Political Wire

Trump Mining Venture Aims to Go Public in $2 Billion Deal

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“A tungsten miner with ties to two of President Trump’s sons is preparing to go public, the latest twist for a business that has courted both government funding and Democrats’ scrutiny,” the Wall Street Journal reports.

“The company that will be known as Kaz Resources said it plans to sell shares to the public next year through a direct U.S. listing, giving Donald Trump Jr. and Eric Trump a stake in its project in Kazakhstan.”

“The proposed $2 billion deal would provide investors another way to back America’s race to secure materials critical for munitions, chips and more.”

Corporate America’s Trump Trap

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“America’s corporate titans greeted President Trump’s 2024 victory with open checkbooks, 12-figure investment pledges and fawning tributes to his coming ‘Golden Age,'” Axios reports.

“Two years later, on the eve of a potential blue wave, Democrats are preparing to greet those same executives with a stack of subpoenas.”

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Quote of the Day

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“Let’s stop this nonsense that everybody that works in politics is all equal and everyone’s opinion needs to be respected. Oh shit, I listen to all this nonsense online. But do me a favor, if you’re that fucking delicate, if you’re that much of some kind of a honeysuckle or whatever it is, go do something else with your life, alright? Don’t get into a rough and tumble, live or die, win or lose, winner take all business — because you’re too weak. You’re too soft.”

— James Carville, quoted by Mediaite, on reports that staffers to former Rep. Mary Peltola (D) were upset she yelled at them.

The MAGA Merchandise Boom Is Going Bust

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Wall Street Journal: “Many MAGA-centered merchandise retailers and their suppliers are seeing sales dwindle, according to interviews with wholesalers, sales representatives, business owners and employees. As the president’s approval rating hovers near all-time lows, imperiling Republicans’ control of Congress, store owners blame a stagnant economy and weaker MAGA enthusiasm for lower sales. Some stores are closing permanently.”

Trump Media Pitches ‘Truth API’ to Wall Street Traders

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“Donald Trump’s social media company has been leaning on Wall Street’s fear of missing out in its pitch for a controversial new subscription to faster feeds from the president’s Truth Social account,” Bloomberg reports.

“More than ten customers — mostly high-speed trading firms — have signed up for its new Truth API service, executives told investors and analysts this week. It also plans to sell the feeds to a wider range of customers, including retail investors, news outlets and large-language model developers.”

Associated Press: As Trump Media scraps some businesses, it’s doubling down on Truth Social and the president.

The Wrap: The Intercept sues Trump over $100,000 Truth Social API: “Corrupt and unconstitutional.”

Inside David Ellison’s Desperate Fight for Warner Bros.

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“In less than a month, Paramount Skydance Chief Executive David Ellison has exhibited a dizzying range of emotions as the goal line for the coveted $111-billion Warner Bros. Discovery deal has moved farther away,” the Los Angeles Times reports.

“The tech scion initially exuded confidence that Hollywood’s biggest merger in decades was on a fast track to completion by September. Ellison and others downplayed efforts by California Atty. Gen. Rob Bonta to challenge the acquisition — until Bonta and 11 other Democratic state attorneys general gained momentum in their antitrust lawsuit, which now threatens to derail Paramount’s Warner Bros. deal or, at least, make it significantly more expensive.”

“Ellison and his executives have vacillated from anger to acceptance. Last week, Ellison attempted a high-profile reputation reboot, extolling his love for movies and blaming politics for opposition to the deal.”

The Biggest Gamble in the U.S. Economy Looks Riskier

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Washington Post: “The finances of America’s technology stalwarts now look very different. To develop and deliver what the companies say is revolutionary artificial intelligence, they’re feeding every available dollar into the cash-incinerating maw of AI machines. Tech superstars that once had oodles of cash left over at the end of each year are now flipping into the red, with enormous stakes for every American and the wider economy.”

”To optimists in Silicon Valley, the White House and beyond, the big AI bet promises an even bigger payoff: huge corporate profits and a society-wide boost to wealth and well-being when AI delivers the promised transformation of life, work and the economy.”

”But questions about that AI vision are now growing more urgent: When, if ever, will this payoff arrive? And what will the fallout be for Americans if the titanic investment doesn’t quickly deliver?”

America Has Become an Entrepreneur’s Paradise

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The Economist: “Americans have long loved the idea of being their own boss… For at least two decades around 60% of them have said they would prefer to start their own business than to toil for someone else, according to Gallup, a pollster. Yet until recently fewer and fewer were living out that dream. As large firms lured workers with the promise of stability, the share of self-employed Americans fell from 36% in 1910 to less than 10% in 2020.”

“That is now changing. Full-time self-employment rose to its highest level this century in 2025, reaching 16.8m… Business formation first surged during Covid-19, as laid-off Americans turned to self-employment. In July 2020 new-business applications hit 547,000, the highest on record.”

Corporate Boardroom Diversity Sinks to Decade Low

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“A new analysis released Tuesday shows corporate boardroom diversity among S&P 500 companies has dropped to its lowest level in more than a decade,” NewsNation reports.

“The analysis from global advisory search firm Spencer Stuart found that diverse board appointments among S&P 500 companies have been on the decline since 2021, when it peaked at 72 percent. It also found that fewer new directors are joining boardrooms than at any time since 2026.”

“Today, diverse directors hold 49.3% of the seats.”

Cracker Barrel CEO Steps Down After Logo Controversy

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“Embattled Cracker Barrel Chief Executive Julie Masino is stepping down, the company said,” the Wall Street Journal reports.

“The move ends a roughly three-year tenure in which the restaurant chain was widely criticized by customers and President Trump for her efforts to modernize the eatery and its stores. Masino pressed forward with a revamp that included remaking the folksy logo atop Cracker Barrel restaurants, pulling antique tchotchkes off the walls and changing the menu.”

Taegan Goddard

Taegan Goddard

Taegan Goddard is the founder of Political Wire -- which for more than two decades has been one of the nation's most influential political news sites.

More about Taegan Goddard →