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May 1, 2025
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Good morning. Tesla’s chair denied a report that the company had sought to replace Elon Musk as C.E.O. That doesn’t mean the carmaker is in the clear. More below. (Was this newsletter forwarded to you?
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Elon Musk joked yesterday that he often wears multiple hats, as in multiple roles. Can he devote the time needed to fixing Tesla?
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Pete Marovich for The New York Times
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Musk or not, Tesla’s challenges remain
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Tesla shareholders appear relieved that Elon Musk seems set to stay on as C.E.O., after the automaker’s chair denied a report that the board had explored finding his successor. Company shares are up in premarket trading.
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But even if Musk — who has said he’s dialing back his government cost-cutting work — is sticking around, the company still faces operational and competitive challenges. And then there’s the question of how much time he can still devote to Tesla, and whether his plans for the company will work out, though Musk has a track record of proving his critics wrong time and again.
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</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 Tesla is disputing:
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The Wall Street Journal reported
</a>
<span>
that Tesla’s board had reached out to executive search firms about a month ago to work out a formal C.E.O. succession process. At the time, Musk was consumed with his work in Washington and Tesla’s sales and profits were dropping.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A statement posted on X attributed to Robyn Denholm, Tesla’s chair, called the report “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
absolutely false
</a>
<span>
,” adding, “The CEO of Tesla is Elon Musk and the Board is highly confident in his ability to continue executing on the exciting growth plan ahead.”
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A chart comparing Tesla's stock performance in recent months, versus the S&P 500." class="css-xsf469" height="520" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F01%252Fbusiness%252F01db-teslastoxx%252F01db-teslastoxx-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxMDM1ODkuMzM5OTM4Mn0:1uATJ7:vnmom3DY4iN-2O_vqfs40x6GyNRRXbeI8bd9RdL_PXc" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:20px;line-height:0" width="500"/>
</td>
</tr>
</tbody>
</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Musk staying on doesn’t change the difficult position Tesla is in.
</span>
<span>
Shares in the company have plunged sharply since December and remain volatile (though they’re still outperforming the S&P 500). Executives last week largely chalked up a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
71 percent year-on-year drop
</a>
<span>
in first-quarter earnings to retooling Model Y assembly lines. But the company faces growing competition, especially from lower-cost Chinese rivals, and a likely hit from tariffs.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Then there’s the question of whether political opposition to Musk is hurting sales and hiring. The Journal reports that a Tesla executive said it was getting harder to recruit new talent because of Musk and said it would be better if he resigned; that executive was reportedly later forced out.
</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 much time Musk will devote to Tesla is another question.
</span>
<span>
During last week’s earnings call, the entrepreneur insisted that he would continue pushing Tesla to become the leader in autonomous vehicle taxi services. Before Denholm’s statement was published on X, Dan Ives, a research analyst and prominent Tesla booster, predicted on X that Musk would remain C.E.O. “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
for at least five years
</a>
<span>
.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
But according to The Journal, Musk confided in an associate that he was still frustrated at working nonstop at Tesla, especially after his huge pay package had been repeatedly struck down in court. Musk also leads nearly a half-dozen other companies, including SpaceX, the newly combined xAI and X and Neuralink. And many analysts, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
reportedly Tesla executives
</a>
<span>
, question his robotaxi vision.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Ross Gerber, an outspoken Tesla investor and Musk critic, told Bloomberg Television that the billionaire should
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
instead become the carmaker’s chair
</a>
<span>
and let someone else take over — perhaps J.B. Straubel, a Tesla co-founder and board member who has reportedly been seeking to allay restive shareholders.
</span>
</p>
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<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_20250501%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDYxMDM1ODkuMzQwNDA5NX0:1uATJ7:wm_XlaeRaW4XpI_PojofXQyd3cnj_JJrqfJ9pRY8UFE" style="max-width:96px;margin-bottom:7px"/>
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<p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
DEALBOOK WANTS TO HEAR FROM YOU
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-style:italic">
We’d like to know how the tariffs are affecting your business. Have you changed suppliers? Negotiated lower prices? Paused investments or hiring? Made plans to move manufacturing to the U.S.? Or have the tariffs helped your business? Please
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
let us know what you’re doing
</a>
<span style="font-style:italic">
.
</span>
</p>
<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">
Apple is ordered to loosen its grip on its App Store.
</span>
<span>
A federal judge in California, who
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
rebuked the iPhone maker
</a>
<span>
for thwarting a previous ruling in a lawsuit over control of the marketplace, told the company to stop collecting commissions on some app sales and accused some executives of lying in court. It’s a major victory for Epic Games, the Fortnite maker that has sought to challenge Apple’s and Google’s control of their app stores.
</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">
Washington and Kyiv strike a deal to share Ukraine’s mineral wealth.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
The agreement
</a>
<span>
, announced yesterday, will create a joint investment fund, though details remain unclear. Ukraine supporters hope the pact will give President Trump a stake in the country’s fate, as the outlook for efforts to end Russia’s war there remain unclear.
</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">
Elon Musk suggests his cost-cutting team should examine the Fed.
</span>
<span>
The billionaire said at a White House event that the so-called Department of Government Efficiency should
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
“definitely” train its sights
</a>
<span>
on the central bank, citing a costly overhaul of its headquarters. (The Fed finances itself with income from securities it holds.) It’s the latest instance of Trump and his allies taking aim at the Fed.
</span>
</p>
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<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%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250501%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDYxMDM1ODkuMzQwNzY2NH0:1uATJ7:GzI7kedxhGc2kW9QbYGP40dW74XbN-2oLRJSzIuOV34" 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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</span>
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<tbody>
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<td style="text-align:center">
<img alt="Tight-frame picture of President Donald Trump in a dark suit and red tie holding a leather portfolio in a doorway in the White House." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F01%252Fmultimedia%252F01db-newsletter-flct%252F01db-newsletter-flct-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxMDM1ODkuMzQxMjA4fQ:1uATJ7:YvvpDcad-ncv0CNPJXmXZrfXgjmJJPnP-vSHPLFMlw0" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
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<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
President Trump blamed former President Joe Biden for the dismal economic report card.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Alex Brandon/Associated Press
</span>
</span>
</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>
The economy started shrinking before Trump’s tariffs
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The uncertainty gripping corporate America as a result of President Trump’s tariffs hasn’t hurt the tech giants — too much. Microsoft
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
recorded big quarterly gains
</a>
<span>
, and Meta’s first-quarter revenue
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
beat investor expectations
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The results lifted markets after hours. But they contrasted sharply with new — and dismal — economic data from some of the world’s largest economies.
</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">
Recap:
</span>
<span>
The U.S. economy shrank in the first three months of the year, the first period of negative growth since the first quarter of 2022. The data covers the period just before the bulk of Trump’s tariffs took effect but reflects worry about his trade policies. (Trump
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
blamed former President Joe Biden
</a>
<span>
for reading.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
In China, export orders plummeted in April to the lowest levels since 2022, and a measure of the country’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
factory activity also fell
</a>
<span>
. And yesterday the Bank of Japan
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
cut its economic growth forecast
</a>
<span>
, citing trade fights.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
One bright spot:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
U.S. inflation cooled
</a>
<span>
in March.
</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">
Worth noting:
</span>
<span>
There was a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
lot of noise
</a>
<span>
in the latest figures. Trump’s tariff threats set off a huge drop in net exports, cutting
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
nearly five percentage points off G.D.P.
</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">
The report is unlikely to change the Fed’s wait-and-see approach to lowering interest rates
</span>
<span>
, Paul Stanley, the head investment officer at Granite Bay Wealth Management, wrote in a research note. Economists were expecting a contraction in the first quarter, and the markets were already pricing in a downturn in growth.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Across almost every industry, businesses have
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
withdrew their financial forecasts
</a>
<span>
, scaled back growth estimates and warned of higher costs. Just in:
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
General Motors
</a>
<span>
lowered its full-year profit outlook, citing a multibillion-dollar hit from tariffs, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
McDonald’s reported
</a>
<span>
that global same-store sales, particularly in the U.S., were down in the first quarter.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump is widely expected to sew up new trade agreements, but the White House’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
vague pronouncements
</a>
<span>
on deal talks and the president’s continued
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
attacks on business leaders
</a>
<span>
have made corporate planning nearly impossible. (Washington
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
recently contacted
</a>
<span>
Beijing to start trade negotiations, according to Chinese state media.)
</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">
Many economists say that things are about to get worse.
</span>
<span>
“Unless there is a quick unwinding of the tariffs now hitting the economy, a recession will take place in midyear,” Joseph Brusuelas,
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
the chief economist at the consulting firm RSM US, wrote in a note.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Bill Adams, the chief economist for Comerica Bank, told DealBook that “the economy has clearly been changing trajectory in the last couple of weeks in a way that makes last quarter’s G.D.P. report feel much less relevant.”
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Inflation picking up in the first quarter, and overall uncertainty, could forestall hiring, Adams added. Some might consider that the perfect recipe for stagflation.
</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 to look for next:
</span>
<span>
Given the stark changes to the economy in April, the jobs report due out tomorrow will be closely watched, especially by the Fed. Economists forecast an addition of about 130,000 jobs, down sharply from the 228,000 added in March.
</span>
</p>
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<tbody>
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<td class="css-36ugzx" style="padding-bottom:15px">
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<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="Rory McIlroy dressed in a white shirt and cap swings a golf club as a golf ball flies in the air and grass spurts up." class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F01%252Fbusiness%252F01DB-Rory%252F01DB-Rory-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxMDM1ODkuMzQxMzUyfQ:1uATJ7:wlp9b_n4gnL19t1DPTd2tWg1GQzaxGYpj5AljwD6KPw" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
Rory McIlroy, fresh off his victory at the Masters, is diving deeper into investing.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Jonathan Bachman/Getty Images
</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>
Rory McIlroy teams up with TPG
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Fresh off finally securing a career grand slam
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
with a thrilling win at the Masters
</a>
<span>
, Rory McIlroy, the world’s second-ranked golfer, is rounding out another corner of his life: investing.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
McIlroy’s investment firm, Symphony Ventures, is joining forces with the private equity firm TPG to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
start TPG Sports
</a>
<span>
, an investment fund that will place bets on businesses across the sports industry, DealBook is first to report.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Sports is undergoing a big transformation,” McIlroy told DealBook. “There is a lot of investment going into the sports world and trying to make it more professional — and trying to bring it into the 21st century.”
</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">
McIlroy has a long track record in investing.
</span>
<span>
He started Symphony Ventures with Sean O’Flaherty, his business partner, in 2019. (Both men will be operating partners for TPG Sports.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Investments by Symphony Ventures include Golf Genius, a golf tournament software platform, and Puttery, an immersive mini-golf experience. In 2022, McIlroy also co-founded a company that
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
helped create TGL
</a>
<span>
, the team-based high-tech golf league with investors that include Arthur Blank and Steve Cohen.
</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">
McIlroy’s investment focus led him to TPG.
</span>
<span>
The firm brought him on as an investor in some of its previous deals, like its buying a stake in the golf course management company Troon in 2021.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
TPG brings to its sports bet
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
extensive experience
</a>
<span>
in media and other related industries, through deals with DirecTV and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Creative Artists Agency
</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">
TPG is making its official foray into sports as investors face a volatile landscape
</span>
<span>
, with President Trump’s tariffs rattling the stock market and analysts
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
saying a recession is becoming more likely
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“Probably the best opportunities that we’ve seen and invested in over the past 30 years have also come at moments of uncertainty,” said Todd Sisitsky, the president of TPG. The firm is starting TPG Sports with a secured investment commitment from Lunate, an investment fund based in Abu Dhabi.
</span>
</p>
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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>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A close-up of a U.S. dollar bank note focused on image of President George Washington" class="css-xsf469" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F01%252Fmultimedia%252F01db-newsletter-wvtg%252F01db-newsletter-wvtg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDYxMDM1ODkuMzQxNTA2Mn0:1uATJ7:fdgJBzxaYOwydHBNRabQflbTzF3RaRaxmjLDExmJdsI" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
</td>
</tr>
<tr>
<td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
<span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
<span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
The U.S. dollar has been in free fall the past few months. That leaves an opening for the euro.
</span>
<span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
Dado Ruvic/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>
The world still speaks U.S. dollar
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The U.S. dollar has fallen about 9 percent in the past three months, according to an index that tracks its performance against a basket of major trading partners. Not since the 1970s has the currency performed so badly in a president’s first 100 days.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The drop isn’t surprising. The U.S. economic outlook is far cloudier than it was on Inauguration Day, as President Trump’s tariffs set the stage for slower growth and higher inflation. U.S. assets look far less attractive now.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
But could there be something more existential afoot?
</span>
<span>
Questions are swirling about the dollar’s global standing and whether after more than seven decades as the world’s most important currency, it’s on the cusp of shedding that status, Colby Smith writes for DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Trump’s policies and his threats to longstanding norms like the political independence of the central bank have prompted a rethink among investors about how much more exposure they want to have to U.S. assets. That skepticism looks likely to endure. “Something is in motion that is irreversible,” said Jens Nordvig of research firm Exante Data.
</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">
There are obvious caveats.
</span>
<span>
Just because the dollar is weaker now, that does not mean it has lost all of its primacy. A sudden shift away from the United States still seems far-fetched because there are few places to go.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“The rest of the world is eager, if not desperate, to reduce reliance on the dollar as a payment and reserve currency,” said Eswar Prasad, a former official at the International Monetary Fund who is now at Cornell University. Attempts to weaponize the dollar through policies like sanctions would be less potent, and having multiple sources of liquidity during times of stress could make for a less fragile global financial system, some currency experts say.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“The reality though is that there are no robust alternatives,” Prasad said.
</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 euro is perhaps best positioned to eventually seize the opportunity created by Trump.
</span>
<span>
It is a widely used and favored currency among central banks. There are now more euro-denominated safe assets available, as Germany and other countries increase spending. And the European Central Bank has also shown more willingness to serve as the region’s lender of last resort, a crucial function for an international currency.
</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">
When would the euro become a reserve currency?
</span>
<span>
“We’re at the best position to become one in some years,” Luis de Guindos, the E.C.B.’s vice president,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
said recently
</a>
<span>
. But there would have to be much more meaningful economic, financial and regulatory integration across Europe for that to happen. It will take time.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Other alternatives like China’s renminbi face even higher hurdles. Investors cannot transact freely in the country’s financial markets because of capital controls, and the currency is heavily managed by the government — two insurmountable barriers to the Chinese currency assuming a more global role.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Shifting away from the dollar presents as big a challenge as trying to shift the world away from using English, said Stephen Jen, a currency expert who runs Eurizon SLJ Capital.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“People can bicker on whether French is more beautiful or German more precise, but none of that matters — when more people speak English, more will learn to speak English,” he said. “Dollar liquidity is deep. No one administration can destroy the dollar, certainly not President Trump in 100 days.”
</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>
THE SPEED READ
</span>
</h3>
</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">
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">
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Citigroup has hired Bob Lighthizer
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, President Trump’s former trade chief, to help the bank and its clients navigate the tariff fight. (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">
The stablecoin company Circle 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">
rejected a takeover bid
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
by a rival, Ripple. (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 effort to oppose Trump’s steep tariffs narrowly failed
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
in the Senate
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (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">
Google’s C.E.O., Sundar Pichai, urged a judge 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">
reject the Justice Department’s “extraordinary” demands
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
to break up the tech giant. (WSJ)
</span>
</li>
</ul>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Best of the rest
</span>
</p>
<div style="margin:0 auto;max-width:600px;width:100%">
<table>
<tbody>
<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">
110-Hour Workweeks
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Drove Young Bankers at a Boutique Firm to the Brink” (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">
Inside UniUni, a logistics start-up that delivers packages for Shein and Temu — and is
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
accused of labor violations
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, including 70-hour work weeks. (The Information)
</span>
</li>
</ul>
</td>
</tr>
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</table>
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Thanks for reading! We’ll see you tomorrow.
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