Business
Trump Is Eyeing Greenland. His Commerce Nominee Has Financial Ties There.
As President Trump argues the acquisition of Greenland is key to the economic security of the United States, he is flanked by wealthy investors who have eyed the island as a potentially lucrative venue for mining metals and minerals.
Among them is his commerce secretary nominee, Howard Lutnick, who has a financial stake in the island’s mining promise through an investment his financial firm, Cantor Fitzgerald, holds in a company called Critical Metals Corp., securities filings show. Critical Metals plans to start the mining process as soon as 2026, according to company executives.
Mr. Lutnick, whose Senate confirmation hearing is scheduled for Wednesday, plans to resign as chief executive Cantor Fitzgerald, a privately held firm, if confirmed. His interests in the firm would be sold off within 90 days of his confirmation, according to his government ethics agreement, and during that period he would not participate in any matter that has a “direct and predictable effect” on the firm unless he received a waiver that allowed him to do so.
As head of the Commerce Department, which promotes the interests of U.S. businesses abroad, Mr. Lutnick would oversee all tariff and trade policy, Mr. Trump has said. That could include Greenland, if the president’s efforts to expand the country’s role on the island are successful.
It remains to be seen whether Mr. Lutnick would recuse himself entirely from policy issues related to Greenland. Neither he nor the White House responded to requests for comment.
American influence on Greenland, an autonomous Danish territory, could benefit miners there, potentially enriching investors in Critical Metals and, in turn, Mr. Lutnick’s former business partners at Cantor Fitzgerald, which he ran for more than 30 years.
Critical Metals has been pushing for U.S. government financing for its project since last fall, but was told to shelve its request until the new administration arrived in Washington, according to Tony Sage, its chief executive. Mr. Sage said he regarded Mr. Lutnick and his firm as a possible conduit for discussion of future investment by the U.S. government.
“They could” be beneficial, Mr. Sage said, adding, “Having an investor, already, does help.”
Mr. Lutnick is one of several supporters of Mr. Trump who have ties to investments in Greenland and could be in position to shape the president’s thinking on the subject.
That circle includes the Silicon Valley investor Marc Andreessen, the tech entrepreneur Sam Altman and the Amazon founder Jeff Bezos. Either as individuals or through their companies, all three have donated either to Mr. Trump’s re-election efforts or his inaugural committee. Through their venture capital firms, all three are also investors in KoBold Metals, a privately held company based in Berkeley, Calif., that has explored for minerals and metals in Greenland.
A spokeswoman for Mr. Andreessen’s venture capital firm declined to comment. Mr. Altman and a spokesman for Mr. Bezos did not respond to requests for comment.
A spokesman for KoBold Metals declined to say whether the firm, which surveyed Disko Island off the west coast of Greenland for mining opportunities in 2022, was likely to do business there in the future.
Greenland’s glaciers, freezing weather and paucity of roads and other infrastructure have long made it a difficult environment for investment. Some mining executives and investors believe that an enhanced arrangement with the United States could benefit U.S. national security and create economic opportunities for both sides.
“I think it could be a win-win for the U.S. and for Greenland, regardless of how it ends up, whether it’s just a closer working relationship or whether we provide defense or something to Greenland,” said Peter Leidel, whose private-equity firm, Yorktown Partners, holds a controlling stake in a mining project there.
The idea of purchasing Greenland has been a hobby horse for Mr. Trump for many years. During his first term, he framed it as an opportunity to expand the United States’ global footprint, and in 2019 he even privately floated the possibility of trading Puerto Rico, a U.S. territory, for Greenland, according to Peter Baker and Susan Glasser’s book “The Divider.” But his hopes fizzled amid objections from Denmark, the U.S. ally that oversees Greenland, and some of Mr. Trump’s advisers dismissed the idea as divisive and outlandish, according to the book.
Under former President Joseph R. Biden Jr., the United States continued pushing for enhanced involvement in Greenland, albeit more quietly. State Department officials traveled to the island last year to discuss its natural resources, and the U.S. Export-Import Bank expressed interest in financing a graphite mining project operated by a British company. Mining executives said they also hoped that Mr. Biden’s push for clean energy might benefit their rare-earth mining efforts, given that rare earths are essential components in electric vehicles, wind turbines and solar panels.
Undercutting China’s dominance in rare earths mining was also part of Biden administration’s calculus, mining executives recalled. “They made very clear that they would like this material to go to the U.S.,” said Greg Barnes, who spoke to U.S. officials before selling his stake in the Tanbreez rare-earths mine in southern Greenland to Critical Metals, the New York-based company in which Cantor Fitzgerald is invested, last summer. That concern over Chinese involvement is almost certain to loom even larger under Mr. Trump, who has long cast China as a malign influence in U.S. and global affairs.
Greenland got little or no airtime during Mr. Trump’s 2024 campaign. But on Dec. 22, as he announced Ken Howery as his choice for U.S. ambassador to Denmark on his social media site, Mr. Trump called “ownership and control” of the island “an absolute necessity.” In other posts and comments that followed, he described Greenland as crucial to U.S. national security.
Denmark has so far resisted the idea of a sale. But its efforts to find advocates in Washington have so far foundered. Meanwhile, Mr. Trump’s oldest son, Donald Trump Jr., undertook a brief good will tour around Greenland this month. And the elder Mr. Trump has refused to rule out the idea of taking Greenland by force.
In interviews, mining executives and investors in Greenland said they weren’t banking on any particular outcome to Mr. Trump’s push for the island. But most of them said the level of interest the trans-Atlantic debate had stirred, and the resources it could draw to Greenland’s mining opportunities, was a net positive.
“The Trump presidency, I think, enhances our little investment,” said Mr. Leidel, the Yorktown Partners investor, who donated $315,000 to Mr. Trump’s re-election efforts, according to federal records. He said that his donation was motivated by a desire for the United States “to do well,” and not by any expectations around mining in Greenland.
Kitty Bennett contributed research.
Business
How Waymo and Waze are pitching in to help solve L.A.’s pothole problem
Waze and Waymo are teaming up to help combat Los Angeles’ growing pothole problem.
The companies announced a program that will use Waymo’s self-driving cars to better detect potholes in the city. The data will be available to city officials through Waze’s traffic data-sharing platform, according to a news release last week.
The number of potholes in L.A. jumped early this year after an intense rainy season soaked the city. Residents reported over 6,700 potholes in January and nearly 5,000 reports were submitted in February and again in March, according to data from the city’s 311 tip line analyzed by the nonprofit newsroom Crosstown L.A.
The partnership is the most recent effort in Waymo’s long-standing commitment to making roads safer, Arielle Fleisher, the company’s policy development and research manager, said in the release.
The Waze navigation app will also use the data to warn users as they approach a pothole, the company said.
Drivers will then be able to verify the Waymo-identified pothole in real time.
L.A. has been slow to repair pavement issues on its 23,000 miles of streets in recent years.
The city repaired 310 miles of road in fiscal year 2025, which ended in June — a nosedive from the 850 miles it paved a decade before in 2015, according to Crosstown. Only 216 miles of street lanes were paved in fiscal year 2024.
The Bureau of Street Services, the department in charge of paving the city’s streets, is in communication with Waymo regarding the pilot program, said Dan Halden, a spokesperson for the city department.
“The bureau proactively manages the city’s streets, ensuring roadways are treated not only for repair but also to strengthen the street network and prevent future potholes,” he said.
Many cities, including L.A., rely on residents to report potholes through the nonemergency 311 service. The process provides an incomplete picture of road health, according to Waymo and Waze.
The pilot program intends to fill in reporting gaps and was developed based on feedback from city officials.
“We want to build on the safety benefits of our service by partnering with organizations and city officials to help improve the infrastructure we all depend on,” Fleisher said
The pilot program is running in five cities, including San Francisco, and has already identified 500 potholes. The program is also underway in the metropolitan areas of Phoenix; Austin, Texas; and Atlanta.
The companies plan to expand into cities with colder weather, which can worsen the pothole problem.
“Working together helps our community and makes our roads better for everyone,” Andrew Stober, the strategic partner manager at Waze, said in the release.
Business
Hollywood stars line up against Paramount’s Warner Bros. acquisition
A constellation of stars are lining up against Paramount’s proposed takeover of Warner Bros. Discovery, expressing fears the blockbuster merger would devastate the industry and shrink production jobs.
The letter was signed by nearly 1,000 artists and movie creators, including such big names as Ben Stiller, Bryan Cranston, Noah Wyle, Joaquin Phoenix, Kristen Stewart and Jane Fonda, whose Committee for the First Amendment helped organize the campaign.
“This transaction would further consolidate an already concentrated media landscape, reducing competition at a moment when our industries — and the audiences we serve — can least afford it,” according to the letter. “The result will be fewer opportunities for creators, fewer jobs across the production ecosystem, higher costs, and less choice for audiences in the United States and around the world.”
Paramount, in a statement, pushed back against the artists’ concerns. Tech scion David Ellison and his team believes the blockbuster deal makes sense — particularly because of turmoil in the entertainment business, the company said.
“This is also a moment when the industry has been facing significant disruption—and the need for strong, creative-first and well-capitalized companies that can continue to invest in storytelling has never been greater,” Paramount said.
The Hollywood workforce has shrunk by more than 42,000 jobs between 2022 and 2024, according to a recent study. The economy has not bounced back following shutdowns due to the COVID-19 pandemic, followed by the twin labor strikes three years ago.
Thousands of film workers have been searching for work — but many of the big opportunities have moved abroad.
The strikes prompted studio executives to reset their output after previously spending big to build streaming services to compete with Netflix.
Two other consolidations led to widespread cutbacks: Walt Disney Co.’s acquisition of Fox entertainment assets in 2019, and Discovery’s takeover of AT&T’s WarnerMedia four years ago.
The resulting entity — Warner Bros. Discovery, led by David Zaslav — instituted deep cost cuts and thousands of layoffs to cut expenses because the firm was nearly drowning in deal debt — $43 billion — from the day Zaslav took the helm.
Paramount’s proposed takeover of Warner Bros. would result in a significantly higher debt load, $79 billion in debt, prompting concerns from the group and others about further downsizing.
Ellison, the 43-year-old son of billionaire Oracle co-founder Larry Ellison, is leading the effort to buy Warner Bros. Discovery to prop up Paramount, which the family acquired in August.
In late February, Ellison’s Paramount Skydance prevailed in a nearly six-month bidding war after Netflix unexpectedly bowed out when the elder Ellison agreed to financially back his son’s $111-billion deal.
“We have been clear in our commitments to do just that: increasing output to a minimum of 30 high-quality feature films annually with full theatrical releases, continuing to license content, and preserving iconic brands with independent creative leadership,” Paramount said, adding that such promises should ensure that “creators have more avenues for their work, not fewer.”
Warner shareholders will be asked to approve the merger April 23.
Ellison is pushing to wrap the deal up this summer.
“We are deeply concerned by indications of support for this merger that prioritize the interests of a small group of powerful stakeholders over the broader public good,” the letter said. “The integrity, independence, and diversity of our industry would be grievously compromised. Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement.”
The group urged California Atty. Gen. Rob Bonta and his fellow state attorneys general to sue to block the transaction.
Bonta has told The Times that his office is reviewing the transaction to see if it violates antitrust rules. Two historic movie studios, several streaming services and dozens of cable channels would be brought under one roof.
“Media consolidation has already weakened one of America’s most vital global industries,” the group said, “one that has long shaped culture and connected people around the world.”
Bonta’s office is leading the charge against another merger, TV station giant Nexstar Media Group’s $6.2-billion takeover of Virginia-based Tegna. Eight state attorneys general, including Bonta, have sued to block that deal. A judge is expected to rule on whether to issue a preliminary injunction later this week.
Business
OpenAI CEO Sam Altman addresses Molotov cocktail attack on his home and AI backlash
Hours after a Molotov cocktail was thrown at his San Francisco home, OpenAI Chief Executive Sam Altman addressed the criticism surrounding artificial intelligence that appears to have been the impetus for the attack.
In a lengthy blog post, Altman shared a family photo of his husband and child, stating he hopes it might convince people not to repeat the attack despite their opinions on him.
The San Francisco Police Department arrested a 20-year-old man in connection with the Friday morning attack but did not publicly comment on the motivation. Altman and his company, the maker of ChatGPT, have been at the center of a heated debate about whether AI will change the world for better or worse.
“While we have that debate, we should de-escalate the rhetoric and tactics and try to have fewer explosions in fewer homes, figuratively and literally,” Altman wrote.
The rise of AI chatbots that can generate text, images and code has raised concerns about whether there are enough guardrails around the development of the powerful technology.
From job displacement to the effects of AI on mental health and war, critics have been vocal about their fears. Families have also sued technology companies including OpenAI and Google, alleging in lawsuits that their chatbots contributed to the death of their loved ones. OpenAI has faced backlash after striking a deal with the Department of Defense shortly after its rival Anthropic raised AI safety concerns and lost its contract.
Politicians in California and other states have been passing new laws that target AI safety. And groups that aim to stop the development of AI have regularly protested outside OpenAI’s San Francisco headquarters.
In the blog post, Altman acknowledged the fear and anxiety surrounding AI was “justified” because “we are in the process of witnessing the largest change to society in a long time, and perhaps ever.” But he also said that people will do “incredible things” with AI and that “technological progress can make the future unbelievably good.”
Altman has become a controversial figure as companies race to advance AI. In 2023, OpenAI’s board of directors fired Altman, stating that he wasn’t “consistently candid” in his communications with the board and that board members had lost confidence in his ability to lead the company. OpenAI’s mission is to “ensure that artificial general intelligence benefits all humanity,” the board said at the time. Facing pressure from its employees and investors, OpenAI reinstated Altman as chief executive less than a week after he was pushed out. A new board was put in place and members who supported ousting Altman left.
Altman said in the blog post that he has made mistakes and done things he’s not proud of, describing himself as “conflict-averse.”
“I am not proud of handling myself badly in a conflict with our previous board that led to a huge mess for the company,” he wrote.
Since his return, OpenAI has expanded its presence in healthcare, retail, defense and other industries. But controversy has followed the company. OpenAI is currently in a legal battle with billionaire Elon Musk, who has accused the company of abandoning its nonprofit founding mission in a case that’s expected to head to trial. Musk, a co-founder and early investor in OpenAI, alleges he was manipulated into funding what he thought was a nonprofit but turned into a “moneymaking endeavor.” OpenAI alleges that Musk, who runs rival xAI, is suing to slow down a competitor.
Last week, the New Yorker published a lengthy story about Altman that posed the question about whether he could be trusted.
In his blog post, Altman referenced an “incendiary article” published about him but didn’t name the publication, adding that “words have power.” OpenAI didn’t immediately respond to a request for comment on Saturday. On the social media site X, Altman said he regretted using certain words in his blog after an editor from the AI newsletter Transformer pointed out that Altman implied that a critical piece of journalism was responsible for the attack.
Altman said the attack happened at 3:45 a.m. on Friday but the Molotov cocktail “bounced off the house and no one got hurt.”
The San Francisco Police Department and OpenAI previously confirmed the attack on Friday. The suspect allegedly made threats to OpenAI’s headquarters after the attack at Altman’s home.
Several news outlets, including the San Francisco Chronicle, identified the suspect as Daniel Alejandro Moreno-Gama.
Moreno-Gama was booked on Friday on suspicion of making criminal threats, arson, attempted murder, possession of a destructive device and other charges. The Chronicle also cited a Substack that appeared to be from the suspect that includes posts titled “AI Existential Risk.”
The Times asked the San Francisco Police Department on Saturday whether the account belonged to the suspect.
“At this time we have no further updates to provide,” the department said in an e-mail.
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