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DealBook: The “golden share” clause
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May 28, 2025
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Good morning. Andrew here. Everyone on Wall Street is buzzing about a stinging rebuke to the Trump administration’s effort to punish the law firm WilmerHale via executive order. The decision lit up lawyers’ group chats and Reddit forums about whether law firms that had settled with the administration, like Paul Weiss and Skadden, should have fought back. We have a full breakdown below.
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Less prominent, but potentially more impactful, is a topic that Danielle Kaye and I report on this morning: the “golden share” that the U.S. government is getting for approving U.S. Steel’s sale to Nippon Steel. The deal could fundamentally alter foreign investment in the U.S. We delve into all of the implications.
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And make sure to see what Elon Musk said about President Trump’s “big beautiful bill” on CBS News. Ironically, that’s the same network Trump is suing.
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Could the United States begin demanding more “golden shares” to exert further control over strategic companies?
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Haiyun Jiang for The New York Times
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The White House’s new board seats
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The Trump administration’s blessing of Nippon Steel’s acquisition of U.S. Steel is a potential watershed moment for the role of government in American industry.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
While details are still being finalized, the reported conditions — including an American C.E.O., a U.S.-majority board and a “golden share” granting the U.S. government veto power over certain corporate functions and board appointments — are extraordinary for such a transaction. It goes far beyond the scope of the Committee on Foreign Investment in the United States (known as CFIUS), which typically reviews deals for potential national security risks.
</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">
Key to this is the golden share.
</span>
<span>
It would effectively allow Washington to inject itself into the fabric of a foreign-owned, yet strategically critical, American enterprise.
</span>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
This echoes the governance models of nationalized industries in Europe and elsewhere, a stark departure from America’s historically hands-off approach. (Exceptions in the U.S. have included the government-backed rescues of General Motors and Chrysler.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Beijing, for instance, has taken a stake in China’s tech giants, including Alibaba. The French and Brazilian governments hold significant stakes in national aerospace champions.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Will this become the new blueprint
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
for high-stakes foreign direct investment — or outright acquisitions — in the U.S., particularly in strategic sectors like manufacturing, technology or defense?
</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">
Could this be a model for a TikTok deal?
</span>
<span>
“Whatever the rights are that are in this golden share in Nippon-U.S. Steel, it’s worth asking: How would that look in the TikTok context, and would that solve the concern that people have with TikTok?,” Edward Rock, co-director of N.Y.U. Law School’s Institute for Corporate Governance and Finance, told DealBook.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A golden share could grant the government more say in the video app’s operations, such as preventing it from transferring American customers’ data abroad without government approval, he added.
</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 reciprocity question looms large, too.
</span>
<span>
If the U.S. were to demand a golden share in certain cross-border deals, could other nations impose similar restrictions on American companies investing within their borders? While such demands occur in some other countries, this precedent could formalize and expand the practice.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
“What you might see is other countries retaliating, just in the same way they do with tariffs,” said Lawrence Cunningham, the director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.
</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">
Another wild card:
</span>
<span>
Imagine a future in which a highly ideological administration uses its golden share to push for politically driven hiring mandates, board shake-ups, headquarters relocations or production quotas that run counter to the interests of the business or shareholders. It’s not so far-fetched given President Trump’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
recent board purge
</a>
<span>
at the John F. Kennedy Center for the Performing Arts.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
If the government’s authority is open-ended, extending beyond matters of national security and into corporate governance and operational decisions, that would be “both unprecedented and a little bit scary,” said Jill Fisch, a professor of business law at the University of Pennsylvania.
</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>
</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">
Christine Lagarde weighed leaving the E.C.B. early, the World Economic Forum’s founder says.
</span>
<span>
Lagarde had
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
discussed stepping down
</a>
<span>
as president of the European Central Bank ahead of schedule to become the forum’s chair, Klaus Schwab, the nonprofit group’s founder, told The Financial Times. Lagarde had pledged to serve out her term at the bank; Schwab stepped down last month amid an investigation into accusations of financial improprieties.
</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 Trump administration pauses interviews for student visas.
</span>
<span>
The State Department ordered U.S. embassies and consulates to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
temporarily halt appointments
</a>
<span>
for foreign applicants as it seeks to expand scrutiny of their social media feeds. It casts a new spotlight on international students at American universities, after the administration moved to freeze Harvard’s ability to enroll those from abroad.
</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 loses another Starship during testing.
</span>
<span>
The rocket, the largest built,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
broke apart midflight
</a>
<span>
yesterday, though it made more progress than during previous missions. More tests are expected soon. In other Elon Musk news, the billionaire’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Neuralink brain-implant company
</a>
<span>
has raised fresh capital at a $9 billion valuation, more than double its previous level, according to Semafor.
</span>
</p>
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<tbody>
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<h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Should law firms have settled with Trump?
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Zero for three.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s the stat that’s being hotly discussed in Big Law, Washington and on Wall Street after a federal judge
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
struck down
</a>
<span>
the Trump administration’s effort to punish the law firm WilmerHale. It’s the third ruling to block executive orders by President Trump meant to subjugate firms tied to the president’s perceived political opponents.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The losing streak has many in the legal profession grumbling that major firms that
</span>
<span style="font-style:italic">
did
</span>
<span>
settle with Trump should have stood their ground.
</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 reminder of the threats:
</span>
<span>
The executive orders sought to strip firms’ lawyers of their security clearances and bar them from entering federal courthouses, threatening their ability to do business.
</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">
“This order must be struck down in its entirety as unconstitutional,”
</span>
<span>
Judge Richard Leon of Federal District Court for the District of Columbia wrote in a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
73-page opinion
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Leon, an appointee of President George W. Bush, made clear how strongly he feels:
</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">
He used more than two dozen exclamation points. An example: “To rule otherwise would be unfaithful to the judgment and vision of the Founding Fathers!”
</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 compared Trump’s WilmerHale executive order
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
at length to a gumbo
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
that “gives the Court heartburn.”
</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 described it as imposing “a kitchen sink of
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-style:italic">
severe
</span>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
sanctions on WilmerHale for this protected conduct!” of free speech.
</span>
</li>
</ul>
</td>
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</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">
Other judges have also strongly ruled against Trump’s efforts to punish law firms,
</span>
<span>
which include
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Perkins Coie
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Jenner & Block
</a>
<span>
. (A fourth firm, Susman Godfrey, has won a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
temporary restraining order
</a>
<span>
pending a formal ruling.)
</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">
Recriminations are flying within the legal profession,
</span>
<span>
as lawyers who objected to other firms cutting deals with Trump — including Paul Weiss, Skadden, Latham & Watkins and Simpson Thacher & Bartlett — fumed that they should have also fought back.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Some of those firms are finding that their agreement to provide pro bono legal work to causes Trump favors has opened them up to demands for
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
services from the president’s allies
</a>
<span>
. They’ve already suffered
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
internal discord
</a>
<span>
and lost
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
prominent
</a>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
practitioners
</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 counterargument:
</span>
<span>
Firms under fire from Trump found themselves under pressure from rivals eager to poach top partners and clients. (
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Many in Paul Weiss
</a>
<span>
, for example, feared that the star deal maker Scott Barshay might leave and take others with him, though Barshay said he wouldn’t go.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Even a little uncertainty, proponents of settling said, could prompt an exodus of lawyers and clients.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Leon acknowledged that risk, noting that the executive order against WilmerHale “pressures these clients to abandon WilmerHale or face loss of their contracts.” Of arguments by the administration that any injuries were speculative, the judge wrote, “Please — that dog won’t hunt!”
</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 was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing.”
</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">
Elon Musk
</a>
<span style="font-style:italic">
, to CBS News. It’s another sign of tension between the tech mogul and President Trump as the Senate deliberates the legislation passed by the House last week, with some fiscal hawks demanding changes.
</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>
Big Oil’s conundrum
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
President Trump has delivered for energy giants in a huge way, with
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a slew of executive orders
</a>
<span>
meant to bury Biden-era mandates on emission targets and electric-vehicle sales incentives. But Trump’s “
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
drill, baby, drill
</a>
<span>
” policy is slamming the energy majors’ profit outlook and share prices.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That’s driven a wedge between the oil patch and Washington before today’s annual shareholder meetings for Exxon Mobil and Chevron. In recent regulatory filings, Exxon and Chevron signaled little willingness to significantly bolster domestic drilling, a key lever in Trump’s fight against inflation, Vivienne Walt reports for 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">
Frustration in the industry is bubbling.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
In a survey published in March of about 200 executives
</a>
<span>
conducted by the Dallas Fed, one unnamed respondent said: “The administration’s chaos is a disaster for the commodity markets. ‘Drill, baby, drill’ is nothing short of a myth and populist rallying cry.”
</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">
Oil is too cheap,
</span>
<span>
leading
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
most producers to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
pause expansion plans
</a>
<span>
. “To stimulate new activity, oil prices need to be in the $75-$80 per barrel range,”
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
another industry executive
</a>
<span>
wrote in the survey; Brent crude, the global benchmark, has hovered well below that for months.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That said, Exxon recently reported that lower production costs would allow it to
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
turn a profit
</a>
<span>
even at $35 a barrel.
</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 trade war hurts, too.
</span>
<span>
Trump’s 25 percent tariff on imported steel — crucial for pipelines and other infrastructure — has affected companies’ 2026 plans for more drilling, according to another Fed survey respondent. Meanwhile, economic volatility and global trade uncertainty are expected to force producers
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
to cut production
</a>
<span>
next year, analysts at S&P Global forecast.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Yesterday, the Treasury Department granted Chevron
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a stripped-down permit
</a>
<span>
for its operations in Venezuela, a country in Trump’s cross hairs over immigration. The order essentially prohibits the company from producing oil there.
</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 have other questions:
</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">
What happens to the industry’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
carbon-capture and hydrogen projects
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, which the Republican spending bill 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">
poised to gut
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
?
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Exxon and Chevron are in an expensive legal
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
fight for control
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
over a mammoth oil site off Guyana’s coast, which is in arbitration. Where will that end up?
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Darren Woods, the C.E.O. of Exxon,
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
told investors
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in December that it planned to add “$20 billion in earnings potential and $30 billion in cash flow potential” over the next five years. Is that feasible?
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<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>
Crypto capture
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The New York Police Department yesterday
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
arrested another person
</a>
<span>
in the crypto kidnapping and torture case that has drawn tabloid headlines and shocked industry executives already feeling threatened by
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a global crime wave
</a>
<span>
.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
That violence comes as Bitcoin soared to records in recent days, and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
a string of companies
</a>
<span>
— and the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Trump family
</a>
<span>
— seek to cash in.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Criminals have been preying on crypto traders, executives and their families in increasingly aggressive fashion. A
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
tally of attacks
</a>
<span>
kept by Jameson Lopp, a crypto security specialist, shows that 2025 could be on track to set a record for such incidents.
</span>
</p>
<table border="0" cellpadding="0" cellspacing="0" style="width:100%">
<tbody>
<tr>
<td style="text-align:center">
<img alt="A bar chart shows the annual number of crypto-related physical attacks, dating back to 2019." class="css-xsf469" height="540" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F28%252Fbusiness%252F28db-chart%252F28db-chart-jumbo.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDg0MzMxODguNDE2MzQzNX0:1uKFLI:5z8lVWTaDAJvvJchNdbtvNllXBojFPp-ArvlQK8NhIk" 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>
<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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</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.
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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">
In I.P.O. news: Shein is said to be
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
weighing a listing in Hong Kong
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
as the Chinese fast-fashion retailer’s London plans falter; and Circle, a top stablecoin issuer, and its backers are seeking to raise
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
as much as $624 million
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in an offering. (Reuters, 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">
TPG and Blackstone reportedly offered
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
to take Hologic private
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
in a deal that would have valued the women’s health diagnostics specialist at more than $16 billion. (FT)
</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">
President Trump said he would pardon
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Todd and Julie Chrisley
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, reality TV stars convicted of tax evasion and fraud. (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">
Greenland 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">
put Washington and Brussels on notice
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
: Invest in our mining sector, or we will turn elsewhere, including to Chinese backers. (FT)
</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">
“Apple’s Satellite
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
Ambitions Threatened by Elon Musk
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, Internal Resistance” (The Information)
</span>
</li>
<li style="margin:0 0 10px 0;line-height:27.5px">
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
Driverless semi trucks
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
have hit the road
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
, just as Republicans’ assault on electric vehicles
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
goes into overdrive
</a>
<span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
. (NYT, Bloomberg Opinion)
</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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1 week, 3 days ago - nytdirect@nytimes.com
DealBook: The “golden share” clause
Also, the hot topic in lawyers’ group chats.View in browser|nytimes.comMay 28, 2025Good morning. ...