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Egan-Jones Private Credit Ratings Draw Scrutiny on Wall Street

Egan-Jones Private Credit Ratings Draw Scrutiny on Wall Street

Bloomberg04-06-2025
Welcome to Going Private, Bloomberg's twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, a warning about private credit risks becoming systemic and Elon Musk's fundraising spree. But first, we take you to the Philadelphia suburbs, where a prolific credit grader has become an outsize player in the multi-trillion private credit industry — Isabella Farr and Davide Scigliuzzo.
If you're not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net
In 2024, a small ratings firm headquartered in a four-bedroom colonial just outside of Philadelphia, stamped ratings on more than 3,000 private credit deals — all with a team of just 20 analysts.
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Elon Musk Says Apple Is Rigging the App Store for ChatGPT
Elon Musk Says Apple Is Rigging the App Store for ChatGPT

Gizmodo

time31 minutes ago

  • Gizmodo

Elon Musk Says Apple Is Rigging the App Store for ChatGPT

Elon Musk has opened a fresh front in his ongoing feud with Big time he's targeting Apple. On Monday night, the Tesla and SpaceX CEO accused the iPhone maker of antitrust violations, claiming its App Store policies put his AI chatbot Grok, developed by xAI, at a disadvantage compared to rivals, particularly OpenAI's ChatGPT. 'Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation,' Musk posted on X (formerly Twitter). 'xAI will take immediate legal action.' Apple is behaving in a manner that makes it impossible for any AI company besides OpenAI to reach #1 in the App Store, which is an unequivocal antitrust violation. xAI will take immediate legal action. — Elon Musk (@elonmusk) August 12, 2025Musk didn't elaborate on the legal strategy or confirm whether a lawsuit is already in motion. But his public offensive had begun earlier in the evening, as if he were building a case before a jury. 'Hey @Apple App Store, why do you refuse to put either 𝕏 or Grok in your 'Must Have' section when 𝕏 is the #1 news app in the world and Grok is #5 among all apps?' he wrote in another post. 'Are you playing politics? What gives? Inquiring minds want to know.' A quick check by Gizmodo found that ChatGPT is currently the No. 1 free app in the U.S. iOS App Store and the only AI chatbot featured in Apple's 'Must-Have Apps' section. Musk sees that as evidence of bias, and he's tying it to Apple's deeper ties with OpenAI. 'And why is ChatGPT literally in every list where you have editorial control?' he added in yet another post. Apple and OpenAI announced a partnership in June 2024 to integrate ChatGPT into iPhones, iPads, and Macs through Siri and system-wide writing tools. The deal gave OpenAI's chatbot unprecedented visibility and direct access to hundreds of millions of Apple users. And why is ChatGPT literally in every list where you have editorial control? — Elon Musk (@elonmusk) August 12, 2025Musk, who co-founded OpenAI in 2015 but left the company three years later after a falling-out, has since become one of its fiercest critics. His AI company, xAI, launched Grok in late 2023, branding it as an 'edgy' alternative to mainstream chatbots. Grok is integrated directly into X, the social platform Musk acquired in 2022. The spat with Apple adds to Musk's growing list of AI-related battles, including lawsuits, public feuds with former allies, and frequent claims that competitors are politically biased. Musk's threat marks the opening salvo in what could become a major new antitrust fight. Apple has long faced scrutiny and lawsuits from developers such as Epic Games, as well as regulators in the U.S. and Europe, who argue that its iron grip on the App Store amounts to an illegal monopoly. Now, Musk is repurposing those same arguments for the AI era. His complaint targets the core of Apple's App Store power: the ability to anoint winners and bury rivals through editorial curation and promotion. For an upstart like xAI, being sidelined while a competitor enjoys premium placement can be fatal. In Musk's view, Apple's promotion of ChatGPT is part of a cozy, potentially anti-competitive relationship with OpenAI. Apple did not immediately respond to Gizmodo's request for comment. It's Musk's classic strong arm move. He's done it before, yell loud enough, play the bully, and force your rival to the table. Now the question is whether Apple takes the bait or calls his bluff.

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