DealBook Briefing: Elon Musk Smoked Weed On Air

What Mr. Moonves would walk out with? CNBC reports that the board offered him $ 100 million in CBS stock – some of which they could claw back if the harassment allegations proved true. That figure is eye-popping, but then his contract promised $ 180 million.

Third Place wants to replace Campbell Soup's entire board

Mr. Loeb has not tried to replace a whole board before. Not many activist investors do – pushing for a handful of seats is a win win.

Third Point is likely to face stiff opposition, which owns about 40 percent of the shares. But Mr. Loeb is one of the most tenacious activists around.

More in activist investor news: Elliott Management proposed a corporate restructuring plan for Hyundai Motor.

Emerging markets

Sell-offs of stocks in emerging economies are hard hitting. The WSJ reports that the MSCI Emerging Markets Index has fallen by 20 percent from its recent peak, the typical definition of a bear market. And Nader Naeimi, head of dynamic markets at AMP Capital Investors, told Bloomberg they could have another 10 percent to go.

Declines in highly indebted Turkey and Argentina, and spread as a rising dollar-denominated debt. Continued fears about trade.

Brace for more China tariffs

The consultation period for President Trump's proposed 25 percent tariffs on his next $ 200 billion worth of Chinese goods, from bicycles to digital cameras, ended last night. The White House could impose them as soon as today. ($ 50 billion worth of goods are already penalized.)

A spokesperson for Beijing's economic ministry said in a statement, "If the United States, regardless of opposition, adopts any new tariff measures, China will be forced to roll out necessary retaliatory measures."

Some economists expect two more years of this.

More trade news: How China turned from business opportunity to archenemy. Mr. Trump hinted that his next trade war opponent could be Japan. America may have weaponized the dollar. And do not expect a Nafta deal this week.

Twitter finally bans Alex Jones

Alex Jones, the right-wing creator of the conspiracy theorist website Infowars. It blamed violations of its abusive-behavior policy.

Apple, Facebook and Google's YouTube mostly barred Mr. Jones last month, for hate speech. Until now, Twitter had only been released.

Twitter's latest action cuts off Mr. Jones's final live channel to mainstream audiences, severely restricting his ability to attract new viewers and build his public profile. Facebook's and YouTube's bans have already drastically reduced its reach, according to a New York Times analysis.

Trump tweets are not sinking stocks anymore

A look back at the time of critical presidential tweets, and their effect on the prices, suggests that investors are shrugging off Mr. Trump's broadsides. The stocks of targeted companies typically recover, and there is little, if any, discernible harm done to their business.

What you think of Big Tech's government

On Tuesday, we asked for your thoughts on how to be a patriotic company when you vehemently disagree with your nation's leader. Here's what some of you told us:

Don Champagne: "I'm a 75-year old Vietnam-era veteran, so it is perhaps not surprising that I am appalled that Silicon Valley employees objected to doing A.I. work for the government. But, I am not surprised. I think we encourage selfishness and ignorance of the government when we discontinued the military draft. "

Paul Bishop: "The Tech Sr. Mgmt. and employees in general have to take the long view, and do what is in the long term best interests of this Country. The outside forces that contrasted us, would cheer wildly if they thought they had neutralized tech so easily. "

Norma P. Munn: "I also question the belief that innovation is best served by a partnership between technology and government, especially when the partnership is with any aspect of the military or security entities. There is simply too much secrecy. Innovation thrives on an open exchange of ideas and a wide exploration of questions. "

Revolving door

Tidjane Thiam, Credit Suisse's C.E.O., denied that he would leave the bank to run for president in Ivory Coast.

Nick TuostoBanker America Merrill Lynch, most recently co-head of internet and digital media, will join the merchant bank LionTree.

Joseph Chancellor, a psychology researcher with the Cambridge Analytica, has left Facebook.

The speed read

Deals

• European regulators cleared Apple's takeover of Shazam. (NYT)

• Saudi Aramco is said to be a $ 1 billion tech investment fund. (WSJ)

• SoftBank has reportedly asked you to advise on the I.P.O. of its Japanese telecom unit to provide loans to other parts of its business. (Bloomberg)

• The stock-trading Robinhood app is prepared to go public. (TechCrunch)

Politics and policy

• The Education Department hopes to halt state clampdowns on student loan providers. (NYT)

• House Republicans want to extend the Trump tax cuts past 2025. They're getting little encouragement from the Senate. (WSJ)

• President Trump may risk a government shutdown over his border wall, but only after the midterms. (Bloomberg)

Tech

• The Justice Department's antitrust chief says the size of tech giants alone is not grounds for investigating them. (Bloomberg)

• What Jack Dorsey and Sandberg Sheryl taught about the internet. (NYT)

• What changed after Equifax's data disaster? Not much. (Axios)

• Silicon Valley wants to get you fit. First, lighten your wallet. (NYT)

Best of the rest

• Burberry will stop burning unsold merchandise. (NYT)

• Women and people of color told American Bar Association that they still face discrimination at law firms. (NYT)

• The family behind OxyContin is trying to carry on as usual as their company becomes the boogeyman of the opioid crisis. (FT)

• Layoffs have reached a five-decade low. (WSJ)

• Private banks are now advising clients on art. (FT)

• Coming to your office: Generation Z. (WSJ)

Thanks for reading! We'll see you tomorrow.