Thursday, July 29

SPAC

Bill Ackman, Billionaires, m&a, Markets, MI Exclusive, Pershing Square, PSTH, SPAC, UMG, Universal Music, Vivendi

Bill Ackman’s PSTH scraps Universal Music deal after SEC pushback —but the billionaire investor is still buying a stake

Bill Ackman's PSTH won't buy 10% of Universal Music for about $4 billion after SEC pushback. The billionaire investor's Pershing Square funds will purchase a stake in Universal instead. PSTH now plans to pursue a conventional SPAC transaction. See more stories on Insider's business page. Bill Ackman has scrapped his plan to buy 10% of Universal Music for $4 billion using his special-purpose acquisition company ( SPAC ) after federal regulators poured cold water on the proposed transaction, the billionaire investor told Pershing Square Tontine Holdings ...
Berkshire Hathaway, Gabelli Funds, inflation, Mario Gabelli, Markets, MI Exclusive, Renewable Energy, Saving, SPAC, Stocks, Warren Buffett

Billionaire investor Mario Gabelli slams stock promoters, touts batteries, and discusses his Berkshire Hathaway bet in a new interview. Here are the 14 best quotes

Mario Gabelli. Thomson Reuters Mario Gabelli questioned SPACs, touted batteries, and slammed pump-and-dump schemes on Twitter. The Gamco Investors chief told young people to work hard, save, and invest. Gabelli reflected on his lucrative Berkshire Hathaway investment in the mid-1980s. See more stories on Insider's business page. Mario Gabelli blasted pump-and-dump schemes on Twitter, warned that special-purpose acquisition vehicles (SPACs) vary greatly in quality, and trumpeted battery technology in a recent RealVision interview.The billionaire fund manager and head of Gamco Investors also reflected on his mistakes, advised young people to save diligently and outwork their rivals, and discussed his lucrative bet on Warren Buffett's Berkshire Hathaway more than 30 years ago. Here ...
"60 Days In", Markets, MI Exclusive, SEC, Securities and Exchange Commission, Securities Exchange Commission, SPAC, SPAC activity, SPAC boom, SPAC deal

The SEC is reportedly looking into conflicts of interest among major banks in the SPAC deal-making process

The headquarters of the US Securities and Exchange Commission are seen in Washington Thomson Reuters The SEC is investigating banks over conflicts of interest in the SPAC deal-making process, Reuters first reported. In particular, the regulator is looking into instances of banks acting as underwriter and adviser on the same deal. The SEC has requested information from top SPAC underwriters including Morgan Stanley and Goldman Sachs. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The US Securities and Exchange Commission is investigating major banks over conflicts of interest in the SPAC deal-making process that exploded in the past year, Reuters first reported. In particular, the regulator is looking into instances wherein the banks acted both as the ...
Chamath Palihapitiya, lockup expiration, Markets, Meme stocks, retail traders, SoFi, SoFi Invest, SPAC, Vanda Research

SoFi is soaring in popularity on Reddit as retail investors look for opportunities in the fintech company following its merger with a Chamath Palihapitiya-backed SPAC

Chamath Palihapitiya. Brian Ach/Getty Images for TechCrunch Brian Ach/Getty Images for TechCrunch Chamath Palihapitiya-backed SoFi Technologies is gaining steam among Redditors. Comments about the company, which went public last month, surged on Reddit this week. Retail traders noted the end of the post-merger lockup period and the high short interest. See more stories on Insider's business page. SoFi Technologies is quickly gaining traction among retail investors. The fintech company that went public via a Chamath Palihapitiya-backed SPAC last month has seen an influx of retail flows in the last week, according to data from Vanda Research. VandaTrack, Bloomberg In a note, Vanda analyst Giacomo Pierantoni and senior strategist Ben Onatibia said the stock is one that "looks inc...
BuzzFeed, Buzzfeed News, Markets, Media, media and entertainment, media and entertainment equities, MI Exclusive, Public, SPAC, SPAC Merger, Tech Insider

BuzzFeed is nearing a deal to go public via a SPAC merger, report says

BuzzFeed is closing in on a deal to go public via a merger with SPAC 890 Fifth Avenue Partners, WSJ reported. The deal with the blank-check company could come this week, people familiar with the situation told the WSJ. Capital raised would let BuzzFeed go after other digital publishers, as it aims to compete wth Google and Amazon for ad dollars. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. BuzzFeed is closing in on a deal to go public through a merger with special-purpose acquisition company, the Wall Street Journal reported on Thursday.The deal with media-and-telecom focused ...
Bill Ackman, Hedge Funds, m&a, Markets, MI Exclusive, Pershing Square Capital Management, Pershing Square Tontine Holdings, SPAC, UMG, Universal Music

Hedge fund manager Bill Ackman’s mega-SPAC seals $4 billion deal to buy 10% of Universal Music

Bill Ackman has agreed a deal to buy 10% of Universal Music Group for about $4 billion. Ackman's Pershing Square Tontine Holdings will remain a public company following the transaction. Shareholders are set to have UMG and PSTH shares plus the chance to back a new investment vehicle. See more stories on Insider's business page. Bill Ackman's pitch to buy 10% of Universal Music Group (UMG) for about $4 billion has been accepted, the billionaire investor announced on Sunday. He also confirmed his intention to pursue two more multibillion-dollar deals, paving the way for fresh intrigue after seven months of speculation about his origi...