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How a 2020 dinner in Davos set the stage for a ‘MAGA’ World Cup

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As the Premier League’s Chelsea was on its way to a shutout victory at the Club World Cup final in July, President Donald Trump and FIFA President Gianni Infantino were deep in discussion at the New Jersey sports complex outside New York City on another matter: where the draw for next year’s World Cup would be held.

The high-drama spectacle decides which teams will face each other in the group stage of soccer’s most prestigious tournament, along with the schedule for competition. It was widely expected to unfold in Las Vegas, home to the 1994 draw when the U.S. last hosted the World Cup and a natural backdrop for glitz. But since at least March, officials had privately discussed bringing the draw to Washington, home to a showman president who regularly hugs the spotlight associated with sports.

So during that July match in the stadium that will also host the final game of next year’s World Cup, Trump and Infantino agreed to get going on holding the draw in the U.S. capital — namely, the Kennedy Center, another institution that Trump reshaped to his liking.

“During that Club World Cup final, there was a real seriousness to well, look, if we’re going to do this, we’ve got to do it now,” Andrew Giuliani, executive director of the White House FIFA task force, told The Associated Press. “That’s when talks heated up between the president and Mr. Infantino in terms of getting this done.”

The collaboration over the draw, slated for Dec. 5, illustrates the bond that has formed between Trump and Infantino, described by the U.S. president as “probably the most respected man in sports.” The relationship will come into even sharper focus as the World Cup approaches, jointly hosted by the U.S., Mexico and Canada.

Tickets are now open to fans as major questions hang over the tournament, including how welcome visitors from some countries will be in the U.S. amid its immigration crackdown. Even as the White House pledges openness, Trump has added another uncertainty by suggesting he could move games from cities he thinks are unsafe.

Trump and Infantino develop a deep alliance

Despite his affinity for sports, Trump is known more for his ties to golf and football than soccer. But his awareness of the sport was spurred in part by his youngest son, Barron, who is such a soccer fan that he had a net in the first lady’s garden during Trump’s first term.

Trump’s interest only grew when the U.S. won World Cup hosting rights in 2018. Nothing excites Trump like hosting a major event, and Giuliani recalled that, at the time, the president and his aides were almost wistful that he wouldn’t be in the White House when the tournament arrived, assuming he would be well into a post-presidency following an immediate second term.

Shortly after the U.S. was awarded the tournament, Trump hosted Infantino at the White House. Infantino, who was also serving his first term as FIFA president, made an impression by handing Trump red and yellow penalty cards, joking they could be used on the press.

The relationship flourished in 2020 as both men plotted their futures.

During a dinner that January at the global economic summit in Davos, near FIFA’s home in Zurich, Infantino called the U.S. president “my great friend.” Trump, always appreciative of a compliment, responded by inviting Infantino to a White House signing event for the Abraham Accords, which sought to normalize diplomatic relations between Israel and several Arab countries.

The ceremony happened as Infantino was aligning FIFA’s sporting and commercial ties with Saudi Arabia and its Crown Prince Mohammed bin Salman. It followed a pattern of Infantino, much like Trump, cozying up to autocratic leaders.

Infantino appeared to relish public meetings with Russian President Vladimir Putin before, during and after that country hosted the 2018 World Cup. Visiting Putin at the Kremlin with a group of soccer greats during the tournament, Infantino said he felt “like a child in a toy shop” in Russia. He collected the Russian Order of Friendship from Putin the following year.

Infantino would later relocate to Doha ahead of the 2022 World Cup in Qatar, emerging as a strong defender of the tiny Gulf state that was fiercely criticized for its treatment of the hundreds of thousands of migrant workers needed to build essential stadiums, transport projects and hotels.

Infantino’s connections to Biden were far more limited

As the connection between Trump and Infantino deepened, Joe Biden dashed Trump’s hopes of staying in the White House. For the next four years, Infantino’s ties to Washington were far more limited. The two leaders had a brief meeting on the sidelines of the Group of 20 summit in Bali, Indonesia, in November 2022, a fleeting moment FIFA captured with one photo on its website.

Second gentleman Douglas Emhoff also met with Infantino when he traveled for the Women’s World Cup in July 2023.

Preparations for the World Cup under Biden were under the radar by design, according to one senior official for that administration who requested anonymity to discuss internal deliberations. Even though the administration had its own World Cup 2026 task force, Biden aides were aware of sensitivities surrounding large gatherings so soon after the COVID-19 pandemic.

The Biden White House was also careful not to overtly promote a relationship with FIFA, which had sidelined the U.S. Soccer Federation in its traditional role in coordinating a home World Cup. Instead, it negotiates individually with each of the 11 U.S. host cities on security, ticketing and other matters.

Infantino visited the White House while Biden was president at least once, meeting for about an hour in 2024 with then-national security adviser Jake Sullivan, an avid soccer fan. Biden officials emphasized to Infantino that they wanted to ensure the host cities ultimately benefited from holding World Cup matches and that the U.S.’s human rights values would be respected.

Trump’s return sets stage for a ‘MAGA’ World Cup

Trump’s disappointment about missing out on the World Cup would prove to be unfounded after he was elected to a second, nonconsecutive term last year.

Since that victory, Infantino’s embrace of Trump has been gushing. He promptly congratulated him the day after Election Day, was at Mar-a-Lago, Trump’s South Florida club, during the presidential transition and had a prime seat at his January inauguration. Trump called Infantino a “winner” in a video played at the Miami draw for the Club World Cup in December, which was attended by daughter Ivanka and son-in-law Jared Kushner.

Meanwhile, FIFA has set up shop at Trump Tower in Manhattan, where Infantino worked last month as world leaders gathered nearby for the annual United Nations General Assembly. Infantino and Trump met again last week in New York, along with first lady Melania Trump, according to the FIFA president’s Instagram account.

Infantino has teased the idea of Trump doing the draw himself, which Giuliani called the “MAGA-FIFA World Cup draw.”

“Just like a great opera, there will be high drama,” Giuliani said.

Infantino has had more public appearances with Trump than with any soccer officials from the sport’s heartlands of Europe and South America, according to the FIFA leader’s schedule and social media posts. He was late for his own FIFA Congress in Paraguay in May because he was with Trump and the Saudi crown prince in the Middle East, a move seen as disrespectful of his own voters and criticized by Europe’s soccer federations.

During Infantino’s most recent appearance at Trump’s side in the Oval Office on Aug. 22, he took even some fellow soccer officials by surprise when he gifted a gold replica World Cup trophy to the U.S. president, saying it was “for winners only.”

That handover was unexpected, according to one senior soccer official who requested anonymity to discuss sensitive dynamics. Even though it was a replica, the moment was still seen as a snub of World Cup tradition because Trump has held onto a trophy that is supposed to belong to the sport as a whole, not an individual person.

A White House official said the trophy remains in the White House’s possession.

No such offer was publicly extended by FIFA to Mexico’s President Claudia Scheinbaum or Canada’s Prime Minister Mark Carney. Infantino has not met with Carney this year and met Sheinbaum for the first time on Aug. 29.

The episode is a reminder of how Infantino can shift with the moment. The man who remarked in Qatar on the eve of the World Cup in November 2022 that “today, I feel (like) a migrant worker” — comments interpreted as solidarity with migrants — was laughing along with Trump and Homeland Security Secretary Kristi Noem earlier this year as they bantered about migrants being unable to scale the repainted wall on the U.S. southern border.

Infantino has framed his close relationship with Trump as “crucial” to the success of the World Cup, a massive operation that relies on expansive cooperation with federal, state and local governments. Trump’s suggestion that he could move the host cities was a reminder that Infantino is working with a famously impulsive president whose whims could expose FIFA to logistical havoc and legal jeopardy if he followed through.

Even without those threats, those involved with World Cup planning said the tournament’s stakes are high because it’s the first in a series of global sporting events hosted by the U.S., including the 2028 Olympics in Los Angeles.

“This needs to go well in order to show the world that if you want to have the best sports and entertainment events, you want to have them in the United States,” said Alex Lasry, CEO of the New York/New Jersey host committee. “I don’t think it’s unusual for a White House to be coordinating and be involved, and I don’t think it’s unusual for the heads of state and for the president to be excited and to be talking about a mega event coming here.”

___

Dunbar reported from Geneva.



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SpaceX to offer insider shares at record-setting $800 billion valuation

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SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company. 

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

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The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

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SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



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National Park Service drops free admission on MLK Day and Juneteenth while adding Trump’s birthday

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The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.

The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.

Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.

The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.

The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).

Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.

Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.

“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.

Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.

That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.

“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”

Some Democratic lawmakers also weighed in to object to the new policy.

“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”

A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.

Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans.

Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forwardfor the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him.

Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill.



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JPMorgan CEO Jamie Dimon says Europe has a ‘real problem’

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.

“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”

While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.” 

Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”

On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.

“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”

He said the US should help.

“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”

The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”

Read More: Trump’s National Security Strategy Veers Inward in Telling Shift

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway. 

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies. 

The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.

Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.

“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”



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