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🚨 ELON MUSK RECOMMENDS VISITING CHINA “I recommend it. If you have the time, you should go see China. There’s so much worth seeing. I took the high-speed train from Beijing to Xi’an. The experience was wonderful. The stations are spectacular. The Terracotta Warriors are one of the wonders of the world and make sure to look out the window. Don’t stay on your phone. China is awesome.”

Lords of the Fallen II improves on EVERY aspect of the gameplay experience. - Fluid, responsive, visceral combat - Spectacular boss battles - Greater build variety - Grounded, believable characters - A compelling narrative - A richer, more varied world And much more. Coming 2027.

At midnight on February 6th, earlier this year, the doorbell to our apartment rang. The doorbell was followed by a pounding on the door. I answered the door and a security person in our building handed me his phone. It was my oldest daughter Eloise. She had found my 26-year-old daughter unconscious on the floor of her apartment and had called 911. The EMT team was already there, but they did not know what was wrong with Lucy or to which hospital they would take her. I threw on some clothes and jumped in an Uber heading east toward Brooklyn. (Lucy lived alone in Williamsburg.) On the way, I learned that they were taking her to Elmhurst, a City trauma hospital in Queens. I arrived about five minutes after the ambulance to join Eloise, Lucy’s mom, and a friend, and waited to learn what was wrong. After about 15 minutes, I asked a nurse where she was. I looked over his shoulder to his computer. Next to her name, it said “non-responsive.” I walked into the emergency room and wandered around looking for her until I found her unconscious on a gurney surrounded by several doctors and nurses. By about 2:30am with the results from a CAT scan, Lucy’s doctors had determined that she had a massive brain hemorrhage and would need an emergency hemicraniectomy to release the pressure on her brain and remove the blood from the hemorrhage. I called our wonderful friend and family doctor Eddie Fisher and explained what was going on. He woke up Josh Bederson, Chairman of Neurosurgery at Mount Sinai, to find out more about Zach Hickman, the neurosurgeon on call that night. Dr. Bederson said Hickman was an excellent surgeon, which was comforting as we had no choice. The surgery to save Lucy’s life began around 3:15am and finished around 5:30am. It was successful. The following day, I joined Lucy in an ambulance while she was being transferred to Mount Sinai on Madison Avenue. Later that day, we determined from Lucy’s Oura ring that her hemorrhage had occurred around 9am, which meant that more than 19 hours had passed from the time of the hemorrhage to the completion of the surgery to release the pressure on her brain (I only wish @ouraring had an alert for this kind of a medical event. Imagine it could call a family member if the wearer doesn’t cancel the alert). I later learned that the standard of care is not to do surgery to save a patient with a large brain bleed if more than five hours have passed since the hemorrhage. Even when the surgery is done, I was told that the likely outcome for the patient is a few months in a nursing home and death from pneumonia. When I met Lucy’s doctors, I did my best to inspire them: “Let’s see what can be accomplished if we give her the best care possible and we invest unlimited resources to restore her to life.” And I promised that whatever we learned we would make available to everyone. Dr. Chris Kellner, her neurosurgeon, and Dr. David Putrino, Director of Rehabilitation Innovation for the Mount Sinai Health System have led Lucy’s care team since that day. Words cannot describe the remarkable and compassionate care that she has received beginning with the EMT team and then from nurses, doctors, therapists, and the army of people who have worked to save her and return her to life. To this day, we have a daily Zoom where we discuss her progress and make adjustments to her care. While her care and oversight have been incredible, the learnings for the Mount Sinai team have also been elucidating and will assist in the care of many others. Lucy began in a bad place. She was in a coma for several weeks and then awoke not being able to breathe on her own, unable to walk, see or speak. Over the last six months, she has recovered her cognition – she understands everything including her circumstance – is able to walk a hundred or more steps at a time with assistance, is making progress with sounds, vowels and consonants and the beginnings of speech, but she remains unable to see. Each day, she makes a little progress, and daily progress compounds. Every day I tell her that she just needs to make a little progress and it won’t be long before she is back. We remain optimistic that Lucy will return to normal function. It will likely take years, but I believe it is only a matter of time, hard work, and technological progress, along with some, and perhaps a lot, of divine intervention. Many people have been praying for Lucy and we are incredibly grateful for the prayers and remarkable support she has received. Lucy’s friends have been with her every day since the beginning, and their presence and friendship have saved her life and helped to rebuild and maintain her spirit. And on a very positive note, Lucy’s challenge has brought together our entire modern family who have all been incredibly devoted to her care and recovery. Lucy's vision and other faculties may require some form of brain computer interface, work that is underway at Neuralink, Precision Neuroscience, Science, Synchron, Nudge, and other companies in the space. If you are going to have a devastating brain injury, now is the best time in history for that to happen. We are living in a world when you can be confident that the blind will soon see again. We are going to do everything we can to help make that happen, including by assisting existing companies in the space. With respect to our promise to make Lucy’s care available to others, we have made good progress. In May, a real estate colleague made me aware of a 93% vacant, brand new, 400,000 square foot Class A+ purpose-built biotech facility on West End Avenue between 65th and 66th Streets that missed the market and was available for sale. The Pershing Square Foundation acquired the building 60 days later. We also put under contract an adjoining 130,000 square foot building at 320 West 66th Street that is currently being used by Saturday Night Live for studio space. The building has 35-foot ceilings with massive column-free spaces that can be converted into superb rehabilitation facilities. We will close on the SNL building in December. We are also acquiring an adjoining vacant lot with additional air rights. With just the existing zoning rights, we can add a 150,000 square feet for a total of 680,000 square feet, a lab footprint larger than Rockefeller University, and that’s without including the potential for an upzoning that would allow for substantially more buildable area on the site’s 3.4 acres with spectacular views of the Hudson. Our goal is to build the world’s greatest brain research, rehabilitation, recovery, human optimization, and longevity institute. We have named it The Ackman Oxman Institute or the AOI for lack of a better name, but also to reinforce the point that Neri and I and our family are all-in on the mission. The AOI will be patient-centric. It will not be an academic research institute that produces lots of papers, a Nobel Prize winner or two, but little if any results for patients. We will be laser-focused on cures, treatments, devices, rehabilitation and exercise equipment, and targeted and basic research with a goal of massively accelerating the time from idea to innovation to production to helping a patient. While the AOI will be a non-profit, it will have highly commercial instincts. The AOI will have its own venture funding and will work to develop innovations to create companies that we will seed, assist, and spinout to ensure technologies, treatments, techniques, and drugs get to patients as promptly as possible. On one 3.4 acre campus in what is still the greatest city in the world, we will do neurosurgery, neuroscience, rehabilitation, nutrition, BCI and device development, human trials, hyperbaric oxygen treatments, and life extension programs, and we will mandate and incentivize collaboration among the teams with no silos, politics, bureaucracy, or any other constraint that is inconsistent with the mission. Mount Sinai will be an important partner and deservedly so, but it won’t be our only hospital or medical school partner as we don’t believe any institution has a monopoly on the best ideas or the best talent. We don’t believe in exclusive relationships because that is not in the best interest of patients. Five years ago, we considered launching a brain institute inspired by Neri’s mom who sadly died from Alzheimer’s. We couldn’t make the math work as the real estate was too expensive and we believed it would be too difficult to recruit the best talent from universities to our effort. Since then, the real estate became available at a 70% discount, universities became a much less attractive place to work due to politics outweighing meritocracy, protests that disrupt learning, the curse of antisemitism, and a decline in funding. Fortunately, during the same time, I made sufficient personal economic progress to make the AOI possible. The advance of AI in the last few years will also enable us to greatly accelerate our mission. AI still has a lot to learn about human intelligence and the brain, and the AOI should be at the forefront of the interplay between the brain and AI. Today, I am making a public filing disclosing a gift from Neri and me of ~$400 million or 10,000,000 shares of Pershing Square Inc. (PS) to the AOI. It is very early days for Pershing Square so these shares are intended to anchor the long-term work of the AOI as the shares compound over time while generating what we expect will be a growing stream of quarterly dividends to fund the Institute. We will also be announcing an additional gift of similar and potentially greater size which won’t be in the form of Pershing Square stock to provide the AOI with the short- and intermediate-term runway necessary to enable it to achieve its goal of becoming a self-sustaining institute, which reinvests all of its revenues, royalties, and the economic rewards of company formation to advance the fields of brain health and human longevity. Neri and I have chosen to anchor the funding of the AOI to maintain vision alignment and limit the need for the organization to focus on fundraising. We expect the AOI to be the best-resourced brain, rehab, recovery, and longevity institute in the world. We are grateful to have been able to form a board which includes Dean Kamen (our generation’s Thomas Edison), George Yancopoulus (CEO of Regeneron), James Rothman (Nobel Laureate), Bernardo Sabatini (neuroscientist), Chris Kellner (neurosurgeon), Olivia Flatto (CEO Pershing Square Foundation), Neri Oxman, and myself. We have recently identified a CEO who we expect to announce by October along with other key hires, and are beginning searches for a Chief Scientific Officer, a Chief AI/Technology Officer, a Chief Operating Officer, a Chief Financial Officer, and other key leadership roles. If you find what we are building compelling and want to be part of the leadership team that creates and builds the AOI from a standing start, please send an email to: search@aoiinst.org with a short note as to why you believe you can help. Please include your best three ideas for the AOI along with a summary of your background and your most important accomplishments. We promise strict confidentiality to those expressing interest in working with us. We have learned from Lucy that the brain can recover from even catastrophic injury. There is so much more work to be done as the mind is a terrible thing to waste. For details from my Pershing Square SEC filing see:

Cognitive reward shapes in sports and career Sports are amazing environments to learn. When you play a sport for thousands of hours, you start to see the world through that sport. It is a simple fact—your biological neural network is being conditioned to respond to the behavior incentivized by the rules of the sport. The funny thing is that most people choose their sports for accidental reasons such as parents, geography, or school programs. People rarely think about how the particular sport you play influences how your brain thinks more generally. Going a step further, playing the right sport may even benefit your career. My two favorite sports are tennis and soccer. Tennis is one of the best sports for teaching consistency. In tennis, there are hundreds of points in a match, and each point is worth exactly one unit, regardless of whether your opponent made an unforced error or if you constructed the most beautiful point ending with a winner. Tennis is low-variance optimization—you win by reducing unforced errors, playing percentages, and grinding out small advantages. Tennis is also an individual sport, which teaches you to rely on yourself consistently. Tennis has a similar cognitive reward shape to professions like being a surgeon or a pilot. Surgery and aviation require consistency, self-accountability, and deep focus. And similar to how you can only win one point at a time in tennis no matter how spectacular it was, there is no extra credit for the best appendectomy or the smoothest SFO-JFK flight. Your craft is to provide consistency with very low tolerance for error. On the other hand, the tennis mindset transfers relatively little to entrepreneurship. Entrepreneurship is a high-variance, team game where failure is tolerated and occasional creativity gets rewarded exponentially. Minimizing unforced errors in tennis is a totally different mindset from deciding whether to make a moonshot business move that will likely fail but could potentially net a billion dollars. Obviously I am not saying that tennis players cannot be great entrepreneurs, but I do think it is a totally different cognitive reward shape. Being a forward in soccer has a much closer reward shape for entrepreneurship. What a forward in soccer learns is to create many small chances. It is a fact that most of the game, you are not scoring—even if you look at all the times that Mbappe got on the ball in one of his best games, most of those led to nothing! But all that matters is creating enough chances to score once (or a few times) and win the game. If you break down a 90-minute game for a forward, almost all the time is failure or noise, a few minutes will be leverage, and a few seconds will determine the fate of the game. I have not played soccer for thousands of hours, but I can imagine that being a lifetime forward in soccer would teach you to be comfortable with failure and asymmetric returns. In summary, I am claiming that there can be substantial value when the cognitive reward shape of your sport mirrors that of your career. I’ll admit that I’ve done some cherry-picking for illustration purposes—entrepreneurship also requires consistency and error avoidance; and goalies in soccer have reward shapes that are very different from strikers. But I think the point stands. If sports shape how we perceive risk, effort, and reward, then we should choose them wisely.

Imagine driving a single route that takes you along China's entire land border and coastline. That is exactly what a massive new 27,000-kilometer loop will make possible. According to the Ministry of Transport, China plans to build this super-highway during the 15th Five-Year Plan period (2026–2030) by linking three major routes—the G219, G331, and G228—end to end. Tracing the country's borders and coastline, the journey will stretch more than half the length of the Earth's equator. Far more than a transportation corridor, the route weaves together hundreds of scenic areas and historic cities, offering a journey across some of China's most diverse landscapes. G219 runs about 10,000 km from the Kanas Scenic Area in northwest China’s Xinjiang to Dongxing in south China's Guangxi, crossing deserts, the Qinghai-Xizang Plateau, the Himalayas, and other spectacular terrain. G331 stretches about 9,200 km along China's northern border, taking travelers through the vast grasslands of Inner Mongolia, the fertile plains of northeast China, and iconic destinations including Fuyuan, Mohe, Changbai Mountain, and the Greater and Lesser Khingan Mountains. G228 extends about 7,400 km from Dongxing in Guangxi to Dandong in Liaoning Province, linking China's coastal provinces and dozens of seaside cities. Running across major rivers including the Pearl, Yangtze, Yellow, and Yalu, it offers sweeping views of the country's coastline. If you could explore one part of this epic loop, where would you start?