Category: Economics

“More a Great Reshuffling Than a Great Resignation”

In the passages quoted below, Nobel laureate, and often-strident leftist Paul Krugman, modifies his views on the state of the U.S. labor market in an interesting and plausible way. I believe another part of the story, as Newt Gingrich has suggested, is that some workers may be following the advice of Ayn Rand’s Atlas Shrugged, by in effect going on strike. So the Great Resignation may not entirely be a “myth.” More remains to be learned.

(p. 3) Have large numbers of Americans dropped out of the labor force — that is, they are neither working nor actively seeking work? To answer this question, you need to look at age-adjusted data; falling labor force participation because a growing number of Americans are over 65 isn’t meaningful in this context. So economists often look at the labor force participation of Americans in their prime working years: 25 to 54. And guess what? This participation rate has surged recently. It’s still slightly below its level on the eve of the pandemic, but it’s back to 2019 levels, which hardly looks like a Great Resignation.

What about early retirement? If a lot of that was happening, we’d expect to see reduced labor force participation among older workers, 55 to 64. But they’ve come rapidly back into the labor force.

A few months ago, it still seemed reasonable to talk about a Great Resignation. At this point, however, there’s basically nothing there. It’s true that an unusually high number of workers have been quitting their jobs, but they have been leaving for other, presumably better jobs, rather than leaving the work force. As the labor economist Arindrajit Dube says, it’s more a Great Reshuffling than a Great Resignation.

. . .

How can labor markets be so tight when payroll employment is still well below the prepandemic trend?

. . .

First, as the economist Dean Baker has been pointing out, the most commonly cited measures of employment don’t count the self-employed, and self-employment is up by a lot, around 600,000 more workers than the average in 2019. Some of this self-employment may be fictitious — gig workers who are employees in all but name but work for companies that classify them as independent contractors to avoid regulation. But it also does seem as if part of the Great Reshuffling has involved Americans concluding that they could improve their lives by starting their own businesses.

Second, a point that receives far less attention than it should is the decline of immigration since Donald Trump came to office, which turned into a plunge with the coming of the pandemic.

For the full commentary, see:

Paul Krugman. “The Myth of the Great Resignation.” The New York Times, SundayReview Section (Sunday, April 10, 2022): 3.

(Note: ellipses added.)

(Note: the online version of the commentary has the date April 5, 2022, and has the title “What Ever Happened to the Great Resignation?”)

Ayn Rand’s magnum opus, mentioned above, is:

Rand, Ayn. Atlas Shrugged. New York: Random House, 1957.

“Quiet, Unassuming” Dr. Zelenko Got Twitter Suspension and Death Threats for Speaking on Hydroxychloroquine

Dr. Zelenko was stricken with a rare form of lung cancer in 2018, shortly before the Covid-19 pandemic. I wonder if that increased his personal sense of urgency to find a cure for Covid-19?

(p. A21) Vladimir Zelenko, a self-described “simple country doctor” from upstate New York who rocketed to prominence in the early days of the Covid-19 pandemic when his controversial treatment for the coronavirus gained White House support, died on Thursday in Dallas. He was 48.

. . .

Like many health care providers, he scrambled when the coronavirus began to appear in his community. Within weeks he had landed on what he insisted was an effective cure: a three-drug cocktail of the antimalarial drug hydroxychloroquine, the antibiotic azithromycin and zinc sulfate.

. . .

“At the time, it was a brand-new finding, and I viewed it like a commander in the battlefield,” Dr. Zelenko told The New York Times. “I realized I needed to speak to the five-star general.”

On March 28, [2020] the Food and Drug Administration granted emergency authorization to doctors to prescribe hydroxychloroquine and another antimalarial drug, chloroquine, to treat Covid. Mr. Trump called the treatment “very effective” and possibly “the biggest game changer in the history of medicine.”

But, as fellow medical professionals began to point out, Dr. Zelenko had only his own anecdotal evidence to support his case, and what little research had been done painted a mixed picture.

Still, he became something of a folk hero on the right, someone who offered not just hope amid the pandemic but also an alternative to the medical establishment and Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, who insisted that months of research would be needed to find an effective treatment.

. . .

A quiet, unassuming man, Dr. Zelenko seemed unprepared for the attention he received, which included harassing phone calls and even death threats. In May 2020, a federal prosecutor opened an investigation into whether he had falsely claimed F.D.A. approval for his research.

. . .

After the F.D.A. rescinded its approval of hydroxychloroquine as a Covid treatment, he founded a company, Zelenko Labs, to promote other nonconventional treatments for the disease, including vitamins and quercetin, an anti-inflammatory drug.

And while he claimed to be apolitical, he embraced the image of a victim of the establishment. He founded a nonprofit, the Zelenko Freedom Foundation, to press his case. In December 2020, Twitter suspended his account, stating that it had violated standards prohibiting “platform manipulation and spam.”

. . .

In a memoir, “Metamorphosis” (2018), Dr. Zelenko wrote that he grew up nonreligious and entered Hofstra University as an avowed atheist.

“I enjoyed debating with people and proving to them that G-d did not exist,” he wrote. “I studied philosophy and was drawn to nihilistic thinkers such as Sartre and Nietzsche.”

But after a trip to Israel, he began to change his mind. He gravitated toward Orthodox Judaism, and in particular the Chabad-Lubavitch movement.

He graduated from Hofstra in 1995 with a degree in chemistry, and he received his medical degree from the State University of New York at Buffalo in 2000.

. . .

In 2018, doctors found a rare form of cancer in his chest and, in hopes of treating it, removed his right lung.

For the full obituary see:

Clay Risen. “Vladimir Zelenko, 48, ‘Country Doctor’ Who Pushed Unfounded Covid Remedy.” The New York Times (Saturday, July 2, 2022): A21.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the obituary has the date July 1, 2022 and has the title “Vladimir Zelenko, 48, Dies; Promoted an Unfounded Covid Treatment.”)

Dr. Zelenko’s pre-Covid-19 memoir is:

Zelenko, Vladmir. Metamorphosis. Lakewood, NJ: Israel Bookshop Publications, 2019.

A highly credentialed Yale academic presented evidence of the promise of hydroxychloroquine for early outpatient treatment in:

Risch, Harvey A. “Early Outpatient Treatment of Symptomatic, High-Risk Covid-19 Patients That Should Be Ramped-up Immediately as Key to the Pandemic Crisis.” American Journal of Epidemiology 189, no. 11 (Nov. 2020): 1218–26.

California Should Go Nuclear

(p. C1) A recent study sponsored by the Environmental Defense Fund and the Clean Air Task Force concluded that to meet its net-zero pledge by 2045, the state of California will need power that is not only “clean” but “firm”—that is, “electricity sources that don’t depend on the weather.” The same is true around the world, and nuclear offers a relatively stable source of power.

Nuclear plants don’t depend on a steady supply of coal or gas, where disruptions in commodity markets can lead to spikes in electricity prices, as has happened this winter in Europe. Nor do nuclear plants depend on the weather. Solar and wind have a great deal of potential, but to be reliable energy sources on their own, they require advanced batteries and high-tech grid management to balance varying levels of power generation with anticipated spikes in demand. That balancing act is easier and cheaper with the kind of firm power that nuclear can provide.

. . .

(p. C2) In France, as part of a massive push to “reindustrialize,” the government will spend $1.13 billion on nuclear power R&D by 2030. The focus is on developing a new generation of small modular reactors (SMRs) to replace parts of the existing fleet that supplies around 70% of the country’s electricity.

. . .

. . . it’s , , , important to recognize that regulatory oversight and safety provisions are usually effective. Even the Fukushima accident, or the Three Mile Island accident in Pennsylvania in 1979, could be considered a success on the safety front: Some safety features failed but others worked, containing the fallout.

. . .

SMRs and other new technologies are the nuclear industry’s big hope. One focus of research is using new fissile materials such as thorium, which is more abundant, produces less waste and has no direct military applications. Other technologies look to using existing nuclear waste as a fuel source. Turning away from massive reactors toward SMRs might, at first, increase costs per unit of energy produced. But it would open financing models unavailable to large reactors, allowing costs to come down, with reactors following a uniform design instead of being designed one by one. Building many small reactors also allows for learning-by-doing, a model actively pursued by China at home and as part of its Belt and Road Initiative abroad.

None of these new technologies is sure to be economically competitive. Some of the more experimental technologies, like China’s thorium reactors, might yet pay off. TerraPower, a venture founded by Bill Gates, has been working on natrium reactors for over a decade and recently added a molten-salt design to the mix, which could make a real difference if it works out. The point is to try. Like solar and wind, nuclear energy could climb the learning curve and slide down the cost curve with the right financial backing.

For the full commentary, see:

Gernot Wagner. “Is Nuclear Power Part of the Climate Solution?” The Wall Street Journal (Saturday, Jan. 8, 2022): C1-C2.

(Note: ellipses added.)

(Note: the online version of the commentary has the date January 7, 2022, and has the same title as the print version.)

The commentary quoted above is related to the author’s book:

Wagner, Gernot. Geoengineering: The Gamble. Cambridge, UK: Polity, 2021.

Africans Sometimes Sold Other Africans Into Slavery

(p. C1) Records from the Trans-Atlantic Slave Trade Database, directed by historian David Eltis at Emory University, show that the majority of captives brought to the U.S. came from Senegal, Gambia, Congo and eastern Nigeria. Europeans oversaw this brutal traffic in human cargo, but they had many local collaborators. “The organization of the slave trade was structured to have the Europeans stay along the coast lines, relying on African middlemen and merchants to bring the slaves to them,” said Toyin Falola, a Nigerian professor of African studies at the University of Texas at Austin. “The Europeans couldn’t have gone into the interior to get the slaves themselves.”

The anguished debate over slavery in the U.S. is often silent on the role (p. C2) that Africans played. That silence is echoed in many African countries, where there is hardly any national discussion or acknowledgment of the issue. From nursery school through university in Nigeria, I was taught about great African cultures and conquerors of times past but not about African involvement in the slave trade. In an attempt to reclaim some of the dignity that we lost during colonialism, Africans have tended to magnify stories of a glorious past of rich traditions and brave achievement.

But there are other, less discussed chapters of our history. When I was growing up, my father Chukwuma Nwaubani spoke glowingly of my great-grandfather, Nwaubani Ogogo Oriaku, a chief among our Igbo ethnic group who sold slaves in the 19th century. “He was respected by everyone around,” he said. “Even the white people respected him.” From the 16th to the 19th centuries, an estimated 1.4 million Igbo people were transported across the Atlantic as slaves.

Some families have chosen to hide similar histories. “We speak of it in whispers,” said Yunus Mohammed Rafiq, a 44-year-old professor of anthropology from Tanzania who now teaches at New York University’s center in Shanghai. In the 19th century, Mr. Rafiq’s great-great-great-grandfather, Mwarukere, from the Segeju ethnic group, raided villages in Tanzania’s hinterland, sold the majority of his captives to the Arab merchants who supplied Europeans and kept the rest as laborers on his own coconut plantations. Although Mr. Rafiq’s relatives speak of Mwarukere with pride, they expunged his name from family documents sometime in the 1960s, shortly after Tanzania gained independence from British colonial rule, when it was especially sensitive to remind Africans of their role in enslaving one another.

. . .

The Zambian pastor Saidi Francis Chishimba also feels the need to go public with his family’s history. “In Zambia, in a sense, it is a forgotten history,” said the 45-year-old. “But it is a reality to which history still holds us accountable.” Mr. Chishimba’s grandfather, Ali Saidi Muluwe Wansimba, was from a tribe of slave traders of the Bemba kingdom, who moved from Zanzibar to establish slave markets in Zambia. He grew up hearing this history narrated with great pride by his relatives.

In 2011, he decided to see the place of his ancestor’s origin and traveled with his wife to Zanzibar, an island off the coast of Tanzania. As they toured a memorial in what used to be one of the world’s largest slave markets, the photos of limbs amputated from runaway slaves and the airless chambers that once held dozens of slaves at a time shocked him into silence. “It brought a saddening in my heart that my own family lines were involved in this treatment,” he said. “It was so painful to think about.”

. . .

(p. C3) . . ., my father does not believe that the descendants of those who took part in the slave trade should now pay for those wrongs. As he points out, buying and selling human beings had been part of many African cultures, as a form of serfdom, long before the first white people landed on our shores. And though many families still retain the respect and influence accrued by their slave-trading ancestors, the direct material gains have petered out over time. “If anyone asks me for reparations,” he said sarcastically, “I will tell them to follow me to my backyard so that I can pluck some money from the tree there and give it to them.”

Mr. Chishimba takes a similar view. “Slavery was wrong, but do I carry upon my shoulders the sins of my forefathers so that I should go around saying sorry? I don’t think so,” he said. Mr. Duke doesn’t believe that Africans should play much of a part in the American reparations conversation, because the injustices the descendants of slaves suffer stem primarily from their maltreatment and deprivation in the U.S. “The Africans didn’t see anything wrong with slavery,” he said. “Even if the white man wasn’t there, they would still use these people as their domestics. However, because the white man was now involved and fortunes were being made . . . that was when the criminality came in.”

For the full essay, see:

Adaobi Tricia Nwaubani. “THE SATURDAY ESSAY; When the Slave Traders Were African.” The Wall Street Journal (Saturday, September 20, 2019): C1-C3.

(Note: ellipsis within the last quoted paragraph was in the original; other ellipses added.)

(Note: the online version of the essay was updated Sept. 20, 2019, and has the same title as the print version.)

When HR Team-Building Is on Fire

(p. B2) Walking barefoot across hot coals, an ancient religious ritual popularized in recent years as a corporate team-building exercise, has once again bonded a group of co-workers through the shared suffering of burned feet.

In the latest case of the stunt going wrong, 25 employees of a Swiss ad agency were injured Tuesday [June 14, 2022] evening while walking over hot coals in Zurich, officials said. Ten ambulances, two emergency medical teams and police officers from multiple agencies were deployed to help, according to the Zurich police. Thirteen people were briefly hospitalized.

. . .

Mr. Willey, who taught for years at the University of Pittsburgh, once shared the world record for the longest distance walked on hot coals.

The promises made by corporate retreat organizers are frequently unjustified, Mr. Willey said.

“They’re telling you that it’s all in your mind, and this will give you powers that will continue,” he said. “It’s not in your mind. Anybody can do it. And I don’t think the confidence you get from it is necessarily going to last that long.”

Mr. Willey said that coals at 1,000 degrees are safe to walk on for 20 feet or more, adding that he walked on coals at that temperature for 495 feet without getting a blister.

On his website, he writes that at a brisk walk your bare foot comes into contact with coals for just around a second, which is not enough time for heat to be transmitted painfully from coals to the human flesh. Both the coals and skin have vastly lower thermal conductivity than, for instance, metal, he said.

But mistakes can lead to injuries. These include curling your toes and trapping a coal between them; walking on coals that are too hot; choosing the wrong type of wood, since some get hotter than others; and performing a fire walk on a beach, where your feet might sink into sand, Mr. Willey said.

For the full story, see:

Alex Traub. “Company’s Team-Building Exercise Involved Hot Coals. It Ended Badly.” The New York Times (Monday, June 20, 2022): B2.

(Note: ellipsis, and bracketed date, added.)

(Note: the online version of the story has the date June 17, 2022, and has the title “Walking on Hot Coals: A Company Event Goes Wrong.”)

Regulations Hurt Immigrant Home Cooks in Gig Labor Market

“In the kitchen of her apartment in Green point, Brooklyn, Juliet Achan stirs up dishes from her Surinamese background.” Source of photo: online version of the NYT article cited below. Source of caption: print version of the NYT article cited below.

(p. B1) Several days a week, Jullet Achan moves around the kitchen of her apartment in Greenpoint, Brooklyn, stirring up dishes from her Surinamese background: fragrant batches of goat curry, root vegetable soup and her own take on chicken chow mein.

She packages the meals, and they are picked up for delivery to customers who order through an app called WoodSpoon.

“Joining WoodSpoon has made a huge difference during the pandemic, giving me the flexibility to work safely from home and supplement my income,” Ms. Achan said in a news release from the company in February.

However, in the state of New York, there are no permits or licenses that allow individuals to sell hot meals cooked in their home kitchens. And WoodSpoon, a three-year-old start-up that says it has about 300 chefs preparing foods on its platform and has raised millions of dollars from investors, including the parent company of Burger King, knows it.

“It’s not legally allowed,” said Oren Saar, a founder and the chief executive of WoodSpoon, which facilitated the interviews with Ms. Achan and other cooks. “If someone is on our platform and they’re selling food they cooked in their own kitchens, that’s against our platform policy. But, to be completely honest, we think that those rules are outdated.”

Ms. Achan said she had become aware from her own research that cooks were not allowed to sell foods cooked in their homes, but said she continued to do so. “The food needs to be prepared in a clean kitchen, and it needs to be done correctly,” she said. “I’ve been cooking for my family for years, and that’s how I prepare meals for my customers.”

. . .

(p. B4) Legislation was introduced last year that would allow individuals to sell hot meals from their own kitchens, but it is still pending.

Mr. Saar said WoodSpoon, which started in 2019, couldn’t wait for the laws to catch up when the pandemic hit. “With Covid and all of the people who were reaching out to us to work on the platform, all of the people we thought we could work with, it was not right for us to wait to launch,” he said.

He estimates that 20 to 30 percent of the chefs on the platform are using licensed commercial kitchens, meaning the bulk are not. He said WoodSpoon helped home cooks obtain the proper permits and licenses, provided safety training and inspected the kitchens, but ultimately the onus is on the individuals selling on the platform to follow the proper rules. A spokesman later added in an email that the company was working to make commercial kitchens available to its chefs.

“We are ahead of the regulators, but as long as I keep my customers safe and everything is healthy, there are no issues,” Mr. Saar said. “We believe our home kitchens are safer than any restaurants.”

When asked if WoodSpoon would remove any chefs it knew were cooking from kitchens in their homes, Mr. Saar demurred, saying, “It was a good question.” He noted that many of WoodSpoon’s cooks prepared and sold foods on social media and competing food platforms, like Shef.

For the full story, see:

Julie Creswell. “Illegally Delicious. Probably.” The New York Times (Monday, April 18, 2022): B1 & B4.

(Note: ellipsis added.)

(Note: the online version of the story has the date April 10, 2022, and has the title “The Home Cooks (and Start-Ups) Betting on Prepared Meals.”)

Ivy League Discriminates Against Middle-Class, White, Female Business Majors

(p. A4) Kaitlyn Younger has been an academic standout since she started studying algebra in third grade.

. . .

Ms. Younger, 18 years old, was cautiously optimistic when she applied to top U.S. colleges last fall. Responses came this month: Stanford, Harvard, Yale, Brown, Cornell, University of Pennsylvania, University of Southern California, University of California, Berkeley, and Northwestern all rejected her.

. . .

For students such as Ms. Younger, the odds are particularly long. She is a middle-class white female from a public high school in Texas who wants to study business. Each characteristic places her in an overrepresented group, said Sara Harberson, a former admission officer at University of Pennsylvania and now a private college-admissions counselor.

Nearly half of white students admitted to Harvard between 2009 and 2014 were recruited athletes, legacy students, children of faculty and staff, or on the dean’s interest list—applicants whose parents or relatives have donated to Harvard, according to a 2019 study published in the National Bureau of Economic Research.

At Harvard, low-income students with top academic scores had an admit rate of 24% compared to 15% for all other applicants, according to a 2013 study by the school. Harvard has said it believes enrolling a diverse student body is important because the school wants students to learn to work with people from different backgrounds.

“The middle class tends to get a little bit neglected,” said Hafeez Lakhani, a private college counselor in New York who charges $1,200 an hour. “Twenty years ago, Ms. Younger would have had a good shot at an Ivy League school.”

For the full story, see:

Douglas Belkin. “For Top Students, Rejections Pile Up.” The Wall Street Journal (Friday, April 22, 2022): A4.

(Note: ellipses added.)

(Note: the online version of the story was updated April 21, 2022, and has the title “To Get Into the Ivy League, ‘Extraordinary’ Isn’t Always Enough These Days.”)

The 2019 NBER article mentioned above has been published as:

Arcidiacono, Peter, Josh Kinsler, and Tyler Ransom. “Legacy and Athlete Preferences at Harvard.” Journal of Labor Economics 40, no. 1 (Jan. 2022): 133-56.

A related paper is:

Arcidiacono, Peter, Josh Kinsler, and Tyler Ransom. “Divergent: The Time Path of Legacy and Athlete Admissions at Harvard.” Journal of Human Resources (published online before print, on Jan. 13, 2022).

If a 6-Year-Old Cannot Jump-Rope in Communist China, Her Future Is Bleak

Photo of Art Diamond in first or second grade, finally succeeding at jump-rope. Source: photo by my first and second grade James Monroe School teacher, Miss Helen Kuntz.

My first and second grade teacher was Miss Helen Kuntz. I had a lot of trouble learning how to jump-rope. So when I finally succeeded, Miss Kuntz was so excited that she took my picture, which she mailed me several decades later from a nursing home. If I had been born and raised in Communist China my life would have been much different.

(p. A1) BEIJING—Chinese parents spend dearly on private tutoring for their children to get a jump on national math and language exams, the gateway to advancement and a better life.

Susan Zhang, a 34-year-old mother in China’s capital, is among a smaller group forking out big bucks for jump-rope lessons. She said she couldn’t understand why her 6-year-old daughter Tangtang couldn’t string together two skips in a row after three months of trying. The girl needed professional help.

More than playground prowess was at stake. In 2014, Chinese authorities introduced physical-education require-(p. A10)ments that included a national jump-rope exam for boys and girls from first through sixth grades.

To pass, students must complete minimum numbers of skips a minute, and failure can trip up an otherwise promising academic trajectory. Top officials see the activity as an accessible, low-cost way to help build national sports excellence, a priority of China’s leader Xi Jinping.

For the full story, see:

Jonathan Cheng. “China Exam Draws Jump-Rope Tutors.” The Wall Street Journal (Tuesday, Sept. 28, 2021): A1 & A10.

(Note: the online version of the story was updated September 27, 2021, and has the title “In China, Even Jump-Rope is Competitive—So Parents Pay for Lessons.” The online edition says that the title of the print version is “Exam Draws Jump-Rope Tutors,” but my National print version had the title “China Exam Draws Jump-Rope Tutors.”)

Workers With Little Choice in the Hours They Work Are Twice as Likely to Seek a New Job

(p. A11) . . . new survey data this week shows that full-time workers have more work-related stress and anxiety than their hybrid and remote counterparts.

Overall satisfaction with their workplace declined by 1.6 times as much for those working five days in the office compared with the other groups, according to the report from Future Forum, a consortium funded by Slack Technologies Inc., Boston Consulting Group and MillerKnoll.

The survey of more than 10,800 knowledge workers across about 20 industries including financial services, consumer goods and technology, comes as companies have been calling workers back to their desks at a higher rate than at any other time during the pandemic.

The discontent reflected in the data among those working in the office every day highlights risks that companies take by giving priority to face time and in-office culture over worker preferences for flexibility coming out of the pandemic, says Brian Elliott, executive leader of Future Forum.

“We were kind of shocked that it was as bad as it was,” he says. “It’s going to impact people’s tendency to resign.”

Of the workers surveyed, about 5,000 are based in the U.S. The share of those workers who are now back in the office five days a week rose from 29% in the last quarter of 2021 to 35% in the first quarter of this year.

Workers with little to no ability to set their own hours were more than 2½ times as likely to look for a new job in the coming year as those who have some say in when they work, according to the survey.

For the full story, see:

Katherine Bindley. “For Many, the Optimal Workweek Is One or Two Days in the Office’.” The Wall Street Journal (Monday, April 25, 2022): A11.

(Note: ellipsis added.)

(Note: the online version of the story was updated April 22, 2022, and has the title “What if the Optimal Workweek Is Two Days in the Office?”)

Elon Musk Is a “Free Speech Absolutist”

(p. A1) Twitter Inc. accepted Elon Musk’s bid to take over the company and go private, a deal that would give the world’s richest person control over the social-media network where he is also among its most influential users.

. . .

On Monday [April 15, 2022], a day after The Wall Street Journal first reported that a deal was close, Mr. Musk tweeted to indicate that he wants the platform to be a destination for wide-ranging discourse and disagreement.

. . .

(p. A6) Mr. Musk, a self-described “free speech absolutist,” said in a recent interview at a TED conference that he sees Twitter as the “de facto town square.”

For the full story, see:

Cara Lombardo, Meghan Bobrowsky and Georgia Wells. “Musk Strikes Deal to Buy Twitter.” The Wall Street Journal (Tuesday, April 26, 2022): A1 & A6.

(Note: ellipses, and bracketed date, added.)

(Note: the online version of the story was updated April 25, 2022, and has the title “Twitter Accepts Elon Musk’s Offer to Buy Company in $44 Billion Deal.”)