Macro Finance
The Tiny Magnet Maker That Attracted $1.6 Billion From Lutnick
Bloomberg Markets·September 25, 2026·1 min read
Commerce Secretary Howard Lutnick announced a $1.6 billion government commitment to fund USA Rare Earth Inc., a US magnet maker, while his sons' firm raised $1.5 billion more from private investors. Democratic lawmakers question potential conflicts of interest, and doubts remain over the company's ability to produce critical minerals to break China's chokehold.
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