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Search resuls for: "Square Capital Management"


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☆ 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.
☆ Billionaire investor Bill Ackman says US banks depositing $30 billion into First Republic creates a 'false sense of confidence'
  + stars: | 2023-03-17 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Bill Ackman said a plan to deposit $30 billion into First Republic Bank creates a "false sense of confidence." "Spreading the risk of financial contagion to achieve a false sense of confidence in FRB is bad policy," he said. The collapse of Silicon Valley Bank and Signature Bank, New York has rattled the banking sector, sparking fears of a contagion that could lead to the next global financial crisis. First Republic has been assuring customers of its liquidity since the implosion of Silicon Valley Bank — which in turn triggered concerns about the financial health of regional banks. First Republic Bank's shares closed 10% higher at $34.27 apiece on Thursday and were 6% lower in pre-market trade at 5.41 a.m. on Friday.
☆ Billionaire investor Bill Ackman says SVB was not a bailout: 'The people who screwed up will bear the consequences'
  + stars: | 2023-03-13 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
US regulators are guaranteeing depositors' funds after the Silicon Valley Bank and Signature Bank collapsed. But this isn't "a bailout in any form," said billionaire investor Bill Ackman. The US government is protecting depositors and not the management or shareholders, he said. In his tweet, Ackman even applauded US authorities' intervention, saying the government "did the right thing for the country" by protecting depositors. The legendary investor has been quite vocal about the wild ride in the US banking industry amid the collapse of Silicon Valley Bank and Signature Bank.
☆ Billionaire investor Bill Ackman says feds 'screwed up' handling of Silicon Valley Bank collapse, warns they have '48 hours to fix a soon-to-be-irreversible mistake'
  + stars: | 2023-03-11 | by ( Aaron Mcdade | ) www.businessinsider.com   time to read: +4 min
Billionaire investor Bill Ackman posted a lengthy tweet about the Silicon Valley Bank collapse Saturday. Ackman criticized the response of the federal government and its lack of monitoring SVB for risk. He said the government has "about 48 hours to fix a-soon-to-be-irreversible mistake" with its handling of SVB. "The gov't has about 48 hours to fix a-soon-to-be-irreversible mistake," Ackman tweeted in a lengthy post Saturday morning. In Ackman's view, this could lead to the collapse of several other smaller banks around the country.
☆ Billionaire investor Bill Ackman calls on the US government to consider a bailout of Silicon Valley Bank if private investors won't step up
  + stars: | 2023-03-10 | by ( Huileng Tan | ) www.businessinsider.com   time to read: +3 min
Ackman called on the government for a "highly dilutive" Silicon Valley Bank bailout if the private sector doesn't step up. SVB is a go-to bank and lender to startups in the tech sector and a crucial part of the ecosystem. Greg Becker, the CEO of Silicon Valley Bank, told clients to "stay calm" at a conference call on Thursday, Bloomberg reported, citing a person familiar with the matter. The events spurred concerns among tech VCs and founders about Silicon Valley Bank's financial stability. Silicon Valley Bank did not immediately respond to Insider's request for comment sent outside regular business hours.
☆ Billionaire Ackman donates $3.25 million for ambulances in Ukraine
  + stars: | 2023-02-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com   time to read: +2 min
Feb 26 (Reuters) - Billionaire hedge fund manager Bill Ackman has pledged $3.25 million to help buy more than a dozen ambulances for Ukraine as it defends itself against Russia's invasion, according to a fellow investor who cited a conversation with him. "I had breakfast with my college buddy Bill Ackman this morning, walked him through the attached slide deck I put together about my ambulances-for-Ukraine mission, and on the spot he agreed to donate $3.25 million," Tilson wrote in the email, dated Feb. 25. Ackman's hedge fund Pershing Square Capital Management oversees roughly $16 billion in assets. Tilson has been leading an effort to buy ambulances for Ukraine that will be operated by humanitarian aid group MOAS (Migrant Offshore Aid Station), which is based in Malta. Ackman, whose great-grandfather emigrated to the United States from Ukraine, has an estimated net worth of $3.5 billion, according to Forbes.
☆ 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.
☆ Bill Ackman says he finds short-seller's Adani Group report 'highly credible' – and notes similarities to 'pyramid scheme' Herbalife
  + stars: | 2023-01-27 | by ( George Glover | ) www.businessinsider.com   time to read: +2 min
Hindenburg Research accused India's Adani Group of "brazen stock manipulation" in report published this week. Pershing Square CEO Bill Ackman said he found the short-seller's report "highly credible and extremely well researched". Adani Group had inflated its own valuation by manipulating the stock market and committing accounting fraud, the report had said. "I found the Hindenburg report highly credible and extremely well researched," Pershing Square Capital Management CEO Ackman aid on Twitter late Thursday. Ackman also compared Adani Group to Herbalife – the multi-level marketing company that Pershing Square unsuccessfully shorted between 2012 and 2017 in one of the billionaire investor's biggest-ever losses.
☆ Adani shares plunge further as it weighs legal action against short seller firm
  + stars: | 2023-01-27 | by ( Jihye Lee | ) www.cnbc.com   time to read: +3 min
Hindustan Times | Hindustan Times | Getty ImagesShares of Adani Group companies continued to see sharp losses for a second consecutive trading session in India, after short seller firm Hindenburg announced its short position in the conglomerate's firms earlier this week. Adani Transmission fell 19.47%, Adani Green Energy shed 19.89% and Adani Power lost 5%. Adani Port's share price also dropped 13.8%. Billionaire investor and CEO of Pershing Square Capital Management, Bill Ackman, voiced his support for the short seller firm in a tweet posted shortly before India's market open. "I found the Hindenburg report highly credible and extremely well researched," he wrote, adding that Adani Group's response "speaks volumes."
☆ Sam Bankman-Fried doesn't 'have the typical profile of a crook' – and his fear of failure might explain FTX's collapse, Bill Ackman says
  + stars: | 2022-12-23 | by ( George Glover | ) www.businessinsider.com   time to read: +3 min
Ackman compared SBF to convicted fraudster Bernie Madoff, saying neither "have the typical profile of a crook.' The crypto exchange cofounded by Bankman-Fried seems to have been profitable and backed by top venture capitalists, Ackman said Friday. This reminds me of Madoff," tweeted Ackman, the founder and CEO of hedge fund Pershing Square Capital Management. Young Wall Street trader Bankman-Fried went from relative obscurity to the head of crypto empire FTX in just four years. That runaway success soon after leaving a top college sheltered Bankman-Fried from learning how to cope with failure, Ackman suggested.
☆ 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.
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