Big Take

In just over a decade, Tether has grown from an idea into a global crypto juggernaut, poised to become one of the world’s most highly valued private companies. But where did its dollar-linked stablecoin come from and where is it headed?

On today’s Big Take podcast, Bloomberg reporter Todd Gillespie and guest host Stacey Vanek Smith unpack one of the most powerful companies you’ve (maybe) never heard of.

Read more: With Billions to Spend, Tether Finds New Allies in Washington

As Lutnick Sold Cantor to His Children, Tether Gave Them a Loan

Hosted by Stacey Vanek Smith; Produced by David Fox; Reported by Todd Gillespie, Ryan Weeks, Annie Massa; Edited by Aaron Edwards, Janet Paskin.

Fact-checking by Rachael Lewis-Krisky, Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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From London to California, calls to “tax the rich” are growing. But what are they calling for in practice, and how are governments responding?

On today’s Big Take podcast, host Sarah Holder talks to Bloomberg reporters Charlie Wells and Laura Nahmias about the fight over taxes for the world’s wealthiest, and what a political tussle between New York City Mayor Zohran Mamdani and New York Governor Kathy Hochul reveals about the hurdles some measures are facing.

Read more: ‘Soak the Rich’ Battle Cry Is Rising From London to California

We’re also closely watching US President Donald Trump’s threats to Iran today, after he posted on Truth Social that “a whole civilization will die tonight, never to be brought back again.” Trump’s deadline for a deal with Iran, including reopening the Strait of Hormuz, is 8 p.m. ET.

This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. You can also listen to the latest at Bloomberg News Now.

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by Sarah Holder; Produced by Julia Press; Reported by Charlie Wells, Laura Nahmias; Edited by Aaron Edwards.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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President Trump intensified his threats on Iran Tuesday morning posting on Truth Social, "A whole civilization will die tonight, never to be brought back again."

This escalation follows a post on Monday saying the US would attack its bridges and power facilities if it failed to reopen the Strait of Hormuz to shipping traffic by 8pm ET Tuesday night.

On today’s Big Take podcast, host Sarah Holder sits down with White House correspondent Courtney Subramanian to unpack the state of negotiations between the US and Iran, Tehran’s rejection of a temporary ceasefire and the mounting pressure from voters and international leaders.

This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. You can also listen at Bloomberg News Now.

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

See omnystudio.com/listener for privacy information.

After a month of fighting, President Trump took his case for war with Iran to the American people Wednesday night. In a prime-time address that sent energy markets surging, he promised both an imminent end to the conflict and two to three weeks of further intense military strikes.

On today’s Big Take podcast, host Sarah Holder and Bloomberg Washington Correspondent Jeff Mason unpack the president’s brief, often contradictory speech. They discuss how it put investors and key allies on the back foot, what it could mean for the president’s agenda heading into the midterms and where the conflict goes from here.

We are live blogging our coverage of the war with Iran at Bloomberg.com with the latest from across the globe. 

Here’s what else we’re watching today:

Trump Ousts Bondi After Chaotic Tenure at Justice Department

Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requests

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US President Donald Trump spoke for nearly 20 minutes from the White House, saying the US would hit Iran “extremely hard” in the next two to three weeks, and that he’d strike key infrastructure like electric plants if no deal is reached.

Stocks fell and oil jumped on his comments, with Brent rising 5% as Trump talked about possible escalation and reiterated his call for other nations to step in to fully reopen the Strait of Hormuz.

This is a developing story. We are live blogging at Bloomberg.com with the latest from across the globe. You can also listen at Bloomberg Daybreak or Bloomberg News Now.

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

See omnystudio.com/listener for privacy information.

Fueled by a powerful mix of FOMO and a government drive to accelerate AI adoption, OpenClaw has exploded in popularity across China. But as these agentic systems gain sweeping access to personal data, reports of them “going rogue” are beginning to surface.

On today’s Big Take Asia podcast, host K. Oanh Ha sits down with Bloomberg’s Luz Ding and Bloomberg Opinion’s Catherine Thorbecke to dig into the rapid rise of agentic AI in China, why it has taken hold so quickly and the mounting security concerns pushing users and regulators to reassess the risks.

Read more: There’s Method to China’s OpenClaw Madness

China’s OpenClaw Obsession Is a Risky Gamble on Experimental AI

Hosted by K. Oanh Ha Produced by Naomi Ng, Yang Yang Edited by Paddy Hirsch Fact-checking by Eleanor Harrison-Dengate Engineering by Taka Yasuzawa Deputy Executive Producer: Julia Weaver Executive Producer: Nicole Beemsterboer

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A month into the Iran War, the Trump administration continues to send mixed messages about when and how it will end. In addition to threats on electricity plants and oil wells if a deal isn’t reached, the president said he would consider destroying another piece of critical infrastructure: Iran’s water desalination plants.

On today’s Big Take podcast, host Sarah Holder talks to Bloomberg defense policy and intelligence reporter Peter Martin about the Middle East’s reliance on desalination, the potential humanitarian crisis that targeting the plants could spark and how that action could fly in the face of international law.

Read more: 

• How the Iran War Is Exposing the Risks to Gulf Water Supply
• US Expands Threats to Iran Energy, Water as It Hails Talks

Hosted by Sarah Holder; Produced by David Fox; Reported by Peter Martin; Edited by Paddy Hirsch.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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SpaceX is preparing for liftoff. After months of speculation, the company could file for a historic IPO as early as this week — seeking $75 billion in funding that would push the company’s value to $1.75 trillion. 

On today’s Big Take podcast, Bloomberg Tech’s Ed Ludlow joins David Gura to break down the timing of the mega-offering. They discuss the challenges SpaceX could face taking its Mars-focused mission public, how the move could push Elon Musk’s net worth past the $1 trillion mark and what this all means for everyday investors looking to get in on the action.

Read more: Is SpaceX Worth $1.75 Trillion? Key Questions for Musk’s Big IPO

Hosted by David Gura; Produced by Julia Press; Reported by Ed Ludlow; Edited by Tracey Samuelson and Jeffrey Grocott.

Fact-checking by Eleanor Harrison-Dengate; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

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BTS is back. After a near four-year hiatus, the K-pop icons returned with a historic Netflix event – the platform’s first concert live streamed from Asia. 

On today's Big Take Asia podcast, host K. Oanh Ha joins Bloomberg’s Sohee Kim and Lucas Shaw to discuss Netflix’s power move and how global streamers are fighting for dominance in the competitive Asian market.

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Leaders in Washington and Tehran are on the clock, with about a month to wrap up the Iran war before it does greater damage to the global economy and their own political fates, according to retired Admiral James Stavridis.

On today’s Big Take podcast with David Gura, Adm. Stavridis, the former head of US Southern Command and Supreme Allied Commander of NATO, outlines how the US troops heading to the region could help bring about a diplomatic resolution – or raise the risk of a longer conflict.

Read more: 

• Taking Kharg Island May Be a Big Risk for Little Reward
• Three Targets for US Boots on the Ground in Iran
• Iran Can Turn the Persian Gulf Into a Minefield

Hosted by David Gura; Produced by David Fox; Edited by Jeffrey Grocott.

Fact-checking by Eleanor Harrison-Dengate, Tracey Samuelson and Julia Press; Engineering by Katie McMurran.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

See omnystudio.com/listener for privacy information.