Mr. CEO heads to Washington for President Trump's inauguration

Mr. Bezos, Mr. Zuckerberg and Mr. Koch attended the inauguration ceremony

American companies were already rushing to make huge contributions to Donald Trump's record-breaking inaugural fund. Now, some of its leaders appear eager to vie for key positions at next week's inauguration.

For some of the nation's biggest companies, this time was another reminder that forging a close relationship with the next president, who promises strong policies like tariffs, is a top priority.

According to NBC News, Jeff Bezos and Mark Zuckerberg are expected to take the stage at the inauguration, along with Elon Musk and several Cabinet nominees.

Mr. Musk's presence is not surprising, considering that Tesla's top official is a big supporter of President Trump and has great influence. But it's only recently that other tech industry titans have come to be seen as supporters of the regime. (In fact, Bezos frequently sparred with Trump during his first presidential term.)

This is the latest effort by Bezos and Zuckerberg to sharpen Trump's presidential credentials. At the Dealbook Summit in December, Bezos said Amazon has come under intense scrutiny under the Biden administration, Blue Origin hopes to win government rocket contracts, but President Trump's efforts to cut regulations have left Amazon vulnerable to increased scrutiny under the Biden administration. He said he had “very high expectations” for the initiative.

And Mr. Zuckerberg recently announced major changes to Meta's content moderation policies, including loosening speech restrictions deemed to protect groups including LGBTQ people, drawing praise from Mr. Trump and other conservatives. Ta. As for the inauguration, Zuckerberg will co-host the reception with longtime Trump supporters Miriam Adelson, Tilman Fertitta and Todd Ricketts.

Both tech moguls have visited Mar-a-Lago since the election, and Mr. Zuckerberg has also visited multiple times.

Coca-Cola took a different tack. The beverage giant's CEO, James Quincey, presented President Trump with what an aide described as “the first-ever inaugural Diet Coke bottle.”

More broadly, business leaders want to be part of the inauguration action. The Times previously reported that President Trump's inaugural fund has surpassed $170 million, a record high, and that even big donors are waiting in line for the event.

The Wall Street Journal reports that some organizations are holding private events around Washington, such as the “First Crypto Ball” featuring Snoop Dogg, with tickets starting at $5,000.

It's a reminder to the president, who has proposed creating an “External Revenue Service” to oversee his sweeping tariff promises, that CEOs have read the meeting and are preparing their companies. .

“This is the world order, and if we're going to be successful, we need to follow the world order,” David Urban, a longtime Trump adviser and organizer of pre-inauguration events, told Barron's.

In other Trump news: The president-elect plans to attend the World Economic Forum in Davos, Switzerland, which opens on Inauguration Day, via video conference, according to Semaphore.

what's happening here

Investors are bracing for the latest inflation data. The Consumer Price Index report, to be released at 8:30 a.m. ET, is expected to show that inflation rose last month, likely due to higher food and fuel costs. Dew. Global bond markets have been reeling as progress in slowing inflation has been slow and the Federal Reserve has lowered its outlook for interest rate cuts.

More Trump Cabinet nominees are expected to be introduced to the Senate on Wednesday. Sen. Marco Rubio of Florida, who is nominated for secretary of state, is expected to be confirmed, although he will face questions about his views on the Middle East, Ukraine and China. Russell Vought, the nominee for director of the Office of Management and Budget, is likely to be questioned about President Trump's insistence on drastically shrinking the federal government, a key goal. And FOX Business host Sean Duffy, chosen to lead the Department of Transportation, faces questions about how he will oversee issues such as aviation safety and self-driving cars, a priority for Elon Musk. will face it.

Meta plans to lay off an additional 5% of its employees. The tech giant's CEO Mark Zuckerberg told employees to prepare for “significant performance-based layoffs” as the company prepares for a “wild year.” Social media giants face stiff competition in the race to commercialize artificial intelligence.

The new bill would give TikTok a reprieve from its ban in the United States. Sen. Ed Markey, D-Mass., said he plans to introduce the TikTok Extension Act, which would give video platforms an additional 270 days before they are blacklisted by Chinese parent company ByteDance. This is TikTok's latest effort to buy time as it faces a Jan. 19 deadline mandated by law. President-elect Donald Trump also opposes a possible ban.

Successor issue

JPMorgan Chase and giant asset management firm BlackRock have just released their financial results. (Both, in short, beat analyst expectations.)

But Wall Street giants are likely to face questions Wednesday on the specific issue of who will be the top lieutenants to replace their big-name CEOs, Jamie Dimon and Larry Fink.

Who is outside:

Daniel Pinto, Mr. Dimon's longtime right-hand man, officially stepped down from his role as JPMorgan's chief operating officer in June and announced that he would retire at the end of 2026. Jen Piepsak, co-CEO of the firm's core commercial and investment bank, will become COO.

And, according to reports, Mark Weedman, head of BlackRock's global client business and a top candidate to replace Mr. Fink, is leaving the company.

What Wall Street is buzzing about JPMorgan: JPMorgan said Piepsak is not interested in replacing Dimon “at this time,” even if he were to take on the COO role. DealBook has heard that it seems like she doesn't really want to take the top job, but this expression covers her in case she changes her mind.

For now, that means the most likely candidate for the top position is Marianne Lake, the company's head of consumer and community banking. Troy Rohrbaugh, another co-chair of the commercial and investment bank; Doug Petno, co-head of global banking.

Buzz around BlackRock: Mr. Wiedman reportedly does not want to continue waiting for Mr. Fink's successor and is expected to look for a CEO job elsewhere. (His resignation was so sudden that he was stripped of about $8 million worth of stock options and, according to the Wall Street Journal, has no plans for another job yet.)

Potential candidates to replace Mr. Fink include Martin Small, BlackRock's chief financial officer. Rob Goldstein, COO of the company. and Rachel Lord, International Director.

But Dimon and Fink aren't going anywhere yet. Mr. Dimon, 68, said just last year that he might not get the role within five years. And Mr. Fink, 72, said in July that he was working on a succession plan: “I will leave when I believe the next generation is ready.”

SEC launches final attack on Musk

Another battle between Elon Musk and the SEC erupted on Tuesday, with the agency suing the tech mogul over its 2022 acquisition of Twitter.

It is unclear what will happen to the case once President-elect Donald Trump, who considers Musk a close ally, takes office. But the agency's reputation as an independent watchdog could be at risk.

Summary: The SEC accused Musk of violating securities laws when he acquired a social media company for $44 billion.

The agency said Musk did not disclose his ownership of Twitter for a crucial 11 days before announcing his intention to buy the company. The violations allowed him to buy out at least $150 million worth of Twitter stock at low prices, authorities allege, to the detriment of existing shareholders.

The SEC won't just fine Musk. It wants him to pay back the windfall. “This is unusual,” Anne Lipton, a professor at Tulane Law School, told Dealbook.

Musk's lawyer, Alex Spiro, called the move “a charlatan” and accused authorities of waging a “year-long campaign of harassment” against Musk.

The showdown poses a tough question for the SEC, but will Paul Atkins, the president-elect's widely respected pick to head the agency, drop the case? Such a move could call into question the SEC's fundamental principle of independence.

Jay Clayton, who led the agency during President Trump's first term, won respect in the business world for running the agency in a largely drama-free manner. It was under Creighton that the SEC sued Musk over his comments about taking Tesla private.

Musk, who is set to become President Trump's cost-cutting czar and will have office space in the White House complex, is calling for a “comprehensive review” of agencies such as the SEC. against individuals who have abused their regulatory powers for personal and political gain; ”

Related news: The Consumer Financial Protection Bureau has accused Capital One of defrauding depositors of $2 billion in interest.

speed reading

Great deals

DAZN, the streaming network backed by billionaire businessman Len Blavatnik, is close to raising funding from Saudi Arabia's sovereign wealth fund as the country continues to expand its sports sector. (New York Times)

The Justice Department has accused investment giant KKR of withholding information about several transactions during government reviews. KKR filed a countersuit. (Bloomberg)

OpenAI has added billionaire Adebayo Ogunlesi, co-founder of infrastructure investment firm Global Infrastructure Partners, to its board of directors. (FT)

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