Ukraine’s Zelenskyy expects Trump to lift more sanctions against Russia. What we know on day 1,698

US secretary of state Marco Rubio has said that US President Donald Trump’s waiver of sweeping sanctions and tariffs on Russia would be a 60-day pause to “analyse” their impact on the global economy. Rubio said also no one at the White House ordered the slow down of the speed of Ukraine’s access to Starlink to prevent it from being used on drones flying faster than 100mph, referring to Starshield, the military version of Elon Musk’s Starlink satellite internet network.

“The president wants to take the 60-day period of time to sort of analyse what imposing both sanctions and tariffs will mean to the global economy and even to the US economy,” Rubio said, noting that the economic restrictions involved a number of countries, not just Russia. Pointing to high energy prices and the Iran war, “we need that period of time to sort of study all this and figure out what the right combination is,” he said.

Trump’s abrupt decision to waive sanctions on Russia days before they were to take effect drew outrage Saturday from members of Congress, which had overwhelmingly passed the legislation. Republican Senator Rick Scott said it was clear Russia was the aggressor, and said the US had “to do everything we can to put economic pressure on Russia”. On social media, fellow Republican Thom Tillis described the move as “beyond irresponsible” and a capitulation “to a Russian dictator who illegally invaded Ukraine”.

The Ukrainian president, Volodymyr Zelenskyy expects the Trump administration to lift more sanctions against Russia in the future and has called for Europe to establish its own negotiations with Moscow as the US has sought better ties and business deals with the Kremlin. “Unfortunately, the lifting of sanctions will continue, and I believe that the ‘diesel deal’ is the first step,” said Zelenskyy on Saturday. “Unfortunately, it seems to me that this cannot stop Putin; on the contrary, he feels joy and happiness that he has such support.”

Zelenskyy said Ukraine’s lead negotiator, Rustem Umerov, had met Friday with US presidential envoy Jared Kushner, Trump’s son-in-law. Zelenskyy said the US was working to arrange a three-way meeting involving him, Trump and Putin, potentially in the Middle East, Europe or the US.

Russian air defence ⁠units intercepted and destroyed nearly ⁠200 Ukrainian ⁠drones ​headed for Moscow on Saturday, ⁠Mayor Sergei Sobyanin said on Telegram. Sobyanin, ⁠in a long ​series ‌of ‌online posts, noted ‌that 195 drones had been destroyed since midnight, with emergency crews examining debris on ‌the ground. Russia’s civil aviation authority, ​Rosaviatsia, said two Moscow airports – Domodedovo and Vnukovo – had ⁠suspended flight operations.

Romania said Saturday it shot down two Russian drones over the Black Sea, the latest in a spate of incidents believed to be spillover from Russia’s invasion of Ukraine. Ships have been attacked in recent days by drones in the Black Sea off the coast of Romania and Bulgaria.

• Elon Musk is giving reams of cash to Republicans.
• Most of that dough is ending up in Texas, according to financial disclosure forms.
• In Texas, Ken Paxton is running a tight race against James Talarico.

Elon Musk is forking over generational wealth to Republicans facing tough midterm elections this cycle.

Over two donations in September, Musk gave a combined $158 million to the Senate Leadership Fund, a super PAC aligned with Senate Republicans, which has, in turn, given reams of cash to funds supporting the Republican candidate in Texas.

The money, shown in new federal disclosure forms, cements Musk as a major player in Republican politics over a year after he publicly split with President Donald Trump over the latter's handling of the Epstein files (though the two have since reconciled).

Republicans are facing serious headwinds over the Iran war, rising inflation, and sky-high gas prices. Polls show that American voters are largely dissatisfied with Trump's leadership and handling of the economy.

All told, Musk has given about $276 million since July. Much of Musk's political donations have ended up in Texas, according to federal disclosure forms, where embattled Attorney General Ken Paxton is engaged in a mudslinging battle for the Senate with state representative James Talarico.

One day after Musk notched a $75 million donation to the Senate Leadership Fund, the Super PAC gave a $75 million donation to the Texas PAC, a group aligned with Paxton.

Then, also in September, another $83 million donation by Musk was matched the next day by an identical donation to the Texas PAC, according to federal disclosure forms.

Talarico's campaign, meanwhile, has raised about $129 million.

Musk's companies are already investing billions in the Lone Star State, as the business magnate builds SpaceX's terafab semiconductor facility outside Houston.

In 2024, Musk announced that he was moving SpaceX's headquarters from California to Texas in response to Gov. Gavin Newsom's policies on gender identity.

Representatives for Paxton and Musk did not immediately respond to requests for comment on Saturday.

Musk, the CEO of SpaceX and Tesla, said last year that he had probably "done enough" political spending, though he left the door open.

"Well, if I see a reason to do political spending in the future, I'll do it. I don't currently see a reason," he told Bloomberg at the time.

Il 23 settembre scorso, in Polonia, villaggio di Wola Kabroska, viene incendiata una stazione Starlink, in grado di fornire servizi internet in Ucraina. Il governo di Varsavia ritiene che sia stato l’ennesimo atto di “guerra ibrida” ispirata dalla Russia. A 24 ore di distanza, dopo aver vagliato i risultati degli accertamenti, il ministro per gli affari digitali, Krzysztof Gakowski, dichiara senza mezzi termini: “Il modus operandi è chiaramente russo”. Il 10 ottobre, in Germania, i reparti speciali tedeschi arrestano due cittadini turchi: Umit E. 38 anni, e Müslüm T., 34 anni, alla stazione di Neurtingen (Baden-Württemberg); una terza persona, che avrebbe fatto da autista secondo la ricostruzione del quotidiano tedesco Bild, è stata fermata a Berlino.

I cronisti di Der Spiegel si concentrano sulle personalità dei due arrestati, giungendo ad una conclusione: Umit e Müslüm farebbero parte della gang criminale turca Dalton. I giornalisti scrivono: “La notizia è stata confermata da fonti indipendenti di diversi paesi”. Il capo dell’organizzazione criminale, Berat Can Gokdemir, poco meno di 30 anni, in patria è ricercato per scontare una condanna a due ergastoli per omicidio plurimo, istigazione all’omicidio, rapine, aggressioni a mano armata. Nel 2024, Can Gokdemir è stato arrestato in Russia. Ankara ha chiesto a Mosca di estradarlo, ma non ha ottenuto soddisfazione. Come spesso accade, il dramma della guerra Ucraina si intreccia con avvenimenti collaterali. Dopo l’arresto dei due turchi, il ministro Siemoniak ha detto al quotidiano di Varsavia Gazeta Wyborcza: “Non abbiamo dubbi che i servizi segreti russi siano dietro questo atto di sabotaggio: e vale la pena aggiungere che i servizi segreti russi si avvalgono sempre più spesso di persone legate alla criminalità organizzata. Non si servono mai dei propri cittadini”.

A provare in modo inappellabile la connessione tra i due arrestati, l’attentato alla stazione Starlink, e la loro appartenenza alla gang turca, dovranno essere investigatori e magistrati. Certamente l’approfondimento di Der Spiegel apre uno scenario fino a questo momento inedito e riporta l’attenzione sui nuovi clan cresciuti sul Bosforo, che diversi media hanno ribattezzato: “I gangster della generazione Z”. Di questa corrente una figura apicale è quella di Berat Can Gokdemir, la cui locazione non è certa. Dopo la richiesta di estradizione da parte della Turchia, non è chiaro se Gokdemir sia rimasto in Russia. Alcuni giornalisti tedeschi che sono entrati in contatto con un “portavoce” della banda, avrebbero avuto conferma che Gokdemir si trova in Russia e da una località non specificata continua a coordinare le attività del suo gruppo che non sono concentrate solo in Turchia, ma hanno avuto una forte espansione anche in Germania – oltre Polonia e Grecia – dove si sono specializzati in estorsioni ed altri reati.

La possibile connessione tra la criminalità turca e le attività dei servizi segreti russi ha attirato l’attenzione non solo dei giornalisti tedeschi. I Verdi hanno approfondito il tema con il documento “Risultati dell’indagine del governo federale sulla cooperazione della Russia con la criminalità organizzata in Germania e in Europa” presentato il 26 marzo 2026, e Konstantin von Notz, deputato dello stesso partito e responsabile della supervisione dei servizi segreti, ha lanciato un monito riguardante i governi autoritari che utilizzano gruppi criminali per portare a termine sabotaggi.

L'articolo Attentato a Starlink in Polonia, la pista verso il clan turco Dalton e il suo capo: mai estradato dopo l’arresto in Russia proviene da Il Fatto Quotidiano.

Trump-boosting billionaire was sued over promise to give away $1m per day to random signatories of petition

Elon Musk and his ⁠America Pac political action committee said recently that they agreed to settle two ⁠proposed class ⁠actions ​alleging the billionaire entrepreneur defrauded residents in closely contested states before the ⁠2024 US election by promising voters a lottery-style daily $1m giveaway.

The plaintiffs, Musk and America Pac ​told the ‌judge overseeing the two ‌related lawsuits in federal court in Austin, Texas, ‌on Thursday that they have reached settlements subject to court approval.

Pensavate che le auto volanti fossero solo fantascienza? E invece eccoci qua. Dopo nove anni di rinvii e promesse disattese, Elon Musk ha deciso di forzare il confine ingegneristico che separa il settore automobilistico da quello aerospaziale. Durante un evento organizzato nella notte italiana presso il centro di collaudo di SpaceX a McGregor, in Texas, il magnate ha svelato la seconda generazione della sportiva Tesla Roadster. “In sostanza, può volare come un razzo”, ha dichiarato il miliardario presentando la vettura come il frutto della collaborazione tra “la miglior Casa automobilistica e la miglior compagnia di razzi spaziali”.

Per supportare le affermazioni, Musk ha allestito un’esibizione dal vivo, eseguita dalla vettura in modalità autonoma per rigorose ragioni di sicurezza. Equipaggiata con dieci micro-razzi a gas freddo sviluppati con SpaceX, la Roadster è salita su una rampa curva, ha spiccato il volo, ha saltato cinque veicoli parcheggiati eseguendo una piroetta a mezz’aria, per poi atterrare in modo controllato.

L'articolo “Ecco la prima auto volante, può sfrecciare come un razzo”: l’annuncio choc di Elon Musk e la dimostrazione delle acrobazie in aria della Tesla Roadster – VIDEO proviene da Il Fatto Quotidiano.

• Tesla has unveiled the next-gen Roadster twice: in 2017 and again on Thursday.
• We list the differences between the two versions.
• Range: down. Price: unknown. Flying: way up!

Tesla just unveiled the revived Roadster.

Sound familiar? It certainly should.

On Thursday, CEO Elon Musk took the covers off the latest version of Tesla's halo sports car and said the EV maker is eyeing production in 2028.

It's the second time the company has unveiled a prototype vehicle that it says will carry on the Roadster nameplate. In 2017, Musk unveiled a smoother-looking and very different type of Roadster.

The 2017 version simply drove onto a stage next to Elon, then spun its tires and raced away. The 2028 version — on a track placed a safe distance away from spectators — drove up a vertical wall, hung upside down, hovered in the air, and did a "kick flip" over a line of other Teslas.

Turns out, a lot can change in nine extra years of product development.

A lot of the nuts and bolts powering the Roadster changed — and so did the car's metrics. So, we put together a chart comparing Tesla's old Roadster promises with the new ones.

Here's what we found:

There is still over an hour before the protagonist appears, but the line already wraps around the block. Dozens of people wait patiently for their turn to see the man who has become the great hope of the Democratic left wing. When he begins to speak, pandemonium breaks out: “My name is Abdul El‑Sayed and I am going to be your next senator in Washington.” Over the next hour, the hundreds gathered in this venue will applaud, laugh, and cheer every word from the mouth of the new star of American politics, who has already made a fitted black T‑shirt and jeans his trademark look. We are in Lansing, Michigan’s capital, where one of the most gripping battles of the midterm elections — just over two weeks away — is being fought.

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Most of the planet with incomes equivalent to €5,000 a month (nearly $5,600) by 2100. Average temperatures only 1.8 degrees Celsius above preindustrial levels. Less meat, industry and mining. More health care and education. And who would lose out? The world’s Jeff Bezos, Larry Ellisons and Elon Musks. A tiny group of billionaires representing 0.001% of the population would see their share of global wealth fall from the current 6.4% to 0.05%, while the poorest 50% of the planet would rise from holding just 2% to 30%.

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Elon Musk approached US President Donald Trump with a proposal to limit the speed of Starlink satellite communications in Ukraine, disrupting Kyiv’s ability to counter Russian drone attacks, The Telegraph reported on 16 October, citing four sources familiar with the discussions.

The restrictions had immediate consequences for Ukraine’s defenses, forcing some drone missions against Russian positions to be called off and threatening the ability to intercept Russian jet-powered drones as they targeted Ukrainian cities at the time.

According to The Telegraph, Trump agreed with Musk’s suggestion, paving the way for the Pentagon to impose restrictions on Starshield, the military-grade version of SpaceX’s satellite network used by Ukrainian forces.

The report contradicts Musk’s public claim that the US military and ultimately Trump were responsible for deciding any limits on the system. However, Trump denied that either he or Musk was responsible for Ukraine losing access, while an anonymous US official told AFP that the president had not requested the reduction in service.

The reported restrictions come amid tensions between Washington and Kyiv over Ukrainian strikes on Russian oil refineries. The episode has raised concerns about Ukraine’s dependence on privately controlled communications infrastructure and the risk that changes to US support could weaken its battlefield capabilities.

Starshield restrictions hampered Ukraine’s drone defenses

Starshield is the military-grade version of Starlink, SpaceX’s satellite internet network. It allows Ukrainian drone operators to maintain communications with aircraft moving at high speeds, supporting both defensive interception missions and strikes against Russian targets.

The speed limit imposed on Ukrainian drones using Starshield was around 160 kph, making it difficult for them to intercept Russian jet-powered drones and missiles traveling at roughly twice that speed.

According to The Telegraph, a senior source said Musk had become concerned about potential backlash from European consumers following the restrictions. A high-ranking European official and two Ukrainian sources reportedly corroborated the account that Musk and Trump were both involved in the decision.

The Pentagon has not publicly explained the restrictions. The report’s account also remains disputed: Trump said on 16 October that he did not believe either he or Musk was responsible for Ukraine losing access, while an anonymous US official cited by AFP said the president had not requested the reduction.

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“Trump and Musk must be held accountable”: US senator warns Starlink network failing over Ukraine could cripple its shield against Russian missiles and drones

Ukraine says Starshield capabilities are being restored

Ukrainian President Volodymyr Zelenskyy said on 16 October that restrictions on SpaceX’s Starshield satellite communications system had disrupted several military operations, including efforts to intercept Russian jet-powered Geran drones attacking Ukrainian cities.

Zelenskyy said Ukraine did not use Starlink to support attacks inside Russia, but relied on the system to intercept drones targeting civilians, conduct mid-range strikes against Russian military targets in occupied Ukrainian territory, and deliver food and water to frontline troops using drones.

“When the speed was reduced, we were unable to intercept a certain number of jet-powered ‘shaheds,’ [Gerans - ed.]” Zelenskyy wrote on X, adding that Ukrainian forces had lost the ability to carry out some operations while the restrictions were in place.

Zelenskyy said Ukraine’s Defense Ministry was in contact with partners and had received signals from the White House that the capabilities would be restored. However, he stressed that speeds had not yet returned to their previous levels, although restoration was underway.

Europe warns against dependence on Musk’s network

The latest episode has renewed European concerns about relying on Musk and SpaceX for critical communications infrastructure. Polish Foreign Minister Radosław Sikorski warned Musk on social media that European customers were watching his actions, The Telegraph reported.

The European Union is developing its own satellite communications system, IRIS², intended to provide an alternative to Starlink, according to The Telegraph. The system is planned to become operational by 2030, leaving Ukraine and European governments dependent on existing providers in the meantime.

The report adds to concerns that decisions made in Washington or by private technology providers could directly affect Ukraine’s ability to defend itself against Russian attacks.

Diventa un mistero la decisione di depotenziare il sistema Starlink necessario all’Ucraina per avere comunicazioni tempestive anche sulla linea del fronte e riuscire a intercettare in tempo gli attacchi lanciati dalla Russia. L’esercito e i vertici del governo, nei giorni scorsi, avevano denunciato il funzionamento parziale del sistema che si è protratto per giornate intere lasciando il Paese sotto il tiro dei missili e dei droni di Mosca. Inizialmente, si era pensato a una scelta presa da Elon Musk, che nelle stesse ore stava attaccando il presidente ucraino su X, ma poi il miliardario americano aveva smentito dicendo che la responsabilità era da attribuire completamente al Pentagono. Dopo giorni di comunicazioni a singhiozzo, il nuovo colpo di scena: Trump, scrive Axios, ha detto che gli Stati Uniti non sono coinvolti nel depotenziamento dei servizi Starlink in Ucraina.

Come detto, Musk è stato il primo ‘indiziato’ per la decisione di penalizzare le comunicazioni ucraine tramite il sistema satellitare di SpaceX, essendone il fondatore e avendo espresso, nelle stesse ore, considerazioni critiche nei confronti di Zelensky, dicendo ad esempio che “è andato troppo oltre” e, più chiaramente, che “deve dimettersi“. Ma era stato lui stesso a spiegare che il funzionamento del sistema implica che solo l’esercito Usa possa disporre un depotenziamento del genere. La versione militare di Starlink è infatti Starshield, un sistema progettato e sviluppato sempre da Starlink, ma di proprietà e gestione esclusiva del Pentagono. Ed è quindi solo il Dipartimento della Guerra Usa a decidere se e quali limiti imporre, tenendo conto che è quella la tecnologia in uso all’esercito di Kiev.

Nella serata di venerdì, però, è arrivata la smentita direttamente dal presidente Trump. Una smentita che alimenta il mistero dietro allo sgambetto all’esercito di Zelensky.

L'articolo Trump smentisce Musk: “Non siamo stati noi a depotenziare Starlink all’Ucraina” proviene da Il Fatto Quotidiano.

As the Trump administration's short-lived Department of Government Efficiency (DOGE) project implemented its plan to downsize the federal workforce, there was much wailing from the liberal institutions in Washington, D.C.

Federal employee unions filed lawsuits to block the effort. NPR ran profiles of federal workers who, for the first time, faced the prospect of potentially not having absolute job security forever. The Brookings Institution wondered how many jobs the federal government could shed before it crashes.

The answer: plenty. The Trump administration has cut more than 10 percent of the federal workforce, and the government hasn't crashed. Indeed, it hasn't even shrunk—if you're counting by dollars spent instead of people employed.

In a new article for City Journal, Manhattan Institute senior fellow Judge Glock highlights the tremendous gap between the dire predictions about DOGE's cuts and the reality that has emerged, more than a year after DOGE was shut down. Despite having only a modest impact on spending, Glock writes, DOGE "had a massive impact on the federal civil service."

This is true—to a point, more on that in a moment—and notable. Aside from a modest downsizing in the 1990s, the number of people employed by the federal government has been steadily growing for decades. Reversing that trend is one of the few genuinely libertarian accomplishments by the Trump administration.

The cuts to the federal workforce prove that "DOGE worked," argues Glock.

Well, hold on.

Elon Musk and Vivek Ramaswamy (who departed the DOGE project before Trump's inauguration and is now running for governor of Ohio) set some very ambitious goals after being appointed DOGE co-chairs in late 2024. In an op-ed for The Wall Street Journal in November 2024 where they promised "we won't just write reports or cut ribbons. We'll cut costs."

Musk repeatedly attached some rather absurd numbers to that promise. He said DOGE would cut $1 trillion or even $2 trillion in federal spending. In the end, it didn't come close. By DOGE's own (questionable) accounting, it cut $170 billion. Meanwhile, overall federal spending has increased in each of Trump's first two years in office, and the budget deficit has widened as well.

Yes, Musk and Ramaswamy also said they would reduce the federal workforce. But that was presented as a natural consequence of cutting spending, not as the primary goal.

Think about it like this. If I spent months promising my friends and family that I would lose 50 pounds on a new diet, and then didn't lose any weight, would it be fair to say the diet worked?

What if I reduced the number of donuts I eat every day, but still didn't lose any weight? Sure, that might be good for my health in some way—just like reducing unnecessary workers in the federal government is good for America's fiscal health—but it certainly wouldn't mean I had achieved the goal of losing weight.

Finally, even the claim that DOGE cut the federal workforce requires an asterisk. As Glock also notes in his report, the decline in federal workers has been offset by an increase in federal contractors.

It's not a one-for-one trade, of course. The new contractors are overwhelmingly concentrated in places like the Department of Homeland Security and the Pentagon, while the cuts mostly targeted other areas, like the Department of Health and Human Services.

"Most of that increase came from the buildup in homeland-security and defense contracting, including purchases such as surveillance aircraft and tanks, rather than substitutes for government workers," Glock writes. "DOGE achieved real contract savings, but these were more than offset by higher spending elsewhere, reflecting a shift in priorities rather than an overall reduction in contracting."

So, the government is eating fewer donuts but more pizza.

There might be libertarian reasons to prefer contractors over government employees. They are less likely to hold those jobs for life, for one. But there's nothing inherently good about a government policy that cuts jobs in some areas just to create more room in the budget for poorly trained immigration enforcement agents and defense contractors. That may even be a negative outcome for liberty.

In the end, the DOGE project looks less like a meaningful attempt at cutting government spending or employment levels and more like a way to purge parts of the federal workforce likely to get in Trump's way during his second term. "As long as [Trump's] larger commitment is to extending his power rather than rolling back power itself, you shouldn't expect the government to stop growing," as Reason's Jesse Walker wrote last year in comparing DOGE to President Richard Nixon's attempted purge of the civil service.

Did DOGE work? Only if you grade it on a pretty dramatic curve.

Yes, it proved that a president can slash bureaucratic jobs—particularly the bloated managerial and administrative types—without doing much damage to the government's core responsibilities. That's a lesson future administrations should remember.

Maybe, someday, a president will try applying the same logic to government spending too.

The post DOGE Worked? Only If You Grade on a Curve. appeared first on Reason Magazine.

• Harvard's endowment returned a five-year high of 27.1% in the 12 months to June 30, besting the S&P 500.
• The Ivy League college counted a $2.2 billion SpaceX stake as its top Q2 portfolio holding by far.
• Harvard's endowment grew to almost $68 billion after accounting for taxes, gifts, and distributions.

Harvard University delivered its best investment return in five years as its bet on SpaceX boosted its stock portfolio.

The elite college's endowment returned 27.1% in the fiscal year ended June 30, its annual financial report revealed on Thursday. That comfortably outpaced the benchmark S&P 500's 22.3% total return over the same period.

After accounting for taxes, distributions, and gifts, Harvard's endowment grew by $11 billion to nearly $68 billion.

Harvard Management Company's stake in Elon Musk's maker of Starship rockets, Starlink satellites, and AI chatbot Grok was worth $2.2 billion at the end of June, per its second-quarter portfolio disclosure.

SpaceX was its number-one holding, more than six times more valuable than its second-biggest position, a sub-$350 million stake in Taiwan Semiconductor.

Its next-largest positions — each worth over $150 million — were Cerebras, Amazon, Alphabet, and Nvidia. Its 19 holdings at the end of June were together worth about $4.3 billion, more than double the portfolio's $1.8 billion value three months earlier.

Harvard said the strong performance of its endowment, which is nearly 400 years old and comprises about 15,000 individual funds, helped it weather the "abrupt termination of federal research grants" by the Trump administration.

It's worth noting that 13-F portfolio disclosures are a snapshot of a fund's US stock holdings on a certain date. They don't include foreign-listed stocks, non-stock assets like bonds or real estate, private investments, or stocks sold short.

Harvard said that as of June 30, 14% of its endowment was invested in public equities, 29% in hedge funds, 46% in private equity, 4% in real estate, and the balance elsewhere.

Harvard declined to comment when contacted by Business Insider.

SpaceX's valuation has whipsawed since the aerospace company went public on June 12. Its market capitalization topped $2.4 trillion on June 20, then tanked to $1.4 trillion by August 1, and has since rallied to around $2 trillion.

Musk's company posted a 92% year-on-year revenue jump for the quarter ended June, helping narrow its net loss from $1 billion to $541 million.

The world's richest man recently posted on X that he sees a path for SpaceX to be worth "orders of magnitude more than the current Earth economy," implying its stock could rise at least 6,000-fold to $12 quadrillion over time.

He later clarified that wasn't a "statement of extreme confidence," but he believes the probability of achieving that valuation is "not zero." On October 14, he said he expects SpaceX to be worth more than $100 trillion in the next 10 years.

Harvard is one of several shareholders to reveal a sizable stake in SpaceX. Google parent Alphabet reported a roughly 4% stake valued at $94 billion as of the end of June. Longtime Musk associate Peter Thiel disclosed a 3.2% position worth $73 billion held by his Founders Fund and related entities. AI chipmaker Nvidia has a $21 billion stake.