They used to call Jeb Bush a king in Tallahassee.

Heading into the Republican primary in 2016, the former Florida governor had the apparent favor of elite conservative consultants, media and money men. His family name hung from his neck like an anvil, and his eight years out of the game seemed like an eternity in the world of politics, but he was nonetheless a powerful contender for the job his father and brother had held before him.

By the time Donald Trump was through with him, he was begging his supporters to “please, clap.”

Now that Trump has officially announced his third run for the White House, he’ll likely face another primary battle against a Florida governor. This time, it’s Ron DeSantis, who also touts an impressive war chest and growing interest among Republican tastemakers. But a lot has changed since 2016, writes Michael Kruse.

At 44, DeSantis is younger than Bush was, with none of the dynastic baggage that weighed him down in a cycle defined by angry, anti-establishment sentiment. Fresh off a midterm election that disappointed the party bigly — and for which many conservatives have blamed Trump — DeSantis is riding high on a 19-point gubernatorial victory. Rupert Murdoch’s New York Post dubbed him “DeFuture.”

Trump, meanwhile, is not the same man he was seven and a half years ago. He’s 76 years old. His outsider appeal has a different feel to it now that he’s been on the inside. “In the estimation of aides and advisers to [Trump, DeSantis and Bush] and dozens of insiders, analysts and operatives from Florida to Washington and beyond, DeSantis is arguably stronger than he’s ever been, while Trump is arguably weaker than he’s ever been,” Kruse writes.

So, who’s this year’s Jeb? Is it his fellow Sunshine State governor? Or will Trump turn out to be a has-been who hasn’t yet realized his days in office are behind him?

Read Kruse’s story.

“Honestly, I might win because people are tired of hearing him whine. Like, lower it an octave, stop the nervous rage soliloquies, and realize being a governor isn’t all about you and your petty little ego.”

Can you guess who said this about Florida Gov. Ron DeSantis in January? Scroll to the bottom for the answer.**

Build That Mall … In 2003, Congress issued a moratorium on new monuments and visitor’s centers on the National Mall — but that’s exactly where the Smithsonian intends to place highly anticipated new museums devoted to American women and Latinos. “Never mind that the rest of the District of Columbia has plenty of grand avenues and hallowed spaces. In the new logic of monumental Washington, off the Mall means second-class citizenship,” writes Michael Schaffer in this week’s Capital City column. So, what’s the solution? It might just be building a bigger Mall.

60 percent … of Republican voters hold a favorable opinion of Elon Musk, compared to just 19 percent of Democratic voters.

4 Ex-Presidents Who Ran Again … A lust for power, regret over missed opportunities, spite for political enemies, even sheer boredom — a variety of motivations drove a handful of former presidents to seek a non-consecutive term, but only one pulled off a win. Will Trump be the next? “The wounded presidential egos of the past might just be a window into the mind of the most polarizing politician of our time,” writes Joshua Zeitz.

The stunning collapse of crypto-trading platform FTX evolved this week from an eye-popping financial story to a tabloid tale as revelations about the messiness of its downfall came fast and furious. Here’s what you need to know to understand the inevitable Adam McKay adaptation. (From Derek Robertson.)

- The problem, in short: FTX’s on-paper holdings were largely backed not by Bitcoin, or Ether, or even good-old-fashioned fiat currency, but a largely worthless self-issued token. This means that, to put it crudely, FTX was borrowing real money based on imaginary money it printed itself.

- When FTX’s rival Binance sold off its holdings of that token, it set in motion a series of events that led FTX founder Sam Bankman-Fried to essentially lose his $16 billion fortune overnight, and FTX to file for bankruptcy soon after.

- This was a big hit to his and others’ personal and political ambitions: Bankman-Fried was a major donor in the Democratic midterms, leading some candidates who took his money like Chicago-based U.S. Rep. Chuy Garcia to return the donations.

- Feel free to speculate about what this means for “effective altruism,” the utilitarian do-gooder philosophy Bankman-Fried is associated with that encourages young people from elite schools to take high-paying jobs in order to donate large sums to certain charities. The Washington Post has made the case that EA gave Bankman-Fried an ethical sheen that shielded him from scrutiny.

-  And yes, because partygoers will inevitably ask: FTX was apparently run by a bunch of roommates who dated each other.

Just Tweet Through It … Elon Musk’s erratic takeover of Twitter has much of the political class eyeing the supposedly greener pastures of Mastodon — but don’t expect D.C. to drop out of the Twittersphere, writes Nancy Scola, who spoke with more than 15 insiders from all walks of Washington about the time-sucking bird app’s place in their lives. It’s become a central part of how D.C. works, bringing together politicians, policy experts, the press, academics and activists, and quitting it won’t be easy.

“Power is in tearing human minds to pieces and putting them together again in new shapes of your own choosing,” as George Orwell wrote in 1984, sounding a bit like Vince Lombardi. By coincidence, 1984 was an exciting year in football, as this old card of Herschel Walker and Donald Trump reminds us. Walker had starred for the University of Georgia, where, in recent years, he has claimed that he graduated in the top 1 percent of his class. In fact, he did not graduate at all, and left school to pursue a more lucrative career with the New Jersey Generals of the start-up United States Football League, soon to be owned by Donald Trump. Owners are not normally included in trading cards, but in 1984, all three entities — the USFL, Walker and Trump — were interested in self-promotion, and this card was the natural result. The USFL only lasted three seasons before flaming out, but the card endures as a reminder of a simpler time, when the Trump-Walker team confined their exploits to the gridiron.

**Who Dissed answer: It was Democrat Nikki Fried, who left her position as Florida’s Commissioner of Agriculture to run for governor. She lost the primary to Charlie Crist, whom DeSantis defeated on Nov. 8.

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