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☆ Bill Ackman and Mark Zuckerberg Fail to Land Candidates on Harvard’s Board of Overseers
▼ + stars: | 2024-02-02 | by ( Anemona Hartocollis | ) www.nytimes.com time to read: 1 min

It’s hard to get into Harvard, even if you’ve done it before. Mark Zuckerberg, head of Meta, and Bill Ackman, head of the Pershing Square hedge fund, discovered as much, in their failed push to get dissident candidates onto the Harvard Board of Overseers, one of the university’s two governing bodies. The candidates — a slate of four backed by Mr. Ackman and one candidate backed by Mr. Zuckerberg — said on Friday that they had not collected enough petition signatures to get on the April ballot for election to the board. “We are disappointed but greatly appreciate all the support,” Zoe Bedell, an assistant U.S. attorney, who ran on the Ackman slate, said in a statement on Friday. “We look forward to trying again next year.”Their failure raised the question of how much support existed for Mr. Ackman’s persistent campaign against Harvard’s leadership over the past few months.

Persons: Mark Zuckerberg, Bill Ackman, Ackman, Zuckerberg —, ” Zoe Bedell, ”, Ackman’s Organizations: Harvard, Meta, Mr Locations: Pershing, U.S

☆ Tesla erases references to DEI from its new 10-K following Elon Musk’s criticisms
▼ + stars: | 2024-02-01 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +5 min

New York CNN —Tesla CEO Elon Musk has a new social media target: Diversity, Equity and Inclusion. Following Musk’s recent critical posts about DEI policies and racial discrimination lawsuits against Tesla, the electric car company has omitted all language regarding minority workers and outreach to minority communities in its 10-K filing with the SEC made January 29. In Musk’s eyes, DEI is “just as morally wrong as any other racism and sexism,” he tweeted in December. And as recently as 2020, Tesla had been publishing its own corporate DEI reports, reaffirming its commitment to the mission. CNN has reached out to Tesla for comment, though the company does not usually respond to press requests.

Persons: Elon Musk, Tesla, ”, It’s, George Floyd’s, Harvard’s, Claudine Gay, Gonzalo Fuentes, Bill Ackman, Musk, ” Musk, Owen Diaz, Mark Cuban, “, Catherine Thorbecke, Nicquel Terry Ellis Organizations: New, New York CNN, Equity, SEC, Bloomberg, Tesla, Black Colleges, Universities, ”, Asian Pacific Islanders, Minneapolis, CNN, SpaceX, Twitter, Viva Technology, Reuters Billionaire, Harvard, DEI, California Department of Fair, Housing, Fremont, Dallas Mavericks Locations: New York, America, Paris, France, Fremont , California, Fremont, United States, ” Cuban

☆ Bill Ackman accuses Harvard of ‘election interference’ and Mark Zuckerberg wades into board battle
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —Each January, Harvard University alumni are eligible to gather enough signatures to run for the university’s Board of Overseers. Mark Zuckerberg is throwing his support behind former Facebook exec Sam Lessin, a venture capitalist calling for significant reform to Harvard. Ackman, who led the campaign to oust former Harvard president Claudine Gay, is drawing attention to the tedious process of gathering signatures from alumni. “In the securities world, the SEC would come in an prosecute a company that made it this difficult to vote for an alternative slate,” Ackman wrote. It’s not more complicated than that.”During the virtual event on Friday, Zuckerberg said Lessin is the “type of person” he’d want governing Harvard.

Persons: Mark Zuckerberg, Sam Lessin, Lessin, Penny Pritzker, Bill Ackman, Ackman, Claudine Gay, Gay, “, ” Ackman, ” Harvard, Bill, ” Lessin, ”, they’ve, Zuckerberg, Josh Kushner, Alfred Lin, Mark, He’s, It’s, Sam, ” Zuckerberg Organizations: New, New York CNN, Harvard University, university’s, Harvard, Facebook, Harvard Corporation, SEC, “, CNN, Sequoia Locations: New York, Harvard, Israel

☆ Axel Springer Stands By Business Insider Reporting on Bill Ackman’s Wife
▼ + stars: | 2024-01-14 | by ( Alexandra Bruell | ) www.wsj.com time to read: 1 min

Neri Oxman is a designer and former MIT professor. Photo: Gary He for The Wall Street JournalBusiness Insider owner Axel Springer said it stands by the publication after reviewing the reporting process behind stories that alleged plagiarism by Neri Oxman, the designer and former Massachusetts Institute of Technology professor who is married to hedge fund billionaire Bill Ackman . The German media company said last week it would review the process and motivations behind the recent BI articles. The review came amid complaints from Ackman, in a series of posts on X, about the publication’s reporting tactics.

Persons: Neri Oxman, Gary He, Axel Springer, Bill Ackman Organizations: MIT, Wall Street Journal, Massachusetts Institute of Technology Locations: Ackman

☆ Neri Oxman plagiarism claims: Business Insider stands by reporting on Bill Ackman’s wife
▼ + stars: | 2024-01-14 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

In a note Sunday morning, Barbara Peng, chief executive of Business Insider, said the outlet had spent several days reviewing its reporting after public complaints made by Ackman. “Business Insider supports and empowers our journalists to share newsworthy, factual stories with our readers, and we do so with editorial independence,” Peng wrote. “We stand by our newsroom and our reporting, which will continue onward.”In the wake of the reporting, Oxman acknowledged she had failed to properly cite some of her work. A spokesperson for Axel Springer told CNN on Sunday that the German publishing powerhouse was satisfied with the review Business Insider had completed. “We stand by Business Insider and its newsroom,” the spokesperson said.

Persons: Axel Springer, Neri Oxman, Bill Ackman, Barbara Peng, Peng, ” Peng, Oxman, “, ”, Ackman, Claudine Gay, Axel Springer’s Organizations: CNN — Business, Massachusetts Institute of Technology, Business, ”, Oxman, Harvard, CNN

☆ Bill Ackman, taking a page from his Wall Street playbook, backs rebel candidates to join Harvard’s board
▼ + stars: | 2024-01-10 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

The move by Ackman takes a page out of the playbook that made him successful on Wall Street. Normally, candidates for the 30-member Harvard Board of Overseers are nominated by the university’s alumni association. However, Ackman is now backing four write-in candidates, all graduates of Harvard and Radcliffe College, Harvard Business School or Law School. “We truly feel called to do this now,” Leslie, who has spent 20 years in the US military, told CNN in a phone interview. Calls for change at HarvardNew members are elected to the Harvard Board of Overseers each spring.

Persons: Bill Ackman, Ackman, Claudine Gay, Logan Leslie, ” Leslie, Harvard, Leslie, he’s, “, He’s, Julia Pollak, CNN she’s, ”, Pollak, ZipRecruiter . Pollak, ” Ackman, Zoe Bedell, Alec Williams, Penny Pritzker, Jeffrey Sonnenfeld, Sam Lessin, Pritzker, Lessin, ” Lessin Organizations: New, New York CNN, Harvard University, Ackman, Harvard, Ivy League, Radcliffe College, Harvard Business School, Law School, CNN, US Navy, ZipRecruiter, Reuters, of, Navy Seal, Navy Reserves, Harvard Corporation, Gay, Yale Locations: New York, Ackman, Northern, South Africa, Eastern, of Virginia

☆ Wall Street cues a lesson in Ivory Tower finance
▼ + stars: | 2023-10-20 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +5 min

NEW YORK, Oct 20 (Reuters Breakingviews) - Wall Streeters are trying to teach universities a lesson, but may provide them with a broader understanding of economics instead. The median family income for Harvard students is nearly $169,000, or about 2.5 times the U.S. average. Stockpiles of cash donated by Rowan, Ackman and other alumni also should theoretically make such institutions more accessible, but haven’t. Elite universities funnel many graduates to lucrative careers in finance and consulting, and studies have shown that social class often predetermines success. Ideally, Ivory Towers would price education closer to its actual value rather than what people are willing to pay.

Persons: Marc Rowan, Bill Ackman, Ackman, Rowan, Israel, grads, Liz Magill, Scott Bok, David Magerman, Estee Lauder, Ronald Lauder, Jon Huntsman, Larry Summers, Jeffrey Goldfarb, Aditya Sriwatsav Organizations: Reuters, University of Pennsylvania, Harvard, Rowan, Ivy League, Reuters Graphics Investment, Apollo Global Management, Ackman’s, Palestine, Literary, Renaissance Technologies, Pershing, Harvard University, Thomson Locations: Cambridge , Massachusetts, Wharton

☆ Bill Ackman’s 'SPARC' gets OK from the SEC and he’s ready for a deal: 'please call me'
▼ + stars: | 2023-09-29 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Bill Ackman said Friday that U.S. regulators have approved his unique special purpose acquisition company structure, and he's ready to hunt for a deal. Investors in Ackman's unfruitful SPAC, known as Pershing Square Tontine Holdings, got a tradable right to participate in a future deal, and now it's closer to becoming a reality. In Ackman's SPARC, investors get to opt in if they like the deal and walk away if they don't. The SPARC will shortly be distributing special purpose acquisition rights at no cost to former securityholders of Pershing Square Tontine. Pershing Square said the SPARC will immediately begin to pursue a merger with private, high-quality, growth companies.

Persons: Bill Ackman, Ackman's unfruitful, Ackman Organizations: Ackman's, Pershing, Tontine Holdings, Securities, Exchange Commission, Pershing Square, SPARC, Ackman's Pershing

☆ Why Hong Kong can’t cut loose from the US dollar just yet
▼ + stars: | 2023-06-13 | by ( Laura He | ) edition.cnn.com time to read: +11 min

Hong Kong CNN —Hong Kong’s currency is facing its biggest test since the global financial crisis of 2008. The steep fall is a sign that investors are ditching the Hong Kong dollar. The Hong Kong Monetary Authority (HKMA) is committed to keeping the Hong Kong dollar between 7.75 and 7.85 per greenback. People walk past the Hong Kong Monetary Authority (HKMA) on May 4, 2023, in Hong Kong, China. “Pegging the Hong Kong dollar to the US dollar encourages such transactions to be carried out in Hong Kong and under Hong Kong law, even if neither party is based in Hong Kong.”This helps to create jobs and prosperity in Hong Kong, while also benefiting mainland China.

Persons: Hong, hasn’t, Andy Xie, ” Logan Wright, Bill Ackman’s, Ackman, Wright, Peter Parks, Kong, Deng Xiaoping, Margaret Thatcher, outflows, Chi Lo, Chen Yongnuo, Hong Kong’s, ”, Richard Cookson ,, Boaz Weinstein, Daniel Fung, Rhodium’s Wright, Xie, Eddie Yue, Banks, John Greenwood, “, Greenwood, ” Greenwood Organizations: Hong Kong CNN, British, Hong, Traders, Hong Kong, Bill Ackman’s Pershing, Capital Management, Getty, Lehman Brothers, Hong Kong Monetary Authority, US Federal Reserve, Asia Pacific, BNP, Asset Management, Fed, China News Service, Rubicon Fund Management, Bloomberg, Saba Capital Management, National Security Law, CNN Locations: Hong Kong, United States, China, Hong, Beijing, AFP, Britain, “, ”, Riding

☆ Short investor Hindenburg erases fifth of Icahn empire’s value
▼ + stars: | 2023-05-02 | by ( ) edition.cnn.com time to read: +4 min

In a report published on Tuesday, Hindenburg accused IEP of overvaluing its holdings and relying on a “Ponzi-like” structure to pay dividends. The subsequent plunge in IEP shares wiped $2.9 billion off Icahn’s net worth, leaving him with an estimated $14.7 billion, according to Forbes. NAV is a key gauge of a fund’s performance, measuring the market value of securities held by the fund. Driving the frothiness in IEP’s stock, Hindenburg argued, is its dividend yield of 15.8%, the highest of any US large cap company by far. Hindenburg also offered examples it said showed IEP itself was valuing its holdings way above their market value.

☆ Hedge Fund Bets Against Hong Kong’s Dollar Peg Have a Long History—and Little Success
▼ + stars: | 2022-12-19 | by ( Matthew Thomas | ) www.wsj.com time to read: 1 min

When Bill Ackman revealed last month that he was betting the Hong Kong dollar’s peg to the greenback would break, he became the latest in a long line of speculators who have made similar wagers. Hedge funds have made bets against the longstanding currency peg going back to the Asian financial crisis. High-profile fund managers including Crispin Odey and Kyle Bass are among those who have previously taken positions that the peg couldn’t last. Mr. Ackman’s fund, Pershing Square Capital Management, even once made a bet from the opposite side more than a decade ago. Boaz Weinstein , the founder of Saba Capital Management LP, is betting alongside him this time.

☆ Billionaire investor Ackman bets Hong Kong dollar peg can break
▼ + stars: | 2022-11-24 | by ( Reuters Staff | ) www.reuters.com time to read: +2 min

SINGAPORE (Reuters) - Billionaire investor Bill Ackman said he’s betting the Hong Kong dollar will fall and that its peg to the U.S. dollar can break, the latest big money manager to take a public short bet as U.S. rate hikes turn the blowtorch on Hong Kong’s currency system. FILE PHOTO: A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration“We have a large notional short position against the Hong Kong dollar through the ownership of put options,” he said on Twitter. U.S. fund manager Kyle Bass has long bet against the Hong Kong dollar and told Nikkei in July he expects the peg to break. GRAPHIC: Hong Kong rates, liquidity ()($1 = 7.8132 Hong Kong dollars)

HONG KONG, Nov 24 (Reuters Breakingviews) - Pershing Square boss Bill Ackman is taking another tilt at the Hong Kong dollar , betting the government will be forced to break its link to the greenback. His logic is stronger today than when he took the plunge in 2011 but it’s up to Beijing, not Hong Kong. Back then Ackman famously predicted that the Hong Kong Monetary Authority would allow the local currency to strengthen against the U.S. dollar. A secular decline in Hong Kong might ultimately sabotage the peg at some point. On the other hand, Hong Kong is a city, not a country.

☆ Hugh Jackman to reprise Wolverine role in next ‘Deadpool’ film
▼ + stars: | 2022-09-27 | by ( Sandra Gonzalez | ) edition.cnn.com time to read: +2 min

CNN —Ryan Reynolds just broke some Hugh-ge news in the movie world. The actor announced on Tuesday that Hugh Jackman will be reprising his role as Wolverine in the next “Deadpool” film, slated for September 6, 2024. “Yeah, sure, Ryan,” Jackman replies nonchalantly. Deadpool was introduced in “X-Men Origins: Wolverine” in 2009, but totally different than the smart-alecky take of the stand-alone movies. The duo’s team up will mark the third film in the wildly successful “Deadpool” franchise, which included two films released in 2016 and 2018.

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