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      Banks Sell $4.7 Billion of X’s Debt, in a Sign of Investor Demand

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      The social media company is attracting investor interest because of Elon Musk’s close ties to President Trump and a recent jump in revenue.When Elon Musk bought X for $44 billion in 2022, more than a quarter of that was financed by loans from banks including Morgan Stanley. Banks normally quickly sell off such loans, but in this case they kept much of that debt because investors were reluctant to bet on the social media company’s floundering business.Mr. Musk’s newfound power in President Trump’s administration has helped change investors’ minds.On Thursday, the banks sold roughly $4.7 billion of X’s debt, according to two people familiar with the transaction, more than the $3 billion that they had originally intended to sell. Mr. Musk, who has become a close adviser to the president and is running a government efficiency initiative, has faced increasing questions about whether the companies he leads — including the electric automaker Tesla and the rocket company SpaceX — are benefiting from his position as Mr. Trump’s right-hand man.X has become a go-to platform for information on the administration’s plans, which Mr. Musk broadcasts to his account’s more than 217 million followers. Advertisers have returned in droves to X, people familiar with the deals said, fueling a boost in revenue. The company told investors that its revenue in December jumped 21 percent from a month earlier, a person with knowledge of the finances said.An X spokesman and Morgan Stanley declined to comment. Bloomberg previously reported the jump in revenue and details of the transaction.Selling the debt — which totaled $12.5 billion at the time of the acquisition — helps Mr. Musk and the banks, which have been saddled with it for two years. Just two months ago, investors were negotiating to buy that debt at a loss of 10 percent to 20 percent for the banks, one person involved in the discussions said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump and Modi Shove Disputes Into Background in White House Visit

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      Hours after President Trump paved the way for upending the United States’ trade relationship with India with broad “reciprocal” tariffs, he and Prime Minister Narendra Modi presented a united front during a news conference on Thursday at the White House.Mr. Modi became the latest head of state to seek to placate an increasingly power-flexing Mr. Trump by trying to accommodate his demands — even as Mr. Trump’s promised tariffs hung over the White House meeting. Mr. Modi heaped praise on Mr. Trump, using his motto “Make America Great Again” in English, despite mostly speaking through a translator, and applying the motto to India. “Make India Great Again,” Mr. Modi crowed.The warm greetings also extended to Elon Musk, the constant Trump companion barreling through the federal government as the head of an initiative to reshape and cut down the federal government: The two had a meeting and photo op. Mr. Musk, the wealthiest man in the world, owns a number of companies, including Starlink, a high-speed internet service, that have sought to make an entry in India.All the flattery concealed a number of tensions between the two nations, including on two of Mr. Trump’s signature issues, trade and immigration. Mr. Trump hinted at the biggest thorn when he said at the news conference that the United States had a nearly $100 billion trade deficit with India, though he inflated the number — in 2024, the figure was nearly $50 billion.Just hours earlier, Mr. Trump had directed his advisers to devise new tariff levels for countries around the world that take into account a range of trade barriers and other economic approaches adopted by America’s trading partners. India is among the nations that could face particularly significant consequences from the tariffs.At the news conference, Mr. Trump said that he had toyed with that idea during his first term, and noted that he could not get India to lower tariffs against the United States then. Now, “we’re just going to say, ‘whatever you charge, we charge,’” Mr. Trump said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How Trump’s Medical Research Cuts Would Hit Colleges and Hospitals in Every State

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      A proposal by the Trump administration to reduce the size of grants for institutions conducting medical research would have far-reaching effects, and not just for elite universities and the coastal states where many are located. Also at risk could be grants from the National Institutes of Health to numerous hospitals that conduct clinical research on […] More

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      How the Justice Dept. Helped Sink Its Own Case Against Eric Adams

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      President Trump had just taken office when lawyers for Mayor Eric Adams of New York went to the White House with an extraordinary request: They formally asked in a letter that the new president pardon the mayor in a federal corruption case that had yet to go to trial.Just a week later, one of Mr. Trump’s top political appointees at the Justice Department called Mr. Adams’s lawyer, saying he wanted to talk about potentially dismissing the case.What followed was a rapid series of exchanges between the lawyers and Mr. Trump’s administration that exploded this week into a confrontation between top Justice Department officials in Washington and New York prosecutors.On Monday, the acting No. 2 official at the Justice Department sent a memo ordering prosecutors to dismiss the charges against the mayor. By Thursday, the acting U.S. attorney in Manhattan, Danielle Sassoon, had resigned in protest over what she described as a quid pro quo between the Trump administration and the mayor of New York City. Five officials overseeing the Justice Department’s public integrity unit in Washington stepped down soon after.The conflagration originated in the back-and-forth between Mr. Adams’s lawyers, Alex Spiro and William A. Burck, and the Justice Department official, Emil Bove III, exchanges which have not been previously reported.The series of events — in which the acting No. 2 official at the Justice Department seemed to guide criminal defense lawyers toward a rationale for dropping charges against a high-profile client — represents an extraordinary shattering of norms for an agency charged with enforcing the laws of the United States.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Judge Extends Halt on Trump Plan to Dismantle U.S.A.I.D.

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      For at least another week, a judge will keep a hold on a directive placing more than 2,000 employees on administrative leave and forcing the return of overseas workers.A federal judge on Thursday moved to extend by one week a temporary restraining order preventing the Trump administration from carrying out plans that would all but dismantle the U.S. Agency for International Development.The order, which Judge Carl Nichols of the U.S. District Court for the District of Columbia said he would file later Thursday, continues to stall a directive that would put a quarter of its employees on administrative leave while forcing those posted overseas to return to the United States within 30 days.Judge Nichols said he would rule by the end of next week on whether to grant the plaintiffs’ request for a preliminary injunction that would indefinitely block key elements of the high-profile Trump administration effort.The plan was driven in large part by Elon Musk, the billionaire tech entrepreneur tasked with making cuts to the federal budget, to shutter an agency he and Mr. Trump have vilified. The temporary restraining order applies to about 2,700 direct hires of U.S.A.I.D., including hundreds of Foreign Service officers, who would have been put on administrative leave under the directive, which also warned that contractors’ jobs could be terminated.The lawsuit was filed by two unions representing the affected U.S.A.I.D. employees: the American Foreign Service Association, to which aid workers in global missions belong, and the American Federation of Government Employees, which represents other direct hires. They have argued that President Trump’s executive order freezing foreign aid for 90 days and subsequent directives to dismantle certain U.S.A.I.D. operations and reduce staff were unconstitutional, and have asked the court to overturn them.Democratic lawmakers, U.S.A.I.D. workers, and the aid organizations that depend on U.S. foreign assistance have decried any moves to unilaterally shut down the agency as unlawful, as its role in the federal government was established by law and Congress funded it, like the rest of the government, through March 14.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.S. Deports Migrants From Asia to Panama

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      The move could herald a new front in the Trump administration’s plans for mass deportations, one that allows for more rapid removal of migrants whose home countries are reluctant to accept them.The Trump administration deported migrants from several Asian nations to Panama on Wednesday night, Panamanian and U.S. officials said, in a move that could signal much faster removals of immigrants who have remained in the United States because their countries have made it difficult to return them.The flight carrying the migrants, a military plane that took off from California, appears to be the first of its kind during the Trump administration. It came on the heels of Secretary of State Marco Rubio’s visit last week to Panama, which has been under tremendous pressure from President Trump over how it runs the Panama Canal.The more than 100 migrants on the flight, including families, had entered the United States illegally from countries such as Afghanistan, China, Pakistan and Uzbekistan. It is often difficult for the United States to return migrants to those nations.President José Raúl Mulino of Panama, speaking at a news conference on Thursday morning, said 119 people of “the most diverse nationalities in the world” had arrived the night before on a U.S. Air Force flight at an airport outside Panama City.Mr. Mulino said they were being housed in a local hotel and would be moved to a shelter in Darién, a province in Panama’s east, a process managed by the International Organization for Migration. From there, he said, they would be repatriated.“We hope to get them out of there as soon as possible on flights from the United States,” Mr. Mulino said, adding, “This is another contribution Panama is making on the migration issue.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      State Department Revises Plan to Buy Armored Teslas

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      Tesla’s name was removed from a State Department document that listed planned vehicle purchases after the existence of the list was reported late Wednesday. The potential award raised questions about why the government was giving a lucrative contract to the company, which is led by Elon Musk, one of President Trump’s most important advisers.A department procurement forecast for 2025 detailed purchases the agency expected to make, including $400 million for armored Tesla vehicles. The document did not specify which Tesla model, but the electric Cybertruck, which has a body of high-strength stainless steel, would be the most suitable.Later on Wednesday, a different version of the procurement document appeared online. It referred to “armored electric vehicles,” omitting any mention of Tesla.Mr. Musk spent more than $250 million to help elect Mr. Trump, who then appointed him as the leader of a cost-cutting initiative that’s been called the Department of Government Efficiency, or DOGE.Plans to spend $400 million on Tesla pickups raised eyebrows given that Mr. Musk has been posting almost hourly on X, the social media site he owns, about wasteful government spending.Tesla and the State Department did not respond to requests for comment. On X, Mr. Musk shared a post from a supporter that said a report on the topic by Rachel Maddow of MSNBC was a “hit piece.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      USAID Lifesaving Aid Remains Halted Despite Rubio’s Promise

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      When Secretary of State Marco Rubio announced last month that lifesaving humanitarian work would be exempt from a freeze on foreign aid, global health workers breathed a collective sigh of relief.But a new directive has put such exemptions on hold.Several senior employees at the U.S.A.I.D. Bureau of Global Health received an email Tuesday telling them to “please hold off on any more approvals” pending further directions from the acting chief of staff, according to a copy reviewed by The New York Times.Senior officials at the Bureau of Humanitarian Affairs received similar instructions during a meeting this week, according to a person familiar with what transpired.For weeks, U.S.A.I.D. officials and the organizations, contractors and consultants who partner with them have struggled to continue the kind of work that Mr. Rubio promised to preserve — “core lifesaving medicine, medical services, food, shelter and substance assistance.”Some waivers have been issued to programs that fall under Mr. Rubio’s definition of “lifesaving” aid, but the payments system called Phoenix that U.S.A.I.D. relies on to disburse financial assistance has been inaccessible for weeks. That means even programs that received waivers have struggled to continue.The State Department did not reply to a request for comment for this article.On Tuesday, Elon Musk, the billionaire tech entrepreneur empowered by President Trump to combat the agency, told reporters in the Oval Office that the administration had “turned on funding for Ebola prevention and for H.I.V. prevention.” But in reality, the Ebola funding and virtually all of the H.I.V. prevention funding remains frozen, according to two U.S.A.I.D. employees and several aid groups.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More