Happy Friday, N2K reader!

Vote for the winner of this week’s world-famous news haiku competition™ in today’s poll! And now for something completely different.

Matt Davis — Need2Know Chedditor

News You Need2Know

• President sues JP Morgan, accusing bank and its CE …

• Coney Island hot dog hawker Nathan’s Famous sells …

• OpenAI aims to raise $50 billion in the Middle Eas …

• IRS announces major shakeup to start tax season

• The best part of awards season is what’s behind th …

• Poll of the day: It’s World Famous 575™ time!

What’s the stock market up to, eh?

$SPX ( ▼ 0.2% ) $DJI ( ▲ 0.63% ) $NDX ( ▼ 1.24% )

Companies mentioned in today’s newsletter

$JPM ( ▲ 0.7% )  $SFD ( ▲ 1.37% )  

President sues JP Morgan, accusing bank and its CEO of political bias

President Donald Trump has filed a lawsuit against JPMorgan Chase $JPM ( ▲ 0.7% ) and its CEO, Jamie Dimon, seeking $5 billion in damages. Trump alleges that the bank unfairly closed his accounts in January 2021 for political reasons, following the January 6 insurrection.

The suit, filed in Miami-Dade County, accuses JPMorgan of bowing to “unsubstantiated, ‘woke’ beliefs” and politically motivated discrimination aimed at distancing the bank from Trump and his conservative views.

Trump’s complaint claims JPMorgan’s actions caused financial and reputational harm to him and his businesses. It also alleges that Dimon directed JPMorgan to place Trump and his affiliates on a “blacklist” of individuals deemed high-risk or non-compliant with bank rules. “JPMorgan debanked the accounts ‘because it believed that the political tide at the moment favoured doing so,’” the complaint states.

The bank, however, has denied the allegations. “While we regret President Trump has sued us, we believe the suit has no merit,” JPMorgan said, adding that account closures are based on regulatory considerations, not politics.

Perhaps not entirely coincidentally, JPMorgan Chase CEO Jamie Dimon criticized Trump’s Immigration and Customs Enforcement (ICE) crackdown in Davos yesterday, likening it to "five grown men beating up a little old lady."

Speaking at the World Economic Forum, Dimon advocated for a calmer, more compassionate approach to immigration, emphasizing the contributions of immigrants to industries like healthcare, agriculture, and hospitality. He urged pathways to citizenship for hardworking individuals and proper asylum policies.

Coney Island hot dog hawker Nathan’s Famous sells for $450 million

The landscape of American fast food is shifting as the legendary Nathan’s Famous Inc. has agreed to be acquired by Smithfield Foods Inc. $SFD ( ▲ 1.37% ) in a deal valued at approximately $450 million. The sale marks a massive milestone for the company that began as a humble nickel hot dog stand on Coney Island in 1916.

Smithfield, the world’s largest pork producer, will pay $25.35 per share in cash to take over the iconic brand. For Smithfield, which already manufactures the hot dogs sold under the Nathan’s label, the acquisition is a strategic move to expand its portfolio of branded products.

Nathan’s Chairman Howard Lorber expressed optimism about the future, stating, “We are excited to become part of the Smithfield family.” He then ran off with a huge bag of money, bound for Las Vegas.

While the ownership is changing, the brand’s deep-rooted connection to New York culture remains intact. With over 10,000 outlets and its world-famous Fourth of July eating contest, Nathan’s Famous is more than just a restaurant; it’s an American institution. This $450 million deal ensures that the "World’s Greatest Hot Dog" will continue to reach fans across the globe.

Song of the Day: Girlfriend, ‘Sideways’

On her full-length debut studio album, “Honey Water,” Girlfriend keeps lighting the same match and wondering why her fingers burn. Her songs revolve around staying when you should leave. Here’s one about “looking at me sideways.” So, it’s just like this newsletter!

OpenAI aims to raise $50 billion in the Middle East

OpenAI is once again turning to the Middle East for financial backing as it seeks to secure a new funding round for $50 billion. CEO Sam Altman recently visited the United Arab Emirates (UAE) to engage with sovereign wealth funds, hoping to close the multibillion-dollar deal, according to a report from Bloomberg. Should the round be finalized, it would boost OpenAI's valuation to between $750 billion and $830 billion, setting a remarkable milestone in private fundraising.

This isn’t OpenAI’s first engagement with Middle Eastern investors. MGX, a tech investment firm based in Abu Dhabi, has previously invested in the company, and OpenAI is currently constructing a large data center in the UAE to bolster its operations. The funding effort comes on the heels of a $40 billion investment from SoftBank $SFTBY ( ▲ 1.51% ) late last year and another $6.6 billion raised through a share sale in October.

Despite its position as a category leader in AI, OpenAI remains unprofitable and is grappling with high cash burn rates and growing competition from rivals like Google’s $GOOGL ( ▼ 1.89% ) Gemini. This fresh round of funding will likely be crucial.

Don’t say: “Hey, ChatGPT, tell me all about civil rights violations in Dubai!”

IRS announces major shakeup to start tax season

As the 2026 tax filing season looms, IRS Chief Executive Officer Frank Bisignano has announced a major reorganization to improve taxpayer service and modernize the agency. Just days before millions of tax returns are expected to flood the system, Bisignano revealed key personnel changes and operational priorities aimed at navigating significant tax law updates passed last summer.

Notable changes include Gary Shapley, known for his whistleblower testimony regarding Hunter Biden’s taxes, being named deputy chief of the criminal investigation division. Meanwhile, Jarod Koopman will step into the dual role of chief tax compliance officer and the head of criminal investigation as Guy Ficco retires. Joseph Ziegler, another whistleblower, has been appointed chief of internal consulting.

Bisignano expressed optimism in a letter addressed to the IRS’s 74,000 employees, stating, “I am confident that with this new team in place, the IRS is well-prepared to deliver a successful tax filing season for the American public.” 

But concerns remain. National Taxpayer Advocate Erin M. Collins said: ”With the IRS workforce reduced by 26% and significant tax law changes on the horizon, there are risks to next year’s filing season.”

The agency expects to process 164 million individual tax returns, striving to enhance customer service, improve tax collection, and safeguard taxpayer privacy.

Should you check your 401(k) today?

👍️ 

Yes. Things continue to recover from their post-weekend wobbles.

The best part of awards season is what’s behind the scenes

This is the latest in a series of weekly guest columns on the business of movies by Grant Keller.

Awards season is upon us, which means glitz, glamour, and most importantly: a lot going on behind the scenes. While people focus on the winners and losers, the real win is all the free, detailed material you can use to learn about all these incredible films.

Poll of the day: It’s World Famous 575™ time!

Poll of the day: No Fitbit for your dog, then…

We asked: “Would you get a Fitbit for your dog?”

You answered:

🟨🟨⬜️⬜️⬜️⬜️ I don't need one. I can tell he's too fat even without technological assistance. (105)

🟨⬜️⬜️⬜️⬜️⬜️ Yes, it seems like a great idea! (73)

🟩🟩🟩🟩🟩🟩 No. No. No. And I say again. No. (240)

🟨⬜️⬜️⬜️⬜️⬜️ If by dog you mean my grandfather, then yes. (36) 454 Votes

via @beehiiv polls

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