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☆ Ackman Scales Back Multibillion-Dollar I.P.O.
▼ + stars: | 2024-07-30 | by ( Maureen Farrell | ) www.nytimes.com time to read: 1 min

The billionaire investor William Ackman appears to have scaled back his ambitions for an initial public offering in New York — at least in terms of its size. The investment vehicle that Mr. Ackman plans to take public on the New York Stock Exchange next week — Pershing Square USA — is aiming to raise $2 billion in the share sale, according to a regulatory filing on Tuesday. That’s a far cry from the $10 billion or more that Mr. Ackman discussed as a target earlier this year. In investor meetings in recent months, he had floated an even larger number: $25 billion. The $2 billion figure is a place holder, and Pershing Square USA could raise more as investors put in orders through Monday night, according to a person familiar with the deal who spoke on the condition of anonymity because the details were private.

Persons: William Ackman, Ackman, That’s Organizations: New York Stock Exchange, — Pershing, USA, Pershing Locations: New York

☆ Billionaire investor Ackman says he is shorting 30-year Treasuries
▼ + stars: | 2023-08-03 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

"We are short in size the 30-year T," Ackman wrote on messaging platform X, formerly known as Twitter. "We implement these hedges by purchasing options rather than shorting bonds outright," Ackman wrote. Ackman said higher defense costs, energy transition and the greater bargaining power of workers all point toward higher inflation. "The best hedges are the ones you would invest in anyway even if you didn't need the hedge," Ackman wrote. A spokesman for Ackman didn't respond to a Reuters request for additional comment.

Persons: Bill Ackman, Mike Blake, William Ackman, Ackman, Treasurys, Fitch, Svea Herbst, Bayliss, Shri Navaratnam Organizations: Pershing, Capital, Wall Street Journal Digital, REUTERS, Capital Management, U.S, Twitter, Federal, White, Svea, Thomson Locations: Laguna Beach , California, U.S

☆ Pershing Square unveils new stake in Alphabet
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: 1 min

May 15 (Reuters) - Billionaire investor William Ackman has built a new stake in Alphabet (GOOGL.O) worth $1.1 billion, according to a regulatory filing on Monday. According to the filing, Ackman's hedge fund Pershing Square Capital Management owned 8.1 million class C shares and 2.2 million shares class A of Alphabet at the end of the first quarter. Reporting by Pushkala Aripaka in Bangalore Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

May 3 (Reuters) - Carl Icahn's empire took another hit on Wednesday when his holding company's shares plunged further in the aftermath of a critical report from short seller Hindenburg Research, bringing the valuation drop since the short seller attacked it to more than $6 billion. IEP shares hit an intraday low of $31.78 - their lowest in more than a decade. The company is now worth $11.5 billion, 35% less than its value on Monday before Hindenburg published its report. The Hindenburg report has wiped $7.5 billion off Icahn's fortune, leaving him with a net worth of $10.8 billion, according to Forbes. “There is a karmic quality to this short report that reinforces the notion of a circle of life and death," he tweeted on Tuesday.

☆ Corporate agitator Ackman tells US to raise FDIC insurance limit to shore up confidence
▼ + stars: | 2023-03-29 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

NEW YORK, March 29 (Reuters) - Billionaire investor William Ackman who spent years telling corporations how to perform better is now taking on the U.S. government by calling for higher insurance limits to safeguard the banking system at the height of a banking crisis. Ackman, who runs hedge fund Pershing Square Capital Management, sent a letter to his investors saying the FDIC should raise its $250,000 per account limit days after U.S. regulators took over Silicon Valley Bank and Signature Bank, triggering a crisis in U.S. regional banks. In his annual letter to shareholders he amplified a message he has been blasting for days on Twitter. "Banking is a confidence sensitive business," and regulators' conflicting public statements have "reduced investor, business, and consumer confidence in our banking system" he wrote. Ackman's investment firm's Pershing Square Holdings portfolio has returned 25.1% per year over the last five years, handily beating its broader stock market index which gained 9.4% a year during the same time.

Last year it breached liquidity requirements at some of its entities after an unsubstantiated social media report sparked client exits. In the U.S., the decision to insure all bank deposits after SVB was shuttered surprised many. QUICKLY DISAPPEARSome in the banking industry play down the risks of another SVB-style downfall spurred by social media. Regulators will also need to monitor social media and develop a set of protocols to guide how they respond, according to Patricia McCoy, a law professor at Boston College. "They need to be looking for any signs of unsubstantiated rumors, panic starting to mount on social media, and they've got to do it around the clock," she said.

☆ Ackman's Pershing Square reaps $2.7 bln from rate trade but down 9% in 2022 -letter
▼ + stars: | 2023-02-10 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

U.S. stock indexes had a dismal 2022 with the S&P 500 slumping almost 20%, as the Federal Reserve battled soaring inflation with aggressive interest rate hikes that roiled markets. The assets minus the liabilities in Ackman's fund trade at a discount to its share price. "This possibility is also something that we do not feel is currently reflected in PSH's share price," it said. The interest rate hedges were initiated in late 2020 and early 2021. In 2022 the fund entered new positions in long-term interest rates, currencies and energy it said.

☆ Adani Group reels after report from U.S. short-seller Hindenburg
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

It says it holds short positions in Adani Group companies through U.S.-traded bonds and non-Indian-traded derivative instruments. JAN. 26* Adani Group says it is evaluating "remedial and punitive action" against Hindenburg under U.S. and Indian laws. JAN 28* Index provider MSCI says it is seeking feedback on Adani Group and associated securities and is aware of the Hindenburg report. JAN 30* Adani Group issues a detailed riposte to the Hindenburg report, saying it complies with all local laws and had made the necessary regulatory disclosures. * Index provider MSCI says it will cut weightings of four Adani Group companies, including Adani Enterprises, in its indexes after reassessing the number of freely traded shares.

☆ India's Adani ditches $2.5 bln share sale after $86 bln rout
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, Feb 1 (Reuters) - India's Adani Enterprises Ltd (ADEL.NS) on Wednesday withdrew its $2.5 billion secondary share sale after Adani Group shares plummeted on concerns raised by a U.S. short-seller. * Anchor investors Maybank Securities and Abu Dhabi Investment Authority pick up stake in Adani Enterprises' share sale, India's largest follow-on public offering (FPO). * Indian shares fell to their lowest level in more than a week, dragged lower by Adani Group stocks. * Adani Enterprises, the flagship company of the group founded by billionaire Gautam Adani, begins its $2.5 billion FPO for retail investors. JAN 31* Adani Enterprises' FPO fully subscribed as investors pumped funds into the share sale, despite the rout in the group's stocks.

☆ Bill Ackman says Hindenburg's report on Adani Group 'highly credible'
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File PhotoJan 26 (Reuters) - Billionaire investor William Ackman in a tweet on Thursday said that he found short-seller Hindenburg Research's report on Adani Group "highly credible and extremely well researched." Shares in seven listed group companies of Adani lost $10.73 billion in market capitalisation in India on Wednesday after Hindenburg released the report, which accused the conglomerate of improper use of offshore tax havens and also said it held short positions in the company through its U.S.-traded bonds and non-Indian-traded derivative instruments. "We are not invested long or short in any of the Adani companies... nor have we done our own independent research," Ackman said in a tweet. loadingReporting by Akriti Sharma in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Dec 22 (Reuters) - Scott Minerd, global chief investment officer at investment and advisory firm Guggenheim Partners and a prominent Wall Street bond investor, has died, his firm said on Thursday. During his 25-year stint with Guggenheim, Minerd became a prolific commentator on financial markets and was often quoted by the media. He will be greatly missed by all," Mark Walter, chief executive and a founder of Guggenheim Partners, said in the firm's statement. Guggenheim said it had implemented a succession plan, with Anne Walsh, managing partner and CIO of Guggenheim Partners Investment Management, assuming many of Minerd's responsibilities on an interim basis. Minerd was regarded in the past few years as one of the U.S. "bond kings," along with Jeffrey Gundlach, chief executive of DoubleLine, and Dan Ivascyn, chief investment officer of bond giant PIMCO.

☆ Sam Bankman-Fried Chucks the Crisis Communications Playbook
▼ + stars: | 2022-12-02 | by ( Nat Ives | ) www.wsj.com time to read: +5 min

The interviews could be a case study in what not to do in a crisis, some communications executives said. “He’s basically breaking every rule that somebody in the crisis communications field would advise,” said Andrew Gilman, president and chief executive at CommCore Consulting Group, a public relations and communications firm. Asked at the DealBook conference whether his lawyers thought it was wise for him to be speaking, Mr. Bankman-Fried said no. If Mr. Bankman-Fried is determined to say something now, Mr. Gilman said he would have advised putting a statement online and declining to take questions yet. But Mr. Sitrick said he couldn’t fully gauge the results of the mini-media tour because he didn’t know Mr. Bankman-Fried’s goals.

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