
</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">
Creating a true investment union faces major hurdles.
</span>
<span>
The European Union has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
295 national trading venues
</a>
<span>
and a hodgepodge of national regulators and investment rules and taxes. This measure falls short of
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
producing a single market watchdog
</a>
<span>
, equivalent to the S.E.C., that could create and enforce a common rule book.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Europe’s fragmented investment market is one reason that’s cited for top European start-ups to go public in the United States. What’s expected to be one of the year’s hottest I.P.O.s, the Stockholm-based lender Klarna,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
will list on the New York Stock Exchange
</a>
<span>
in the coming weeks.
</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>
“I want to give away a million dollars to somebody while I’m still around as chairman.”
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
—
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
Warren Buffett,
</a>
<span style="font-style:italic">
who is tweaking the rules of Berkshire Hathaway’s internal March Madness bracket to make it more likely that someone will win the big prize.
</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>
What to watch at the Super Bowl of A.I.
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Investors will be watching closely for signs of reassurance today from Nvidia’s C.E.O., Jensen Huang. The chip magnate is expected to deliver the keynote at Nvidia GTC, the annual conference in San Jose, Calif., that is widely considered
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
the Super Bowl of A.I.
</a>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
His speech comes as the industry faces a weakening economy, a trade war and an unexpected challenge from the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Chinese start-up DeepSeek
</a>
<span>
. Huang’s job is to reinvigorate investor confidence in A.I.’s overarching thesis — you need to spend to grow.
</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">
Investors don’t seem terribly optimistic.
</span>
<span>
Nvidia’s share price dipped almost 2 percent yesterday before the event. Related tech companies, like Samsung and Dell, saw a bump.
</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 stakes are huge.
</span>
<span>
Nvidia, the leading chip maker for A.I., commands an enormous market cap of nearly $3 trillion. It’s part of the so-called Magnificent Seven
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
group of stocks
</a>
<span>
that drives the S&P 500. When Nvidia sneezes, the market shudders.
</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 company still faces risks.
</span>
<span>
Nvidia could face
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
export controls
</a>
<span>
that could severely dent sales, and Huang’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
quieter approach to the Trump administration
</a>
<span>
may not pay off.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Also, will Big Tech continue to spend on A.I.? Customers like Meta, Google and Amazon are starting to make their own chips.
</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">
Analysts expect two themes.
</span>
<span>
First, be aware that Huang’s keynotes can drag on for two hours or more.
</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">
New chips.
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Huang has promised more details about the company’s upcoming Blackwell Ultra chip, and a new A.I. super-chip, Vera Rubin, named
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
after the astronomer who discovered dark matter
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. The Rubin line could deliver performance as much as 30 times as fast as that of its predecessor.
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
A.I. will deliver
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. Some question whether the technology can
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
generate enough revenue to justify its steep costs
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, and if Nvidia’s sales have peaked. Huang is likely to highlight the budding consumer market. For example: A.I. agents can power services people will want to pay for.
</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">
Will Huang address DeepSeek?
</span>
<span>
The Chinese newcomer’s breakthrough — using far fewer chips than its competitors to create a similarly powerful generative A.I. model —
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cleaved off $600 billion of Nvidia’s market value in a single day
</a>
<span>
. There’s a counterargument that lower development cost will mean
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
more
</a>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
buyers of Nvidia chips, not fewer,
</a>
<span>
but concerns of a drop off in spending have continued to weigh on the stock.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-36ugzx" style="padding-bottom:15px">
</td>
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<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We hope you’ve enjoyed this newsletter, which is made possible through subscriber support.
</span>
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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">
“
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Short sellers make $16 billion profit
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
from Tesla’s share price plunge” (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">
Scoop:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Apptronik
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, a maker of humanoid robots, has expanded its Series A fund-raising round to $403 million; investors include Mercedes-Benz, Japan Post Capital and ARK Invest. (DealBook)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Politics, policy and regulation
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
The acting chair of the Equal Employment Opportunity Commission sent letters to 20 law firms — including Perkins Coie, Kirkland & Ellis and Sidley Austin — demanding information about
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
their diversity, equity and inclusion-related employment programs
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Crypto executives are
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
targeting the S.E.C.
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
as payback for a crackdown during the Biden administration, including pushing law firms to shun hiring former agency staff members. (Politico)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
World Liberty Financial, the Trump family’s crypto venture, said it 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">
raised $550 million
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to date in digital token sales. (CNBC)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
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">
“Bank of America Tightens
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Oversight of Junior Bankers’ Hours
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
” (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">
How artificial intelligence is changing how the world’s computers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
are being built
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT)
</span>
</li>
</ul>
</td>
</tr>
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</table>
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<span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
Correction:
</span>
<span style="font-style:italic">
Because of an editing error, yesterday’s newsletter referred imprecisely to the actions President Trump took against the law firm Covington & Burling. Trump issued a presidential memo, not an “executive order.” Separately, the memo was directed at specific individuals at the firm, not at the firm itself.
</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">
Thanks for reading! We’ll see you tomorrow.
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Andrew Ross Sorkin
</a>
<span>
, Founder/Editor-at-Large, New York
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@andrewrsorkin
</a>
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<a class="css-12jlfj0" style="-webkit-text-decoration:underline;font-weight:600;color:#000;text-decoration:none;border-bottom:1px solid #ccc">
Ravi Mattu
</a>
<span>
, Managing Editor, London
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@ravmattu
</a>
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Bernhard Warner
</a>
<span>
, Senior Editor, Rome
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
@BernhardWarner
</a>
</td>
</tr>
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