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   DealBook: The Fed and the midterms
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             June 24, 2026
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          Good morning. Andrew here, heading back to New York.
         </span>
         <span>
          Did the capital of capitalism just undergo a major political realignment? That’s the big question on Wall Street after a slate of progressive candidates backed by Mayor Zohran Mamdani swept New York City’s congressional primaries, unseating prominent moderate incumbents in a stunning show of influence.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For decades, New York operated on a tacit agreement: Elect social liberals, but protect corporate capital. What will happen now that a political faction openly skeptical of big business is poised to represent the city in Congress?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The most immediate friction point will be the tax code. Will an emboldened progressive bloc demand wealth taxes, or will the fear that the wealthy will flee en masse to low-tax states keep such proposals at bay? And what does this mean for the national political picture?
         </span>
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          Let me know
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          what you think. (Was this newsletter forwarded to you?
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          Sign up here.
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          )
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            <img alt="Kevin Warsh, the Fed chairman, is seen standing at a lectern, looking down and to his right." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F24%252Fmultimedia%252F24db-warsh-qfwc%252F24db-warsh-qfwc-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzMDA2NzIuMTI3MDY4NX0:1wcLp2:LVG_Og2tZQM18TysbggefNr-6THS3HZn8bR_9pJKp90" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              The odds are rising on Wall Street that the Fed will raise interest rates, perhaps before Election Day.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Anna Rose Layden for 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>
          High interest
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The S&amp;P 500 is having a rough month, with more choppy trading expected around tomorrow’s big inflation report.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The volatility reveals growing tension on Wall Street over interest rates — which traders now expect the Fed will raise — that could jolt Washington politics, too.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Market watchers increasingly see that move coming before the midterm elections. That would probably infuriate President Trump, who has publicly demanded rate
         </span>
         <span style="font-style:italic">
          cuts
         </span>
         <span>
          for months, and whose approval rating
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          has slipped
         </a>
         <span>
          over his
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          handling of the economy
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          What to watch:
         </span>
         <span>
          The Personal Consumption Expenditures price index, a measure that is closely watched by the Fed, is set for release tomorrow at 8:30 a.m. Eastern.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Most economists think it will be another bruiser, with inflation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          hitting a three-year high
         </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 good news:
         </span>
         <span>
          The P.C.E. report could show that inflation has peaked, with oil prices retreating significantly amid negotiations to end the war in Iran. Brent crude, the international benchmark for oil, traded around $75.50 a barrel this morning, a few dollars above prewar levels.
         </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 bad news:
         </span>
         <span>
          Oil prices may have fallen, but borrowing costs have not. The yield on the 10-year Treasury note, a rate that underpins mortgages and commercial loans, traded at 4.48 percent this morning. And U.S. government bonds have slumped since the start of the war.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          First, investors grew wary of wartime inflation. Now, they’re fretting about the growing prospect of a Fed rate increase.
         </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">
          A hot P.C.E. number could roil the bond market further,
         </span>
         <span>
          adding to calls to raise rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Economists at BNP Paribas, Deutsche Bank and Bank of America are in the hiking camp. Aditya Bhave, an economist for Bank of America, told investors on Monday that the Fed would raise rates three times this year, starting in September.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Why? “The Fed’s inflation problem has gotten unambiguously worse,” he wrote in a research note.
         </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">
          Would the Fed move before the midterms?
         </span>
         <span>
          The politically independent institution surprised some watchers when it cut rates in September, 2024. That drew criticism from
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Kevin Warsh
         </a>
         <span>
          , who’s now the central bank’s leader, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump
         </a>
         <span>
          , who accused the Fed of “playing politics.”
         </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">
          Some on Wall Street think calls for increases are premature.
         </span>
         <span>
          In a research note published yesterday, UBS said it sees the Fed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on hold for a while
         </a>
         <span>
          , and called the market’s current expectations of Fed rate hikes “aggressive.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Either way, tomorrow’s P.C.E. reading will be closely watched.
         </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">
          Zohran Mamdani and artificial intelligence stand out in New York’s primaries.
         </span>
         <span>
          Candidates backed by the New York City mayor
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          swept a series of tight races
         </a>
         <span>
          , establishing the democratic socialist as a political kingmaker. Super PACs
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          spent over $50 million
         </a>
         <span>
          on the New York primaries, as fights over A.I. regulation intensify.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Alex Bores
         </span>
         <span>
          , a state legislator who helped pass one of the country’s first A.I. safety bills, lost after being
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          targeted with an $8 million campaign
         </a>
         <span>
          by a pro-A.I. super PAC backed by Trump donors.
         </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">
          Democratic lawmakers target a deal between the Trump family and an Emirati royal.
         </span>
         <span>
          Leading Senate Democrats called for hearings over a $500 million investment into the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          family’s cryptocurrency company
         </a>
         <span>
          made by a group led by Sheikh Tahnoon bin Zayed Al Nahyan, who heads the United Arab Emirates’ spy services. The president’s relationship to the U.A.E. has come under scrutiny after the Trump administration gave the country
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          access to advanced A.I. chips
         </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">
          Alibaba sues the Pentagon over a blacklist designation.
         </span>
         <span>
          The e-commerce giant asked a California district court to force the Defense Department to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          remove it from the so-called 1260H list
         </a>
         <span>
          of companies with suspected links to China’s military, saying it has no such ties. The matter, which involves several other well-known Chinese brands, including BYD, has created further trade tensions between Beijing and Washington.
         </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 prominent Wall Street P.R. firm is reportedly pulled into an insider trading case.
         </span>
         <span>
          The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          S.E.C. charged
         </a>
         <span>
          a former pro soccer player with using confidential information to make about $2.7 million in illegal trades in companies like Apollo Global Management. The information was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          stolen from the laptop
         </a>
         <span>
          of his then-girlfriend, who worked at
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Joele Frank
         </span>
         <span>
          , a leading financial communications firm, Bloomberg reports. The charges track similar cases where information was purloined from romantic partners, and involved corporate giants like Merck and BP.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053701%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20260624%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODIzMDA2NzIuMTI3MjkwN30:1wcLp2:Ni2K5U05pJIt09hd3UEV1RDAttSL8PKkooCEb_Q2YPA" style="max-width:96px;margin-bottom:7px"/>
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        </table>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
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           <td height="10">
           </td>
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           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
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           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
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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="Mark Zuckerberg, wearing a gray shirt, speaks into a microphone. " class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F24%252Fmultimedia%252F24db-meta-predictions-wfqv%252F24db-meta-predictions-wfqv-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzMDA2NzIuMTI3NjE0N30:1wcLp2:zheNQbse29FjtJcZVr4wtmual3ZAVn2y6emjJlKLE-k" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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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">
              Mark Zuckerberg, the chief executive of Meta, wants the company to capitalize on the popularity of prediction markets.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Jason Henry 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>
          Meta makes a play for prediction markets
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In 2016, back when Facebook was still called Facebook, its C.E.O.,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Mark Zuckerberg
         </span>
         <span>
          , held an all-hands meeting with employees where he spoke about how to deal with the company’s competitors. He relayed what would eventually become an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          informal slogan
         </a>
         <span>
          : “Don’t be too proud to copy.” Weeks later, Zuckerberg would clone Stories, a feature pioneered by Snapchat, and place it inside Instagram.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Nearly a decade later, Zuckerberg continues to abide by that ethos. The latest example? His company, now called Meta, is developing a prediction market app that could compete with platforms like Polymarket and Kalshi, according to Mike Isaac and David Yaffe-Bellany, who were first to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          report it for The Times
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But the move may draw more regulatory scrutiny on a tech giant frequently in Washington’s cross hairs.
         </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 details:
         </span>
         <span>
          Internally, the stand-alone app is referred to as “Arena.” Users would probably wager with points rather than cash, though the company has not ruled out adding real-money bets eventually.
         </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">
          Fast-follow:
         </span>
         <span>
          Prediction markets have surged in popularity over the past few years, allowing users to wager money on outcomes as varied as the Super Bowl and the length of the State of the Union address.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The amount of money bet on Kalshi and Polymarket combined this year has already more than doubled over last year, to $130 billion from $50 billion. Jumping on the prediction markets trend, company insiders say, is “classic Mark.”
         </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 it comes to “buy versus build,” Zuckerberg has preferred to whip out his checkbook.
         </span>
         <span>
          His $1 billion acquisition of Instagram in 2012 is the most prominent example of that approach. He forked out billions more in 2014 to purchase WhatsApp, which has since grown to more than three billion monthly users.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          With a market cap of more than $1.4 trillion, Meta could presumably afford to buy one of the privately held prediction markets. Polymarket was recently valued at $14 billion by its investors, and Kalshi was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          given a $22 billion valuation
         </a>
         <span>
          in May.
         </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 Meta has backed off buying competitors lately,
         </span>
         <span>
          after facing numerous regulatory challenges from both the Trump and Biden administrations. Executives at the company have urged their teams to start building instead.
         </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 move could draw new regulatory attention to Meta.
         </span>
         <span>
          Patterns of suspicious betting on the existing markets have already
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          caused concern in Washington
         </a>
         <span>
          . And shortly after The Times’s story on Arena was published, Senator Richard Blumenthal, Democrat of Connecticut, urged his followers to help stop the app in a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          post on social media
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Meta employees describe Arena as experimental and caution that it may not be released. But as prediction markets continue to grow in popularity, don’t expect Zuckerberg to drop the idea anytime soon.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                In other Meta news: The Trump administration is pressuring the company to voluntarily
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                submit its artificial intelligence models
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                for a government review of their safety, The Times reports.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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                <td style="line-height:0;font-size:0">
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                <td style="line-height:0;font-size:0">
                 <a class="css-sdwaa1" rel="noopener noreferrer nofollow" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline" tabindex="-1" target="_blank">
                  <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_20260624%2526stpe%253Ddefault%2526li_coord%253Dmobile%2526collapse_width%253D480/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3ODIzMDA2NzIuMTI3OTQyM30:1wcLp2:RVzmcX4pqZxTNr6YPglxS53E7lysIRh_X4kQyoAMI8c" style="display:block;width:100%;max-width:480px" width="480"/>
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             </table>
            </span>
           </td>
          </tr>
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           <td style="padding-bottom:15px;border-bottom:0 solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
        <table width="100%">
         <tbody>
          <tr>
           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
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           <td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
           </td>
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         </tbody>
        </table>
        <p style="color:#000;font:700 12px/15px arial,sans-serif;padding-bottom:2px;letter-spacing:.8px;margin:0">
         NUMBER OF THE DAY:
        </p>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          556,850
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The number of “ultrawealthy” people globally — those with a net worth above $30 million — at the end of 2025. That’s according to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          latest annual ranking
         </a>
         <span>
          by the wealth-intelligence firm Altrata. The ranks of the superaffluent grew 14 percent year on year, according to Altrata, coinciding with the A.I. boom.
         </span>
        </p>
        <table width="100%">
         <tbody>
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           <td class="css-36ugzx" style="padding-bottom:15px">
           </td>
          </tr>
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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="Larry Ellison, the chairman of Oracle, is seen speaking at a lectern with President Trump standing to his right." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F06%252F24%252Fmultimedia%252F24db-ellison-mpgz%252F24db-ellison-mpgz-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODIzMDA2NzIuMTI4MDgwNn0:1wcLp2:19rJ7kWa4hnVhi60w0AG7VpPyh30QhjliPad03bu2aE" 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">
              Larry Ellison, the chairman of Oracle, at the White House with President Trump, in January, 2025.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Haiyun Jiang 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>
          “Everyone knows who Larry is”
         </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">
          Larry Ellison
         </span>
         <span>
          is worth an
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          estimated $219 billion
         </a>
         <span>
          . He hasn’t been shy about throwing some of it toward the Trump administration.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Wall Street Journal has taken a close look at the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          relationship between Ellison and President Trump
         </a>
         <span>
          , and how much the Oracle co-founder, already a prolific political donor, has given.
         </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">
          Following the money:
         </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">
                Ellison gave about $45 million to a political nonprofit group supporting Trump’s 2024 presidential campaign, The Journal reports, citing unnamed sources.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                He has donated millions to pro-Trump groups since then, The Journal adds. Oracle is listed as a corporate sponsor of Freedom 250, an initiative aligned with the president to celebrate the country’s 250th anniversary.
               </span>
              </li>
             </ul>
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ellison companies have benefited in Trump’s second term.
         </span>
         <span>
          The administration chose Oracle as a key partner for its $500 billion plan to build data centers in the U.S., and Oracle was a member of the investor group that bought control of TikTok’s U.S. operations in a deal brokered by the government.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          David Ellison, a son of Larry, has also been able to rapidly expand his media empire under the Trump administration, buying Paramount and striking a deal for Warner Bros. Discovery, transactions that the Justice Department has blessed.
         </span>
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          How close are Ellison and Trump?
         </span>
         <span>
          Ellison now officially resides in Florida, near Mar-a-Lago, instead of in his longtime home base in Hawaii. Another example, from The Journal:
         </span>
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          Trump was inaugurated for his second term on Jan. 20, 2025. A day later, Ellison arrived at the White House for the unveiling of the Stargate project, a $500 billion, privately funded initiative anchored by Oracle’s cloud infrastructure.
         </span>
        </p>
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          There was just one issue: Ellison didn’t have his passport or a government-issued ID with him. White House protocol requires all visitors, regardless of status, to present government ID to the Secret Service for entry.
         </span>
        </p>
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          When the issue reached the president, Trump personally intervened to get Ellison through, telling security “everyone knows who Larry is.” Ellison was ultimately escorted into the Roosevelt Room.
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             THE SPEED READ
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          Deals
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                SK Hynix, the South Korean chip giant, plans 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">
                raise $29.4 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                via a stock listing in the U.S., taking advantage of huge investor interest in memory chips. (Bloomberg)
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Equities traders at Goldman Sachs are said to be on track 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">
                generate more than $5 billion of revenue
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in the second quarter, and could beat the group’s recent record of $5.3 billion. (Bloomberg)
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          Politics, policy and regulation
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                The Trump administration plans to provide $17.5 billion in loans to
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                build 10 large nuclear reactors
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                to power data centers. (AP)
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                Venezuela is reportedly set to disclose that it has
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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">
                $240 billion in debt
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , as the country prepares for the world’s biggest-ever sovereign financial restructuring effort. (FT)
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          Best of the rest
         </span>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Masayoshi Son
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of SoftBank is 68 years old. He just promised to run the tech giant for
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                another 10 to 15 years
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
               </span>
              </li>
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                DJs at World Cup games have a secret weapon to fight loud boos from fans who hate mid-game “hydration” breaks:
               </span>
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                Willie Nelson singalongs
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (CNN)
               </span>
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