The Tiny Magnet Maker That Attracted $1.6 Billion From Lutnick

In late January 2026, Commerce Secretary Howard Lutnick announced a $1.6 billion government commitment to fund USA Rare Earth Inc., a US magnet manufacturer. During the same week, bankers at Lutnick's former financial services company, now operated by his sons, raised $1.5 billion from private investors for the same company. Democratic lawmakers have raised questions about potential conflicts of interest involving Lutnick and his sons in connection with the dual funding arrangements.

Next story