WSJ : The Sickest Burns on the Internet Right Now Are Coming From French Bureauc

The Sickest Burns on the Internet Right Now Are Coming From French Bureaucrats
The country’s politicians have spent centuries mastering the art of saying nothing. That all changed in September.


PARIS—When French authorities raided X’s offices over alleged distribution of child sexual-abuse material, owner Elon Musk took to his account to call it “a political attack.”

Two hours later, French diplomats shot back on X, referencing Jeffrey Epstein: “Maybe that logic flies on some island. Doesn’t fly in France.”

Some of the sickest burns on the internet right now are coming out of the French Foreign Ministry.

For centuries, French has been the measured and mellifluous language of international diplomacy. Politicians here have so mastered the art of saying nothing that the technique has its own name: la langue de bois, or wood tongue.

But now a cadre of bureaucrats in Paris’s gilded Quai d’Orsay are ditching their carefully worded communiqués in favor of a stream of real-time X posts that mix self-mockery and sarcasm…in English.

Their X account is called French Response, and it was started in September as part of a broader French strategy to adopt a more combative tone. The goal: better defend the country in a multifront meme war.

Initially, French Response targeted its trolling largely at Russia, which French officials have long accused of deploying social media as a weapon to tear at France’s social fabric. But as trans-Atlantic tensions with the U.S. mounted over topics like tech regulation and President Trump’s desire to own Greenland, the account increasingly directed broadsides at Trump administration officials and MAGA allies.

“Breaking: Statue of Liberty reportedly spotted swimming back across the Atlantic. Said she ‘preferred the original terms and conditions,’” French Response replied in January to a pro-Trump account on X that had said France could be conquered “as an after thought” following a U.S. takeover of Greenland and Canada.

“#MakeAmericaGoodAgain please,” read another post from last month, with a picture of Abraham Lincoln.


On a Friday in late February when Sarah Rogers, U.S. undersecretary for public diplomacy, posted on X that the U.S. “will continue to watch” a case in France where a far-right activist was allegedly killed by people with ties to far-left groups, French Response replied with statistics suggesting the U.S.’s homicide rate is several times higher than France’s. “We will continue to watch this case,” French Response wrote.

The account has gotten widespread attention, in part for mixing its attacks with a soupçon of self-deprecation.

When Fox News host Laura Ingraham criticized French President Emmanuel Macron for urging a riposte to U.S. threats to take Greenland, French Response wrote, “Colonialism doesn’t work—trust us,” evoking France’s own checkered colonial past.

French Response grants itself no diplomatic immunity for stereotypes, either.

When a Russian commentator accused “panicked EU bureaucrats” of attacking X, the account reposted a meme video of two Italian DJs nonchalantly spinning 1990s-inflected electro while smoking cigarettes and drinking Campari on a sunny balcony.


“The French often have a reputation for being arrogant, particularly in diplomacy,” said François Heisbourg, a former senior French diplomat, who described the shift as clever. “This isn’t the house style.”

France has a history of political witticisms, or bons mots—literally “good words,” said Julien Nocetti, a research fellow at the French Institute of International Relations. This tradition, which emerged in the Parisian literary salons of the 17th and 18th centuries, is defined as the art of the witty remark.

“O Lord, make my enemies ridiculous,” Voltaire, the 18th-century French enlightenment philosopher, himself known for his bons mots, once wrote, adding: “God granted my prayer.”

The more recent inspiration for the account came from French Foreign Minister Jean-Noël Barrot. He decided France had to do a better job breaking through on social media when it came under criticism.


Responding to online attacks with a press release was, as a person close to France’s foreign ministry put it, “a bit like showing up to drinks with friends in a tuxedo.” Pascal Confavreux, a ministry spokesman, phrased it more diplomatically: “We use irony and humor to deliver a punch and create deterrence by exposing the absurdity of the claims made by those who attack us.”

Political voices from the U.S. to Europe have been injecting more humor and derision into their public messaging, an approach that some research suggests is more powerful.

“News is given with a frank posture, tinged with humor, derision, sometimes self-deprecation, which leads to virality on social networks, and increases the impact of our message,” Barrot said in a January speech to French diplomats where he urged them to adopt the French Response tone.

Nicolas Normand, a former French ambassador to several African nations, said the new initiative is still dwarfed by the waves of false and damaging online claims targeting France.

“It’s a drop in the ocean,” he said.

The team running the account comprises career diplomats, former journalists and online community managers who already worked at Quai’s press directorate. France’s foreign ministry declined to make them available for an interview, citing a risk of online harassment.

Marie-Doha Besancenot, a communications adviser in Barrot’s cabinet who previously led public diplomacy at NATO, plays a role supervising the account.

Musk, who has regularly attacked European regulations on social-media companies and investigations into X, is a frequent target. French Response has replied or quote-tweeted over a dozen Musk posts since late September.

In January, the billionaire retweeted an X post with stats showing U.K. prosecutions of social-media users and asked, “Why is the UK government so fascist?” French Response came to Britain’s defense with a viral photograph of Musk at a 2024 post-election rally.

That post, on Jan. 11, is French Response’s most viewed, with 8.3 million views. It helped propel the account from roughly 12,000 followers to more than 185,000 today. The foreign ministry says the account now receives roughly 35 million views a month.

FT : Engie to buy UK’s biggest electricity distribution company in £10.5bn deal

Engie to buy UK’s biggest electricity distribution company in £10.5bn deal
French utility to purchase UK Power Networks from Hong Kong’s CK Infrastructure Holdings

Engie has agreed to buy UK Power Networks, Britain’s biggest electricity distribution company, for £10.5bn, as the French utility expands its role in supplying power to households and businesses.

Engie said late on Wednesday it was purchasing UK Power Networks from Hong Kong billionaire Li Ka-shing’s CK Infrastructure Holdings.

The French utility — which counts the French state as a 23 per cent shareholder — has invested in renewable power generation in recent years in continental Europe, the UK and elsewhere alongside its gas production and trading. 

Engie has also sought to shift more into operating power supply networks, which offer a predictable stream of revenues set by regulators and serve to smooth the utility’s earnings.

UK Power Networks is one of five monopoly power distribution networks in Britain, deriving its revenues from a portion of customer bills.

The company is the largest electricity distribution company in the UK by number of customers, serving 8.5mn households and businesses across London and the south-east of England.

The deal has an equity value of £10.5bn. Engie said it would finance the acquisition through €4bn of asset sales, new debt and a €3bn capital raising.

Engie chief executive Catherine MacGregor said Britain would become the group’s second-largest contributor of operating profit after France.

She pointed to the UK’s “clear decarbonisation and electrification strategy, which goes hand in hand with considerable investment needs in networks and energy infrastructure”.

The UK has a target of achieving net zero carbon emissions by 2050, which is propelling huge investment in the country’s power networks — so they can cope with higher demand for electricity from households and businesses as part of the pivot away from fossil fuels.

Engie said the deal to buy UK Power Networks was expected to close in mid-2026.

The utility also raised its 2026 profit targets, saying it expected net income of between €4.6bn and €5.2bn this year, up from a previous range of €4.2bn to €4.8bn, due to the acquisition.

In 2022, a plan by CK Infrastructure Holdings to sell UK Power Networks to a consortium involving KKR and Macquarie collapsed after a last-minute price increase by the owner. 

FT : Iran to offer ‘commercial bonanza’ to US companies

Iran to offer ‘commercial bonanza’ to US companies
Tehran is seeking to tempt Donald Trump with investments in its oil and gas reserves as it seeks to stave off an attack

Iran is aiming to tempt Donald Trump with financial incentives, including investments in its vast oil and gas reserves, as part of efforts to convince the US president to agree a deal on its nuclear programme and avoid war.

One person familiar with the matter described the prospect of a “commercial bonanza”, with Tehran seeking to appeal to Trump’s penchant for deals promising a financial dividend for the US.

Iranian foreign minister Abbas Araghchi will hold another round of indirect talks with US envoys Steve Witkoff and Jared Kushner in Geneva on Thursday.

A senior US official said no commercial offer had yet been made to the US. “This was never discussed. President Trump has been clear that Iran cannot have a nuclear weapon or the capacity to build one,” the official said.

The prospect of investment opportunities was “specifically directed at Trump, a major economic bonanza in oil and gas and mining rights, critical minerals and all of that”, the person familiar with the matter said.

A second person said there had been discussions on Iran offering US investments in gas and oil but said the proposal had not been formally presented to Washington.

“[Iran is] looking at Venezuela as a case study,” the person said, referring to Trump’s push for US companies to get oil deals in the Latin American country after the US seized Nicolás Maduro last month.

The idea forms part of Iran’s efforts to convince Washington it is serious about a deal and stave off US strikes as it faces mounting pressure from Trump.

It also comes as Iranian officials have threatened to escalate any conflict with the US in the wake of an American attack, indicating they will reconsider their previous doctrine of limiting retaliation.

Trump, who has assembled the biggest military build-up in the Middle East since the 2003 US-led invasion of Iraq, warned Tehran last week it had a “maximum” 15 days to reach a deal or “bad things will happen”.

In his State of the Union address on Tuesday, Trump condemned what he called Iran’s “sinister” nuclear ambitions and accused Tehran of “working to build missiles that will soon reach” the US.

“My preference is to solve this problem through diplomacy,” he said. “But one thing is certain, I will never allow the world’s number one sponsor of terror, which they are . . . to have a nuclear weapon. Can’t let that happen.”

Iran insists its programme is for civilian purposes, but it was enriching uranium close to weapons grade levels before the US and Israel bombed its nuclear facilities last year.

The people briefed on the talks said Iran was also discussing the possibility of a multinational verification mechanism for its nuclear programme, which could involve a US team or a third country representing it, alongside the International Atomic Energy Agency, the UN watchdog.

Araghchi said on Tuesday that Iran “will under no circumstances ever develop a nuclear weapon” and would seek a “fair and equitable deal — in the shortest possible time”.

“We have a historic opportunity to strike an unprecedented agreement that addresses mutual concerns and achieves mutual interests,” Araghchi said on X. “A deal is within reach, but only if diplomacy is given priority.”

Iran’s foreign ministry spokesperson Esmail Baghaei declined to provide details about what Tehran was offering but cited opinion pieces by Araghchi about potential economic co-operation with the US.

“In those articles, Araghchi talks about oil, gas and energy, where we have advantages and need modern technology, and where there is strong capacity,” Baghaei told the FT.

Iran ranked as the planet’s third-largest oil and second-largest gas reserve holder in 2023, according to the US Energy Information Administration. It shares the world’s largest natural gasfield with Qatar.

Hamid Ghanbari, a deputy foreign minister, told Iranian businessmen this month that “common interests in the fields of oil and gas, including joint fields [with neighbouring countries], as well as investments in mining and even the purchase of civilian aircraft, have been included in the talks with the US”. 

Ghanbari said that unlike with the 2015 nuclear deal that Tehran signed with the Obama administration and other world powers, it was “necessary for the US to benefit from sectors that offer high and quick returns” to secure a “sustainable agreement”.

Iran briefly opened up to foreign investment after that deal took effect, with Boeing signing a $20bn deal to supply aircraft to Iran Air.

But it collapsed before any aircraft were delivered after Trump abandoned the nuclear accord in 2018 and imposed waves of severe sanctions that cut Iran off from the global financial system and prevented foreign investment.

As part of any new nuclear deal, Iran would want sanctions relief. Ghanbari said Tehran would expect the US to unfreeze its oil money held overseas, amounting to tens of billions of dollars.

The Trump administration and Iran have held two rounds of indirect talks this month, the first since the US briefly joined Israel’s 12-day war against Iran last June. They had held five rounds of negotiations before that conflict.

A longstanding barrier to progress has been whether Iran can keep its ability to enrich uranium. The US has been insisting that Tehran permanently end its capacity to enrich.

Iran has rejected the condition, saying it is its right as a signatory to the non-proliferation treaty. Caving to the demand is considered a red line for Ayatollah Ali Khamenei, the supreme leader. 

Regional officials, including Turkey’s top diplomat, have told the FT that the Trump administration had signalled it might be flexible, suggesting Iran could be allowed to enrich to token levels if a deal was agreed. Trump administration officials have disputed this.

Araghchi told MSNBC last week that Washington had not asked Tehran to permanently suspend enrichment.

“We have not offered any suspension, and the US side has not asked for zero enrichment,” he said. But Witkoff, Trump’s lead negotiator, said at the weekend that the president’s “red lines” included “zero enrichment” and said Iran would have to hand over its enriched uranium stockpile.

FT : Salesforce chief dismisses ‘SaaS-pocalypse’ fears of AI overtaking business

Salesforce chief dismisses ‘SaaS-pocalypse’ fears of AI overtaking business software
Shares in company that sells software as a service fall after it projects revenue below Wall Street’s expectations

Salesforce chief executive Marc Benioff has dismissed concerns of a “SaaS-pocalypse” hitting business software even as the group posted a weak revenue forecast amid investor fears that AI will disrupt its business.

The group on Wednesday said its full-year revenue would come in between $45.8bn and $46.2bn, undershooting analysts’ estimates of $46.1bn, according to S&P Visible Alpha.

Salesforce, which sells software as a service (SaaS) to track customer relationships, has faced pressure from investors during a market rout spurred by the risk that AI start-ups such as Anthropic pose to software companies.

The group has been pitching its “agentic” AI tool Agentforce that can take actions on behalf of clients, including handling customer service.

“If there is a ‘SaaS-pocalypse’, it may be eaten by the ‘SaaS-quatch’ because there are a lot of companies using a lot of SaaS because it just got better with agents,” Benioff told investors.

“Anthropic runs its whole operation on Salesforce and Slack. I think every AI company does,” he added.

The San Francisco-based company’s shares are down about 27 per cent this year alongside competitors such as Intuit, Workday and ServiceNow. They dropped a further 5 per cent in after-hours trading on Wednesday.

The soft guidance accompanied mixed fourth-quarter earnings, with Salesforce reporting revenue increased 12 per cent to $11.2bn in the three months ended January 31, in line with expectations. Operating profits of $1.9bn fell shy of the $2.1bn analysts estimated.

Agentforce and Data 360, the company’s AI products, generated annual recurring revenues of $2.9bn, up from $1.4bn in the previous quarter. This included $1.1bn from cloud data business Informatica, which it acquired for $8bn in late 2025.

Salesforce is also wrestling with the pricing model that will underpin its future AI services, having traditionally focused on a “per-seat” licensing approach.

Benioff has insisted that pricing based on the number of users offers customers predictability. This contrasts with a move towards a consumption-based model adopted by some AI start-ups — or an outcome-based approach promoted by Sierra, a rival start-up set up by former Salesforce co-CEO Bret Taylor.

Salesforce on Wednesday boosted its dividend and announced a new $50bn share buyback programme after repurchasing $23bn last year.

Benioff — long a supporter of progressive causes — has come under fire from Salesforce employees after making a series of remarks regarding immigration and law enforcement.

He invited employees who had flown into Las Vegas from overseas this month for a company event to stand up before noting that Immigration and Customs Enforcement agents were present and monitoring them.

The remarks came several months after the billionaire invited US President Donald Trump to deploy the National Guard in San Francisco to curb crime and public drug use. He later apologised for the remarks.

His recent comments have led to significant employee pushback, including from senior executives such as Rob Seaman, general manager of subsidiary Slack.

In a message to employees, Seaman wrote he “cannot defend or explain” Benioff’s remarks. “They do not align with my personal values and I know this to be the case for many of you as well.”

Senior figures have left Salesforce in recent months, including Slack CEO Denise Dresser, who joined OpenAI as chief revenue officer.

>>> US After Hours Summary: NVDA -0.7% initially traded higher then ticked lower

After Hours Summary: NVDA -0.7% initially traded higher then ticked lower during call; NTNX +15.1% on AMD investment and earnings; SEZL +15.7%, VAC +12.1% higher on earnings; AI -22.4%, TTD -16.2% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: IBTA +20.2%, SEZL +15.7%, NTNX +15.1% (also partnership with AMD to jointly develop AI infrastructure platform, includes AMD making a $150 mln investment in NTNX stock), VAC +12.1%, ARQT +10.1% (also files mixed shelf offering; also files for common stock offering by selling shareholders), MRVI +9.2%, CHYM +8.4%, STRL +7.7%, ROOT +7.2%, IONQ +7.1%, XZO +6.7% (also new strategic partnership with Tokio Marine Highland), LXU +6%, NPKI +5.6%, IMAX +5.4%, MEG +4.8%, INVA +4.8%, ECPG +4.2%, LB +4% (also increases dividend; also authorizes new $50 mln share repurchase program), VCYT +3.6%, TASK +3%, MIAX +2.3%, CBZ +2.1%, PSTG +2%, PR +1.6% (also increases dividend), APA +1.4%, SKYT +1.3%, JOBY +1.2%, ACAD +1.1%, KNTK +1.1%, ADMA +0.8%, TCOM +0.8%, URBN +0.8%, SLNO +0.7%, PSKY +0.5%, MYRG +0.4%, MGNI +0.2% (also authorizes new $200 mln share repurchase program), WTRG +0.2%, KW +0.1%

Companies trading higher in after hours in reaction to news: TASK +3% (CFO to step down; also declares special dividend of $3.65/sh; also announces refinancing commitments), BWIN +2.7% (collaboration with Fairway Mortgage), BNC +2.1% (issues letter to shareholders), XYL +1.7% (authorizes new $1.5 bln share repurchase program), MRK +1.4% (FDA approves NUMELVI for Dogs), TPB +1.2% (increases dividend), TMO +0.7% (increases dividend), PACB +0.6% (files mixed securities shelf offering), FICO +0.5% (authorizes new $1.5 bln share repurchase program), ABG +0.4% (authorizes $424 mln increase to share repurchase program), PFG +0.3% (files mixed securities shelf offering)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: PRCT -27.3%, ARRY -22.8%, AI -22.4%, ERII -20.2%, TTD -16.2% (also increases share repurchase authorization by $350 mln), CHE -12.6%, ZIP -11.2%, GDRX -11%, FTAI -9.2% (also increases dividend), EE -9.1%, RDW -8.8%, ALKT -8.4%, BBSI -7.9%, HEI -6.3%, UHS -6%, NU -5.4%, ORA -5.3%, ENVX -5% (also authorizes new $75 mln share repurchase program), CRM -4.4% (also authorizes new $50 bln share repurchase program; increases dividend), MIRM -4.4%, SNPS -4.4% (also increases share repurchase authorization to $2 bln), FSK -4.3%, HNST -4.3% (also $25 mln inaugural share repurchase authorization), NGVT -4.2%, NRDS -3.9%, ZM -3.9%, SARO -3.3%, HTO -3.2%, A -3.1%, SRPT -3.1%, MDXG -3%, SM -2.7%, TTI -2.7%, SNOW -2.6%, METC -2.4%, PTGX -2.4%, RVMD -2.2%, NOG -1.8%, GNL -1.8%, VICI -1.6%, PRSU -1.6%, CPRX -1.4%, TKO -1.1% (also to launch up to $1 bln in share repurchases in March 2026), DORM -0.7%, NVDA -0.7% (also finalizing an investment and partnership agreement with OpenAI), OUT -0.6%, SDRL -0.5%, DBRG -0.4%, TDOC -0.4%, CLDX -0.4%, SDGR -0.2%, QXO -0.2%, CRGY -0.1%

Companies trading lower in after hours in reaction to news: INVX -9.8% (stock offering by selling shareholder), VGZ -9.2% (commences $30 mln stock offering), UCTT -5.2% ($400 mln convertible notes offering), MIRM -4.4% (stock offering by selling shareholders), LRMR -2% (commences $75 mln stock offering), ARES -1.6% (files mixed securities shelf offering), ECL -1.5% (dividing its COO role into two complementary positions), LFST -1.5% (25 mln share offering by selling shareholders), AMD -1.5% (partnership with NTNX to develop AI infrastructure platform; includes AMD making a $150 mln investment in NTNX stock), MCB -1.1% ($175 mln stock offering), HESM -1.1% (files prospectus; may offer shares representing limited partner interests), DDOG -0.7% (strategic partnership with Sakana AI), EFX -0.4% (increases dividend), C -0.1% (files mixed securities shelf offering)

WSJ : Developer Behind London’s One Hyde Park Gets $55 Million for N.Y.C. Townho

Developer Behind London’s One Hyde Park Gets $55 Million for N.Y.C. Townhouse
Christian Candy and his wife, Emily Crompton-Candy, are trading their Upper East Side home for a triplex on Billionaires’ Row

THE DEAL: After buying a Billionaires’ Row condo, British property developer Christian Candy and his wife, Emily Crompton-Candy, have sold their Manhattan townhouse for $55 million, according to a person familiar with the situation.

THE SELLERS:

The Candys own properties around the world, and at one point lived in the Bahamas. They bought the Upper East Side townhouse for $48 million in 2022, renovated it, and put it on the market for $70 million in April 2025. It was later delisted, and returned to market earlier this month for $57.5 million.

About a year ago, the couple paid about $45 million for a four-bedroom triplex at 111 West 57th Street, one of Midtown’s new supertall condominiums. They got a significant discount on the unit, which was listed for $66 million in 2020.

The couple declined to comment. Christian Candy and his brother, Nick Candy, were behind the development of the ultraluxury London condominium One Hyde Park.

THE BUYER: The purchaser’s identity couldn’t be determined.


THE PROPERTY: Less than a block from Central Park, the limestone townhouse spans about 15,000 square feet with six bedrooms. The Beaux-Arts house dates to around 1903, according to the listing with Adam Modlin of Modlin Group.

The home has a grand entry gallery with mosaic flooring and a marble staircase, the listing says. The reception room has a 32-bulb Baccarat chandelier.


THE MARKET: The Candy home went into contract within just six days after returning to market, according to the person familiar with the situation. The deal was a quick sale for a pricey Manhattan townhouse: In recent years, a handful of significant townhouses have sold—often for far less than their original asking prices—and usually after years on the market.

A townhouse owned by financier Ron Perelman sold for $46.75 million earlier this year after being on and off the market since 2020. In 2023, a townhouse once owned by the late banking titan David Rockefeller sold for $47 million after listing for $57.5 million.

WSJ : Developer Behind London’s One Hyde Park Gets $55 Million for N.Y.C. Townho

Developer Behind London’s One Hyde Park Gets $55 Million for N.Y.C. Townhouse
Christian Candy and his wife, Emily Crompton-Candy, are trading their Upper East Side home for a triplex on Billionaires’ Row

THE DEAL: After buying a Billionaires’ Row condo, British property developer Christian Candy and his wife, Emily Crompton-Candy, have sold their Manhattan townhouse for $55 million, according to a person familiar with the situation.

THE SELLERS:

The Candys own properties around the world, and at one point lived in the Bahamas. They bought the Upper East Side townhouse for $48 million in 2022, renovated it, and put it on the market for $70 million in April 2025. It was later delisted, and returned to market earlier this month for $57.5 million.

About a year ago, the couple paid about $45 million for a four-bedroom triplex at 111 West 57th Street, one of Midtown’s new supertall condominiums. They got a significant discount on the unit, which was listed for $66 million in 2020.

The couple declined to comment. Christian Candy and his brother, Nick Candy, were behind the development of the ultraluxury London condominium One Hyde Park.

THE BUYER: The purchaser’s identity couldn’t be determined.


THE PROPERTY: Less than a block from Central Park, the limestone townhouse spans about 15,000 square feet with six bedrooms. The Beaux-Arts house dates to around 1903, according to the listing with Adam Modlin of Modlin Group.

The home has a grand entry gallery with mosaic flooring and a marble staircase, the listing says. The reception room has a 32-bulb Baccarat chandelier.


THE MARKET: The Candy home went into contract within just six days after returning to market, according to the person familiar with the situation. The deal was a quick sale for a pricey Manhattan townhouse: In recent years, a handful of significant townhouses have sold—often for far less than their original asking prices—and usually after years on the market.

A townhouse owned by financier Ron Perelman sold for $46.75 million earlier this year after being on and off the market since 2020. In 2023, a townhouse once owned by the late banking titan David Rockefeller sold for $47 million after listing for $57.5 million.

FT : Elliott assures UK over future of LSE

Elliott assures UK over future of LSE
Activist has privately assured government that it is not pushing for a spin-off of exchange

US activist hedge fund Elliott Management has privately assured the UK government about its intentions for the future of the London Stock Exchange after building a significant stake in its parent group.

There have been talks between the activist investor and government officials to assuage fears that Elliott might push for a break-up of the group or a spin-off of the LSE, according to people familiar with the discussions.

They added that the hedge fund also dispelled concerns that it might push to shift the group to a New York listing, where rival venues trade at a higher valuation multiple.


Elliott had taken a position in London Stock Exchange Group and is engaging with the company to improve its performance, the FT reported earlier this month. LSEG shares have fallen by 31 per cent over the past year.

The hedge fund run by billionaire Paul Singer reached out proactively to the UK government, said one person familiar with the discussions. The activist investor also holds stakes in other London-listed companies, including BP and Anglo American.

The Treasury is sensitive to the health and fortunes of the LSE and the news of Elliott’s investment immediately triggered discussions within the department, a second person close to the situation added.

The Treasury, LSEG and Elliott declined to comment.

News of talks between the government and Elliott comes as LSEG prepares to unveil its annual results on Thursday, during which chief executive David Schwimmer is expected to publicly address the group’s engagement with Elliott for the first time.

Investors will be scrutinising whether LSEG will reveal further share buybacks, a move that Elliott is pushing for, according to people familiar with discussions between the company and the activist.

Schwimmer is likely also to address concerns over the future of the business in the face of AI. The exchange group’s shares have dropped over the past year as shareholders worry about how disruptive AI will be to the business.

The Treasury has made reviving the UK’s capital markets a priority and has worked with regulators and the LSE on slashing red tape to encourage more companies to list and raise money in London. Chancellor Rachel Reeves said last month that she believed the City was entering a “new golden age” amid hopes there could soon be a revival in London listings after they hit their lowest level in 30 years.

Another person familiar with the discussions said it was “unsurprising” that the government had a dialogue with Elliott, given LSEG’s “national importance” to capital markets and the flow of money in the UK.

Through its $27bn acquisition of data group Refinitiv in 2019, LSEG has grown into a financial data giant, making most of its money by selling markets data to banks, brokers and investors. The company made less than 5 per cent of its revenues from equities in the third quarter of 2025.

Previous takeover attempts of LSEG by Deutsche Börse in 2016 and Hong Kong’s HKEX in 2019 provoked concern among British politicians because of the stock exchange’s role at the heart of the UK financial markets.

The UK’s national security regime was “sufficiently open to interpretation” that the government could review an overseas investor’s stake in the LSE, one City lawyer said.

The National Security and Investment Act includes aspects of financial and data infrastructure, which it defines as “physical or virtualised infrastructure used for storing, processing or transmitting data in digital form or infrastructure” — which could capture LSEG.

The City lawyer, who is not advising either the activist or the company, said: “Elliott’s proactive approach could be a way of assuring the government there is no threat or need to trigger review.”