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š Donald Trump x Elon Musk?
Good morning, Quartz readers!
HEREāS WHAT YOU NEED TO KNOW
Donald Trump is close to collabing with Elon Musk. The presidential candidate wants the tech billionaire to lead a āgovernment efficiency commission.āĀ
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 competitorsā stranded passengers.
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. Itās 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 āsoft landingā 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 countryās fiscal well-being.
Quartzās 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.
THATāS A MIGHTY BIG MATTRESS
Family offices are gaining ground on hedge funds as the favorite safe havens of the wealthiest peopleās wealth, says Deloitte.
The consultancy expects the fortunes stowed with the investment vehicles to reach $9 trillion by 2030 ā nearly triple the amount from just a few years ago ā as the upper-est crust grows tired of sharing its returns with riff-raff who donāt share a bloodline.
Quartzās Madeline Fitzgerald explains not just what a family office is, but what the conceptās growing popularity means for the future of global finance.
MORE FROM QUARTZ
𦾠OpenAI hit 1 million paid business users for ChatGPT ā with possible price increases coming
š° Mark Cuban says Kamala Harris will definitely not tax unrealized capital gains
š±New Mexico sued Snapchat for allowing āsextortionā and sexual abuse targeting children
š Half of Americans will start their holiday shopping even before Halloween
šAn Eli Lilly experiment could let insulin-using diabetes patients avoid 313 injections
š 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 virusās spike protein.
Cats might be hiding how much they like playing fetch. A survey of cat people says 41% of them āsometimes, frequently or alwaysā bring back thrown objects.
Colonial Americans rioted over pine trees. The British Crownās 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 ā 1+4+8+5+5=23, his playing number ā and hasnāt budged since.
Did you know we have two premium weekend emails, too? One gives you analysis on the weekās 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!
Our best wishes on a safe start to the day. Send any news, comments, economic vibes, or transparent skin pics to talk@qz.com. Todayās Daily Brief was brought to you by Melvin Backman and Morgan Haefner.
News
End of The Line: how Saudi Arabiaās Neom dream unravelled
Executives raised myriad questions with management. From the outset, āwe did a fair amount of warnings to make sure that the leadership, especially at the board level, were aware of these risksā, said the senior executive.
Where would the 9mn people due to populate The Line come from? How quickly could they be reasonably expected to arrive? Could construction and manufacturing start quickly enough? Would the levels of imports required overheat the economy? What if oil prices sank, drying up Saudi Arabiaās key source of revenue? What if the necessary materials could not be found? And did the Gulf nation really have the scientific and technical expertise to execute such a vast scheme?
Yet the pressure to deliver was relentless. The board expected the chief executive to āmove things very quicklyā, said the senior executive. āDates had been given to the crown prince about what was achievable, but without the detail of knowing how it could be done,ā said the senior design manager. When those dates were made public, there would be a loss of face if they werenāt met. āThatās where tensions grew.ā
Staff were ābeing put into a position of effectively having to lie about the timescales and the cost of delivering the visionā, they added.
What remains
The Line ā or at least its beginnings ā can already be seen from space. Satellite imagery shows excavation and tunnelling work for the railway system, the āspineā connecting The Line to Neom International Airport, stretching for 150km ā from the coast into the Hejaz mountains.
In a valley between two mountain ranges, levelling work is evident for the airport and its runways. āIn true Neom fashion, thereās a mountain at the end of the runway that had to be blown up,ā said the senior architect. Construction work has now stopped on both the spine and the airport. No new target for the airport has been set.
The foundations for The Lineās first modules ā perhaps the largest piles ever laid by man ā are also visible, waiting to support the worldās largest occupied building, if it ever arrives. The village of Qayal, which was a few kilometres from the āhidden marinaā, has been razed. Fifteen members of the Huwaitat tribe who protested against their eviction were sent to prison, some for up to 50 years, and three others were sentenced to death, according to human rights observers.
At the marina, excavations by late last year had dug out 100mn cubic metres of soil, the equivalent of 40 Great Pyramids of Giza. Ships will access it via a canal leading more than a kilometre inland from the coast.
The chandelier, the upside-down office building hanging from the giant arch above the marina, remains in the plans. But Neom no longer intends to base its headquarters there. Neomās deputy chief executive Rayan Fayez acknowledged last month that the projectās budget āevolves every dayā, adding that it was a good point to āreassess what worked and what hasnāt workedā.
With the goal now to build just three of the 20 modules originally planned, the ambition for The Lineās first phase is a faint echo of what it once was. One person familiar with the project said work had effectively stopped, with efforts now focused on completing a few small buildings around the marina. Some of the earlier piling work has been covered with sand.
āI think as a thought experiment, great,ā said one urban planning expert who works in Saudi Arabia. āBut donāt build thought experiments.ā
News
Trump urges GOP to end shutdown. And, SCOTUS skeptical of reasoning behind tariffs
Good morning. You’re reading the Up First newsletter.Ā SubscribeĀ here to get it delivered to your inbox, andĀ listenĀ to the Up First podcast for all the news you need to start your day.
Today’s top stories
The government shutdown is now in its 37th day, and President Trump has been urging Republicans to end it by eliminating the Senate filibuster. Earlier this week, some Democrats expressed their interest in finding a way to resolve the shutdown, but their victories at the ballot box on Tuesday have emboldened many to hold firm. Meanwhile, the president acknowledged that the shutdown hurt Republicans on election night.
Senate Minority Leader Chuck Schumer (D-N.Y.) speaks to reporters during a news conference on Nov. 5, 2025, on Capitol Hill in Washington, D.C. The record for the longest shutdown in the U.S. Government was broken on Wednesday as it entered its 36th day.
Tom Brenner/Getty Images
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Tom Brenner/Getty Images
- š§ Most Republicans are not in favor of ditching the filibuster, as Trump has sought, but some bipartisan talks appear to have picked up steam this week, NPR’s Sam Gringlas tells Up First. The solution that Senate Democrats and Republicans could be discussing is a short-term funding measure until December or later, along with votes on a small package of regular appropriations bills. Republicans would need eight Democrats to sign onto a deal to reopen the government. However, the expiring health care subsidies remain a sticking point during these talks.
The Supreme Court has heard arguments in a case about Trump’s tariffs, but has not yet issued a major ruling. Trump utilized a 1977 law, known as the International Emergency Economic Powers Act, to impose the tariffs. The central question of the case is whether the law gives the president the authority to impose tariffs on products from countries worldwide. The justices’ opinions are not yet known, but their questions yesterday indicate that they were skeptical of Trump’s position.
- š§ If the court rules against Trump, the ultimate impact on tariffs is unclear. NPR’s Danielle Kurtzleben says the ruling would make a bunch of his tariffs illegal. Tariffs like the ones he’s imposed on goods like steel and aluminum, however, would remain in place. The president has stated that this is the most important Supreme Court case ever. If the high court ruled against the president, it would be the first time they have tried to rein in his power.
In Chicago this week, the Trump administration has been taken to court by city residents who oppose the aggressive immigration campaign there. Judge Sara Ellis has listened to hours of testimony from citizens’ accounts of jarring encounters with federal agents. Another judge, Robert Gettleman, presided over a hearing on Tuesday on the conditions inside an immigration holding facility in a Chicago suburb.
- š§ Ellis is preparing to hand down her ruling today in the preliminary injunction, according to Jon Seidel with Chicago Public Media and the Chicago Sun-Times. It would essentially extend the order she issued last month, limiting the use of force by federal agents against protesters. During yesterday’s eight-hour hearing, Ellis heard from a woman who found herself staring down the barrel of a gun for filming the arrest of day laborers. She also listened to the video testimony of U.S. Border Patrol Commander Greg Bovino, who stated that the use of force has been “more than exemplary.”
Deep dive
Natalya Kosarevich/Getty Images
Tax season is approaching. The tax breaks extended under President Trump’s “One Big Beautiful Bill” primarily benefit high-net-worth individuals and high-income earners. While middle-income households may experience modest relief, the majority of benefits will be allocated to those with substantial earnings, investment income, or large estates. Here are some provisions in the bill that favor upper-income individuals and families:
- š° Starting next year, Americans will have a permanent lifetime exemption for estate and gift taxes set at $15 million per individual and $30 million per married couple, up from $13.99 million and $27.98 million limits.
- š° The exclusion for capital gains from sold qualified small business stock issued after July 4, 2025, has increased from $10 million to $15 million for companies with assets up to $75 million.
- š° Bonus depreciation has been extended. This tax incentive enables businesses to immediately deduct 100% of the cost of qualifying assets, such as machinery and vehicles, rather than spreading the deduction over several years.
Read about three other tax changes that will benefit the wealthy here.
Today’s listen
Misty Copeland was the first Black female principal dancer in the history of American Ballet Theatre. She took a final bow at Lincoln Center on Oct. 22, 2025
Taylor Jewell/Invision/AP
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Taylor Jewell/Invision/AP
Misty Copeland, who made history as the first Black woman to become a principal dancer at American Ballet Theatre, took her final bow last month. For Copeland, it had been over five years since she last performed on stage. To prepare for her farewell performance with ABT, she began getting her body back in shape a year ago. She says the performance was a way to express gratitude to the communities that supported her throughout her journey. At the end of her dance, Copeland was greeted with a 15-minute standing ovation. NPR’s Fresh Air caught up with Copeland to discuss the farewell show and what comes next for her. Listen to what she had to say or read highlights from the interview.
3 things to know before you go
White House press secretary Karoline Leavitt takes questions from reporters during a press briefing at the White House in June 2025.
Chip Somodevilla/Getty Images
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Chip Somodevilla/Getty Images
- A federal judge has ordered the White House to immediately start providing American Sign Language interpretation at its briefings held by the press secretary or the president.
- In October, Johannesburg, South Africa, is bursting with violet Jacaranda blooms for the country’s spring season. This week, NPR’s Far-Flung Postcard series provides a peek at the beautiful plant.
- From whether brain rot is real to why female politicians might underperform in elections, check out these five recent economic papers that Planet Money says are worth examining.
This newsletter was edited byĀ Yvonne Dennis.
News
Read the Judgeās Order
Case: 1:25-cv-13323 Document #: 49 Filed: 11/05/25 Page 1 of 4 PageID #:838
IN THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION
)
PABLO MORENO GONZALEZ, FELIPE AGUSTIN ZAMACONA, and a class of similarly ) situated people,
V.
Plaintiffs,
Case No. 25 C 13323
KRISTI NOEM, Secretary of the U.S. Department ) of Homeland Security, in her official capacity; ) TODD LYONS, Acting Director, U.S. Immigration ) and Customs Enforcement, in his official capacity; ) MARCOS CHARLES, Acting Executive Associate ) Director, U.S. Immigration and Customs Enforcement and Removal Operations, in his official capacity; SAMUEL OLSON, Interim Chicago Field Office Director, U.S. Immigration and Customs Enforcement, in his official capacity; ) GREGORY BOVINO, Commander-at-Large, U.S. ) Customs and Border Protection, in his official capacity; U.S. IMMIGRATION AND CUSTOMS ) ENFORCEMENT; U.S. CUSTOMS AND BORDER PROTECTION; and the DEPARTMENT) OF HOMELAND SECURITY,
)
)
)
Judge Robert W. Gettleman
Defendants.
TEMPORARY RESTRAINING ORDER
This matter came before the court on plaintiffs’ motion for a temporary restraining order. On November 4, 2025, the court heard argument and considered the written filings by both sides, along with testimony presented by plaintiffs. Based on the record currently before it, the court finds that plaintiffs and members of the putative class have suffered, and are likely to suffer, irreparable harm absent the temporary relief granted herein, that they are likely to prevail on the merits of their claims, that the balance of the equities tips in their favor, and that the public
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