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Fortune’s MPW: Meghan, Duchess of Sussex, Selena Gomez, and the IMF—all on the same stage

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Good morning from Washington. Today is Day 2 of Fortune’s Most Powerful Women Summit. From the speed of AI to the shifting policy environment, the theme of Leading in a Dynamic World resonates. There’s cause for concern: Angela Williams, the CEO of United Way Worldwide, the world’s largest privately-funded philanthropy, told me that global uncertainty is prompting a “wait-and-see” approach among donors at a time of growing need.  But I’m also struck by the optimism of women leaders here. At a dinner hosted by the U.S. Chamber of Commerce CEO Suzanne P. Clark last night, there was talk about the entrepreneurial energy being channeled into small business and the opportunities right now to disrupt policy for the better. 

IMF Managing Director Kristalina Georgieva, who joined us fresh from the first day of the annual World Bank-IMF meetings, talked about how “the private sector is more agile, more adaptable” in this environment, comparing global trade to water: “You put [up an] obstacle, it goes around it.” 

SAIC chief Toni Townes-Whitley talked about the need to keep up with U.S. adversaries that are operating in “multiple modes” and can “use their entire industrial base.”

And bestselling author Brené Brown talked about the need to develop new skills and reimagine leadership essentials for this new era, in a conversation that we recorded for the Leadership Next podcast. In her latest book, Strong Ground, Brown makes a compelling case that we’re not wired for this level of uncertainty, and risk losing focus on the core values of courageous and sustainable leadership. It’s a deeply human perspective that emphasizes the kinds of connections we create at events like this.

Be sure to check out our latest Leadership Next podcast that drops today on Apple and Spotify:  Ramp CEO Eric Glyman talks to Fortune editor-in-chief Alyson Shontell about how the fintech upstart has scaled to more than $1 billion in annualized revenue by encouraging companies to spend less and creating a culture of urgency and speed at Ramp. The goal of business, in his view, is “companies working to make their customers better off, and customers genuinely choosing the provider that’s helping them grow.”

For more inspiration from the front lines of business, join us at MPW via livestream. Among many others, we will hear from Best Buy CEO Corie Barry, Land O’Lakes CEO Beth Ford, Dame Emma Walmsley of GSK, Nubank Brazil chief Livia Chanes, Ulta Beauty CEO Kecia Steelman, NYSE Group President Lynn Martin, DBS Group CEO Tan Su Shan, Abercrombie CEO Fran Horowitz, Dina Powell McCormick of BDT & MSD Partners, GoodRX CEO Wendy Barnes, Nordstrom’s Alexis DePree, Palantir’s Shannon Clark, Procter & Gamble’s Monica Turner, Lisa Caputo of Travelers, Prudential Financial’s Yanela Frias, Gina Mastantuono of ServiceNow, Airbnb’s Ellie Mertz, and Jamie Dimon of JPMorgan Chase—along with Meghan, Duchess of Sussex, former Vice President Kamala Harris, Rep. Lisa McClain (R-Michigan), Washington Mayor Muriel Bowser and Selena Gomez.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

China wants to ‘pull everybody else down,” Bessent says

China’s export controls on rare earth minerals are “a sign of how weak their economy is, and they want to pull everybody else down with them,” Treasury Secretary Scott Bessent told the FT. “Maybe there is some Leninist business model where hurting your customers is a good idea, but they are the largest supplier to the world,” he said. “They are in the middle of a recession/depression, and they are trying to export their way out of it.” Reality check: China imposed the controls after the U.S. imposed tariffs on its exports; and China’s economic growth is stronger than America’s.

All living Gaza hostages are now free

20 living hostages were returned to Israel by Hamas after being held in underground tunnels with little food, water, or medical care for two years. Hamas also returned 4 dead bodies but said it was having difficulty locating 24 other corpses it kept during the war. Israel returned 1,700 Palestinian prisoners. President Trump addressed the Israeli parliament and urged the president to pardon Prime Minister Benjamin Netanyahu, who has been charged with corruption. Trump also complained about the way his hair looked on the cover of Time magazine.

Google to build $15 billion AI center in India

Google Cloud CEO Thomas Kurian announced Google’s biggest AI hub outside the U.S. on Tuesday. Google has forecast that it will spend $85 billion on AI this year.

LendingTree CEO dies

Doug Lebda, the founder of LendingTree, was killed in an ATV accident on his family’s farm. He was 55. He will be replaced by COO Scott Peyree, the company said.

Strava intends to go public

Exercise-tracking app Strava intends to “go public at some point,” according to a new Financial Times interview with CEO Michael Horbath. The app was most recently valued at $2.2 billion thanks to a wave of  Gen Zers turning to exercise, and running in particular.

Logitech CEO says those not using AI are “missing out”

Also from Fortune’s Most Powerful Women conference, Logitech CEO Hanneke Faber stated that she uses AI bots in almost every meeting and would be open to an AI board member. “If you don’t have an AI agent in every meeting, you’re missing out on some of the productivity,” Faber said.

Most major news brands decline Pentagon censorship rules

A dozen or more major media companies, including conservative-leaning newsrooms, have refused to sign a pledge to only report officially approved news from the Pentagon. Defense Secretary Pete Hegseth has said he will revoke the press credentials of any news brand that refuses to obey the rules.

The markets

S&P 500 futures were down 0.75% this morning. The index closed up 1.56% in its last session. STOXX Europe 600 was down 0.47% in early trading. The U.K.’s FTSE 100 was flat in early trading. Japan’s Nikkei 225 was down 2.58%. China’s CSI 300 was down 1.2%. The South Korea KOSPI was down 0.63%. India’s Nifty 50 was down 0.42% before the end of the session. Bitcoin was down to $111.8K.

Around the watercooler

Top analyst warns that ‘larger than expected correction is likely’ if Trump and China don’t kiss and make up by Nick Lichtenberg

‘Scandalous’: Top economist Jeremy Siegel says U.S. sleepwalked into rare earths crisis as China tightens its grip by Eva Roytburg

Former Apple CEO says ‘AI has not been a particular strength’ for the tech giant and warns it has its first major competitor in decades by Sasha Rogelberg

Peter Thiel says he warned Elon Musk to ditch donating to The Giving Pledge because Bill Gates will give his wealth away ‘to left-wing nonprofits’ by Jessica Coacci

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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Federal regulators are investigating Nevada OSHA after Boring Co. citations were suddenly withdrawn

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The U.S. federal workplace safety regulator has opened an investigation into Nevada’s state OSHA agency weeks after Fortune reported that three citations the state agency had issued against Elon Musk’s Boring Company were suddenly withdrawn, according to three people familiar with the matter.

Nevada OSHA confirmed that the U.S. Occupational Safety and Health Administration had received a complaint about the state agency and had opened a federal review into whether Nevada OSHA was at least as effective as the federal agency—a requirement for all state OSHA plans under U.S. law.

The federal inquiry comes about one month after Fortune published an investigation revealing that Nevada OSHA had issued three “willful” and serious citations to Boring Company, the tunneling venture founded by Elon Musk that is digging an underground Tesla tunnel system below Las Vegas and the broader county. The citations were handed to Boring after two firefighters were burned by chemicals in one of its tunnels during a training drill. Shortly after the citations were issued earlier this year, Boring Company’s president called a member of Nevada Governor Joe Lombardo’s Office and set up a meeting with senior state officials, and the state agency rescinded those citations within 24 hours. The removal of the citations was not documented in the case file, and a line item in Nevada OSHA’s case diary that described the meeting was later deleted from a public record, Fortune found. 

Nevada OSHA and the state agencies that sit above it have maintained that Nevada OSHA withdrew the citations after the phone call because it determined that the citations had not met legal requirements, and were therefore not valid. Nevada OSHA has also said that the governor’s office regularly receives complaints from businesses in the state and that this instance only stands out “due to the high-profile nature of the business because of its affiliation with Elon Musk.”

Lawyers and regulators in the state, however, said the handling of the citations violated OSHA’s standard procedure, and the episode sparked outrage among some politicians, including Nevada Congresswoman Dina Titus, who sent a letter to Governor Joe Lombardo urging him to hold Elon Musk’s tunneling company accountable, make the company’s meetings with Nevada OSHA public, and answer a series of questions about how the investigation was handled. A spokeswoman for Nevada Senator Catherine Cortez Masto also told Fortune that Cortez Masto’s office “supports inquiries to ensure that the Boring Company was made to follow and comply with all OSHA rules.”

It’s unclear at this time who filed the complaint that sparked the federal investigation, formally called a “Complaint About State Plan Administration” or a “CASPA,” nor precisely when it was filed. The Labor Department’s records office confirmed that a CASPA had been filed against Nevada OSHA, though it declined to provide the complaint because it is “part of an enforcement proceeding” and “could interfere with OSHA’s ability to effectively enforce the law.” Separately, a Labor Department spokeswoman said that federal OSHA doesn’t comment on state plan investigations or determinations.

These types of inquiries typically take fewer than 60 days to complete, according to OSHA’s policy manual, which details the process. During an investigation, the regional office will review Nevada OSHA’s case file, interview state plan officials and employees as well as other individuals involved. The regional office would also review the effectiveness of the state plan’s policies and procedures, according to the manual. Nevada OSHA itself will have 30 days to respond to the CASPA, and the state agency’s own determination will be considered in the investigation, the manual shows.

This is not the first time that Nevada OSHA has been under scrutiny from federal OSHA. In 2009, federal OSHA initiated a “special study” into the plan after the Las Vegas Sun reported on the agency’s handling of fatalities during the construction of the CityCenter project on the Las Vegas Strip.

Jordan Barab, who initiated that study into Nevada OSHA during his time leading the federal agency under the Obama Administration, tells Fortune that, because of the high-profile nature of this new inquiry, the top leaders of the federal agency have likely been looped in. “This would definitely have come to the attention of the Assistant Secretary, and probably beyond, given that it involves Elon Musk,” Barab says.

Barab suggested that, should federal OSHA find deficiencies with Nevada’s state plan, the regulator could direct Nevada to make corrections to this specific case or amend the agency’s procedures. 

Since the 2009 special study, Barab said that Nevada OSHA had “cleaned up their act” and “appointed some very responsible, competent people to run the program.”

In OSHA’s latest annual report on the Nevada state plan, which was published in 2024 and is publicly available on the regulator’s website, federal OSHA said that Nevada’s state plan had made notable improvements to its workplace culture and staff retention rates—with 95% of positions filled—but criticized the agency’s documentation process, saying that documents had been missing from its case files.



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Warner Bros. plans to reject Paramount bid on funding, terms

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Warner Bros. Discovery Inc. is planning to reject Paramount Skydance Corp.’s hostile takeover bid due to concerns about financing and other terms, people familiar with the matter said.

After deliberating and reviewing Paramount’s bid, Warner Bros.’ board will urge shareholders to reject the tender offer, said the people, who asked not to be identified discussing confidential information. The board still views the company’s existing agreement with streaming leader Netflix Inc. as offering greater value, certainty and terms than what Paramount has proposed, they said.

Warner Bros.’ response to Paramount’s tender offer could be filed as early as Wednesday, the people added. No final decision has been made and the situation remains fluid, they said. Representatives for Warner Bros. and Paramount declined to comment.

One major sticking point is Warner Bros.’ concern about the financing proposed by Paramount, which is led by David Ellison.

The equity is backstopped by a trust that manages the wealth of his father, software billionaire Larry Ellison. Because it’s a revocable trust, assets can be taken out of it at any time, and Warner Bros. may have no recourse if that happens, the people said. 

One of Paramount’s backers dropped out the deal Tuesday. Affinity Partners, led by President Donald Trump’s son-in-law Jared Kushner, told Bloomberg News it was withdrawing from the proposed transaction, citing the involvement of “two strong competitors.”

Earlier Tuesday, President Trump criticized Paramount, saying on social media that he’s been treated “far worse” by the company’s CBS division since the Ellison family took control earlier this year. The Ellisons have touted their friendly ties to the president.

Warner Bros.’ board is also concerned about the company’s ability to conduct business for the year or more it could take for a sale to win regulatory approval. Paramount isn’t offering the company enough flexibility to run its business or manage its balance sheet, the people said. 

Paramount said in a filing last week that it had addressed Warner Bros. concerns about the company’s flexibility in refinancing debt as well as payment of a $5 billion break up fee that would be backstopped by the Ellison family. 

Paramount has adjusted terms of its bid in response to Warner Bros.’ requests in other ways. Some $1 billion in financing from China’s Tencent Holdings Ltd. was withdrawn over concerns the funding could cause national security concerns with US regulators. 

Warner Bros. agreed this month to sell its studios, streaming business and HBO to Netflix for $27.75 a share, or about $83 billion including debt, capping off a multiweek bidding war between Netflix, Paramount and Comcast Corp. Warner Bros. separately plans to spin off cable networks like CNN and TNT to its shareholders before the Netflix deal closes.

Paramount, which owns MTV and the Paramount+ streaming service, has offered to buy all of Warner Bros. for $30 a share, or more than $108 billion, including debt. Three days after Netflix and Warner Bros. announced their deal, Paramount took its offer directly to shareholders by launching a public tender offer for Warner Bros. shares. 

Paramount has said that its $30-a-share offer for Warner Bros. isn’t its “best and final,” implying it has room to raise its bid. Shares of Warner Bros. closed at $28.90 in New York, suggesting some investors expect the company to fetch a higher price. 

Warner Bros.’ agreement with Netflix bars it from soliciting proposals from other bidders but it’s allowed to entertain proposals that come in. In the event of a superior proposal, it’s required to give Netflix the opportunity to match the better offer to try to keep their existing deal intact, according to their agreement. 

This story was originally featured on Fortune.com



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Trump turns on CBS, Kushner pulls out and Paramount’s hostile bid for Warner Bros. shows signs of collapse

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Paramount’s hostile bid for Warner Bros. showed signs of unraveling just moments after President Donald Trump aired fresh grievances about the flagship newsmagazine 60 Minutes. Just hours after Trump’s latest lashed out at CBS News, accusing the Paramount-owned network of treating him “far worse” since its new ownership took over earlier this year, Jared Kushner pulled his Affinity Partners private equity firm out of the Warner bid, as reports swirled that the Looney Tunes studio planned to reject the star-topped mountain. 

“For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so-called ‘takeover,’ than they have ever treated me before,” Trump said. “If they are friends, I’d hate to see my enemies!”

Paramount had entered the bidding for Warner, with its $77.9 billion offer for all of Warner Bros. Discovery coming one working day after Netflix’s $72 billion offer for the studio and HBO Max, as a seeming friend of the White House.

CEO David Ellison has repeatedly highlighted his ties to Trump, with his father Larry a longtime Trump donor (and second-richest man alive). CBS News, under Ellison, recently installed Bari Weiss, owner of independent news organization The Free Press and a prominent critic of progressive media culture, in a senior editorial role, a move widely read in Hollywood and Washington as gestures toward an anti-“woke” White House. Kushner’s participation, as son-in-law to the President, reinforced that impression. His roughly $200 million equity commitment via his firm functioned, some analysts said, as a political signal as much as a financing tool.

Trump’s outburst disrupted that calculus. By openly distancing himself from Paramount and criticizing its flagship news division, the president stripped the bid of its most implicit advantage: the perception of regulatory goodwill. Almost immediately after Trump’s post circulated, Affinity announced it was exiting the deal, citing a shift in “investment dynamics” amid competition from Netflix. Now, reports indicate that Warner Bros. plans to reject Paramount’s hostile bid over financing concerns. 

Trump’s public remarks have continuously scrambled assumptions about his supposed friendships, or loyalties. He confirmed to reporters at the Kennedy Center, the weekend after Netflix’s bid, that he had met with Co-CEO Ted Sarandos, who he called a “fantastic man.” Later, he said that neither Paramount nor Netflix were “great friends” of his. As the corporate takeover saga unfolds, who will be revealed next as friend or enemy?

Join us at the Fortune Workplace Innovation Summit May 19–20, 2026, in Atlanta. The next era of workplace innovation is here—and the old playbook is being rewritten. At this exclusive, high-energy event, the world’s most innovative leaders will convene to explore how AI, humanity, and strategy converge to redefine, again, the future of work. Register now.



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