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Jon Keegan

Reports: FBI seizes Polymarket CEO’s phones, devices in raid

The FBI has raided the home of Shayne Coplan, the CEO of Polymarket, according to several media reports. The New York Post’s story said that Coplan was home in his New York City apartment at the time of the raid early Wednesday morning. Agents reportedly seized his phone and electronic devices, which Coplan later joked about on X, posting, “new phone, who dis?”

Polymarket’s crypto-based prediction market caught the attention of French authorities last week as a French user of the platform named “Théo” reaped a $79 million payout on a bet that Donald Trump would win the US presidential election. US residents are currently not allowed to place such bets on the platform.

FBI raids home of Polymarket CEO Shayne Coplan

FBI raids home of Polymarket CEO Shayne Coplan

Polymarket’s crypto-based prediction market caught the attention of French authorities last week as a French user of the platform named “Théo” reaped a $79 million payout on a bet that Donald Trump would win the US presidential election. US residents are currently not allowed to place such bets on the platform.

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Max Knoblauch

Warner Bros. Discovery’s board tells shareholders to turn down Paramount’s “inadequate” hostile bid

Warner Bros. Discovery has told shareholders to reject Paramount’s hostile takeover bid, with the company releasing a statement early Wednesday urging shareholders to take the Netflix offer on the table. WBD’s board of directors said the outcome of the Netflix deal is “extraordinary by any measure.”

Paramount’s offer, in contrast, was described in the letter as “illusory,” providing “inadequate value,” and likely to impose “numerous, significant risks and costs on WBD.” The board said Paramount has “misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family,” and the board also outlined that it doesn’t believe there is a “material difference in regulatory risk between the PSKY offer and the Netflix merger.”

WBD shares dipped in the minutes leading up to the market close on Tuesday after news leaked that its management was preparing to encourage shareholders to reject Paramount’s bid, and shares of the HBO parent were down at $28.66, off 0.83% from yesterday’s close, as of 7:56 a.m. ET on Wednesday. Netflix was ticking higher, up around 1.7%, and Paramount Skydance was modestly in the red, down 1%.

Several outlets have reported that Jared Kushner’s firm would back out of the group that had been assembled to help finance the Paramount bid. Confirming this withdrawal, a spokesperson for the firm helmed by the president’s son-in-law told NBC News that “the dynamics ​of the investment have changed significantly ​since we initially became ​involved ​in October.”

Analysts this month have said that a renewed bidding war for Warner Bros. seems “inevitable” given the antitrust concerns surrounding Netflix’s potential acquisition. President Trump on Tuesday appeared to distance himself from speculation around his closeness to Paramount’s owners, posting on Truth Social, “If they are friends, I’d hate to see my enemies!”

Warner’s attempt to influence its shareholders could fuel a higher bid from Paramount in the coming weeks — shareholders currently have until January 8 to decide whether to accept the current offer.

Exclusive | Warner Preparing to Tell Shareholders to Reject Paramount Offer

Exclusive | Warner Preparing to Tell Shareholders to Reject Paramount Offer

Paramount’s offer, in contrast, was described in the letter as “illusory,” providing “inadequate value,” and likely to impose “numerous, significant risks and costs on WBD.” The board said Paramount has “misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family,” and the board also outlined that it doesn’t believe there is a “material difference in regulatory risk between the PSKY offer and the Netflix merger.”

WBD shares dipped in the minutes leading up to the market close on Tuesday after news leaked that its management was preparing to encourage shareholders to reject Paramount’s bid, and shares of the HBO parent were down at $28.66, off 0.83% from yesterday’s close, as of 7:56 a.m. ET on Wednesday. Netflix was ticking higher, up around 1.7%, and Paramount Skydance was modestly in the red, down 1%.

Several outlets have reported that Jared Kushner’s firm would back out of the group that had been assembled to help finance the Paramount bid. Confirming this withdrawal, a spokesperson for the firm helmed by the president’s son-in-law told NBC News that “the dynamics ​of the investment have changed significantly ​since we initially became ​involved ​in October.”

Analysts this month have said that a renewed bidding war for Warner Bros. seems “inevitable” given the antitrust concerns surrounding Netflix’s potential acquisition. President Trump on Tuesday appeared to distance himself from speculation around his closeness to Paramount’s owners, posting on Truth Social, “If they are friends, I’d hate to see my enemies!”

Warner’s attempt to influence its shareholders could fuel a higher bid from Paramount in the coming weeks — shareholders currently have until January 8 to decide whether to accept the current offer.

power
Jon Keegan

Senators open investigation into data centers’ effect on consumer utility bills

As Big Tech builds more and more massive data centers in small towns around the country, the public is starting to ask questions about whether they are to blame for rising utility bills.

Today Sens. Elizabeth Warren (D-MA), Chris Van Hollen (D-MD), and Richard Blumenthal (D-CT) sent letters to the CEOs of some of the biggest builders of data centers: Meta, Microsoft, Amazon, Google, CoreWeave, Digital Realty, and Equinix.

The senators wrote:

“Utility companies have spent billions of dollars updating the electrical grid to accommodate the unprecedented energy demands of AI data centers and appear to recoup the costs by raising residential utility bills. Through these utility price increases, American families bankroll the electricity costs of trillion-dollar tech companies.”

Electricity prices in the US are indeed up, rising 6.2% since last year. A recent Bloomberg analysis found that ratepayers within 50 miles of data centers saw rates increase up to 276% over the past five years.

The companies have until January 12, 2026, to respond to the senators.

Senator Warren, Lawmakers Open Investigation into Big Tech Data Centers’ Role in Driving Up Families’ Utility Costs | U.S. Senator Elizabeth Warren of Massachusetts

Senator Warren, Lawmakers Open Investigation into Big Tech Data Centers’ Role in Driving Up Families’ Utility Costs | U.S. Senator Elizabeth Warren of Massachusetts

The senators wrote:

“Utility companies have spent billions of dollars updating the electrical grid to accommodate the unprecedented energy demands of AI data centers and appear to recoup the costs by raising residential utility bills. Through these utility price increases, American families bankroll the electricity costs of trillion-dollar tech companies.”

Electricity prices in the US are indeed up, rising 6.2% since last year. A recent Bloomberg analysis found that ratepayers within 50 miles of data centers saw rates increase up to 276% over the past five years.

The companies have until January 12, 2026, to respond to the senators.

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Hyunsoo Rim

TIME names the “Architects of AI” as its Person of the Year for 2025

TIME just announced its Person of the Year… and it’s not a single person.  

The magazine selected the “Architects of AI” as its 2025 honoree, spotlighting the executives and engineers behind the year’s AI boom. One of the two covers features eight tech leaders perched on a steel beam — recreating the iconic “Lunch Atop a Skyscraper” photo from 1932 — including Meta’s Mark Zuckerberg, AMD’s Lisa Su, xAI’s Elon Musk, OpenAI’s Sam Altman, and Nvidia CEO Jensen Huang at the center, whose chips power many of today’s AI models.

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Why the Architects of AI Are TIME’s 2025 Person of the Year

Why the Architects of AI Are TIME’s 2025 Person of the Year
Western Auctioneer with Two Fingers up and Gavel in Hand

As investors pick sides in Netflix vs. Paramount, analysts say a renewed Warner Bros. bidding war looks inevitable

Analysts at Bloomberg on Wednesday said Paramount’s WBD hostile takeover offer could go as high as $35 per share.

Max Knoblauch12/10/25
Netflix WBD CEOs

The Netflix-Warner Bros. deal now faces a wall of opposition

Netflix will owe Warner Bros. $5.8 billion in cash if the deal is terminated on antitrust grounds.

Max Knoblauch12/5/25

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