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☆ Melinda French Gates to resign from Gates Foundation, will pursue own philanthropy with $12.5 billion grant
▼ + stars: | 2024-05-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Melinda Gates, co-founder of the Bill and Melinda Gates foundation arrives at the Elysee Palace in Paris, France on July 01, 2021. Melinda French Gates, the former wife of Microsoft co-founder Bill Gates, announced on Monday she would resign as co-chair of the Bill & Melinda Gates Foundation next month. Bill Gates in a separate statement said, "I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work." French Gates has also devoted significant amounts of time and money towards gender equality initiatives worldwide. In 2015, she founded Pivotal Ventures, a separate entity from the Gates Foundation, which focused on removing barriers to access and opportunity for minorities and women in the U.S.

Persons: Melinda Gates, Melinda French Gates, Bill Gates, French Gates, Gates, Melinda Organizations: Microsoft, Melinda Gates Foundation, Ventures, Gates Foundation Locations: Paris, France, French, Africa, South Asia, U.S

☆ Squarespace to go private in $7 billion private-equity deal
▼ + stars: | 2024-05-13 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The New York Stock Exchange welcomes Squarespace, Inc. (NYSE: SQSP), on May 19, 2021, in celebration of its Direct Listing. Squarespace , the website-building platform, announced on Monday it would go private in a $6.9 billion all-cash deal with private-equity firm Permira, after nearly three turbulent years on the public market. All three have approved the transaction and will continue to be investors after the Permira deal closes. Qualtrics, for example, was spun off from SAP in 2021 and was quickly taken private again in 2023 by Canada's pension plan and Silver Lake in a $12.5 billion deal. Japanese giant Toshiba also went private in 2023 in a $13.6 billion deal, after years of speculation and tumult, including a sustained engagement with activist investor Elliott.

Persons: Squarespace, Permira, Anthony Casalena, Ares Capital, Anthony, David Erlong, Squarespace's, Elliott, Morgan, Skadden, Richards, Layton, Finger, Goldman Sachs, Watkins Organizations: New York Stock Exchange, Inc, Accel, General Atlantic, Ares, Blackstone, SAP, Toshiba, Investors, Latham Locations: J.P

☆ Activist Ancora wins three board seats at Norfolk Southern but falls short of ousting CEO
▼ + stars: | 2024-05-09 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Norfolk Southern shareholders on Thursday voted to elect three of dissident Ancora's director nominees but fell short of ousting incumbent CEO Alan Shaw. Norfolk Southern's board had fought hard to stave off Ancora's biggest demand: firing current CEO Alan Shaw. The activist had argued that Norfolk Southern should adopt a model known as precision-scheduled railroading, or PSR, which has delivered impressive shareholder returns at other railroads. Government officials, who had previously voiced their support for Norfolk over Ancora, were momentarily silenced by the reversal. ISS recommended that shareholders support five of Ancora's seven picks but did not recommend electing Ancora CEO pick Jim Barber to the board.

Persons: Alan Shaw, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Ancora, Glass Lewis, Jim Chadwick, Frederick DiSanto, Shaw, Ancora's, Jim Barber, Ancora's Chadwick, DiSanto Organizations: Norfolk Southern, Shareholders, Norfolk, ISS, PSR, Government, Labor, Cleveland Locations: . Norfolk, Ohio, Ancora

☆ Masimo seeks to stave off proxy fight with Politan, makes settlement offer
▼ + stars: | 2024-05-09 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Health-tech firm Masimo , facing the imminent threat of litigation and a second proxy contest, offered a settlement to Politan Capital's Quentin Koffey on Thursday that would fill a vacant board seat with one of the activist's proposed directors. The company is trying to spin off its consumer technology division in concert with an unspecified joint-venture partner, CEO Joe Kiani said earlier this year. The settlement offer would not have been possible without the imminent resignation of current director Rolf Classon, whose departure was attributed to "personal health reasons." Koffey waged a successful proxy fight at Masimo last year earning himself and another nominee representation on Masimo's six-person board. Politan launched a second proxy fight to oust Kiani earlier this year, saying that the "absence of oversight has been damaging for shareholders."

Persons: Politan Capital's Quentin Koffey, Masimo's, Craig Reynolds, William Jellison, Joe Kiani, Koffey, Masimo, Rolf Classon, Politan, Kiani Organizations: Masimo Locations: Kiani

☆ Masimo activist director Koffey demands ‘basic’ information on company’s proposed spinoff
▼ + stars: | 2024-05-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Politan Capital's Quentin Koffey sent a letter to Masimo CEO Joe Kiani on Wednesday, demanding information about the health-tech company's proposed spinoff of its consumer business. The purchase was a catalyst for Politan's first proxy fight at the company. Last month, Masimo said it would spin off its consumer business, spurring a rally in the stock. Koffey said in his letter that Masimo management has asked "that directors sign a non-disclosure agreement" to get access to information around the deal. The activist is also seeking information on any financial and leadership opportunities Kiani has been promised at the spinout.

Persons: Politan, Quentin Koffey, Joe Kiani, Masimo, Koffey, Kiani, Micah Young, Masimo weren't Organizations: Masimo, Sound United, Fidelity, Kiani

☆ Palantir shares fall 7% on lower-than-expected guidance
▼ + stars: | 2024-05-06 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Palantir shares fell around 7% in extended trading on Monday after the defense tech firm reported weaker-than-expected guidance. Palantir expects second-quarter revenue to fall between $649 million to $653 million, versus the $653 million expected by LSEG. Palantir reported $105.5 million in net income for the quarter, or 4 cents per share, compared with $16.8 million, or 1 cent per share, in the year-ago quarter. Earlier this year, Palantir signed a $178 million contract with the U.S. Army to help develop a next-generation, field-deployable sensor station. Karp said Palantir conducted more than 660 bootcamps during the first quarter.

Persons: Alex Karp, Palantir, Karp Organizations: Russell Senate, LSEG, U.S . Army Locations: Washington ,

The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, without admitting or denying the allegations, the SEC said. The agency, calling BF Borgers a "sham audit mill," said the company and its owner engaged in "deliberate and systemic failures to comply with Public Company Accounting Oversight Board ... standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023," according to a press release. BF Borgers during that same time acted as the auditor for Trump Media, which was then privately held and moving toward a planned merger with the publicly traded shell company Digital World Acquisition Corp.Trump Media and DWAC finalized that merger in late March 2024, leading to Trump Media becoming publicly traded under the DJT ticker. The SEC said the Lakewood, Colorado-based BF Borgers and its owner were charged with falsely telling clients that the auditor's work would comply with PCAOB standards, fabricating audit documents to make it seem that the work did comply with those standards, and "falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards," the release said.

Persons: Benjamin Borgers, BF Borgers, DWAC Organizations: Trump Media, Securities and Exchange Commission, SEC, BF, CPA, Company, Corp Locations: Lakewood , Colorado

☆ ISS says unions and pension funds should back Norfolk Southern activist investor
▼ + stars: | 2024-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.

Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock

☆ Masimo's billionaire CEO put shares on margin to get cash while keeping ownership ahead of proxy fight
▼ + stars: | 2024-05-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Kiani has just under 4 million Masimo shares, or around 7.5% of the company, according to FactSet data. Masimo shares are up 15% this year, lifting the company's market cap past $7 billion. Politan controls 8.9% of Masimo shares. Kiani, 59, pledged 2.97 million Masimo shares as of April, valued at $397 million, as collateral against "personal loans." "Rather than sell his pledged shares, Mr. Kiani increased his pledge to maintain his stock ownership."

Persons: Joe Kiani, Joe Biden, Quentin Koffey's, Kiani, Masimo, Politan Organizations: Apple, Capital Management, CNBC

☆ ISS endorses most of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign

Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Glass Lewis endorses 6 of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Activist investor Ancora received a powerful endorsement in its efforts to secure a board change and to oust Norfolk Southern CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees. "We believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company's current leadership," Glass Lewis said in its report. Furthermore, Glass Lewis said Barber, Ancora's pick for CEO, and Jamie Boychuk, the activist's pick for COO, "have compelling credentials and track records." Ancora also seeks to install former CSX executive Boychuk as Barber's chief operating officer. Their support, coupled with Glass Lewis' endorsement, gives the activist powerful ammunition as it seeks to convince shareholders.

Persons: Ancora, Alan Shaw, Glass Lewis, Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, Shaw, Amy Miles, Barber, Ancora's, Jamie Boychuk, Boychuk, John Orr Organizations: Norfolk Southern, Teamster, UPS, CNBC, CSX, Canadian National, CN, NSC, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Activist Ancora endorsed by second Norfolk Southern union in proxy contest
▼ + stars: | 2024-04-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A second Norfolk Southern union said Friday it would back activist Ancora's efforts to elect seven directors and oust CEO Alan Shaw, a sign of labor dissatisfaction with management and a key endorsement for Ancora as Norfolk Southern's shareholder meeting nears. The BLET Teamsters, which represents the engineers and trainsmen who operate Norfolk Southern's locomotives, said Friday they're throwing their weight behind Ancora. "It's a privilege to receive support from the BLET Teamsters, who believe in our plan to improve performance, safety and employee relations at Norfolk Southern," Barber said. The latest endorsement, coupled with the support of the BMWED Teamsters earlier this week, means roughly half of NSC's unionized employees are supporting the activist, Ancora said. "We recognize the hard work that the BLET Teamsters members and all of the Company's employees put in every day," Boychuk said.

Persons: Alan Shaw, John Orr, Edward Hall, Jim Barber, Jamie Boychuk, Barber, Ancora, Boychuk Organizations: Norfolk Southern, Teamsters, NS, BLET Teamsters, Norfolk, Ancora . Norfolk Southern Locations: Ancora, Norfolk, Ancora . Norfolk

☆ Elliott takes $1 billion stake in Anglo American as miner faces takeover interest
▼ + stars: | 2024-04-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Elliott Management has built a roughly $1 billion stake in miner Anglo American in recent months, a person familiar with the matter told CNBC. Anglo American shares were up 5% on the news Thursday. News of the activist's position comes as the $43 billion, London-based miner faces takeover interest from BHP, a mining giant with worldwide operations. Anglo rejected BHP's $39 billion takeover offer Friday morning, saying BHP's offer "significantly undervalues Anglo American and its future prospects." Anglo American declined to comment.

Persons: Elliott, Stuart Chambers, BHP, CNBC's Karen Gilchrist Organizations: Elliott Management, CNBC, BHP, Bloomberg Locations: London, Australia

☆ Teamsters union endorses activist Ancora in Norfolk Southern proxy fight
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor's efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad's 13-person board. The labor group said it would back the activist's seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on union support. The support from the BMWED Teamsters, whose members build and maintain the track infrastructure that keeps Norfolk Southern trains moving, amounts to a sharp rebuke of Shaw and Norfolk Southern's board. Norfolk Southern and Ancora have been locked in a proxy contest for several months. Neuberger Berman, for example, is backing the activist and said that Norfolk Southern had a history of poor governance and that a boardroom change was needed.

Persons: Ancora, Alan Shaw, Shaw, Tony Cardwell, Cardwell, Jim Barber, Jamie Boychuk, Boychuk, Barber, It's, John Orr, Glass Lewis, Neuberger Berman Organizations: Thursday, Teamsters, Norfolk Southern, Norfolk, BMWED Teamsters, Labor, American Federation of Labor, Industrial Organizations, CSX, Ancora Locations: Norfolk Southern, Norfolk, U.S, East Palestine , Ohio, Washington

☆ Mark Zuckerberg 's net worth plummets by more than $18 billion from Meta stock drop
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg's net worth plunged by $18 billion Thursday after comments from the Meta CEO on the earnings call sent his company's stock price to its steepest decline since October 2022. Meta said it plans to spend $35 billion to $40 billion Meta on capital expenditures this year, an increase from its prior forecast. Zuckerberg's fortune has swung up and down through the years, as his company's stock has been particularly volatile. His net worth fell by around $100 billion in 2022. In early 2022, he lost almost $30 billion in a single day, when his company's stock price tumbled 26% on weak earnings and disappointing guidance.

Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Meta Organizations: Facebook, Paley Center For Media, Meta, Harvard, Reality Labs Locations: New York

On Wednesday the Microsoft -backed company priced shares at $32 each, above its expected range of $28 to 31 per share. In selling 23.5 million shares, it raised $752 million. Rubrik shares are trading under the ticker "RBRK." Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Rubrik, founded a decade ago, reported a $354 million net loss in the latest fiscal year, compared to a $278 million loss in the year prior.

Persons: Rubrik, It's, Bipul Sinha Organizations: New York Stock Exchange, Microsoft, Astera Labs

☆ Alphabet issues first ever dividend, $70 billion buyback
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Alphabet said Thursday that it's issuing a 20-cent per share dividend, the company's first ever, and that its board authorized the repurchase of up to $70 billion in stock. The dividend is payable to all class of shares, including super-voting Class B shareholders, as well as nonvoting Class C shareholders. Co-founder Sergey Brin, who owns more than 730 million Class B and C shares, will receive a $146 million payout. Co-founder Larry Page, who owns 389 million Class B shares, will get a dividend payment of $78 million. Amazon's largest share repurchase, in 2022, was for up to $10 billion.

Persons: Sundar Pichai, Pichai, Sergey Brin, Larry Page Organizations: Google, Investors, Meta, Amazon Locations: Washington ,

☆ Spotify reports record quarterly profit after a year marked by deep layoffs and activist attention
▼ + stars: | 2024-04-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.

Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish

☆ Informatica says it's not for sale, following Salesforce's reported interest in $10 billion deal
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Enterprise data management company Informatica is not currently in talks to be acquired, the company said Monday, after earlier reports suggested that Salesforce was interested in a roughly $10 billion deal. Informatica shares slumped more than 7% on the news, while Salesforce shares rose around 1%. The acquisition would have been Salesforce's largest since the 2021 deal to purchase Slack. Salesforce's investors also reacted negatively to the idea of the deal, sending shares down more than 7% when news of the potential purchase first broke. Salesforce CEO Marc Benioff's voracious appetite for mergers and acquisitions was one of the factors that drew a flurry of activists in 2023 seeking to rein in the company's spending.

Persons: Salesforce, Slack, Amit Walia, Marc Benioff's Organizations: Informatica, Street

☆ Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.

Persons: Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing Organizations: JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble Locations: New York City, U.S, Mohawk Valley, Siler City, Freshpet ,

☆ Tesla asks shareholders to vote again on Musk's $56 billion payout
▼ + stars: | 2024-04-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk's $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was "deeply flawed." Tesla said the court decision created a "fundamental problem for the company." Tesla has not hired Innisfree since 2018, when it first asked shareholders to vote on Musk's pay package. Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. The company also noted that "dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.

Persons: Elon Musk, Lola, Tesla, Elon Musk's, Musk, Innisfree, Musk's, Chancellor Kathaleen McCormick, Richard Tornetta, McCormick Organizations: Regency Bruin Theatre, Twitter, Board, Delaware Court Locations: Los Angeles , California, U.S, Delaware, Texas

Tesla CEO Elon Musk arrives for a U.S. Senate bipartisan Artificial Intelligence Insight Forum at the U.S. Capitol in Washington, D.C., Sept. 13, 2023. Companies often see their stock price jump after announcing job cuts, as Wall Street rallies around the prospects for improved efficiency and profits. In 2022, the stock plunged 9% on initial reports around layoffs but recovered after Musk made clarifying comments days later. In China, Tesla has faced an onslaught of competition from domestic EV makers, including BYD and the phone maker Xiaomi. Prior to the layoffs, Tesla had been cutting prices and providing other buyer incentives, leading to likely margin erosion.

Persons: Elon Musk, that's, Musk, Tesla, FSD Organizations: U.S, Senate, Intelligence, Capitol, Washington , D.C, Tesla Locations: Washington ,, China, U.S

☆ Andreessen Horowitz raises $7.2 billion, a sign that tech startup market may be bouncing back
▼ + stars: | 2024-04-16 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Andreessen Horowitz said Tuesday that it raised $7.2 billion across five different funds, a sign of optimism in the tech startup world, which has seen a dearth of significant exits over the past two years. Deal volume for U.S. venture investments in the first quarter sank to its lowest level since 2017, according to data published earlier this month by PitchBook. The firm raised a $4.5 billion crypto fund in 2022, bringing its total amount raised for crypto and blockchain investments to $7.6 billion. Andreessen Horowitz remains on track to raise more money for its crypto fund and a separate biotechnology fund, a person familiar with the matter told Bloomberg. Andreessen Horowitz wrote a $350 million check to the company, which was just getting started and has yet to make inroads in the residential real estate market.

Persons: Andreessen Horowitz, Ben Horowitz, Marc Andreessen, Horowitz, PitchBook, bitcoin, Adam Neumann Organizations: Bloomberg, PitchBook, Astera Labs, CNBC Locations: Silicon Valley, U.S

☆ Vinod Khosla and Palantir's Jacob Helberg call on Senate to ban TikTok: It's 'a weapon of war'
▼ + stars: | 2024-04-11 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Investor Vinod Khosla and Palantir advisor Jacob Helberg penned an open letter Thursday calling on Senators to pass a bill that would force the divestiture of Bytedance-owned TikTok in the U.S. Describing the social media platform as "a weapon of war," Helberg and Khosla compared the bill to decades-old restrictions on foreign ownership of U.S. media outlets. Some critics have compared the ban to a bill of attainder, given that it singles out one company. The company mobilized its user base in opposition of the House bill, urging its millions of users to call their congressional representatives and voice their opposition. TikTok CEO Shou Zi Chew has also been lobbying D.C. lawmakers against a ban, meeting with Sen. John Fetterman, D-Pa., in March.

Persons: Vinod Khosla, Jacob Helberg, Khosla, Helberg, Shou Zi Chew, Sen, John Fetterman Organizations: CNBC, House, Khosla Ventures, Sun Microsystems, U.S . Department of Defense, Valley, TikTok Locations: North Korea, Iran, U.S, Hill

☆ Macy's settles proxy fight with activist Arkhouse, adds two directors
▼ + stars: | 2024-04-10 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Department store Macy's on Wednesday said it had settled its proxy fight with an activist group led by Arkhouse Management, and that it would add two new directors to its 15-person board. The reshuffle moves Macy's closer to a deal that would take the 165-year-old department store private. Ric Clark, a former executive at Brookfield, and Rick Markee will join Macy's board effective immediately. Arkhouse first submitted an offer to take the retailer private in 2023. The investment-firm-turned-activist then launched a proxy fight at the company in February, putting up a nine-director slate.

Persons: Ric Clark, Rick Markee, Markee, Clark, Macy's, Arkhouse, Jonathon Blackwell, Gavriel Kahane Organizations: Arkhouse Management, Brookfield, Brigade Management

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