MP Materials Strikes Deal With Pentagon to Build US Rare Earth Magnet Supply Chain
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF.MP Materials rose as much as 60%, the most intraday since the company’s IPO in 2020, after the firm struck a multibillion dollar public-private deal with the US Department of Defense to build a new magnet plant and expand rare earth capabilities, backed by $400 million in equity and a $1 billion loan commitment.Bloomberg Intelligence sees the company's public-private partnership with the Pentagon not only providing capital but also setting a price floor of $110 per kilogram for MP's NdPr products for the next 10 years, significantly higher than the current market price of $63. It's effective 4Q25. The pact includes an offtake agreement for 7,000 metric tons of additional magnets produced following MP's 10X expansion, from 1,000 currently, reducing market-demand risk. This partnership accelerates MP's build-out of a fully integrated value chain, from mines to permanent magnets.Today's show features: James Litinsky, Founder, Chairman and Chief Executive Officer of MP Materials Corp. and Bloomberg News Economic Statecraft Reporter Joe Deaux on MP’s supply chain deal with the US Defense Department Sheila Kahyaoglu, Managing Director in Equity Research at Jefferies, on Delta’s quarterly results and the outlook for major US airlines heading into earnings season Bloomberg News Senior Technology Reporter Kurt Wagner on Elon Musk’s Grok chatbot and Linda Yaccarino’s departure from X Veronica Willis, Global Investment Strategist with the Wells Fargo Investment Institute on the market and economic outlook for the rest of 2025 into 2026. See omnystudio.com/listener for privacy information.
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ICYMI: Hybrid Works Persists
IWG, formerly known as Regus, is a global provider of flexible workspace solutions. They offer a wide range of office solutions including serviced offices, co-working spaces, and virtual offices under various brands like Regus, Spaces, and Signature by Regus. IWG merged its digital assets with The Instant Group in 2022, creating a leading global marketplace for flexible workspace.Mark Dixon, the company's CEO, discusses the global commercial real estate market, specifically when it comes to flexible office space, as well as key trends related to hybrid work. Mark speaks with Carol Massar and Tim Stenovec on Bloomberg Businessweek DailySee omnystudio.com/listener for privacy information.
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Yaccarino Stepping Down as CEO of Musk’s X After Two Years
Linda Yaccarino, who was hired two years ago by Elon Musk as chief executive officer of X, is stepping down less than three months after the social-media platform was absorbed by Musk’s artificial intelligence startup, xAI.“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino said in a post on X Wednesday. “I’ll be cheering you all on as you continue to change the world.”The former NBCUniversal executive was hired by Musk in May 2023 after he’d already fired or lost about 75% of employees at the company previously called Twitter. Over the course of her two-year tenure, Yaccarino was charged with reversing an advertiser exodus from the platform, triggered in part by Musk’s own erratic content moderation decisions and posts. Advertisers were concerned that their products would be listed next to hate speech or violent content.It was a difficult task. X revenue fell by close to 50% and missed internal targets in 2023, and several major advertisers departed the platform or paused spending after Musk endorsed an antisemitic post in late 2023. He told marketers who were boycotting the platform to “Go f—- yourself” at a conference after the incident. At the time, Yaccarino told staff that the company’s “free speech” mission would continue with or without advertiser support. “Our principles do not have a price tag, nor will they be compromised — ever,” Yaccarino wrote.Revenue has since improved from those lows, and advertising sales were projected to increase 16.5% this year, according to Emarketer. Yaccarino, who spent more than 11 years as a top advertising executive at NBCUniversal, is known for her strong relationships in the ad world.Today's show features: Dan Ives, Global Head of Technology Research at Wedbush Securities top headlines from the tech industry including Nvidia’s market cap and Elon Musk’s social media response to Ives making suggestions for the Tesla board Wendy Cutler, Vice President at the Asia Society Policy Institute on President Donald Trump’s tariffs impacting Asian trading partners Bloomberg News US Semiconductor & Networking Reporter Ian King on Nvidia reaching a market cap of $4 trillion Dr. Steven Skancke, Chief Economic Advisor at Keel Point on FOMC minutes and the White House’s criticism of Federal Reserve Chair Jerome Powell See omnystudio.com/listener for privacy information.
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ICYMI: The Banks of Tomorrow
Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. BitGo, which custodies billions of dollars in crypto assets for clients, is weighing an initial public offering as soon as this year, Bloomberg News previously reported. The custodian’s corporate structure already includes two state-regulated trust companies, one in New York and one chartered in South Dakota.Bloomberg News personal finance reporter Paige Smith details the push by tech-focused firms into the traditional US financial system. Paige speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.
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Trump Vows No Tariff Extension, Hardens Threats on Copper, Drugs
Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday, pushing back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.That changed Tuesday as Trump signaled a renewed determination to push ahead with his plans to heavily tax foreign imports. Trump said he would offer no additional delays on the country-specific tariffs, despite the previous night allowing he was “not 100% firm” on his August 1 deadline.He said he would impose a 50% rate on copper products being sent into the US, surging futures of the commodity to their largest intraday gain in data going back to at least 1988.Today's show features: Bloomberg News Economic Statecraft Reporter Joe Deaux on President Donald Trump's latest tariff announcements Libby Cantrill, Managing Director and the head of public policy for PIMCO on corporate positioning based on changes to White House trade policy and tariffs Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council on the global energy market and this week’s OPEC+ meeting Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple’s problems in the AI arms race See omnystudio.com/listener for privacy information.
Carol Massar and Tim Stenovec bring you reporting from the magazine that helps global leaders stay ahead, plus insight on the people, companies and trends shaping today's complex economy. Watch us LIVE on YouTube: http://bit.ly/3vTiACF.
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