Newsletter But Mr. Trump’s warnings to his former ally are backed by several ways the White House could punish the world’s richest man. By Andrew Ross SorkinBernhard WarnerSarah KesslerMichael J. de la Merced and Danielle Kaye Just in: Warner Bros. Discovery said it plans to split itself into two publicly listed companies — one focusing on its streaming and studios business, the other on its cable channels — as it seeks to lift its embattled stock valuation. We’re taking a look at the latest in the Musk-Trump saga, the inflamed tensions in Los Angeles and the trade negotiations with China taking place in London today. And we remember Dick Beattie, a prominent Wall Street lawyer behind many of the biggest deals of the last half-century. There’s still no sign of a reconciliation between President Trump and Elon Musk. That will continue to have potentially big consequences for Musk’s vast business empire — and for his rivals — as the world’s richest man remains on the outs with the administration. The latest: A seeming truce between Trump and Musk appears to be holding, insofar as neither man is using his respective social media platform to assail the other. Musk’s X feed in recent days has focused more on excoriating immigration protesters in Los Angeles. Trump warned Musk to keep quiet, however. The president told NBC News that there would be “serious consequences” if his erstwhile ally backed Democratic challengers to Republican lawmakers over the policy bill. Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times. Thank you for your patience while we verify access. Already a subscriber? Log in. Want all of The Times? Subscribe.