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    Corporate America Braces for Trump 2.0

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    The race for the White House is deadlocked, but business leaders aren’t taking chances, reaching out to the former president to rebuild relations.Are business leaders already banking on a second Trump presidency?Hiroko Masuike/The New York TimesDo C.E.O.s think Donald Trump will win? As the presidential race nears its end next week, the most notable public sound from many C.E.O.s and businesses on the election has been silence — and Donald Trump’s camp is increasingly interpreting that as a sign that corporate America may be preparing for him to win.New reports show that top business leaders, including Silicon Valley heavyweights, have reached out to the former president, seemingly looking to rebuild relations and protect their businesses if Trump defeats Vice President Kamala Harris.Business leaders are privately discussing how to prepare for a Trump return. Attendees at a gathering last week of the Business Council, an invite-only association of C.E.O.s, talked about steps to take in case Trump goes after perceived enemies, according to The Washington Post.“I’ve told C.E.O.s to engage as fast as possible because the clock is ticking,” an unidentified Trump adviser told The Post. “If you’re somebody who has endorsed Harris, and we’ve never heard from you at any point until after the election, you’ve got an uphill battle.”Big Tech leaders are among those trying to reboot relations. In recent weeks, Trump has said that he has spoken with Tim Cook of Apple and Sundar Pichai of Alphabet. He has also heard from Mark Zuckerberg, and CNN adds that Andy Jassy of Amazon has reached out.The reason for such outreach is clear, Trump associates told CNN: Trump has gone after many of their companies and re-establishing relations is at the least a hedge in case he wins next week. (An unidentified source told CNN that Jassy’s call, made at the company’s request, was a general exchange of pleasantries.)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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      Mark Zuckerberg’s Political Evolution

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      It was only a little more than a decade ago that Mark Zuckerberg had few qualms about airing his politics.Earnest and optimistic — perhaps naïvely so — he rushed onto the national stage to discuss issues he cared about: immigration, social justice, inequality, democracy in action. He penned columns in national newspapers espousing his views, spun up foundations and philanthropic efforts and hired hundreds of people to put his vast riches to work on his political goals.That was Mark Zuckerberg in his 20s. Mark Zuckerberg in his 40s is a very different Mark Zuckerberg.In conversations over the past few years with friends, colleagues and advisers, Mr. Zuckerberg has expressed cynicism about politics after years of bad experiences in Washington. He and others at the top of Meta, the parent company of Facebook, believed that both parties loathed technology and that trying to continue engaging with political causes would only draw further scrutiny to their company.As recently as June at the Allen and Company conference — the “summer camp for billionaires” in Sun Valley, Idaho — Mr. Zuckerberg complained to multiple people about the blowback to Meta that came from the more politically touchy aspects of his philanthropic efforts. And he regretted hiring employees at his philanthropy who tried to push him further to the left on some causes.In short — he was over it.His preference, according to more than a dozen friends, advisers and executives familiar with his thinking, has been to wash his hands of it all.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 Meta Distanced Itself From Politics

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      In January 2021, after pro-Trump rioters stormed the U.S. Capitol, Mark Zuckerberg announced a new priority for Meta: He wanted to reduce the amount of political content on the company’s apps, including Facebook and Instagram.As the United States hurtles toward November’s election, Mr. Zuckerberg’s plan appears to be working.On Facebook, Instagram and Threads, political content is less heavily featured. App settings have been automatically set to de-emphasize the posts that users see about campaigns and candidates. And political misinformation is harder to find on the platforms after Meta removed transparency tools that journalists and researchers used to monitor the sites.Inside Meta, Mr. Zuckerberg, 40, no longer meets weekly with the heads of election security as he once did, according to four employees. He has reduced the number of full-time employees working on the issue and disbanded the election integrity team, these employees said, though the company says the election integrity workers were integrated into other teams. He has also decided not to have a “war room,” which Meta previously used to prepare for elections.Last month, Mr. Zuckerberg sent a letter to the House Judiciary Committee laying out how he wanted to distance himself and his company from politics. The goal, he said, was to be “neutral” and to not “even appear to be playing a role.”“It’s quite the pendulum swing because a decade ago, everyone at Facebook was desperate to be the face of elections,” said Katie Harbath, chief executive of Anchor Change, a tech consulting firm, who previously worked at Facebook. 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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      Meta in Talks to Use Voices of Judi Dench, Awkwafina and Others for A.I.

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      If deals are struck, Meta may incorporate the actors’ voices into a digital assistant product called MetaAI, people with knowledge of the effort said.Meta is in discussions with Awkwafina, Judi Dench and other actors and influencers for the right to incorporate their voices into a digital assistant product called MetaAI, according to three people with knowledge of the talks, as the company pushes to build more products that feature artificial intelligence.Apart from Ms. Dench and Awkwafina, Meta is in talks with the comedian Keegan-Michael Key and other celebrities, said the people, who spoke on the condition of anonymity because the discussions are private. They added that all of Hollywood’s top talent agencies were involved in negotiations with the tech giant.The talks remain fluid, and it is unclear which actors and influencers, if any, may sign on to the project, the people said. If the parties come to an agreement, Meta could pay millions of dollars in fees to the actors.A Meta spokesman declined to comment. The discussions were reported earlier by Bloomberg.Meta, which owns Facebook, Instagram and WhatsApp, has invested heavily in artificial intelligence, which the biggest tech companies are racing to develop and lead. Meta has plowed billions into weaving the technology into its social networking apps and advertising business, including by creating artificially intelligent characters that could chat through text across its messaging apps.On Wednesday, Mark Zuckerberg, Meta’s chief executive, increased how much his company would spend on A.I. and other expenses this year to at least $37 billion, up from $30 billion at the beginning of 2024. Mr. Zuckerberg said he would rather build too fast “rather than too late” to prevent his competitors from gaining an edge in the A.I. race.One area of A.I. that is rapidly emerging are chatbots with voice abilities, which act as virtual assistants. In May, OpenAI, a leading A.I. company, unveiled a version of its ChatGPT chatbot that could receive and respond to voice commands, images and videos. It was part of a wider effort to combine conversational chatbots with voice assistants like the Google Assistant and Apple’s Siri.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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      Elon Musk, Reid Hoffman and Other Tech Billionaires Brawl Over Politics

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      Elon Musk, Reid Hoffman and other tech billionaires, many of whom are part of the “PayPal Mafia,” are openly brawling with one another over politics as tensions rise.Less than an hour after a gunman in Butler, Pa., tried to assassinate Donald J. Trump this month, David Sacks, a venture capitalist based in San Francisco, directed his anger about the incident toward a former colleague.“The Left normalized this,” Mr. Sacks wrote on X, linking to a post about Reid Hoffman, a technology investor and major Democratic donor. Mr. Sacks implied that Mr. Hoffman, a critic of Mr. Trump who had funded a lawsuit accusing the former president of rape and defamation, had helped cause the shooting.Elon Musk, who leads SpaceX and Tesla and previously worked with Mr. Sacks and Mr. Hoffman, then weighed in on X, name-checking Mr. Hoffman and saying people like him “got their dearest wish.”In Silicon Valley, the spectacle of tech billionaire attacking tech billionaire has suddenly exploded, as pro-Trump executives and their Democratic counterparts have openly turned on each other. The brawling has spilled into public view online, at conferences and on podcasts, as debates about the country’s future have turned into personal broadsides.The animus has pit those who once worked side by side and attended each other’s weddings against one another, fraying friendships and alliances that could shift Silicon Valley’s power centers. The fighting has been particularly acute among the “PayPal Mafia,” a wealthy group of tech executives — including Mr. Hoffman, Mr. Musk, Mr. Sacks and the investor Peter Thiel — who worked together at the online payments company in the 1990s and later founded their own companies or turned into high-profile investors.Other tech leaders have also been pulled into the political spats, including Vinod Khosla, a prominent investor, and Marc Andreessen and Ben Horowitz of the Silicon Valley venture firm Andreessen Horowitz.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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      Bill Ackman and Mark Zuckerberg Fail to Land Candidates on Harvard’s Board of Overseers

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      The candidates had promised to challenge the university’s leadership, but failed to collect enough signatures to get on the ballot for the board.It’s hard to get into Harvard, even if you’ve done it before.Mark Zuckerberg, head of Meta, and Bill Ackman, head of the Pershing Square hedge fund, discovered as much, in their failed push to get dissident candidates onto the Harvard Board of Overseers, one of the university’s two governing bodies.The candidates — a slate of four backed by Mr. Ackman and one candidate backed by Mr. Zuckerberg — said on Friday that they had not collected enough petition signatures to get on the April ballot for election to the board.“We are disappointed but greatly appreciate all the support,” Zoe Bedell, an assistant U.S. attorney, who ran on the Ackman slate, said in a statement on Friday. “We look forward to trying again next year.”Their failure raised the question of how much support existed for Mr. Ackman’s persistent campaign against Harvard’s leadership over the past few months.Mr. Ackman touted the candidates’ military experience, and Mr. Zuckerberg’s candidate, Sam Lessin, is a venture capitalist and a former employee of Facebook (as Meta was formerly known).But they could not surmount the first hurdle: collecting the 3,238 signatures from Harvard alumni to get their names on the ballot for the April election.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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      Tech CEOs Got Grilled, but New Rules Are Still a Question

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      Tech leaders faced a grilling in the Senate, and one offered an apology. But skeptics fear little will change this time.Five tech C.E.O.s faced a grilling yesterday, but it’s unclear whether new laws to impose more safeguards for online children’s safety will pass.Kenny Holston/The New York TimesA lot of heat, but will there be regulation?Five technology C.E.O.s endured hours of grilling by senators on both sides of the aisle about their apparent failures to make their platforms safer for children, with some lawmakers accusing them of having “blood” on their hands.But for all of the drama, including Mark Zuckerberg of Meta apologizing to relatives of online child sex abuse victims, few observers believe that there’s much chance of concrete action.“Your product is killing people,” Senator Josh Hawley, Republican of Missouri, flatly told Zuckerberg at Wednesday’s hearing. Over 3.5 hours, members of the Senate Judiciary Committee laid into the Meta chief and the heads of Discord, Snap, TikTok and X over their policies. (Before the hearing began, senators released internal Meta documents that showed that executives had rejected efforts to devote more resources to safeguard children.)But tech C.E.O.s offered only qualified support for legislative efforts. Those include the Kids Online Safety Act, or KOSA, which would require tech platforms to take “reasonable measures” to prevent harm, and STOP CSAM and EARN IT, two bills that would curtail some of the liability shield given to those companies by Section 230 of the Communications Decency Act.Both Evan Spiegel of Snap and Linda Yaccarino of X backed KOSA, and Yaccarino also became the first tech C.E.O. to back the STOP CSAM Act. But neither endorsed EARN IT.Zuckerberg called for legislation to force Apple and Google — neither of which was asked to testify — to be held responsible for verifying app users’ ages. But he otherwise emphasized that Meta had already offered resources to keep children safe.Shou Chew of TikTok noted only that his company expected to invest over $2 billion in trust and safety measures this year.Jason Citron of Discord allowed that Section 230 “needs to be updated,” and his company later said that it supports “elements” of STOP CSAM.Experts worry that we’ve seen this play out before. Tech companies have zealously sought to defend Section 230, which protects them from liability for content users post on their platforms. Some lawmakers say altering it would be crucial to holding online platforms to account.Meanwhile, tech groups have fought efforts by states to tighten the use of their services by children. Such laws would lead to a patchwork of regulations that should instead be addressed by Congress, the industry has argued.Congress has failed to move meaningfully on such legislation. Absent a sea change in congressional will, Wednesday’s drama may have been just that.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?  More

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      Donald Trump’s Latest Indictment May Reshape the 2024 Race

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      The former president, who faces seven criminal charges for mishandling classified documents, is expected to surrender to authorities next week.“I’m an innocent man,” Donald Trump told his supporters on Thursday night.Mandel Ngan/Agence France-Presse — Getty ImagesTrump indicted: what to expect next For the second time in two months, Donald Trump will surrender to the authorities to face legal charges, dropping another bomb into the 2024 presidential race. Within minutes, he was fund-raising on the back of the news.The indictment hasn’t yet been unsealed, but some details are known. The former president and front-runner for the Republican nomination faces seven criminal charges that he mishandled classified documents from his time in the White House and obstructed the government’s efforts to reclaim them. He is expected to turn himself in to the authorities on Tuesday.Mr. Trump himself broke the news last night, a sign his inner circle had been bracing for the indictment for weeks.On his Truth Social platform, Mr. Trump called the charges “election interference at the highest level,” adding, “I’m an innocent man.” Mr. Trump’s legal troubles keep piling up. But this indictment holds greater “legal gravity and political peril,” writes The Times’s Peter Baker. It’s not just a first in American history for a former president, but also involves the nation’s secrets.Here’s a recap of the other legal matters he faces:A federal grand jury last month ordered Mr. Trump to pay $5 million to the journalist E. Jean Carroll in a civil case that he sexually abused and then defamed her; Carroll’s legal team has sued Mr. Trump again over subsequent comments he made about her.In April, the New York authorities charged Mr. Trump with falsifying business documents in connection with hush-money payments to the porn star Stormy Daniels in the run-up to the 2016 presidential election.Mr. Trump is also under investigation in Georgia for possible election tampering in the state; a decision is expected later this summer.Mr. Trump’s Republican challengers came to his defense. Gov. Ron DeSantis of Florida, his nearest rival in the polls, accused the Biden administration of weaponizing the Justice Department to take on a political rival. And Vivek Ramaswamy, the anti-woke financier, said he would pardon Mr. Trump if elected president.Mr. Trump gained in the polls the last time he was charged. It is unclear if the public will be so supportive this time. A Yahoo-YouGov poll showed nearly two-thirds of Americans view the charges of removing classified documents and obstructing the investigation as a serious criminal matter; a similar percentage feel that he should not serve as president if convicted.So far, big-money conservative donors have stayed mum on the latest charges. Many have deserted Mr. Trump after backing him in previous election cycles.HERE’S WHAT’S HAPPENING The wildfire haze is moving on from the Northeast. Cities including New York and Philadelphia have seen air conditions improve, though the noxious smoke is spreading south and west; the F.A.A. has lifted ground stops at LaGuardia and Newark airports. But scientists confirmed that the El Niño weather phenomenon has started, portending hotter temperatures through next year.China suffers from a lack of inflation. New monthly data shows that producer prices fell 4.6 percent in May, the sharpest year-on-year drop in seven years, while consumer prices rose just 0.2 percent. Though a contrast from Western countries grappling with rapid inflation, the trend suggests China’s faltering economy may soon suffer from deflation.The White House reportedly braces for the death of its student loan forgiveness program. Biden administration officials are privately worrying that the Supreme Court may strike down its proposal, which would eliminate up to $20,000 in education debt per person for millions of Americans, according to The Wall Street Journal. The White House is preparing less legally risky alternatives to help borrowers.G.M. electric vehicles will gain access to Tesla’s charging network. The move, which follows a similar announcement by Ford, will vastly expand charger accessibility for G.M. But some in the industry fear that wider adoption of Tesla’s plugs, which are now likely to become the industry standard, will give Elon Musk’s company even greater power over the E.V. market.The bull market rally is already being testedInvestors shrugged off lousy labor market data and a new round of inflation warnings to push the S&P 500 into bull market territory on Thursday. But that enthusiasm seems to be waning on Friday morning as stock futures suggest markets will open lower.The bear market lasted 248 trading days, the longest such run since 1948. Since its October low, the S&P 500 has gained 20.04 percent, just enough to tip into a bull market. The benchmark index is still roughly 10 percent away from a record high; some market observers say, therefore, that it’s premature to call this a true bull market.Investor enthusiasm for artificial intelligence has underpinned this rally. According to Deutsche Bank analysts, the FANG+ Index — a collection of big cap tech stocks, many of which are expanding into A.I. — is up nearly 80 percent since ChatGPT debuted in November.Now to the bad news … A growing number of economists believe that next week’s Consumer Price Index report will show an uptick in core inflation. That could pressure the Fed to raise interest rates further — if not next week, in July.And there are signs of economic weakness. The Labor Department on Thursday reported 261,000 new jobless claims, the highest number since October 2021.Expect a prolonged period of economic uncertainty. That was the message from Mario Draghi, the former Italian prime minister and president of the E.C.B., in a speech on Thursday at M.I.T.The economist, who once famously vowed to do “whatever it takes” to save the euro, has a bearish view of the future. He warned that industrialized economies face a “volatile cocktail” of persistent inflation, high budget deficits, high interest rates and low potential growth as central banks grapple with a climate crisis, the reshoring of supply chains and the impact of Russia’s war in Ukraine.Crypto’s protagonists lay out their casesRegulators and crypto executives are making their cases in the court of public opinion after the S.E.C. sued Binance and Coinbase, two of the sector’s biggest exchanges, this week in an intensifying crackdown on the industry.“We’ve seen this story before,” the S.E.C. chairman Gary Gensler said on Thursday at a fintech conference, likening widespread noncompliance in crypto to the era of “hucksters” and fraud a century ago. He rejected claims that digital asset businesses cannot comply with the existing rules or do not realize that they apply: “When crypto asset market participants go on Twitter or TV and say they lacked ‘fair notice’ that their conduct could be illegal, don’t believe it.”Coinbase’s boss says that new regulations are needed. Its C.E.O., Brian Armstrong, addressed the event on Wednesday, saying the rules are opaque and need to be updated. The S.E.C. case is certainly a drag on his company: Moody’s, the ratings agency, downgraded Coinbase on Thursday to negative from stable because of the charges.Binance is regrouping. The company’s American division said on Thursday that it would no longer allow customers to trade in U.S. dollars, after banks stopped working with it. At the same time, the S.E.C. says it is trying to find “alternative means” to serve legal papers to Binance and Changpeng Zhao, the company’s C.E.O., telling a federal court that it was difficult to determine where he was.Who’s judging? The S.E.C.’s case against Coinbase in New York was assigned to District Judge Jennifer Rearden. Her nomination last year angered some Democratic lawmakers because she represented Chevron as a lawyer at Gibson, Dunn & Crutcher. She’s also handling the government’s appeal of the sale of the failed crypto broker Voyager to Binance’s U.S. arm and put the deal on hold in March. Judge Amy Berman Jackson of the Federal District Court for D.C. is presiding over the Binance case, and is best known for overseeing the criminal proceedings against two Mr. Trump advisers, Paul Manafort and Roger Stone. Next week, she will hold a hearing on an S.E.C. request to freeze Binance’s assets.“I did not comprehend that ChatGPT could fabricate cases.” — Steven Schwartz, a lawyer who has practiced in New York for 30 years. He told a federal judge that he regrets using the chatbot to write a legal brief that was found to be filled with fake judicial opinions and legal citations.Buzzphrase of the week: “spatial computing” Apple unveiled its first headset for augmented/virtual/mixed reality this week, but none of those words appears in a nine-minute video on its website about the $3,500 Vision Pro goggles. Instead, the company preferred a more obscure term: “spatial computing.”Apple is trying to put its own stamp on the category. When it comes to spatial computing, “no one knows what that is — and that provides Apple the opportunity to define it,” Marcus Collins, the author of “For the Culture: The Power Behind What We Buy, What We Do and Who We Want to Be,” told DealBook.Apple has successfully done this in the past. Before the App Store, people didn’t talk about apps; they talked about “software programs.”And the iPhone and AirPods were neither the first mobile phone nor the first earbuds, but they became runaway hits (despite being priced at a premium to the competition). Jim Posner, a communications consultant who has led teams at Twitter and Google, said that the intended audience may be investors and the media rather than consumers. “They are pitching a product to people,” he said. “For the tech press, industry analysts and investors, they’re pitching a concept.”Elsewhere, Mark Zuckerberg gave his thoughts on Apple’s Vision Pro goggles. “I was really curious to see what they’d ship,” the Meta C.E.O. told employees on Thursday, “and it’s a good sign for our own development that they don’t have any magical solutions to the laws of physics that we haven’t already explored.”THE SPEED READ DealsThe agricultural commodities giant Bunge is said to be finalizing a deal to buy Viterra, a grain trader, that could value the combined firm at $30 billion. (Reuters)UBS has secured a government backstop for losses tied to its takeover of Credit Suisse, clearing the last hurdle for combining Switzerland’s top two banks. (FT)Permira is reportedly weighing a sale or public listing for Golden Goose, a footwear brand favored by Taylor Swift, at a $2.7 billion valuation. (Bloomberg)PolicyLouisiana passed a bill that would block online services — including Instagram, TikTok and Fortnite — for children under 18 without their parents’ permission. (NYT)The Supreme Court unanimously ruled against a dog-toy maker whose product closely resembles a bottle of Jack Daniels whiskey. (NYT)Best of the restSam Altman of OpenAI, Bob Iger of Disney, Jay Monahan of the PGA Tour, Rupert Murdoch of Fox and Sundar Pichai of Alphabet are all on the guest list for this year’s Allen & Company gathering in Sun Valley, Idaho. (Variety)How Taylor Swift is a godsend for Chicago’s hotel industry. (Bloomberg)“What All the Single Ladies (and Men) Say About the Economy” (NYT)We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. More

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      FTX’s Near-Collapse Batters the Crypto Industry

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      Prices of digital currencies have tumbled even after the exchange FTX announced a provisional lifeline by a top rival, Binance. A humbling downfall for Sam Bankman-Fried.Erika P. Rodriguez for The New York TimesA crypto giant’s fate is in doubtDevastation in the crypto market continued on Wednesday, after the giant crypto exchange Binance announced a bombshell deal to buy its embattled rival, FTX. (The deal excludes FTX’s American operations.) The entire market’s capitalization now stands at $900 billion, down from $3 trillion just one year ago, while major cryptocurrencies were down by double-digit percentages. The damage is largely contained within crypto; both the S&P 500 and the Nasdaq closed up yesterday.But investors fear that Binance won’t go through with the rescue plan, and that more pain awaits after their industry’s biggest Lehman-esque moment to date.What happened? Binance, an early investor in FTX turned rival, said over the weekend that it planned to sell its holdings in FTT, a token used for trading on FTX’s platform — a stunning move that cast doubt on the financial health of FTX and its trading arm, Alameda Research. The token’s value has plunged by roughly 80 percent in the past 36 hours to just under $5.Traders withdrew over $1.2 billion from FTX on Monday alone, according to the research firm Nansen. By Tuesday, FTX had stopped processing withdrawals; its chief executive, Sam Bankman-Fried, who was reportedly casting about for a financial lifeline from billionaires, finally turned to Binance for salvation.Binance has cemented its dominance over crypto. It was already the largest exchange worldwide for digital currencies and derivatives; FTX’s trading volumes in September were just a fraction of Binance’s. Its founder, Changpeng Zhao — widely known as CZ — showed off his power by effectively kneecapping FTX and then swooping in with a rescue. “This elevates Zhao as the most powerful player in crypto,” Ilan Solot of the derivatives trader Marex Solutions told The Financial Times.It’s a humbling downfall for Bankman-Fried, who in just three years rocketed from obscurity to become one of the best-known moguls in crypto, earning comparisons to Warren Buffett and J.P. Morgan. Months ago, Bankman-Fried sought to live up to the Morgan comparison, swooping in to bail out troubled crypto companies like Celsius and Voyager Digital (deals whose status is now unclear); he also became a frequent presence in Washington, calling for more regulation of the crypto industry, to the ire of CZ and other executives.At the beginning of the year, FTX was valued at $32 billion, backed by heavyweight investors like BlackRock, SoftBank and Tiger Global. (Investors said yesterday they were blindsided by the deal.) The 30-year-old Bankman-Fried — known in the crypto world as S.B.F. — was said to have a net worth of over $16 billion. But a document leaked to CoinDesk purportedly showed that FTX and Alameda, whose finances had long been murky, were highly illiquid and financially vulnerable.The crypto world fears other shoes will drop. Investors worry that CZ may yet pull out of his rescue deal: He noted on Tuesday that the transaction was nonbinding and subject to due diligence. Meanwhile, tokens associated with FTX, including Solana, have continued to plunge in value.Other crypto players sought to distance themselves from the FTX meltdown. Brian Armstrong of Coinbase, the biggest U.S.-focused exchange, said FTX’s troubles appeared to arise from “risky business practices” that his company doesn’t engage in. Still, Coinbase shares fell nearly 11 percent yesterday.And regulators say the news justifies more scrutiny of crypto companies. “This is a major market event for the digital asset sector,” said Joe Rotunda of the Texas State Securities Board Enforcement Division, which had already been investigating FTX.HERE’S WHAT’S HAPPENING Elon Musk sells billions more in Tesla stock to pay for his Twitter deal. He sold nearly $4 billion worth of shares in recent days, according to regulatory filings, bringing his total sales for the year to $36 billion. The electric carmaker’s shares were up slightly in premarket trading.The United Nations seeks to end “sham” corporate net-zero pledges. Companies that claim to be trying to cut carbon emissions but invest in fossil fuels should be shamed, António Guterres, the U.N. secretary general, said at COP27. Meanwhile, more rich countries pledged to pay poorer ones compensation for damage from climate change.Disney reports a jump in streaming losses. The media giant said its direct-to-consumer unit — including Disney+ — doubled its third-quarter losses from a year ago, to $1.5 billion. But Disney said the quarter was the “peak” for losses, and noted it had added 12 million new subscribers.TikTok lowers its worldwide revenue targets amid a spending slump. The video platform cut its sales goals by 20 percent after its advertising and e-commerce operations struggled, The Financial Times reports. TikTok also revamped its leadership in the United States.Adidas cuts its profit forecast after breaking from Kanye West. The warning from the sportswear giant came weeks after it ended its highly profitable collaboration with the rapper now known as Ye. Separately, Adidas named Bjorn Gulden, the former head of Puma, as its next C.E.O.The red wave that wasn’t Republicans haven’t quite had the night they expected. As of 7 a.m. Eastern, Republicans were 21 seats shy of retaking control of the House. But leadership of the Senate remains up in the air after the Democrats flipped a seat in Pennsylvania. Here are the big highlights so far:Pennsylvania: John Fetterman, the state’s Democratic lieutenant governor, beat Mehmet Oz in the closely watched Senate race. Political analysts now say Democrats need to win two of three hotly contested Senate races — in Georgia, Arizona and Nevada, all currently held by Democrats — to maintain power in the chamber.Georgia: The Senate contest looks like it’s headed for a runoff on Dec. 6, pitting the incumbent, Raphael Warnock, against his Republican challenger, Herschel Walker.Governor races: Voters backed high-profile incumbents, including Kathy Hochul, Democrat of New York; Greg Abbott, Republican of Texas; and Tony Evers, Democrat of Wisconsin.Ballot initiatives: Voters in Michigan approved making abortion access a right protected under the State Constitution. Those in Maryland and Missouri voted to legalize marijuana, though similar measures were rejected in Arkansas and North Dakota.A rough night for Donald Trump: Several candidates that he endorsed, including in Arizona, Georgia, Michigan and Pennsylvania, lost or were behind. And a potential rival for the 2024 Republican presidential nomination, Gov. Ron DeSantis of Florida, handily won re-election.Meta slices through its work forceFacebook’s owner Meta will lay off 11,000 employees, equivalent to 13 percent of its work force, the company announced on Wednesday morning, in the biggest restructuring in the social media giant’s history. A slump in digital advertising and ballooning losses from its pivot to the metaverse have pushed the company to make a series of wide-ranging cuts.In a note to employees, Mark Zuckerberg, Meta’s co-founder and C.E.O., admitted that the company had hired too aggressively during the pandemic as homebound consumers spent more time socializing and shopping online. Meta mistakenly assumed this trend would continue: “I got this wrong, and I take responsibility for that,” he wrote.The company has begun cutting costs across its operations, “scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg wrote. The stock was up 3.7 percent in premarket trading, outperforming the Nasdaq.The economic downturn is forcing companies across industries to shrink. Citigroup and Barclays are expected to lay off hundreds in their investment banking units, Bloomberg reports. And, according to Protocol, Salesforce could cut as many as 2,500 positions in the coming weeks as the activist investor Starboard Value seeks big changes in corporate strategy.Exclusive: Keurig Dr Pepper buys stake in Athletic Brewing Keurig Dr Pepper has invested $50 million in Athletic Brewing, the nonalcoholic beer company, as part of a $75 million fund-raise by Athletic, DealBook is first to report. It’s the beverage giant’s second foray into the nonalcoholic booze category — it announced a deal to acquire a nonalcoholic cocktail brand called Atypique this summer — and another sign of interest in this fast-growing category.Athletic Brewing was founded in 2017 by Bill Shufelt, a former trader at the hedge fund Point72, and John Walker, a former craft brewer. It now sells its products — including lager, light beer and sparkling water — at retailers like Trader Joe’s. With its new backer, Athletic is looking to expand in Australia, France and Spain.Sales of nonalcoholic beer are skyrocketing, growing almost 70 percent between 2016 and 2021 in the U.S., to about $670 million, according to Euromonitor. While that is still a tiny portion of the overall beer market, its popularity stands in stark contrast to overall sluggishness in beer sales, as the younger generation drinks less and cares more about its waistline. Beer giants like Heineken, Budweiser and Sam Adams have released nonalcoholic alternatives in the last five years.It’s not just for recovering alcoholics or nondrinkers. Shufelt said 80 percent of his customers drink alcohol, and three-fourths are between the ages of 21 and 44. About half are women, he added.THE SPEED READ DealsThe E.U.’s antitrust watchdog will deepen its scrutiny of Microsoft’s $75 billion takeover of Activision Blizzard. (WSJ)Goldman Sachs has reportedly weighed buying payment-technology companies to expand its credit-card business. (WSJ)The electric carmaker Lucid said it planned to raise up to $1.5 billion in fresh capital. (NYT)PolicyThe private equity giants Apollo, Carlyle and KKR disclosed inquiries by regulators over their dealmakers’ use of messaging apps like WhatsApp for business. (Bloomberg)Supreme Court justices are weighing a Pennsylvania law that requires companies to consent to being sued in its courts for conduct done anywhere. (NYT)Kenya published some details of a 2014 loan it took out from China, potentially straining relations with the country’s biggest source of infrastructure financing. (NYT)Best of the restVirginia Giuffre, a victim of Jeffrey Epstein, now says she may have misidentified the Harvard law professor Alan Dershowitz as an abuser. (NYT)Twitter may now offer two kinds of check marks to verify users. (The Verge)Levi’s named Michelle Gass, Kohl’s chief executive, as its next C.E.O. (NYT)Would you take a Zoom meeting in a movie theater? AMC hopes so. (Insider)UBS’s chief risk officer, Christian Bluhm, is quitting to become … a professional photographer. (FT)Thanks for reading! We’ll see you tomorrow.We’d like your feedback. Please email thoughts and suggestions to dealbook@nytimes.com. More