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🌏 Donald Trump x Elon Musk?

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🌏 Donald Trump x Elon Musk?

Good morning, Quartz readers!


HERE’S WHAT YOU NEED TO KNOW

Donald Trump is close to collabing with Elon Musk. The presidential candidate wants the tech billionaire to lead a “government efficiency commission.” 

Google is gearing up for another antitrust trial. The first one was about its search dominance, and this one is about its ad tech dominance.

JetBlue actually made out pretty good during the CrowdStrike outage. The carrier raised its revenue guidance because it sopped up its competitors’ stranded passengers.

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Kroger promised to cut prices. Of course, it would have to be allowed to merge with Albertsons first.

Verizon is buying $20 billion in internet fiber. It’s acquiring Frontier Communication to boost its reach.


CHICAGO FED PREZ SAYS ECONOMIC VIBES ARE WHATEVER

Austan Goolsbee says that America is getting tantalizingly close to a so-called “soft landing” where the Federal Reserve has successfully raised interest rates to bring inflation down without destroying the economy.

From his presidential perch at the Federal Reserve Bank of Chicago, Goolsbee says that things are getting to the point that he and his colleagues can focus less on doomer vibes and more on data points that seem to be painting a rosier picture of the country’s fiscal well-being.

Quartz’s Rocio Fabbro chatted with Goolsbee about his outlook on where things go from here and whether the Fed is behind the curve on getting there.

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THAT’S A MIGHTY BIG MATTRESS

Family offices are gaining ground on hedge funds as the favorite safe havens of the wealthiest people’s wealth, says Deloitte.

The consultancy expects the fortunes stowed with the investment vehicles to reach $9 trillion by 2030 — nearly triple the amount from just a few years ago — as the upper-est crust grows tired of sharing its returns with riff-raff who don’t share a bloodline.

Quartz’s Madeline Fitzgerald explains not just what a family office is, but what the concept’s growing popularity means for the future of global finance.


MORE FROM QUARTZ

🦾 OpenAI hit 1 million paid business users for ChatGPT — with possible price increases coming

💰 Mark Cuban says Kamala Harris will definitely not tax unrealized capital gains

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📱New Mexico sued Snapchat for allowing ‘sextortion’ and sexual abuse targeting children

🎄 Half of Americans will start their holiday shopping even before Halloween

💉An Eli Lilly experiment could let insulin-using diabetes patients avoid 313 injections

🏈 These are the 10 wealthiest sports franchise owners in America


SURPRISING DISCOVERIES

A newly found antibody could be a beat-all COVID-19 vaccine. Scientists think they may have found a treatment that can recognize slippery changes in the virus’s spike protein.

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Cats might be hiding how much they like playing fetch. A survey of cat people says 41% of them “sometimes, frequently or always” bring back thrown objects.

Colonial Americans rioted over pine trees. The British Crown’s efforts at conservation were fairly unpopular.

A dye used for Gatorade might turn your skin clear. Scientists tried using yellow-tinting tartrazine on mice first; humans might get their turn, too, one day.

Michael Jordan has been trying to sell his house for 12 years. The basketball star lowered his price from $29 million to $14.855 million in 2015 — 1+4+8+5+5=23, his playing number — and hasn’t budged since.


Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give membership as a gift!

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Our best wishes on a safe start to the day. Send any news, comments, economic vibes, or transparent skin pics to talk@qz.com. Today’s Daily Brief was brought to you by Melvin Backman and Morgan Haefner.

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Algae clouded Trump’s vision for the Reflecting Pool. But scientists aren’t surprised

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Algae clouded Trump’s vision for the Reflecting Pool. But scientists aren’t surprised

Algae turns the newly repainted Lincoln Memorial Reflecting Pool green on the National Mall on Tuesday in Washington, DC.

Chip Somodevilla/Getty Images


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Chip Somodevilla/Getty Images

WASHINGTON — The Lincoln Memorial reflecting pool is once again making headlines, this week for turning green.

The Washington, D.C. landmark was refilled with water earlier this month after President Trump had its neutral grey bottom repainted “American flag blue.” The multi-million dollar project produced subtle results in the eyes of many observers, even as Trump and Secretary of the Interior Doug Burgum — whose agency managed the renovation — touted its success.

In recent days, however, the pool has taken on a verdant hue — the result of algae blooms that experts say are to be expected in these conditions.

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“It’s called ‘New Pond Syndrome,’” says Steve Goodale, a Canadian swimming pool specialist known online as “Swimming Pool Steve.” “It’s a known thing that happens when you take a natural, clear body of water like this that sits in an open air environment and you try to start it up, very often you end up with green water almost immediately.”

Goodale says the process took longer — a matter of days — to unfold in this case likely due to the sheer size of the pool, which measures 2,030 feet long and has a surface area of approximately 338,000 square feet.

“Excellent conditions” for algae growth

Rosalina Stancheva Christova, a professor of aquatic ecology at George Mason University in Virginia, took water samples from the pool on Tuesday. She confirmed the algae belongs to the genus Desmodesmus, which she said is “growing in excessive amounts” but is not toxic or harmful.

Christova says this kind of common green algae is found all over the region, especially this time of year. The reflecting pool in particular provides “excellent conditions” for algae growth, she said: shallow, stagnant water, strong sunlight and no shade.

“It could happen every single summer,” she added. “But it seems that the disturbance of the pond during the renovations [is] accelerating this process.”

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Christova said last month’s renovations may have affected the balance of nutrients in the pool, potentially accelerating the algae blooms. Goodale similarly views the resurfacing as one of several contributing factors.

“The new, darker interior surface is going to absorb more sunlight,” Goodale says. “It is going to result in water that’s warmer, and that ultimately is going to lead to more prolific algae growth.”

A microscopic slide shows the Desmodesmus algae that quickly turned the Reflecting Pool's water green. The new dark blue paint of the pool's lining makes the water warmer and friendlier to the algae growth.

A microscopic slide shows the Desmodesmus algae that quickly turned the Reflecting Pool’s water green. The new dark blue paint of the pool’s lining makes the water warmer and friendlier to the algae growth.

Rosalina Stancheva Christova, PhD.


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Rosalina Stancheva Christova, PhD.

The Trump administration has said the algae came from residual material in supply lines that had lain dormant for weeks. Their growth was likely exacerbated by the extreme temperatures that hit D.C. last week, bringing heat index values to 95 degrees and above.

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San Francisco Film Patrons Are Found Dead on Side of Highway

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San Francisco Film Patrons Are Found Dead on Side of Highway

Three San Francisco couples set out Monday for their annual road trip to Ashland, Ore., for the town’s famous Shakespeare festival. They drove separately and planned to meet at 6:30 p.m. on the terrace of their favorite Japanese restaurant there.

They had booked a table for six, but only four showed up for dinner.

Judith and Wylie Sheldon were found dead in their running car on the side of the road to Oregon, shocking their friends and family and leaving a hole in San Francisco’s arts and film world.

Ms. Sheldon, 84, was the daughter of William Wyler — who won three Oscars for best director — and chaired the board of the San Francisco Silent Film Festival. Mr. Sheldon, 86, was a prominent lawyer.

David Smith, who had befriended the couple more than 40 years ago, said in an interview that he and the others at the dinner table had grown nervous as time ticked on and their friends did not answer repeated calls to their cellphones. They learned they had not checked into their hotel either.

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The friends eventually learned from one of the couple’s sons that the California Highway Patrol had found the couple at 5:46 p.m., both dead inside their running Jeep Compass. It was parked on the side of Interstate 5, north of Redding, Calif., more than 100 miles from their destination, the authorities said. Ms. Sheldon was driving, while Mr. Sheldon was in the passenger seat, according to the authorities.

The Redding area on Monday was under an extreme heat warning issued by the National Weather Service. Temperatures reached 109 degrees, according to the Weather Service.

Mr. Smith said he learned from the son that the couple had been found without any water or other liquids in the car. The fan was on high, but the air conditioning was not working, meaning they might have been blasted with hot air, Mr. Smith said. The windows were rolled down. The car had plenty of gas, and there were no signs of mechanical failure or foul play, Mr. Smith said the son told him.

“They didn’t crash. They stopped. They both just died there,” Mr. Smith said. “The entire thing is so bizarre. We’re still in a state of shock.”

The circumstances and cause of the couple’s death is under investigation but “appears to be medically related,” the Highway Patrol said in a statement.

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Whether the heat contributed to the couple’s death “may be determined” by an autopsy, a spokesman for the Shasta County Sheriff’s Office said, adding that one had not been scheduled yet and could take several weeks to complete.

“We’ll just have to see,” the spokesman, Tim Mapes, said.

The Sheldons met at Stanford University and had two sons. They lived in a large home in San Francisco’s upscale Pacific Heights neighborhood that had views of the bay from the front and a garden out back.

They hosted many parties there on behalf of the San Francisco Silent Film Festival and sometimes let revelers pose for photos with Mr. Wyler’s Oscar statuettes. Ms. Sheldon fell in love with silent movies after first seeing those created by her father — before his better known blockbusters like “Ben-Hur” and “Roman Holiday” — only about 30 years ago, said Anita Monga, artistic director of the festival.

Stacey Wisnia, the festival’s executive director, said the couple was generous, delightful and unassuming.

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Back in Ashland, Ore., Mr. Smith said the four remaining friends had distracted themselves from their grief by attending plays, including “A Midsummer Night’s Dream” and “Come From Away.” They were able to give away their friends’ tickets.

Ms. Monga had last seen Ms. Sheldon just last month at the film festival, which was held at the newly remade Castro Theater.

“This is such a shock,” Ms. Monga said of the deaths. “Also because it’s still a mystery.”

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Luigi Mangione’s lawyers withdraw plans for psychiatric defense

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Luigi Mangione’s lawyers withdraw plans for psychiatric defense

Luigi Mangione appears for a pretrial hearing at Manhattan Criminal Court in New York, June 17, 2026.

Angelina Katsanis/AP


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Angelina Katsanis/AP

New York — In a dramatic reversal, Luigi Mangione’s legal team on Thursday backed away from a plan to use a psychiatric defense when his case goes to trial in state court in September. Mangione has pleaded not guilty to murdering health insurance CEO Brian Thompson in 2024 on a Manhattan street.

At a hearing only a day earlier before state Judge Gregory Carro, Mangione’s attorneys confirmed that Mangione had been undergoing psychiatric evaluation. They signaled that his defense would be based at least in part on the argument that Mangione was experiencing “extreme emotional disturbance.”

But in a one-line letter sent to Carro on Thursday, Mangione’s team said that “at this time” they no longer intend to introduce psychiatric evidence during the trial. It’s unclear what sparked the shift. Mangione’s team didn’t respond to NPR’s request for comment.

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Former Manhattan prosecutor and legal analyst Gary Galperin told NPR it was a “stunning reversal” for Mangione to withdraw from the psychiatric defense. “One can only speculate at this point as to the reasons,” he said.

“What remains, of course, at this point is the question of what defense they will pursue at trial,” he added.

This maneuver came after Carro ordered Mangione’s attorneys to quickly share psychiatric information with prosecutors.

“They need to know what the malady is that this defendant suffers and how that triggered extreme emotional distress,” he said, during Wednesday’s hearing. “I’m not going to let you surprise people on the eve of trial. Get it done.”

Assistant Manhattan District Attorney Joel Seidemann repeatedly complained that Mangione’s team was “stonewalling” the prosecution by withholding medical information about his psychiatric state. “We have gotten nothing,” Seidemann said.

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Mangione’s lead attorney Karen Friedman Agnifilo denied her team was delaying the court process or improperly withholding information.

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