Musk’s lavish China visit

In today’s edition:

• A real-estate investor made $35 million. Now he’s accused of being a fraudster.
• The housing-market downturn that started last summer may now be reversing.
• Fisher Stevens, who played Hugo on “Succession,” spoke with Insider about the finale.

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Debt ceiling, Dimon, & Ukraine

• The House passed President Joe Biden and Speaker of the House Kevin McCarthy’s bill to raise the debt ceiling. The bill now heads to the senate. Read more.
• JPMorgan CEO Jamie Dimon hinted that he’s going into politics. “Obviously, it’s crossed my mind,” Dimon told Bloomberg TV. More here.
• Russian missiles and drones had a 90% failure rate in May, Ukraine said. The Kyiv Post estimated that it had cost Russia around $1.7 billion. The full story.

Musk in China

During his surprise visit, Musk met with a who’s who of China’s rich and powerful and enjoyed a 16-course meal, which appeared to be custom-made for him, Reuters reported.

He’s reportedly even been referred to as “Brother Ma” — an indication that he was held in the same high esteem in China as the Alibaba founder Jack Ma.

Although China has rolled out the red carpet, it isn’t all play for Musk — he’s there to work, too. China is the world’s largest EV market and home to Tesla’s biggest factory.

The Chinese foreign minister, Qin Gang, reportedly told Musk that China wanted to improve relations with Tesla. This would be welcome news to Musk, considering US relations with China are at a low point, and Musk’s Twitter remains banned in the country.

Housing, ‘Succession’, & more

• A real-estate con man for the influencer age? Matt Onofrio had no experience in the industry, yet in a few short years, he’d raked in $35 million helping everyday people invest in real estate — and he made it sound simple, too simple. Now, he stands accused of being a fraudster. Read more.
• Meet the under-the-radar companies making a killing on the student-debt crisis. Expanding online courses using third-party companies called OPMs is an easy way for colleges to boost tuition revenue. But for many students, these classes are a raw deal: They take on massive debt in exchange for a pale imitation of the in-person learning experience. The full story.
• $700 for scribbles on your back. A tattoo artist went viral on TikTok after he asked viewers whether his art was worth the price tag. The video has racked up more than 1.9 million views and has divided opinion. Check it out.
• A California theme-park visitor stopped a roller coaster mid-ride. The Silver Bullet ride at Knott’s Berry Farm appeared to halt just after it left the station as staff responded to a single passenger who had indicated they wanted to get off the ride. More here.
• Fisher Stevens, who played Hugo on “Succession,” spoke with Insider about filming the finale. He discussed Hugo’s final moments, a profanity-fueled scene between Hugo and Greg that never made it to air, and his latest quest as a producer. Read more.
• A Carnival cruise passenger says he’s surprised to be alive after the ship was rocked by a terrifying storm. He said a wave broke the window of his cabin and let water in. “I couldn’t even believe I’m still here,” he told CNN. More here.
• The housing downturn could be over. Home prices across the US were again trending upward, Case-Shiller data showed. We listed the six cities where prices were rising the fastest, including San Francisco, San Diego, and Detroit. Here’s the full list.

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