Good morning. TikTok finds a group to helm its US operations. Tesla’s door handles face scrutiny from US regulators. And weight-loss resorts are embracing GLP-1s. Listen to the day’s top stories.
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TikTok may have found a group to take over its US business. Under a framework deal set to be discussed by Donald Trump and Xi Jinping, the American operations of the Chinese social media platform would be acquired by a consortium including Oracle, Silver Lake and Andreessen Horowitz. The US president also signed an executive order extending the divestment deadline to Dec. 16.
The US is making its most significant push yet into dealmaking to secure critical mineral supplies, with talks under way to set up a $5 billion fund to invest in mining. The government is in discussions to form a joint venture with Orion Resource Partners, people familiar said. Key details are still being negotiated, and there’s no certainty a deal will be reached.
The S&P 500 halted its record-breaking rally as Wall Street traders geared up for the Federal Reserve’s rate decision. A cut is widely expected Wednesday, set against a backdrop of legal drama at the central bank. Ahead of the two-day meeting, Stephen Miran was sworn in as a governor. His appointment could be bad news for the dollar, but may be great for international assets, Bloomberg Opinion’s Shuli Ren wrote.
Legal news: The man suspected of killing political commentator Charlie Kirk was charged with murder in Utah. In New York, a judge dismissed first-degree murder charges against Luigi Mangione, who allegedly killed health-care executive Brian Thompson.
Deep Dive: Regulators at the Door
The exterior handle of a 2023 Tesla Model Y. Photographer: Sarah Anne Ward/Bloomberg
US auto regulators are investigating Tesla’s notoriously hard-to-open door handles to determine whether they are defective, scrutinizing an approach Elon Musk’s company has used in millions of vehicles sold for more than a decade.
The probe comes just days after a Bloomberg News investigation uncovered a series of incidents in which people were injured or died after being unable to open doors when Teslas lost power, particularly following crashes.
Tesla didn’t immediately respond to a request for comment on NHTSA’s probe. In an interview last week, Chair Robyn Denholm declined to comment on Bloomberg’s investigation into the door handles, beyond saying the board “takes seriously” any safety incidents.
Outside the US, electrically powered doors are already facing greater scrutiny. In China, a top regulator is reportedly considering a ban on fully concealed door handles. And Europe has taken incremental measures to improve post-crash rescue and extrication protocols.
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Opinion
China is losing its rare-earth trade leverage, Thomas Black writes. As the US ramps up mining, processing and magnet production, the likelihood that pressure will be used in the short term rises. This is the risk of de-risking the US-China trade relationship.
If you can’t beat ‘em. When Ozempic first hit the scene, weight-loss resorts were left adrift as the medication threatened their business model. Now, many have adapted by offering support and guidance for guests using or considering GLP-1s.
