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   DealBook: Tim Cook’s “off-ramp"
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             May 27, 2025
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         <span style="font-style:italic">
          Good morning. Andrew here. I spent the past few days talking to industry executives, analysts and investors, and have come up with several ways that Apple could placate President Trump without completely upending its business. We also lay out the next turns in the Republicans’ mega spending bill, what a case against PepsiCo could signal about the Trump administration’s antitrust approach, and a crypto caper gone awry. (Was this newsletter forwarded to you?
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          )
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            <img alt="Tim Cook, Apple’s C.E.O., looks in the direction of President Trump, who is seen out of focus." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F27%252Fmultimedia%252F27db-cook-bjqp%252F27db-cook-bjqp-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDgzNDcxNTAuMDUxNjc0OH0:1uJsxa:ST4ONVn5n_sreNQtgW_bStwcZaDunMIwrs-pU7nAIJ0" style="width:100%;height:auto;display:block;padding-top:10px;padding-bottom:8px" width="600"/>
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            <span style="color:#666;font:normal 14px georgia,serif">
             The focus is on Tim Cook, and whether the Apple C.E.O. can win over President Trump.
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             Pool photo by Shawn Thew
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          How Apple could placate Trump
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The long weekend was dominated by whispers of the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          growing public fissure
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          between President Trump and Tim Cook. The Apple chief, who seemed to have mastered how to stay in the president’s graces for years, had become a target.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “I have long ago informed Tim Cook of Apple that I expect their iPhone’s that will be sold in the United States of America will be manufactured and built in the United States, not India, or anyplace else,” Trump
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         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          declared on social media last week
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          .
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The question echoing through Silicon Valley, Wall Street and Washington is simple: What’s the off-ramp? How can Cook avoid a full-blown battle that could cost Apple hundreds of billions of dollars in market value and wreak havoc on its finely tuned global supply chain?
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          I spent the past couple of days talking to industry executives, analysts and investors. Here are several ways Apple could placate Trump without fully upending its business.
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          First, a caveat:
         </span>
         <span>
          Moving iPhone production to the U.S. quickly — as in, within the next several years — is nearly impossible. Analysts estimate that could increase the price of an iPhone to $3,500, making them prohibitively expensive and most likely harming the company and its shareholders.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This isn’t just about a few wealthy investors, either. Apple is one of the most widely held stocks in the world. Over 7,600 institutional owners, including virtually every major mutual fund and E.T.F., own Apple shares.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Forget for a moment whether Cook
         </span>
         <span style="font-style:italic">
          should
         </span>
         <span>
          fight. (Many in Silicon Valley believe that he has a moral obligation to do so.) The reality is that taking on the most powerful man in the world carries huge risk.
         </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">
          Here’s a thought experiment:
         </span>
         <span>
          Cook could announce plans to begin assembling some iPhones in the U.S. within three years, and lay out a detailed road map to make more of them — or their successor devices — over the next decade. That would give Trump a tangible win: Apple devices would effectively say, “Assembled in the USA.”
         </span>
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         <span>
          This could probably begin at Apple’s existing facility in Texas at little extra expense. “The cost of an iPhone to Apple would be digestible and likely result in iPhones in the $1,500 range instead of $3,500,” Dan Ives, an analyst at Wedbush Securities, told me when I presented him with the idea.
         </span>
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         <span>
          The analogy in manufacturing, often made by industry experts, is that “American-made” often means “American-assembled,” using global components. This is a crucial distinction and, depending on Trump’s mood, a palatable one.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Apple could also announce a public-private partnership to invest in skilled workers in the U.S., starting at the Texas plant, to train the work force needed to make the iPhones of the future.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Manufacturing costs and skilled labor to produce the iPhone are the real obstacles. It’s not just a Trump threat and a snap of the fingers that’s going to make this happen,” Ives said. “The U.S. government needs to play a role to make this herculean strategic move a reality.”
         </span>
        </p>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
          </tr>
          <tr aria-hidden="true">
           <td>
            <div style="width:100%;text-align:center;line-height:0">
             <img alt="Ad" border="0" src="https://inboxflows.com/_/image/https%253A%252F%252Fliveintent.newyorktimesinfo.com%252Fimp%253Fs%253D1053700%2526li%253DDK%2526m%253Ddfbfebeec3e396a6cb1a8b032a80246c%2526p%253DDK_20250527%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NDgzNDcxNTAuMDUyOTI1fQ:1uJsxa:ym-9yapeG4bWwb4LWFN-r02RAgRyH11d2GFrU4MnX9Y" style="max-width:96px;margin-bottom:7px"/>
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            <span style="text-align:center">
             <table border="0" cellpadding="0" cellspacing="0" style="margin:0 auto">
              <tbody>
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                <td style="line-height:0;font-size:0">
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           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This would give Apple critical time to plan — and possibly an opportunity to pivot if the geopolitical climate shifts — or if the technology itself drastically changes. After all, Apple’s own Eddy Cue mused this month that “In 10 years, people
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          might not even need an iPhone
         </a>
         <span>
          .”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The art of the deal, it seems, sometimes demands a long game.
         </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">
          Markets rebound on President Trump’s latest tariff reprieve
         </span>
         <span>
          . S&amp;P 500 futures and European stocks are up after Trump
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          delayed imposing 50 percent tariffs
         </a>
         <span>
          on E.U. imports until July 9 to allow more time for Brussels to negotiate a trade deal. But both sides are far apart, and tensions look to be fraying. Christine Lagarde, the European Central Bank president, accused Trump of using “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          terrible language
         </a>
         <span>
          ” to disparage the political and economic bloc.
         </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 plans to cut remaining ties to Harvard.
         </span>
         <span>
          Federal officials intend to tell agencies to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          cancel any remaining federal contracts
         </a>
         <span>
          with the school, worth an estimated $100 million, The Times reports. It’s another blow by the administration against Harvard, and it comes after Trump suggested on social media that the $3 billion in frozen federal funding earmarked for the university could be sent instead to “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          TRADE SCHOOLS all across our land
         </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">
          A.I., inflation and oil are high on the agenda this week.
         </span>
         <span>
          Tomorrow, Nvidia reports quarterly results, providing details on how the chipmaker powering the artificial intelligence boom is reckoning with demand and trade-war fallout. After a rocky stretch for government debt investors, the Treasury will hold multiple auctions this week. The Fed’s preferred inflation gauge, the Personal Consumption Expenditures index, is set for release on Friday. The OPEC Plus cartel is expected to meet on Saturday, amid speculation that oil producing countries will again bolster supply.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
          <tr>
           <td height="8" style="background-color:#000;font-size:0;line-height:0" width="100%">
           </td>
          </tr>
          <tr>
           <td height="20">
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          More unexpected hits from the budget bill
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As the Senate takes up the budget bill recently passed by the House, more details are emerging about what the proposal includes. Here’s the latest.
         </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">
          Professional sports team owners could lose out on a tax break.
         </span>
         <span>
          Under the House bill, they would be able to deduct only
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          half the value of their teams’ intangible assets
         </a>
         <span>
          — including player contracts, media rights, sponsorships — over 15 years, instead of the full amount, according to The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The legislation would apply to future owners, but could hurt current ones if the red-hot demand for sports teams cools. N.F.L. owners were briefed on the change last week and were encouraged to press senators to drop the provision.
         </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’s potential retaliation against countries whose taxes the U.S. opposes.
         </span>
         <span>
          The House bill would
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          increase federal income taxes
         </a>
         <span>
          on passive U.S. income, including dividends and interest, on investors based in certain countries like Britain and Canada.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It appears to take aim specifically at jurisdictions that impose taxes the Trump administration doesn’t like, such as digital service taxes on tech giants or those that use provisions for minimum corporate taxes allowed by a multinational treaty.
         </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 Republican senators made clear they want big changes.
         </span>
         <span>
          Senator Rand Paul of Kentucky reiterated that the House bill would explode the federal debt. “The math doesn’t add up,” he told “Fox News Sunday.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Senator Ron Johnson of Wisconsin, who wants to cut federal spending to prepandemic levels, accused House Republicans of having “rushed this process.” He told CNN’s “State of the Union” that enough senators object to the legislation “to stop the process.”
         </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">
                Here’s how some universities plan 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">
                avert the potential major endowment tax hit
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                packed into the new Republican spending bill.
               </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>
          A crystal ball for antitrust under Trump?
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump administration has promised a deregulatory agenda, with a lighter touch than the previous White House.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          If you’re curious what that could look like, see what the three Republican commissioners of the F.T.C. (President Trump fired its two Democratic commissioners) did last week: They dismissed a Biden-era antitrust lawsuit against PepsiCo.
         </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 recap:
         </span>
         <span>
          In January, the F.T.C. filed an unfair pricing case against the packaged food giant under a long-dormant antitrust law. The company favored Walmart over other vendors, the agency argued,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          a violation of the 1936 Robinson-Patman Act that prohibits sellers from offering preferential prices to some buyers.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Biden administration also accused the biggest alcohol distributor in the United States of
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          unjustifiably charging higher prices
         </a>
         <span>
          to small businesses.
         </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">
          Withdrawing the case has made waves in antitrust circles.
         </span>
         <span>
          Critics of the PepsiCo lawsuit called it “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          legally dubious
         </a>
         <span>
          .” Lina Khan, under whom the agency filed the lawsuit, called its decision to drop the case “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          disturbing
         </a>
         <span>
          ” and “a gift to giant retailers.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It is “a fundamental abandonment of the commission’s responsibility to ensure a level playing field for small businesses,” Stacy Mitchell, co-executive director of the Institute for Local Self-Reliance, a nonprofit advocacy group, said in a statement.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          PepsiCo said in a statement that it was “pleased with the F.T.C.’s further consideration and withdrawal of this matter.”
         </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">
          Republican commissioners say the complaint was flawed.
         </span>
         <span>
          Andrew Ferguson, the Trump-appointed F.T.C. chair, called the lawsuit “a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          nakedly political effort
         </a>
         <span>
          to commit this administration to pursuing little more than a hunch that Pepsi had violated the law.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Melissa Holyoak, another Republican commissioner, has been similarly critical. Mark Meador, the third Republican commissioner, who supports reviving enforcement of the Robinson-Patman Act, said this lawsuit
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          lacked “intellectual rigor.”
         </a>
        </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 might speak to regulatory priorities under Trump.
         </span>
         <span>
          In a filing last week, the F.T.C. and the Justice Department
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          took on the Wall Street giants BlackRock, State Street and Vanguard
         </a>
         <span>
          in an effort that seemed as much about hitting the fund managers for their focus on E.S.G. as it did about antitrust. That, combined with the PepsiCo withdrawal, could indicate a heightened focus on cultural issues, DealBook hears.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          All of this comes as the Democratic commissioners Rebecca Kelly Slaughter and Alvaro Bedoya are still fighting their firings,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          urging a federal judge
         </a>
         <span>
          to find their removals illegal.
         </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>
          ICYMI
         </span>
        </h2>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="President Emmanuel Macron of France is seen being shoved in the face." class="css-xsf469" height="346" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F05%252F27%252Fmultimedia%252F27db-macron-bwkg%252F27db-macron-bwkg-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NDgzNDcxNTAuMDUzMzc3NH0:1uJsxa:-UfP6_9UF6XaJo1diXRRyk_M6zbjtSUbn4LHnd7hNzs" 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:3px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:right">
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:0">
              Chalinee Thirasupa/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Today’s talker: President Emmanuel Macron of France started his tour of Southeast Asia in rocky fashion. Upon landing in Vietnam on Sunday, he is seen getting shoved in the face by his wife, Brigitte Macron.
         </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>
          A crypto kidnapping
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          It sounds like a scene from “Reservoir Dogs,” recast for the crypto age: An Italian man was abducted and held in a swanky Manhattan townhouse, where he said he was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tortured for weeks
         </a>
         <span>
          . His captors were apparently after his Bitcoin password.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The episode raises further questions about the safety of those who have made a fortune in digital currencies.
         </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 happened:
         </span>
         <span>
          The victim told the police that he had been shocked with electric wires, beaten with a gun and dangled from a ledge of the downtown luxury townhouse. But attempts to get him to cough up his password all failed.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The man eventually escaped, and hailed a traffic agent.
         </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">
          Several suspects have been arrested.
         </span>
         <span>
          The police have charged John Woeltz, 37, a Kentucky man, and
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Beatrice Folchi
         </a>
         <span>
          , an Italian woman.
         </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 foiled heist adds to a global wave of violent crypto-related crimes.
         </span>
         <span>
          There have been more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          two dozen such attacks this year
         </a>
         <span>
          , according to Jameson Lopp, a crypto security specialist.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          In France, it’s become something of a national security issue. Several episodes, including
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a brazen kidnapping attempt in Paris
         </a>
         <span>
          that was recorded,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          have shocked the country and the crypto sector.
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          Bruno Retailleau, the country’s interior minister,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          vowed to step up protections
         </a>
         <span>
          for its crypto business leaders.
         </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">
          Security specialists and crypto boosters see a pattern.
         </span>
         <span>
          Many of the victims flexed their wealth in photos posted to social media. That’s risky, Mikko Hypponen, a research specialist at the software company WithSecure and a cybercrime adviser to Europol, told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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          “Someone’s going to break into your home if you keep posting about how much money you have,” he said.
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                Elsewhere: Trump Media &amp; Technology Group reportedly 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 $3 billion to buy digital currencies
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                .
               </span>
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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">
                Inside the campaign by David Solomon of Goldman Sachs 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">
                silence internal critics
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (WSJ)
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                A Dutch pension fund signaled that it
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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">
                would re-evaluate doing business
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                with U.S. money managers who “align their interests and their policies” with the Trump administration. (Bloomberg)
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                Mark Zuckerberg has been in Washington a lot since President Trump’s return to office. He’s had
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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">
                little to show for his support of the administration
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                so far. (Bloomberg Businessweek)
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                “Trump Allies Look to Benefit From
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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">
                Pro Bono Promises by Elite Law Firms
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
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          Best of the rest
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                Tesla’s sales
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                cratered in Europe last month
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                while Chinese rivals, including BYD, have gained market share in the region. (Bloomberg)
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              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                The battle between private equity firms and Wall Street banks 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">
                recruit new college graduates
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                is heating up. (FT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “The Newark airport crisis is
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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">
                about to become everyone’s problem
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (The Verge)
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