WeWork Finally Goes Public, via SPAC

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Tethered to what? Last week, the C.F.T.C. ordered Tether, the issuer of the most popular dollar-backed stablecoin, to pay $41 million in fines for years of misleading statements about the assets backing its tokens. Yesterday, the activist short-seller Hindenburg Research offered a $1 million bounty for information about Tether’s reserves.


Nelson Peltz, the billionaire financier famous for shaking up companies he invests in, told CNBC yesterday that he speaks with Senator Joe Manchin weekly. “Joe is the most important guy in D.C. — maybe the most important guy in America today,” Peltz said of the West Virginia Democrat, a key swing voter in a narrowly divided Congress. “I call him every week and say: ‘Joe, you’re doing great. Stay tough.’”

Manchin’s powwows with Peltz raise questions for the senator, who has faced criticism from his party after The Times reported that he was pushing to block a key program in President Biden’s plan to combat climate change. The $150 billion clean electricity program would have rewarded utilities that shut down coal and natural gas plants in favor of greener energy, and penalized those that did not.

The problem: Peltz’s investment firm, Trian Partners, is a big shareholder in General Electric, one of the largest managers of gas-fueled electricity plants. Peltz’s son-in-law Ed Garden, who is also a Trian partner, is a G.E. board member. Biden’s clean electricity program would have had a significant effect on G.E., which reported more than $17 billion in revenue from its power business last year, about three-quarters of which came from gas-power generation. (G.E. also has a growing renewable energy business, and some of Biden’s other climate proposals could benefit those operations.)

A spokesperson for Peltz declined to comment. Manchin’s office did not return a request for comment.

Will Manchin’s supporters be bothered by him getting advice from a Wall Street billionaire? Regardless, the fact is that West Virginia is one of the nation’s largest coal and natural gas producing states. On top of that, Manchin, as The Times has reported, owns a stake in a coal brokerage business he founded that is now run by his son.

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