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   DealBook: Trump’s Fed test
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   Also, the latest on the government shutdown.
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             October 2, 2025
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          Good morning. Andrew here. Amid all of the headlines about the Fed and the government shutdown, which we cover below, I want to pause for a moment to reflect on someone whose life mattered far more than a news cycle:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Jane Goodall
         </a>
         <span style="font-style:italic">
          , the renowned primatologist and conservationist who died yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-style:italic">
          I was fortunate to spend time with her on several occasions, and she was as extraordinary a person as you could ever hope to meet. Her groundbreaking research on chimpanzees changed the way we understand animals — and ourselves. Just as important, she inspired generations to think more deeply about our shared responsibility for the planet. Goodall’s life is a reminder that we could all use a little more of the empathy that she embodied. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-style:italic">
          Sign up here.
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          )
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            <img alt="Lisa Cook, a Fed governor, is seen raising her right outstretched hand as if taking an oath." class="css-3vswge" height="400" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F02%252Fmultimedia%252F02db-cook-fjtw%252F02db-cook-fjtw-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTk0MDYzMzcuOTU1MzA3NX0:1v4HxZ:Bf2U2-WtZTNLBPVNkiZd3A_eXyfgyiGSdmhHoQWemdk" 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">
             Lisa Cook, a Fed governor, gets to stay on at the central bank until her case is heard in January, the Supreme Court has decided.
            </span>
            <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
             Drew Angerer/Getty Images
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Trump’s bind at the Fed
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          President Trump’s effort to exert greater control over the Fed has suffered a temporary, but potentially stinging, setback.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Supreme Court’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          decision yesterday
         </a>
         <span>
          to let Lisa Cook stay on as a Fed governor for now probably doesn’t change the central bank’s plans for interest rates in the short term. The futures market this morning was penciling in cuts at the next two rate-setting meetings, in line with Trump’s calls for lowering borrowing costs.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But beyond that, Fed officials are divided over whether deeper cuts are needed, and yesterday’s ruling could complicate Trump’s efforts to remake the institution more to his liking.
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          The latest:
         </span>
         <span>
          The Supreme Court said it would begin hearing arguments in January over whether the White House can fire Cook over accusations that she committed mortgage fraud. The case is one of the biggest tests yet on the limits of executive power over an independent government institution, legal experts say.
         </span>
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         <span>
          Pushing the matter into next year means that Cook will have a say on rates for at least the next two policy meetings, and probably more. (That task may have
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          become more complicated
         </a>
         <span>
          because of the government shutdown leading to a blackout of key economic data, including a jobs report that was set to be published tomorrow.)
         </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">
          Perhaps more important,
         </span>
         <span>
          the ruling could keep her in place for a pivotal vote early next year on the reappointment of all 12 regional Fed bank presidents, key policymakers appointed by multiple presidents and who have expressed
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          differing views
         </a>
         <span>
          on rates.
         </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">
          Trump still has cards to play.
         </span>
         <span>
          It’s unclear how the Supreme Court will ultimately rule on Cook. While it has suggested that the Fed is a uniquely independent government body — and every living former chair signed onto a court brief emphasizing the economic importance of protecting the institution’s political independence — its conservative majority has sided often with Trump in recent cases.
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          Some Fed watchers are wondering if Trump will target other Fed governors, too. “Until the court rules on the merits, Fed independence remains very much in jeopardy,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Jeremy Kress
         </a>
         <span>
          , a University of Michigan law professor and former lawyer at the Fed, told The Times.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Even if the president is unable to pack the Fed with loyalists, he can appoint a replacement for Jay Powell as chair when his term is up in May. (However, Powell could remain on as a Fed governor through January 2028.)
         </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">
          OpenAI officially becomes the world’s most valuable privately held start-up.
         </span>
         <span>
          Employees of the artificial intelligence giant sold $6.6 billion worth of stock
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          at a $500 billion valuation
         </a>
         <span>
          , a level that surpasses SpaceX’s $400 billion, Bloomberg reports. Buyers included Thrive Capital, SoftBank, Dragoneer Investment Group and Abu Dhabi’s MGX.
         </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">
          Colleges are pressed to sign a “compact” to ensure federal funding.
         </span>
         <span>
          The White House sent letters to nine top U.S. schools urging them to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pledge support
         </a>
         <span>
          for President Trump’s political agenda. The
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          10-point memo
         </a>
         <span>
          , called the “Compact for Academic Excellence in Higher Education,” requires schools to freeze tuition for five years, ban the use of race or sex in admissions, cap international undergraduate enrollment and bar anything that would punish or even “spark violence” against conservative beliefs. Colleges that agree would get priority access to federal funds.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="10">
           </td>
          </tr>
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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_20251002%2526stpe%253Ddefault/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZsaXZlaW50ZW50LiIsInRpbWUiOjE3NTk0MDYzMzcuOTU1OTc5OH0:1v4HxZ:b6El1S68ujhCa_aIAeUvj2hP3thuwnQNISGzp0wuObI" style="max-width:96px;margin-bottom:7px"/>
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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 style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Apple pauses a redesign of its Vision Pro headset.
         </span>
         <span>
          The technology giant told employees that it was redirecting resources from the project to
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          focus on developing smart glasses
         </a>
         <span>
          like those from Meta, Bloomberg reports. The move comes as consumer interest in the Vision Pro augmented reality headset has waned, while Meta’s Ray-Ban and Oakley glasses have spurred further interest in smart-glasses technology.
         </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>
          The shutdown update
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          As the government shutdown enters its second day, its effects are continuing to ripple through the economy. But unlike previous shutdowns, including those in the first Trump administration, the White House is using the shutdown to cut the federal work force, not just furlough employees — and punish political opponents.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Here’s the latest:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Over 70 percent of workers
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                each at the E.P.A. and the Education, Commerce, Labor and H.U.D. departments
               </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 been put on furlough
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . The administration also suspended Voice of America broadcasts and furloughed all of its journalists, a change from previous shutdowns. The V.O.A. move came two days after a judge ordered the reinstatement of more than 500 of the broadcaster’s employees whom the White House had tried to lay off.
               </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 administration
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                paused about $18 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in approved infrastructure funding for two major transportation projects in New York City, whose state delegation includes Senator Chuck Schumer and Representative Hakeem Jeffries, Democratic leaders who are playing a role in shutdown talks.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Russ Vought, the director of the Office of Management and Budget, said the administration was cutting about $8 billion in Energy Department funds for climate projects, calling them “Green New Scam funding to fuel the Left’s climate agenda.” The move affected projects in 16 primarily Democratic-led states.
               </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">
          It’s unclear when the shutdown will end.
         </span>
         <span>
          A majority on the prediction market Kalshi are wagering it will
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          last at least 10 days
         </a>
         <span>
          , with the two parties still far apart on issues like extending health subsidies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One thing to watch is whether political pressure will be a factor in its duration: A
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new Washington Post poll
         </a>
         <span>
          found that more respondents blame President Trump and Republicans for the shutdown than Democrats.
         </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>
          Trump’s growing crypto influence
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The Trump family was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          welcomed into the crypto fold
         </a>
         <span>
          at the Token2049 conference last spring in Dubai. The Singapore edition of the event this week felt like a full-blown victory lap for the first family — replete with golf simulators and a money-grabbing machine.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Donald Trump Jr. and Zach Witkoff, his World Liberty Financial business partner, set the tone yesterday, Grady McGregor reports from the event. The pair introduced big plans for their crypto firm, including a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          new debit card
         </a>
         <span>
          and an investment plan that involves converting Trump real estate into
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          crypto tokens
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Above all, they staked their claim over an industry that until recently had dismissed them.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “Last year, they all sat up here and they called us a joke, they called us a meme coin,” Witkoff, the son of Steve Witkoff, President Trump’s Middle East envoy, said onstage. “How are we doing now folks?”
         </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">
          World Liberty Financial is thriving on paper.
         </span>
         <span>
          The year-old company’s crypto and stablecoin assets are valued at more than
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $5 billion
         </a>
         <span>
          . The broader industry, too, is on a tear, with the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          overall crypto market cap
         </a>
         <span>
          rising to nearly $4.2 trillion today from $2.4 trillion the day before Trump’s election.
         </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">
          Crypto executives expressed optimism about the Trump effect on the industry.
         </span>
         <span>
          The anxiety over Biden-era regulators has been replaced by a growing sense that cultivating strong ties to the Trump family will be good for business, they told DealBook.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Case in point:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Justin Sun
         </a>
         <span>
          , the contentious crypto titan and major investor in World Liberty Financial who saw his S.E.C. fraud investigation
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          paused in the early days of Trump’s second term
         </a>
         <span>
          . He received star treatment today in a lighthearted roast led by the “Silicon Valley” actor T.J. Miller.
         </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">
          That dynamic cuts both ways though.
         </span>
         <span>
          A major talking point on the sidelines of the event was the meteoric rise of World Liberty Financial’s new USD1 stablecoin, and questions about whether its success also presents
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          a huge conflict of interest
         </a>
         <span>
          for the Trump family.
         </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 there’s been little debate on Trump’s growing influence over the sector.
         </span>
         <span>
          Washington under Trump now sets the global agenda, attendees noted, largely matching
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Trump’s own campaign promises
         </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">
          Stablecoins also dominated the discussion.
         </span>
         <span>
          That had much to do with the recent passage of the Genius Act, the Trump administration’s signature crypto law. Start-ups unveiled plans to issue stablecoins on
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          conservative video platforms
         </a>
         <span>
          ; others see it spurring commerce — for purchases like
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          dog food
         </a>
         <span>
          , or superyachts.
         </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>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td style="text-align:center">
            <img alt="Daniel Ek, Spotify's co-founder and departing C.E.O., sitting in a dark chair, wearing a dark T-shirt and glasses." class="css-xsf469" height="334" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2025%252F10%252F02%252Fmultimedia%252F02db-newsletter-ekspotify-vzbj%252F02db-newsletter-ekspotify-vzbj-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3NTk0MDYzMzcuOTU2MzAyfQ:1v4HxZ:v5rKuUqkTHydMUULHD5mysUuE1Jwd5g4RqeAfZKmA5g" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:0;line-height:0" width="500"/>
           </td>
          </tr>
          <tr>
           <td style="text-align:center;width:100%;padding-top:6px;padding-bottom:20px;line-height:12px">
            <span class="css-1wuwhda" style="width:83%;max-width:500px;display:inline-block;text-align:left">
             <span class="css-1hnedf7" style="color:#666;font:normal 12px georgia,serif">
              Succeeding Daniel Ek as Spotify’s C.E.O. is a job for two people, the audio giant has decided.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em;padding-left:5px">
              Laure Andrillon/Reuters
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          The data for, and against, co-C.E.O.s
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          This week,
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Spotify became the latest company
         </a>
         <span>
          to decide that two heads are better than one, as the audio giant named its co-presidents as co-C.E.O.s, succeeding Daniel Ek.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          For many companies, the ideal leadership “may be best found in two people,” according to Marc Feigen, a consultant for C.E.O.s. Here are some data points that suggest that such an arrangement works — and that it doesn’t, Niko Gallogly reports.
         </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 sign it works: higher returns.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          An analysis Feigen and others published
         </a>
         <span>
          in 2022 showed that companies led by co-C.E.O.s generated average annual shareholder returns of 9.5 percent, versus 6.9 percent for those led by just one C.E.O.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          One major reason: two people who bring complementary skill sets — especially if one is more technically versed — can help companies better manage competition and a transition to artificial intelligence, he told DealBook.
         </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">
                Perhaps the best recent example is Netflix, which has had co-C.E.O.s since 2020. First it was Reed Hastings, its co-founder, and Ted Sarandos; in 2023, Greg Peters succeeded Hastings. The division of labor is clear: Sarandos oversees content, while Peters handles product. Netflix shares are up more than threefold since Peters became co-C.E.O.
               </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">
          A sign it doesn’t: tenure.
         </span>
         <span>
          Within the Russell 3000 index, the median tenure of a solo C.E.O. is 5.6 years, while that of co-C.E.O.s is just 2.6 years, according to the executive consulting firm Equilar.
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
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             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
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                An especially sharp recent example was SAP: Jennifer Morgan stepped down as co-C.E.O. in 2020, after just six months in the role. The
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          Today, about 1.2 percent of the Russell 3000 index, or about 33 companies, are led by two leaders, according to Equilar. But Feigen thinks that percentage will grow to 15 percent to 25 percent over the next 15 years.
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                Yahoo is said to be
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                near a deal to sell AOL
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                , the early web pioneer (yes, it’s still around!), to the Italian technology company Bending Spoons for about $1.4 billion. (Reuters)
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                BP’s new chairman, Albert Manifold, suggested to employees of the oil giant that he
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                might pursue more asset sales
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                as part of a turnaround effort. (FT)
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                Berkshire Hathaway said it would buy
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                Occidental Petroleum’s OxyChem
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                chemical business for $9.7 billion in cash. (Berkshire Hathaway)
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                “Republicans Take Aim at
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                ‘Industry Behind the Curtain’ of College Prices
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                ” (NYT)
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                After years of Wall Street banks largely avoiding business with the Trump family, Citigroup is said to have created a trust to
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                hold some of President Trump’s money
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (Bloomberg)
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                What do Wells Fargo, TD Bank and the investment firm Honeycomb Partners have in common? They reportedly continued to
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                do business with Jeffrey Epstein
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                in his later years. (WSJ)
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                “The L.A. Dodgers Risk Alienating Their Fans or
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                Angering Trump
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (NYT)
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