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GZERO Europe: Is Putin running out of options in Ukraine. War in Ukraine now longer than WW1
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Scoop: How Pulte tried to fire Gabbard |
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| Via Truth Social |
| Tulsi Gabbard, the outgoing director of national intelligence, got an unexpected call Tuesday from her controversial successor, Bill Pulte. “Today is your last day,” he said. Gabbard was surprised. She had announced she was leaving at month’s end, not Tuesday. “I need to hear it from the president or the White House,” Gabbard told Pulte, two officials briefed on the discussion told Axios. Why it matters: The call, unreported until now, was the latest flashpoint in the intelligence wars that erupted last week in D.C. after President Trump picked Pulte as Gabbard’s temporary replacement. After the conversation with Pulte, Gabbard reached Trump, who didn’t request her immediate resignation. “What day works best for you?” the president asked, according to one of the sources.Gabbard said June 19, and Trump then posted on Truth Social her new exit date.Keep reading. |
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Belfast savage attack on Stephen Ogilve … enough to light the embers of the Troubles. 1998 The Good Friday Peace Agreement was signed. Nobody wants protests but then Government must listen to the people and what they have to say about migrants entering the country especially the North of Ireland.
12 June 2026Global Edition |
| The ugly scenes coming out of Belfast this week had very recent echoes; just a week earlier, anti-immigrant hatred and violence flared in the English town of Southampton, also in relation to a violent stabbing incident. But in Northern Ireland, the sight of masked men torching cars and houses evokes deeper-held memories, too. Belfast-based researcher Brendan Ciarán Browne has interviewed dozens of families displaced in “the Troubles” – the decades-long period of sectarian violence in Northern Ireland. Many of those families were “burned out” of their homes, in a similar fashion to what occurred in Belfast over the last few days. He attributes the recent outpouring of xenophobia to a “drip-feed effect” from social media that has led to “a horrible outpouring of racist, targeted attacks against people who live in these communities: Doctors, nurses, hospitality workers, colleagues and students. Our friends.”He adds: “Those who were responsible for Tuesday’s attacks would do well to become more aware, to educate themselves on the causes of division, to get out of the social media echo chamber. They could also listen to the stories of those who were ‘burnt out’ in the past.“And in case you weren’t aware, the FIFA World Cup is now underway. The Conversation has been busy in recent weeks covering all aspects of the tournament. But during this first weekend of games, I’ll be paying special attention to Haiti, who takes on Scotland on Saturday in their first game in the tournament since 1974. The Haitian team, like others at the World Cup, tells the tale of global migration and diaspora politics . ![]() Protesters burned vehicles, businesses and homes in Belfast. Sipa US/Alamy Live NewsBelfast violence: an uncomfortable reminder of the innocent people ‘burnt out’ during the Troubles Brendan Ciarán Browne, Trinity College Dublin. Families fled burning homes as violence flared in the city. |
Forbes: Abridge wants to be the operating system medicine – Nvidia and Eli Lilly are helping to build it
Abridge wants to be the operating system for medicine—and NVIDIA and Eli Lilly are helping build it

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Reporter, News
June 11, 2026, 2:39 PM ET
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Abridge has raised approximately $830 million to date, and has a $5.3 billion valuation.JIM WATSON—AFP/Getty Images
On Thursday morning in New York City, Dr. Shiv Rao stood before a room of health system executives and made a case that ambient AI—a technology that began largely as a transcription tool—was ready to do something far more consequential than writing a doctor’s notes.
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A More Potent Pipeline
Abridge, the startup Rao cofounded in 2018, announced a strategic investment from drugmaker Eli Lilly and what it is calling the first AI-native clinician intelligence platform: a system that both documents the patient-clinician conversation and uses it as the foundation for billing, clinical decision support, payer adjudication, and pharmaceutical trial screening. More than 300 health systems—including Northwestern Medicine, Emory Healthcare, and Johns Hopkins—are already live on the platform, supporting upward of 100 million clinical conversations annually and serving more than 250 million patients.
The company’s platform captures conversation between patients and doctors in real time and automatically generates the clinical note, billing codes, and patient summary before the doctor has left the hallway. What’s new is everything that flows from that moment.
Before the visit, Abridge surfaces care gaps and prior clinical context for the clinician. During the encounter, the tech suggests discussion topics and surfaces relevant clinical guidelines without requiring the physician to switch applications. After the visit, it generates the documentation, flowsheets, and orders—all grounded in the actual words spoken.
“We’ve known all along we wanted to be able to connect the dots across the main stakeholders in healthcare, because the only thing that matters, I think, in terms of AI’s impact on healthcare is business model innovation.” Rao told Fortune. “If we can’t actually improve how healthcare is delivered, how it’s experienced, and how it’s paid for, then we haven’t really moved the needle on the problem.”
Behind the platform expansion is a war chest and a set of strategic bets. Abridge has raised approximately $830 million to date, most recently closing a $316 million Series E extension in April 2026 at a $5.3 billion valuation. NVentures, NVIDIA’s venture arm, is among its backers.
On Thursday, NVIDIA announced it’s also co-developing with Abridge the first foundation model for clinical conversations: an AI model trained on the specific dynamics of doctor-patient dialogue, not a general large language model adapted for medicine.
Rao also announced a partnership with Artisight—an NVIDIA-backed smart hospital company that uses computer vision to automate patient monitoring and nursing workflows inside hospital rooms. Together, the two platforms give care teams a continuous feed of room sensor data and ambient documentation across an entire hospital stay.
Eli Lilly’s bet tracks closely with its own AI ambitions. The pharma giant is simultaneously building what it has called the industry’s most powerful AI supercomputer in partnership with NVIDIA, and Abridge’s new life sciences module—which can surface clinical trial eligibility from within the clinical conversation itself—represents the kind of patient-facing pipeline Lilly needs to accelerate enrollment for next-generation therapies.
“For us, the most important first priority that we would love to explore, that we are working to explore with them, is around clinical trials,” Rao said.

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The ambient clinical intelligence mark Abridge is chasing was valued at $7.24 billion in 2025 and is projected to reach $56.61 billion by 2035. Microsoft, which acquired speech-recognition company Nuance for $19.7 billion in 2022, is the dominant enterprise incumbent. Ambience Healthcare, Suki, and Nabla are all also well-capitalized challengers. But the field is expected to consolidate within the next 12 to 18 months. The question is whether Abridge’s expansion into payments and life sciences creates a defensible moat, or simply a larger target.
“Now the priority is how much impact can we create, and speed is everything, so I think for the foreseeable future we’re just going to focus on the algorithm,” Rao told Fortune.
The platform’s ambition is also its risk surface. Recording protected health conversations requires updated security assessments, state-specific patient consent, and business associate agreements governing how audio is stored. And AI-generated notes that slip past physician review become part of the permanent medical record—a liability that compounds as the platform moves from documentation into billing codes and clinical orders.
Beneath it all is a deeper governance question. Abridge is now positioning itself as neutral infrastructure connecting providers, payers, and life sciences companies through some of the most sensitive data in medicine: the conversation between a sick person and their doctor.
Whether that trust holds, at scale, is an untested hypothesis.
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About the Author
By Lily Mae LazarusReporter, News
Lily Mae Lazarus is a news reporter at Fortune.
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The Harvard Gazette: Constitution was made to be amended. So what’s stopping us?
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Constitution was made to be amended. So what’s stopping us?
Jill Lepore argues in her new Pulitzer-winning history that it desperately needs update, traces emergence of roadblocks
June 10, 2026 long read
Excerpted from “We the People: A History of the U.S. Constitution” by Jill Lepore, David Woods Kemper ’41 Professor of American History and Professor of Law at Harvard Law School.
We the People. The Constitution of the United States is made of things that are born, live, thrive, decay, and die: insects, animals, plants, ideas. In order to form a more perfect Union. Each of its elements began, long ago, in the loamy earth, hatching and creeping or slipping, slick and squealing, from the womb of the mind. Establish justice, ensure domestic tranquility. The text is written on parchment made from sheep, fleeced, their hides soaked in lime, stretched and dried. Provide for the common defense. The ink came from the buds of oak leaves, swollen to the size of musket balls by the eggs of wasps. Promote the general welfare. Its words were shaped by quills fashioned from the feathers of molting geese. Secure the blessings of liberty. Its lofty, momentous ideas came from the minds of men, long since dead, and from the books they read. To ourselves and our posterity. Of the nearly 200 written constitutions, the Constitution of the United States — the most influential constitution in the world — is also among the oldest, a relic, as brittle as bone, as hard as stone. Do ordain and establish.
But the U.S. Constitution is neither bone nor stone. It is an explosion of ideas. Parchment decays and ink fades, but ideas endure; they also change. The Constitution attempted to solve ancient problems having to do not only with the people and their rulers, the structure of government, and the nature of rights, but also with the knowability and endurance of law. Ingeniously, it accounted for the passage of time.
“But the U.S. Constitution is neither bone nor stone. It is an explosion of ideas.”
The U.S. Constitution was intended to be amended. “The whole purpose of the Constitution,” Supreme Court Justice Antonin Scalia once said, “is to prevent a future society from doing whatsoever it wants to do.” This is not true. One of the Constitution’s founding purposes was to prevent change. Another was to allow for change without violence. Amendment is so essential to the American constitutional tradition, so methodical and so entire a conception of endurance through adaptation, that it can best be described as a philosophy.
That philosophy has structured American constitutional and political development for two and a half centuries. It has done so in a distinctive, halting pattern of progression and regression in which constitutional change by way of judicial interpretation, in the form of opinions issued by the U.S. Supreme Court, alternates with formal amendment as a means of constitutional revision. This pattern has many times provided political stability, with formal amendment and judicial interpretation as the warp and weft of a sturdily woven if by now fraying and faded constitutional fabric. But this pattern, which features, at regular intervals, the perception by half the country that the Court has usurped the power of amendment, has also undermined the idea of representative government, increased the polarization of American politics, contributed to political violence, and led to the underdevelopment of the U.S. Constitution.
With only 27 amendments, the U.S. Constitution has one of the lowest amendment rates in the world. But since 1789, Americans have submitted nearly 10,000 petitions and countless letters, postcards, and phone and email messages to Congress calling for or opposing constitutional amendments, and they have introduced and agitated for thousands more amendments in the pages of newspapers and pamphlets, from pulpits, at political rallies, on websites, and over social media. Some 12,000 amendments have been formally introduced on the floor of Congress. During the era of rising polarization that began around 1968, members of Congress all but stopped bothering even to propose amendments. The more conservative the Court, the smaller the number of amendments proposed by members of Congress. Instead of arguing for amendments, legislators, lobbyists, and other advocates pursued different means of either securing or thwarting constitutional change: influencing the nomination and confirmation of Supreme Court justices and altering the method those justices use to interpret the Constitution.
“With only 27 amendments, the U.S. Constitution has one of the lowest amendment rates in the world.”
That only 27 amendments have ever been ratified is not because Americans are opposed to amending constitutions. Every U.S. state has its own constitution; these have been frequently revised and even replaced. One delegate to a 19th century constitutional convention in Missouri suggested that a state constitution ought to be rewritten every 14 years because every seven years “every bone, muscle, tissue, fibre, and nerve matter” — every cell in the human body — is replaced, and surely, in twice that time, every constitution ought to be amended, too. And that has nearly proven to be the case. Since 1776, the states have held some 250 constitutional conventions and have adopted 144 constitutions, or about three per state. Every state constitution
currently in place has an amendment provision. For most of American history, the states have been exceptionally busy holding constitutional conventions, but like the practice of amending the U.S. Constitution, the practice of holding state constitutional conventions has stagnated. (No U.S. state has held one since 1986.) Nevertheless, the practice of amendment by popular vote thrives in the states, where revision is exponentially easier to achieve. Since 1789, of more than 10,000 amendments formally proposed in the states, nearly 7,000 — well more than two out of three — have been ratified.
The difficulty of amending the federal constitution has had profound consequences. The U.S. Constitution is older than modern democracy and is burdened with all manner of vestigial provisions. Over time, both the U.S. states and other nation-states have amended their constitutions to replace aristocratic provisions. In the American federal government, such provisions — the Electoral College, the malapportionment of the Senate, and life tenure for Supreme Court justices — cannot be changed without first amending the Constitution and, in the case of the Senate, first amending Article V itself. (Article V places equal suffrage in the Senate effectively beyond amendment.) This impasse leaves Americans subject to what political scientists have called the “tyranny of the minority.” The Fifth Article was meant as a constitutional door, open to the people. After 1971, that door slammed shut.
The year 1971, the last time the U.S. Constitution was meaningfully amended, marked a turning point in the history of American constitutionalism. That year a method of constitutional interpretation that became known as originalism was put forward by a distinguished legal scholar, Yale law professor Robert Bork. The word originalism did not enter the English language until 1980, and it had virtually no currency before 1987, when Ronald Reagan nominated Bork to a seat on the U.S. Supreme Court. But it was in 1971 — just when formal amendment was becoming impossible — that Bork first advanced his theory that the only way to read the Constitution is to determine the original intentions of its framers and that every other method of interpretation amounts to amendment by the judiciary.
Originalism rose from the ashes of Article V. Originalists argued that if the Constitution requires changing, it ought to be done by the democratic method of Article V amendment rather than by nine unelected judges. This is an argument that, in earlier eras, liberals had made, too. (As with earlier progressives and midcentury liberals, conservatives’ objections to judicial power did not last past their acquisition of that power.) A problem with this argument, and it is not a small problem, is that Article V hasn’t worked since 1971. Scalia, asked in 2013 if he considered any part of the Constitution to be a flaw, pointed to Article V. It was “not originally a flaw,” he said, but it had become one because “the country has changed so much.” He said he’d run the numbers and concluded that, “if you picked the smallest number necessary for a majority in the least populous states, something like less than 2 percent of the population can prevent a constitutional amendment.” That is not a constitutional door. That is a constitutional barricade.
Bork’s method of constitutional interpretation came to be called “original intent originalism,” to distinguish it from “original meaning originalism” and “original understanding originalism.”
Notwithstanding the semantic schisms among originalists and the Senate’s rejection of Bork’s nomination, originalism steadily gained ground. “The Constitution means what the delegates of the Philadelphia Convention and the state ratifying conventions understood it to mean, not what we judges think it should mean,” said Supreme Court Justice Clarence Thomas in 2001. By then,
originalism had become not only the prevalent mode of interpretation on the federal bench but also strikingly familiar to the public, where, according to public opinion surveys, nearly half of Americans had come to see it as the only way to interpret the Constitution. Its outcomes mapped onto the policy agenda of conservatives, but as the liberal Supreme Court nominee Elena Kagan said during her Senate Judiciary Committee confirmation hearings in 2010, “We are all originalists.” By the 2020s, the dominance of originalism was so overwhelming that the constitutional scholar Cass Sunstein was left to ask, “If we are not originalists, what might we be?”
Originalists have not often agreed on what originalism is; it is also, perhaps surprisingly, quite changeable. The term is also confusing, since it is used to apply both to a serious and important set of arguments about constitutional interpretation and to a form of popular constitutionalism driven by views that range from patriotism and earnest admiration for the nation’s founding to xenophobia and white nationalism. As a method of constitutional interpretation, a great deal that has gone by the name of originalism is perfectly ordinary, unsurprising, and indispensable. All interpretation of the Constitution, like the interpretation of any piece of writing, involves a close inspection of a document’s text, meaning, purpose, and structure. These methods have been used since even before the death of the last surviving delegate to the 1787 Constitutional Convention, James Madison, in 1836. What was new about originalism as it emerged in the last decades of the 20th century — when the Fifth Article lay dormant — was its insistence that the only way to interpret the Constitution is to read it the way a probate judge reads a dead man’s last will and testament. Madison is that dead man.
Originalists deny that originalism is a method of constitutional change, insisting that it is, instead, a method of constitutional restoration. But originalism is a method of constitutional change; it provides a path to change by way of a new method of constitutional interpretation. That method is not original.
To interpret the Constitution — whether to determine the framers’ original intent, the document’s original meaning, or the public’s understanding of it — originalists consult the Constitution, Madison’s notes from the Philadelphia convention, the records of the ratifying conventions, and the Federalist Papers, 85 essays written in support of ratification by Madison, Alexander Hamilton, and John Jay, in 1787 and 1788. None of these sources were widely read in the 18th century, nor were they even widely available. The Federalist essays originally appeared only in New York newspapers. Madison’s notes were not published until 1840. Nineteenth-century law offices did not generally contain these materials. Before the 20th century, consulting sources like 18th-century dictionaries or the records of the ratifying conventions would have been impossible for most lawyers in the United States. Not until the 1980s, when many key historical collections began to be digitized, could these sources be extensively searched with ease, and not until the 21st century could they be searched at the stroke of a key by anyone with a laptop and access to the internet.
“The framers believed the Constitution to be not merely a text, words woven together, but also a set of unstated principles, no more material than a sunbeam or a shaft of light.”
At any rate, Madison himself did not endorse this method. The framers believed the Constitution to be not merely a text, words woven together, but also a set of unstated principles, no more material than a sunbeam or a shaft of light. They also warned against deference to the past. “Is it not the glory of the people of America,” a young Madison asked in 1787, “that, whilst they have paid a decent regard to the opinions of former times and other nations, they have not suffered a blind veneration for antiquity, for custom, or for names, to overrule the suggestions of their own good sense, the knowledge of their own situation, and the lessons of their own experience?”
Madison, the chief keeper of the records of the Constitutional Convention, did not believe those records had any bearing on the interpretation of the Constitution. “Whatever veneration might be entertained for the body of men who formed our Constitution,” he said, “the sense of that body could never be regarded as the oracular guide in expounding the Constitution.” He also warned against relying on the Federalist Papers, given, as he remarked, rather understating the case, that its authors had been “sometimes influenced by the zeal of advocates.” Late in his life, when both he and the Constitution were older — and when Madison sought specific political outcomes — he would on occasion urge deference to 1787. This isn’t evidence that Madison was an originalist; it’s evidence that both the meaning of the Constitution and the methods of discovering that meaning, far from being fixed, established, and beyond dispute, have never been anything other than changeable, contingent, and contested.
How James Madison, Thomas Jefferson, Alexander Hamilton, and John Quincy Adams came to their view of constitutionalism, and how Robert Bork, Antonin Scalia, and Clarence Thomas came to a very different view in the late 20th century, which they nonetheless claimed to belong to the late 18th century, is one of the stranger paradoxes of American constitutional history.
Copyright (c) 2025 by Jill Lepore. Used with permission of the publisher, Liveright Publishing Corporation/The Countryman Press, a division of W. W. Norton & Company, Inc. All rights reserved.
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The Harvard Gazette: A promising first for researchers probing mental illness

A promising first for researchers probing mental illness
Sy Boles
Harvard Staff Writer
June 10, 2026 4 min read
Anxiety finding a highlight as brain stimulation trial raises new hopes for precision care
Psychiatrists have long treated depression using transcranial magnetic stimulation — noninvasive magnetic pulses that stimulate neurons.
Now, new research is allowing them to fine-tune their approach, potentially targeting specific symptoms and opening new possibilities for precision care.
In a series of papers, including one in Nature Molecular Psychiatry, researchers stimulated two brain circuits — one widely targeted in TMS therapy, the other far more experimental — in people who had moderate to severe symptoms of both anxiety and depression. Both targets eased depression symptoms, but the novel target also led to significant improvements in symptoms of anxiety, suggesting that the new circuit may be a better treatment target for people with both conditions. It was the first time researchers selectively improved specific anxiety symptoms through targeted TMS.
“This is important for the field because comorbidity is often the rule rather than the exception: Up to half of people who have one psychiatric illness also meet criteria for another,” said Joseph Taylor, lead author on the Molecular Psychiatry paper and a Harvard Medical School assistant professor of psychiatry at Brigham and Women’s Hospital. “That’s why we launched this trial: to take a little bit of a step toward precision medicine — to say, ‘OK, you have two different symptom clusters, we have two different circuits, let’s see if we can change selectively one symptom versus another.’”
TMS is a well-established treatment for major depressive disorder, especially when therapy and medication have failed. But delivery remains imprecise. Clinicians typically target brain regions by measuring the patient’s scalp, leading to incidental variation in where the brain is stimulated.
In previous research, BWH psychiatrists exploited that variation to link brain regions with symptom changes. They found that patients who received stimulation to the more traditional site — the dorsolateral prefrontal cortex — were more likely to see improvements in depressive symptoms: sadness, decreased interest in activities, and suicidality. But those stimulated at the dorsomedial prefrontal cortex, which is not a standard TMS target, were more likely to see improvements in a certain cluster of what they called “anxiosomatic” symptoms: irritability, sexual disinterest, insomnia.
“These two circuits were derived in a data-driver manner, without going in with a predetermined idea of existing, recognized functional circuits in the brain,” explained Samantha Baldi, HMS postdoctoral fellow in psychiatry at Brigham and Women’s, who was not involved in the previous research but contributed to the latest findings.
“Essentially, we found evidence that targeting different circuits may influence different symptoms, but we did not find evidence that larger changes in circuit connectivity led to larger symptom improvements.”Samantha Baldi
The new research shows that the two circuits can be targeted intentionally to drive symptom-specific results — though researchers noted that the findings should be taken cautiously, given the small sample size.
Thirty-six patients who met FDA criteria for TMS treatment for depression and who also reported moderate to severe anxiety were randomized to receive targeting either at the standard stimulation site or the novel one. The patients received 30 daily treatments. As the researchers hypothesized, the relative change in depression versus anxiety was significantly different between the two groups.
The findings are a promising sign that brain circuit imaging can eventually translate to clinical practice, ushering in a more personalized era of psychiatric treatment. But, the researchers said, major questions remain. Chief among them: Why does it work?
“Clinical symptoms did change depending on which circuit was targeted, but those changes were not related to how much the brain circuits themselves changed with treatment,” Baldi said. “Essentially, we found evidence that targeting different circuits may influence different symptoms, but we did not find evidence that larger changes in circuit connectivity led to larger symptom improvements.”
In other words, the treatment worked, but there wasn’t a clear correlation between the symptom improvement and connectivity in the targeted brain circuit.
In the field, Taylor said, that’s not surprising. “We have limited tools to understand how our treatments work, but we are starting to understand how to use our current tools, like functional magnetic resonance imaging, more effectively in terms of treatment planning.”
Still, he said, “Increasingly we’re recognizing brain stimulation as a new area of psychiatry, and the possibilities really are endless.”
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Axios: China saved the oil market
| China saved the oil market |
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| Illustration: Sarah Grillo/Axios |
| China apparently kept the oil market from imploding in the wake of the Iran war, Axios’ Emily Peck reports. The world’s second-largest economy sharply cut the amount of oil it imports, taking the pressure off worldwide demand for the commodity and keeping a lid on prices. The big picture: Even as the conflict enters its fourth month, the price of a barrel of oil is still trading below $100 — defying predictions of $200 back in March when the war began.The U.S. national average for a gallon of gas is $4.11 — down 10%+ from its late-May peak. China reduced oil consumption using three key levers: Ramped up usage of electric vehicles and electric-powered rails. Used coal instead of oil to produce certain chemicals. Stopped aggressively stockpiling oil — as it did in the year before the war. Reality check: Energy prices are still way up since February, and have driven up global inflation.Go deeper. |
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Axios: What’s in the Iran Deal:
| What’s in the Iran deal |
Ships are anchored yesterday in the Strait of Hormuz, as seen from Musandam, Oman. Photo: ReutersAxios’ Barak Ravid unpacks the Iran deal President Trump says is so close that he’ll dispatch Vice President JD Vance to sign it in Europe as soon as this weekend:The U.S.-Iran memorandum of understanding calls for the Strait of Hormuz to reopen immediately without tolls, and for Iran to receive sanctions relief based on compliance, according to a diplomat from one of the mediating countries and a U.S. official. Why it matters: The MOU would extend the ceasefire for 60 days, including in Lebanon. Nuclear negotiations would be held during that time. The text includes a framework for addressing Iran’s enriched uranium stockpile, though any action on Iran’s nuclear program would depend on a second, more detailed accord. State of play: The diplomat from one of the mediating countries, who walked Axios through the latest text, said the U.S. and Iran “have agreed on the text of a deal,” but acknowledged the deal still needed final sign-off. As of last evening, the deal had been approved on the Iranian side at high levels but likely not by Supreme Leader Mojtaba Khamenei, two knowledgeable sources said. Zoom in: The MOU calls for the strait to be reopened immediately without tolls, with a return to pre-war shipping volumes within 30 days. In return, the U.S. blockade would also be lifted. The deal, mediated by Qatar and Pakistan, will be called the Islamabad Agreement — if both sides ultimately agree to sign. Read on. |
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Missing Woman from Germany Reappears in the Epstein Files. A young woman from Germany vanished without a trace 11 years ago. Now, her name makes several appearances in the Epstein files. Her family wants to finally learn what happened to her. DER SPIEGEL
| DER SPIEGEL – The German View <derspiegel@substack.com> Unsubscribe | 10:44 AM (17 minutes ago) | ||
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Forwarded this email? Subscribe here for more A Missing Woman from Germany Reappears in the Epstein FilesA young woman from Germany vanished without a trace 11 years ago. Now, her name makes several appearances in the Epstein files. Her family wants to finally learn what happened to her.DER SPIEGELJun 12∙Preview Michele as a child in a family photo album. (Photo: Melina Mörsdorf / DER SPIEGEL)By Nikolai Antoniadis, Sophia Baumann, Alexandra Berlin, Roman Höfner and Michael Suntinger Jonas says he doesn’t remember exactly which day his sister disappeared. It was sometime in early September 2015, he says, when Michele grabbed her suitcase and left. She didn’t say where she was going or how long she’d be away, “but that was normal.” Michele, 22 at the time, was always on the move, and she rarely told her family where she was headed. “That’s why I didn’t think anything of it,” says Jonas, whose name has been changed for this story. Michele would turn up again – in a week, two at the most. That, he says, is always what happened when she left on a trip. Not this time.DER SPIEGEL – The German View is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber…Upgrade to paid |
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Fortune: Well done to SpaceX employees who are set to become multimillionaires … Thanks to its IPO
Meet the SpaceX employees who are set to become multimillionaires thanks to its IPO: from execs to even welders

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Success Reporter
June 11, 2026, 10:24 AM ET
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SpaceX’s IPO is expected to soar Elon Musk into trillionaire status—but blockbuster wealth increases could be in store for others, including welders who have built his rockets.Joe Raedle/Getty Images
As markets brace for what could become one of the most consequential public offerings in modern history, Elon Musk’s rocket giant SpaceX is preparing to generate staggering wealth—not only for its billionaire founder, but potentially for thousands of employees and investors.
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The biggest fortunes will flow to executives and early insiders. Chief Operating Officer Gwynne Shotwell and Chief Financial Officer Bret Johnsen each hold stakes that could reportedly be worth more than $1 billion, according to the Financial Times. Antonio Gracias, a SpaceX director and founder of Valor Equity Partners, owns shares that could ultimately be worth some $65 billion, while another director, Luke Nosek, has a stake estimated at roughly $5 billion.
But wealth creation won’t be confined to the C-suite. Some 400 current and former SpaceX employees could see their stake worth soar to more than $100 million, according to an analysis by Hill.com, a San Francisco-based investment platform, first reported by The New York Times.
In total, more than 4,400 current and former SpaceX employees are expected to become millionaires in the IPO.
Unlike many recent IPOs—dominated by software startups and AI firms—SpaceX has constructed its empire in factories, launchpads, and manufacturing facilities as much as engineering labs. To become the world’s most dominant rocket company, Musk needed more than coders and executives. He needed welders, machinists, technicians, and manufacturing specialists by the thousands—many of whom were offered company stock as part of their compensation.
Juan Hernandez is one example. A former SpaceX welder who joined the company in 2015 earning $28 an hour, the Mexico-native is sitting on shares now worth roughly $880,000 at the anticipated IPO price of $135, according to The Wall Street Journal.
SpaceX’s IPO: a moment for the skilled trades, or a shift in financial risk?
SpaceX’s IPO comes at a pivot moment around the future of work.
As artificial intelligence reshapes white-collar jobs and raises fears of workplace disruption, skilled trade roles—from welding and industrial maintenance to electrical work—have increasingly been viewed as among the least vulnerable to automation. At the same time, shortages of skilled labor have left employers scrambling to fill manufacturing and infrastructure jobs critical to the U.S. economy.
For some, the wealth potentially unlocked for thousands of skilled workers through SpaceX’s IPO represents something larger: validation that hands-on careers deserve the same respect often reserved for white-collar work.
Ruchir Shah, CEO of Skillcat—an online skilled trades training start-up—said SpaceX is helping expose a broader truth about the future economy: some of the hardest jobs to automate—and hardest workers to hire—may increasingly sit in the physical world.

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“If you think about it, these are some of the most critical people for SpaceX to grow,” Shah told Fortune. “It’s just as hard to find good welders and good machinists as it is a software developer—if not harder because if there’s a massive shortage—so it makes sense that they were given equity.”
Still, while equity in a company with ambitious growth plans might sound lucrative, Jason Schloetzer—an associate professor of accounting at Georgetown University’s McDonough School of Business—cautioned against viewing SpaceX as evidence of a broad-based wave of skilled tradespeople suddenly accessing Silicon Valley-style wealth.
“Nothing that I can see in the filing suggests a novel blue-collar equity model,” he told Fortune. “This is largely venture-backed compensation attached to a company that happens to build rockets.”
If anything, Schloetzer said, SpaceX illustrates how more financial risk is being shifted onto workers. Rather than receiving guaranteed compensation, many workers appear to participate through employee stock purchase plans—programs that allow employees to buy discounted shares using deductions from their own paychecks rather than stock simply handed to them.
“The traditional industrial model paid skilled labor through pensions, profit-sharing, and union-negotiated packages where employers carried much of the uncertainty,” Schloetzer said. “Equity changes that risk profile.”
And even for workers sitting on valuable equity, paper wealth does not always translate into immediate cash. Lockup periods can limit when employees are able to sell, stock prices can fluctuate sharply after an IPO, and taxes can eat into gains.
“Equity worth millions on paper is not millions in the bank,” Schloetzer said.
Elon Musk has the most to gain from SpaceX’s IPO—but trillionaire status is far from guaranteed
The biggest winner of the SpaceX IPO will be Musk. Already the world’s richest person with $700 billion to his name, Musk owns roughly 43% of SpaceX—which merged with xAi earlier this year—meaning a successful public debut could push his net worth beyond the $1 trillion mark.
For critics of rising inequality, that possibility represents something far larger than a blockbuster IPO. According to Nabil Ahmed, Oxfam America’s senior director of economic justice, any employee windfall would likely pale in comparison to the extraordinary gains expected to accrue to Musk, warning the offering could intensify already historic levels of wealth concentration.
“We’re running out of adjectives to describe the frightening scale of wealth concentration that we see in this moment,” Ahmed told Fortune, calling the potential accumulation of wealth “a shocking and frightening moment for our economy, for our society, for our democracy.”
The concern, Ahmed added, extends beyond Musk’s personal fortune to the increasingly intertwined role his companies play in American life. SpaceX has become a major contractor for both NASA and the U.S. Department of Defense, while xAI is positioning itself as a key player in the race to build advanced artificial intelligence infrastructure.
Still, the enormous wealth projects surrounding SpaceX are far from guaranteed. The IPO aims to raise $75 billion by selling 555.6 million shares at $135 per share, bringing the company’s total valuation to $1.75 trillion. And some financial analysts have argued the company’s anticipated valuation may already be priced in years of technological breakthroughs that have yet to materialize. Investment research firm Morningstar recently valued SpaceX at roughly $63 per share—more than 50% below its anticipated $135 IPO price.
“Even at $63 per share, we give SpaceX a lot of benefit of the doubt in two of the three scenarios, in which we assume the company can achieve a rapidly reusable Starship rocket enabling multiple launches per week and successfully commercialize data centers in space,” Mornstar equity analyst Nicolas Owens wrote. “Neither of these engineering problems has been solved, and we don’t expect them to be until at least 2028.”
Do you currently have a stake in SpaceX—or have plans to invest after its IPO? Fortune wants to hear from you. Email preston.fore@fortune.com.
The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
About the Author
By Preston ForeSuccess Reporter
Preston Fore is a reporter on Fortune‘s Success team.
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