Trump Sues JPMorgan and Jamie Dimon for 'Debanking' Him
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Why is Trump suing JPMorgan and Jamie Dimon?
President Trump is suing JP Morgan for closing his accounts. Plus, colorectal cancer is now the top cause of death from cancer among younger Americans. And why Elon Musk decided SpaceX should go public after more than two decades as a private company.
There is this sense of urgency right now. Our reporting shows that he's become a bit obsessed with the idea of being the first to put these data centers in space.
It's Thursday, January 22nd.
What are the implications of Trump's lawsuit for political banking?
I'm Alex Oselev for The Wall Street Journal. This is the PM edition of What's News, the top headlines and business stories that move the world today. Today, President Trump sued JPMorgan Chase and its CEO Jamie Dimon for $5 billion, alleging that the bank closed his accounts for political reasons after the riot at the Capitol on January 6, 2021. The lawsuit, which was filed in Florida, says the bank closed the accounts that year and that JPMorgan has blacklisted Trump since then. The president has said the country's biggest banks discriminate against him, his followers, and conservatives broadly. And he's ordered regulators to launch investigations into banks over allegations of what's known as debanking.
How is colorectal cancer impacting younger Americans?
J.P.
What factors are driving Elon Musk to take SpaceX public?
Morgan has said it doesn't discriminate based on politics, and a spokeswoman today said the suit has no merit. more younger Americans are dying from colorectal cancer than any other kind of cancer. The American Cancer Society said today that more than 3,900 adults under the age of 50 died of cancer of the colon or rectum in 2023. That compares with just over 3,800 who died of breast cancer, the number two cause of deaths from cancer for that year. Colorectal cancer cases have been on the rise in younger adults for years, and the fact that it's now the top cancer killer means the disease is often diagnosed when it's already at an advanced stage. Medical groups have lowered the recommended age for colonoscopies that can detect the disease early on, but doctors say not enough people under 50 are getting the screenings.
SpaceX, one of the most valuable private companies in the U.S., has long resisted going public. In fact, it got so valuable in part because it could develop risky space businesses outside the scrutiny of public investors. Its executives like to say the company wouldn't IPO until its rockets were regularly flying to Mars.
What challenges does Musk face with SpaceX's potential IPO?
Now, though, the stock market debut may be coming soon. People familiar with the matter say CEO Elon Musk is racing towards an IPO in the next few months. Journal reporter Cori Dreebush is here to tell us more about Musk's change of heart. Cori, Musk has complained loudly and often about the challenges of running his existing public company, Tesla. He's repeatedly tangled with regulators and courts over issues like his compensation, which is the kind of thing that is less of an issue when a company is private. So what's pushing Musk to make SpaceX public?
SpaceX has been a private company for over two decades. And what really has sparked it all ties back to this boom in AI. There's been this rush to build lots of data centers for AI computing.
Why is there urgency around SpaceX's IPO timeline?
For several years, there's been some talk in certain circles about what if we just put these data centers into space? That way we don't have to worry about licensing or land or the pollution that might happen on Earth. So that idea prompted, as you can imagine, a lot of skepticism from engineers given the technical challenges. But it has continued to gain traction. And in the past year, SpaceX was able to make some progress in figuring out the logistical and technical workings. So that sort of sparked this idea, we should go public sooner. This is going to be very expensive. The easiest way to do this is to raise a lot of money in a public stock offering.
Musk has told people that he wants to complete this IPO by July.
How is the luxury retail sector evolving post-pandemic?
Are they in a rush to get this done?
They started interviewing banks to underwrite this public offering starting in December. So we know that they have been setting up the groundwork to launch an offering. There is this sense of urgency right now.
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Chapters
8 chapters
1
Why is Trump suing JPMorgan and Jamie Dimon?
0:02–0:31
2
What are the implications of Trump's lawsuit for political banking?
0:31–1:19
3
How is colorectal cancer impacting younger Americans?
1:19–1:19
4
What factors are driving Elon Musk to take SpaceX public?
1:19–2:31
5
What challenges does Musk face with SpaceX's potential IPO?
2:31–3:16
6
Why is there urgency around SpaceX's IPO timeline?
3:16–4:08
7
How is the luxury retail sector evolving post-pandemic?
4:08–6:12
8
What records did the movie 'Sinners' achieve at the Oscars?
6:12–12:09
Speakers
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