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Betting on AckmanBill Ackman has gained new prominence in recent months for his outspoken presence on social media. But he has also made riches for his investors and himself — and now others are hoping he’ll continue to do so. His Pershing Square Capital Management has sold a 10 percent stake for just over $1 billion to an array of outside investors, giving the hedge fund a lofty valuation. The question is whether Ackman’s newfound fans on social media will follow him as he grows his empire, including through a new listed fund and, eventually, an I.P.O. That has bolstered Ackman’s paper worth to $8 billion, Bloomberg calculates, making him 333rd among the world’s wealthiest people.
Persons: Bill Ackman, , he’ll, BTG, Marc Lasry, Doug Hirsch Organizations: Pershing, Capital Management, Arch Capital, Iconiq Investment Management, Bloomberg
The funding announced Monday puts a $10 billion price tag on Pershing Square, which manages about $16 billion worth of assets. The benefit of going public is you get to make money, obviously, so it’s not hard to see why Pershing Square would want to do it. For Ackman, in particular, being at the helm of a publicly traded company could be a particularly jarring shift. Pershing Square officially hung up its activist megaphone in 2022, opting to work with a small group of companies behind the scenes. Many of those followers are the kinds of retail investors Ackman could hope to attract to a publicly traded fund.
Persons: CNN Business ’, Bill Ackman, who’s, Ackman, , Lawrence J ., White, , I’ve, ” White, he’s, I’m, he’ll, , Elon Musk, Pershing, Musk, ” NYU’s White, Tesla Organizations: CNN Business, New York CNN, Pershing, Securities, Exchange, NYU Stern School of Business, Herbalife, Twitter, Hamas, MIT, Trump, SEC, Bloomberg Locations: New York, Pershing, Israel
CNBC Daily Open: Opec extends cuts, Nvidia showcases new chip
  + stars: | 2024-06-03 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. OPEC+ extends cutsOPEC and it allies agreed to extend official crude production cuts into 2025 amid lackluster demand. Saudi Arabia's energy minister Prince Abdulaziz bin Salman said OPEC+ wants concrete rate cuts before factoring in the potential impact on energy demand. New AI chip RubinNvidia unveiled its next generation artificial intelligence chip, Rubin, a mere three months after launching its Blackwell model.
Persons: Prince Abdulaziz bin Salman, Rubin, Blackwell, Dow, UnitedHealth, Bill Ackman, It's, Michael Khouw Organizations: CNBC, Saudi Aramco, Rubin Nvidia, AMD, Intel, Microsoft, Google, Dow Jones, Federal, Dow, Nasdaq, Nvidia, Tesla, Pershing, Moderna, Drug Administration, GSK, Pfizer Locations: OPEC, Saudi Arabia, Russia, Saudi, U.S, Moderna
On the final day of Donald Trump’s hush money criminal trial — in which a jury found the former president guilty on all 34 counts of falsifying business records — Emily Ratajkowski was spotted wearing a not-so-subtle statement shirt. Ratajkowski wore her $95 Stormy Daniels T-shirt out in New York. Ratajkowski herself is no stranger to the art of sartorial support, wearing a conspicuous Rage Against the Machine T-shirt in 2020 featuring a young Bernie Sanders. Despite a lack of statement, Cate Blanchett's latest Cannes look was interpreted by many as a nod to the Palestinian flag. Similarly, Ratajkowski has spoken at length in her 2021 book “My Body” about her experience enduring several instances of sexual assault.
Persons: Donald Trump’s, Emily Ratajkowski, Stormy Daniels, Daniels, Robert Crumb, Katherine Hammett, Margaret Thatcher, Pershing, Hammett, Thatcher, ” Hammett, Ratajkowski, Bernie Sanders, Queen Elizabeth II —, Cate Blanchett’s Haider Ackermann, Blanchett, Ackermann, Cate Blanchett's, Daniel Cole, Guy Pearce, Netanyahu, ” Pearce, , I’ve Organizations: CNN, Trump, British, Guardian, EU, Cannes Film, Fair Locations: New York City, York, British, New York, Gotham, Palestine, Gaza, Cannes, Fair France
Bill Ackman is aiming to take Pershing Square public as soon as next year, the WSJ reports. AdvertisementBillionaire Bill Ackman is planning to take his investment firm Pershing Square public, according to a new report in The Wall Street Journal. This funding round is expected to give Pershing Square a roughly $10.5 billion valuation, the outlet reported. For context, Brookfield — valued at about $15 billion — oversees more than $925 billion, compared to the $16.3 billion Pershing Square had under management at the end of April. Ackman could take Pershing Square public as soon as the end of 2025, or early the following year, people familiar with the matter told the WSJ.
Persons: Bill Ackman, Ackman, , Francis McGill Organizations: Pershing, Service, Street, Business, Brookfield Asset Management, Brookfield —
Read previewFormer President Donald Trump's conviction yesterday on falsifying business records hasn't dissuaded high-profile supporters on Wall Street — some of whom are newly energized by the historic verdict. "Bluntly, that's part of why I'm supporting him," Maguire, a partner at Sequoia Capital, wrote on X about a potential conviction. AdvertisementTech investor David Sacks, who was reportedly in talks to hold a Trump campaign fundraiser at his San Francisco home, denounced the guilty verdict on X. "A sham trial designed for one purpose: to brand Donald Trump as a 'felon,'" Sacks wrote yesterday on X. AdvertisementIt wasn't only prominent business leaders on Wall Street circling their wagons.
Persons: , Donald Trump's, hasn't, Shaun Maguire, Maguire, David Sacks, Donald Trump, Sacks, Omeed Malik, Farvahar Partners —, Malik, Trump, haven't, Bill Ackman, Ron DeSantis, DeSantis, didn't, Elon Musk, Musk Organizations: Service, Trump, Republican, Business, Sequoia Capital, Tech, San, Farvahar Partners, CNBC, National Republican, Pershing, Wall Street Journal, he's Locations: White
Pershing Square Capital Management CEO Bill Ackman is leaning to supporting Donald Trump. According to multiple reports, Ackman is considering a public announcement backing Trump. AdvertisementBillionaire investor Bill Ackman is considering endorsing former President Donald Trump, according to multiple reports. The Financial Times was the first to report that the hedge fund manager is leaning toward the former president. Ackman also supported former UN Ambassador Nikki Haley, who recently endorsed Trump after her failed GOP primary run.
Persons: Bill Ackman, Donald Trump, Ackman, Trump, , Dean Phillips, Joe Biden, Nikki Haley Organizations: Pershing, Capital Management, Wall Street titans, Service, Financial Times, Dean Phillips of, GOP, Business Locations: Dean Phillips of Minnesota
Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023. Billionaire investor Bill Ackman is selling a 10% stake in Pershing Square, aiming to eventually take his investment firm public. Pershing Square had $18.6 billion in total assets under management as of the end of April. Most of its capital is in Pershing Square Holdings, a closed-end fund that trades on European stock exchanges. Ackman has become one of the world's most prominent hedge-fund investors after years of market-topping returns and vocal activist campaigns.
Persons: Bill Ackman, eyeing, Ackman, Ryan Organizations: Pershing, Capital Management, Delivering Alpha, Billionaire, Street Journal, Ryan Israel, Pershing Square Holdings, New York Stock Exchange, Grill, Hilton, Herbalife Locations: New York City, U.S, Israel, North America
Hedge fund executive and billionaire Bill Ackman has signaled to associates that he is likely to support Donald Trump for president over Joe Biden, according to a source familiar with the matter. Ackman previously financed Robert F. Kennedy Jr.'s campaign for president and Republican Nikki Haley's failed bid for the White House. If Ackman endorses Trump, he will join a growing crowd of Wall Street executives backing Trump over Biden. Blackstone CEO Steve Schwarzman recently said in a statement that he would support Trump. When asked at the time whether he would vote for Trump over Biden, Ackman said, "I'll make that decision when I have the choice."
Persons: Bill Ackman, David Rubenstein, Donald Trump, Joe Biden, Robert F, Kennedy Jr, Nikki Haley's, Ackman, Trump, Blackstone, Steve Schwarzman, Biden, Dean Phillips, Phillips Organizations: Pershing, Capital Management, White, Forbes, Financial Times, Wall Street, Biden, Trump, Republican, CNBC, Democratic, Commission Locations: New York
Presidential candidate Robert F. Kennedy Jr. said in a 2012 deposition he has a worm in his brain. In the deposition, Kennedy said he visited several neurologists in 2010 to try to find the cause of his haziness. While some doctors believed he had a brain tumor, one thought he had a worm stuck in his brain. In the 2012 deposition, Kennedy said that he once had to have his heart shocked by doctors to get it to beat back in sync. Questioning Mr. Kennedy's health is a hilarious suggestion, given his competition."
Persons: Robert F, Kennedy Jr, Biden, he's, , Kennedy, Mary Richardson Kennedy, Joe Biden, Donald Trump, Mr, Stefanie Spear, Kennedy hasn't, Bill Ackman, Jack Dorsey, David Sacks Organizations: Trump, The New York Times, Service, Times, White, Pershing, Capital Management, Twitter, PayPal Locations: Africa, South America, Asia
More recently, after nominating a majority director slate, Sachem Head settled for three board seats at US Foods. Taking board seats signifies both commitment and contribution, and this philosophy and style is really paying off for Sachem Head. After 2021, the revenue growth started slowing: It's 8.5% today, and it's estimated to be 5% to 10% in the coming years. As much as a growth market rewards hyper-growth stocks, it punishes those companies when revenue growth slows. On March 30, Sachem Head received a board seat for Andy J. Stafman, partner at Sachem Head, and agreed to withdraw its notice of shareholder proposals and nomination of candidates for election to the board at the 2024 annual meeting.
Persons: Scott Ferguson, Sachem, Ferguson, Olin —, Twilio, Twilio's, Jeff Lawson, Khozema, denigrate Lawson, Sinch, Andy J, Stafman, Anson, Sagar Gupta, Thomas Wyatt, Ken Squire Organizations: Pershing, Olin, US Foods, Sachem, Communications, Gartner, IDC, Twilio . Legion Partners, Anson Funds, Legion Partners, 13D Locations: Twilio
The Opportunistic Trader ETF, trading under the ticker "WZRD," launched on Wednesday and quickly surpassed $15 million in assets. Benedict is a former hedge fund manager who later founded The Opportunistic Trader, an information and education service about his strategies. And he's not the only hedge fund veteran trying out products that are open to retail investors. The WZRD ETF won't be a buy and hold strategy common among ETFs, according to securities filings and the Opportunistic Trader team. Rise of active ETFs The rise of hedge-fund like ETFs is part of a broader trend toward more active funds.
Persons: Larry Benedict, Jack Schwager, Benedict, Pershing, Bill Ackman, James Hickey, Hickey Organizations: Trader, SEC, Trust, Nvidia, JPMorgan Chase Locations: United States, WZRD
In June 2017 — as he was reeling from the end of his marriage of more than two decades and some of the most disastrous investments of his career — Bill Ackman, the billionaire hedge-fund financier, joined Twitter. He offered his early Twitter followers little of the drama that was part of his investing style and would later become a hallmark of his round-the-clock social media posts. Just a few months later, Mr. Ackman went on his first date with a Massachusetts Institute of Technology professor, Neri Oxman. He was instantly smitten, and asked her on that date if she was open to having children, he told the crowd last year at an awards dinner. They married the following year.
Persons: , Bill Ackman, Ackman, Neri Oxman, Oxman Organizations: Twitter, Massachusetts Institute of Technology
AI was very popular, but most panels failed to discuss the consThe harmful impacts of AI dominated the conversation among creators at SXSW. Related storiesIn a session titled "AI in Video: Revolutionizing or Replacing Creators," Vimeo product executive Zohar Dayan's presentation similarly focused on the technology's benefits. Talk of a TikTok ban? Employees and creators are 'bored' of itOutside SXSW, the conversation has picked up about a potential TikTok ban in the US , but there was radio silence about it in Austin among the TikTok employees and creators I met. "We're so bored of that topic, honestly," said two TikTok employees, who spoke on condition of anonymity out of concern about facing repercussions from their employer.
Persons: Cassey Ho, OpenAI's, Peter Deng, Deng, Zohar, Dan Whateley, they've, Kahlil Greene, he's, Jerry Won, Justin Nguyen, Mylen Yamamoto Tansingco, Sam Li, Sean Kim, Sam Yam, Austin Hilton, Tumi Brooks Organizations: Southwest, Delta Air Lines, Business, IBM, SXSW, Snapchat, Pershing House, Talent, Austin, Austin Hilton Hotel, Convention Locations: Austin, Australia, China, member's, TikTok, Netflix's, Singapore
An exterior view of the Advance Auto Parts store at the Sunbury Plaza, in Sunbury, Pennsylvania. Dan Loeb's Third Point and activist Saddle Point have a stake in Advance Auto Parts and reached a settlement with the company that will give the activists three board seats, the company confirmed Monday. Tom Seboldt, Gregory Smith and Brent Windom will join Advance Auto Parts' board effective immediately, the company said. Advance Auto Parts shares rose 3.7% after The Wall Street Journal reported the news of Third Point's position and settlement. Roy Katzovicz, Saddle Point CEO and former Pershing Square partner, said Advance Auto Parts had "enormous potential."
Persons: Dan Loeb's, Tom Seboldt, Gregory Smith, Brent Windom, Shane O'Kelly, " O'Kelly, Point's Loeb, Roy Katzovicz Organizations: Advance, Street Journal, Pershing Square Locations: Sunbury, Sunbury , Pennsylvania
In the fourth quarter, specifically, shares of Alphabet rose 6.75%. Third Point owned Alphabet for less than a year , while Druckenmiller traded in and out of the stock in recent quarters. Some Wall Street veterans merely pared back their exposure to Alphabet in the quarter, including David Tepper's Appaloosa Management . Baupost Group — the hedge fund run by value investor Seth Klarman — sold about 23% of its Alphabet stock over the same stretch. Berkshire parted ways with about 10 million shares of the iPhone maker, leaving the conglomerate with more than 905 million shares, worth $174.35 billion, at the end of the quarter.
Persons: Dan Loeb's, Stanley Druckenmiller, Druckenmiller, David Tepper, David Tepper's, Seth Klarman —, Jim Cramer, Michael Bury, Bill Ackman's, Tepper, Druckenmiller —, , Eli Lilly, Lilly, Danaher, Warren Buffett's Berkshire Hathaway, Buffett, Jeff Smith's, Marc Benioff, shouldn't, Jim, Jim Cramer's, Justin Sullivan Organizations: Club, Securities and Exchange Commission, SEC, Microsoft, Apple, Nvidia, Palo Alto Networks, Wall, Management, Bill Ackman's Pershing, Capital Management, Duquesne Family, Trust, CNBC, Warren, Berkshire, BNSF Railway, Geico, Inclusive, Jim Cramer's Charitable Locations: Palo, 13Fs, Jim's, Mountain View , California
When you see that in a railroad company, there is one key metric to look at, which drives railroad profitability and shareholder return: It's the operating ratio. The operating ratio is the company's operating expenses as a percentage of revenue. NSC's operating ratio is almost 69% and the right management team with the right strategy should easily be able to get the operating ratio down close to 60%. There is no need to reinvent the wheel here; the roadmap has already been drawn at Canadian Pacific and CSX. Inside the activist world, and among investors who were shareholders of Canadian Pacific and CSX, this is as sure of an activist strategy as there is.
Persons: Ancora, James Chadwick, Mantle, Hunter Harrison, Harrison, John Kasich, Sameh Fahmy, Jim Chadwick, Ken Squire Organizations: Norfolk Southern, Railroads, TCI, CSX, Pershing, Canadian Pacific, Canadian National, CP, PSR, Kansas City Southern, 13D Locations: United States, Ancora, Ohio
Bill Ackman, Pershing Square Capital Management CEO, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023. The hedge fund billionaire is planning to launch a closed end fund, investing in 12 to 24 large-cap, investment grade, "durable growth" companies in North America, according to a regulatory filing. Ackman is waiving the management fee for the first 12 months and after the first year will charge a flat 2% fee. Ackman has become one of the world's most prominent hedge fund investors after years of market-topping returns and vocal activist campaigns. The popular investor's hedge fund held only seven stocks at the end of 2023, including Alphabet , Chipotle Mexican Grill and Howard Hughes Corporation.
Persons: Bill Ackman, Pershing, Ackman Organizations: Pershing, Capital Management, Delivering Alpha, New York Stock Exchange, Grill, Howard Hughes Corporation, CNBC PRO Locations: New York City, North America
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
Kerry and Xie paved the way for progress at international summits that could have otherwise stagnated. The annual U.N. climate summit was being held in Copenhagen later that year, and Kerry was eager to talk about it with Chinese officials. Stern said the deal “ricocheted around the climate world" and convinced countries that “we can actually get this done.”The importance of the deal became evident one month later. It was the relationship with China, Kerry said afterward, that helped “change the paradigm.”——-The warm feelings were short-lived. Donald Trump was elected president in 2016, and he promptly withdrew the U.S. from the Paris agreement after taking office.
Persons: John Kerry, Xie Zhenhua, Kerry, Xie, Mao Zedong's, Christiana Figueres, , Li Shuo, ” —, George W, Bush, Barack Obama's, Obama, Todd Stern, ” Stern, , Xi Jinping, Stern, Figueres, ” Xie, , Donald Trump, Joe Biden, Xi, hadn’t, Trump, Biden, Jonathan Pershing, Nancy Pelosi, John, John Podesta, Podesta, ___ Read, Chris Megerian, Seth Borenstein Organizations: WASHINGTON, United, Communist Party, U.S, Asia Society, Greenpeace, Senate Foreign Relations, International, Trump, William, Flora Hewlett Foundation, Associated Press Locations: United Nations, Dubai, Paris, England, Vietnam, China, Copenhagen, Lima, Glasgow, Sunnylands, Beijing, Christiana, U.S, , Lima , Peru, South, Taiwan, COVID, Egypt, California, Arab Emirates, AP.org
Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a nearly 5% stake in the Tel Aviv Stock Exchange, the exchange reported in a press release Wednesday. The announcement came as the Israeli bourse announced the pricing of a secondary offering of 17,156,677 shares priced at 20.60 shekels ($5.50) per share. "The transaction drew robust interest from investors across Israel, the United States, Europe, and Australia, reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large," the statement read. "Among the prominent buyers were Neri Oxman and Bill Ackman who have agreed to purchase approximately a 4.9% equity stake in the TASE." His wife, Neri Oxman, is an American-Israeli designer and professor.
Persons: Bill Ackman, Neri Oxman Organizations: Tel Aviv Stock Exchange, Israeli bourse, New, Pershing, Capital Management Locations: Israel, United States, Europe, Australia, New York, Gaza, American
London CNN —Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy. The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas. The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation.
Persons: Bill Ackman, Neri Oxman, Ackman, Claudine Gay, Gay, , Oxman Organizations: London CNN —, Tel Aviv Stock Exchange, bourse, Pershing, Capital Management, Hamas, Harvard, Jewish, Business Locations: Tel Aviv’s, Israel, United States, Europe, Australia
“We stand by Business Insider and its newsroom,” said a spokesman for Axel Springer, the German media company that owns the publication. With its stories, Business Insider raised both the idea of hypocrisy and the possibility that academic dishonesty is widespread, even among the nation's most prominent scholars. The business leader reached out in protest to board members at both Business Insider and Axel Springer. “Business Insider supports and empowers our journalists to share newsworthy, factual stories with our readers, and we do so with editorial independence,” Peng wrote. Business Insider would not say who conducted the review of its work.
Persons: Claudine Gay, , Axel Springer, Neri Oxman, Bill Ackman, Gay, Axel Springer's, ” Ackman, Ackman, , Oxman, Barbara Peng, ” Peng, ” Harvard's, Nicholas Carlson, Carlson Organizations: MIT, Business, Harvard, Pershing, Oxman, The New York Times, Times, The Washington Post Locations: Israel
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Bill Ackman on fighting antisemitism, the 2024 election and morePershing Square CEO Bill Ackman joins 'Squawk Box' to discuss creating an activist organization to fight antisemitism and reform higher education, the 2024 presidential election cycle and more.
Persons: Bill Ackman Organizations: Pershing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPershing Square CEO Bill Ackman: Financial independence gives me the wherewithal to speak freelyPershing Square CEO Bill Ackman joins 'Squawk Box' to discuss fighting antisemitism on college campuses, plagiarism accusations against his wife, Ackman's broader concerns about higher education and other issues, his activist approach to tackling these issues, and more.
Persons: Bill Ackman Organizations: Pershing
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