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Billionaire investor Bill Ackman would "absolutely" do a deal with X, the social platform previously known as Twitter, with his newly approved investment vehicle, Ackman told The Wall Street Journal in a story published on Sunday. On Friday, Ackman announced that the Securities and Exchange Commission approved his new financing vehicle, which he is calling a SPARC — a special purpose acquisition rights company. Ackman told the Journal that he would "absolutely" consider using his newly formed SPARC to invest in X, the social media platform previously known as Twitter. Investors interested in the SPARC were directed to follow Bill Ackman's account on X for more information, according to the press release announcing the regulatory approval of the investment vehicle. "Taking X public would expose X to financial and governance regulatory transparency and accountability; which is why I'm skeptical it'll happen," Jagolinzer said in a post on X.
Persons: Bill Ackman, Ackman, Bill Ackman's, Vivek Ramaswamy, Robert Francis Kennedy Jr, Elon Musk, Alan D, Jagolinzer Organizations: Wall Street, Securities and Exchange Commission, SPARC, Pershing, Twitter, Pershing Square Capital Management, CNBC, U.S, University of Cambridge Judge Business School
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
Wall Street heavyweights Larry Fink and Bill Ackman see US Treasury yields reaching 5%. AdvertisementAdvertisementWall Street heavyweights Bill Ackman and Larry Fink see inflation remaining higher and expect US Treasury yields to soon hit 5%. On Friday, the 10-year yield pulled back to 4.565% after surging to its highest level since 2007 earlier in the week. AdvertisementAdvertisementAnd that could keep US Treasury yields higher as they move on expectations of Fed rate policy. Other commentators have also suggested higher yields, especially as a supply and demand imbalance exists in the Treasury market.
Persons: Larry Fink, Bill Ackman, Ackman, , Fink, Jamie Dimon, Bill Gross Organizations: Service, Pershing, Capital, CNBC's, Alpha, BlackRock, Berlin, JPMorgan, Federal Reserve, Treasury
CNBC Daily Open: Long-term prospects are uncertain
  + stars: | 2023-09-29 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +2 min
People walk outside of the New York Stock Exchange (NYSE) in the financial district in Manhattan on June 14, 2022 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big population but small labor forceEven though India's population of 1.428 billion has surpassed that of China's, according to UN estimates, the country's labor force is only at 51%, trailing behind China's 75%. When that happens, this simple bond trade can earn you 40% in returns, said investment analysts.
Persons: Hong, Bill Ackman, Rick Rieder, Katie Koch Organizations: New York Stock Exchange, CNBC, Nikkei, Alpha, Pershing, Capital Management, Treasury, BlackRock, Federal, TCW, China's, Oxford Economics Locations: Manhattan, New York City, Asia, Pacific, Tokyo, U.S, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor Bill Ackman: I'm very bullish on Ukraine post-warPershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy.
Persons: Bill Ackman, Volodymyr Zelenskyy Organizations: Billionaire, Pershing, Capital Management, CNBC's, Alpha Locations: Ukraine
Billionaire investor Bill Ackman: I'm a Warren Buffett devotee
  + stars: | 2023-09-28 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor Bill Ackman: I'm a Warren Buffett devoteePershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more.
Persons: Bill Ackman, Warren Buffett, Volodymyr Zelenskyy Organizations: Billionaire, Capital Management, CNBC's, Alpha
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor Bill Ackman: Alphabet will be a dominant player in AIPershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more.
Persons: Bill Ackman, Volodymyr Zelenskyy Organizations: Billionaire, Pershing Square Capital Management, CNBC's, Alpha
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor Bill Ackman: I am very bullish on Ukraine post-warPershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more.
Persons: Bill Ackman, Volodymyr Zelenskyy Organizations: Billionaire, Pershing, Capital Management, CNBC's, Alpha Locations: Ukraine
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBillionaire investor Bill Ackman: Kennedy made me think about risk vs. reward with vaccinesPershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more.
Persons: Bill Ackman, Kennedy, Volodymyr Zelenskyy Organizations: Billionaire, Pershing, Capital Management, CNBC's, Alpha
Billionaire hedge fund manager Bill Ackman believes long-term Treasury yields can shoot even higher in the short run on the back of stubborn inflation. "I would not be shocked to see 30-year rates through the 5% barrier, and you could see the 10-year approach 5%," he told CNBC's Scott Wapner at the CNBC Delivering Alpha Investor Summit on Thursday in New York City. "You have a generation of people that are used to rates, you know, four sounding like a high interest rate. The benchmark 10-year Treasury yield hit a 15-year high this week, topping 4.65%, as the Federal Reserve signaled higher interest rates for longer this month. The 30-year rate last traded around 4.71%.
Persons: Bill Ackman, CNBC's Scott Wapner Organizations: CNBC, Alpha, Pershing, Capital Management, Reserve, Treasury, Federal Reserve Locations: New York City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email30-year Treasury is not an instrument for speculating on the economy, says Pershing's Bill AckmanPershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more.
Persons: Bill Ackman, Volodymyr Zelenskyy Organizations: Treasury, Bill Ackman Pershing, Capital Management, CNBC's, Alpha
Billionaire investor Bill Ackman seems to have found a formula against the return-to-office pushback. His employees at Pershing Square can work from anywhere in July and August. Ackman said the arrangement has been working well for Pershing Square staff, who like the balance. While many companies are still trying to figure out the best work arrangements amid pushback against RTO orders, billionaire investor Bill Ackman appears to have found a solution he thinks is working. Pershing Square did not immediately respond to a request for comment from Insider sent outside regular business hours.
Persons: Bill Ackman, Ackman, that's, Ackman's, Elon Musk, Jamie Dimon, Marc Andreessen, Dimon, Musk Organizations: Pershing, Pershing Square, Service, Capital Management, New York, Forbes, SpaceX, JPMorgan, CNBC Locations: Wall, Silicon
The 30-year Treasury yield was trading at 4.575% on Friday morning after hitting its highest level since 2011 on Thursday. US30Y YTD mountain The 30-year Treasury yield hit a new high for the year on Thursday. Ackman said he thinks 5.5% could be more the rational yield for the 30-year Treasury. The largest inverse bond ETF is the ProShares UltraShort 20+ Year Treasury ETF (TBT) , according to VettaFi. ProShares also has the Short 20+ Year Treasury ETF (TBF) , which is a one-times inverse fund.
Persons: Bill Ackman, Ackman, Ackman's, ProShares Organizations: Treasury, Reserve, Workers, ICE U.S, Pershing, Capital Management, CNBC, Alpha Locations: China
"The long-term inflation rate is not going back to 2%," the billionaire investor said Thursday. A recent flare-up in gas prices has fueled fears the Fed will have to hike interest rates yet again. "The long-term inflation rate is not going back to 2% no matter how many times [Fed chair Jerome] Powell reiterates it as his target," Ackman posted on X. Economists worry that the United Auto Workers' union strike and a recent steady rise in gas prices could push inflation even higher. "And higher gas prices will raise inflationary expectations.
Persons: Bill Ackman, there's, Jerome, Powell, Ackman Organizations: Reserve, Service, Pershing, Capital Management, Consumer, United Auto Workers ', Workers, Strategic Petroleum Reserve Locations: Wall, Silicon, China
The meeting was scheduled for hours after Zelenskiy addressed the United Nations Security Council about Russia's invasion and its consequences. Ukraine has tried to lock in financial support from business leaders to help rebuild the country. A spokesperson for Zelenskiy and Ukraine's mission to the United Nations in New York did not immediately respond to a request for comment. Since the start of the war, Ackman's foundation has donated roughly $24 million to support Ukraine, a person familiar with the numbers said. Before the meeting in New York, the White House appealed to Congress to approve billions of additional dollars of support for Ukraine.
Persons: Ken Griffin, Mike Blake, Volodymyr Zelenskiy, Zelenskiy, JPMorgan Chase, Bill Ackman, Jonathan Gray, Robert Kraft, Henry Kissinger, Eric Schmidt, Mike Bloomberg, Barry Sternlicht, Mary Callahan Erdoes, Vince LaPadula, Whitney Tilson, Griffin, Howard Buffett, Warren, Svea Herbst, Bayliss, Lananh Nguyen, Andrea Shalal, Michelle Nichols, Megan Davies, Grant McCool Organizations: Citadel, Milken, Global Conference, REUTERS, United Nations Security Council, JPMorgan, Blackstone Group, New England Patriots football team, United, State, Google, United Nations, Griffin's Citadel, Ackman's Pershing, Capital Management, Ukraine, Fox News, Svea, Thomson Locations: Beverly Hills , California, U.S, New York, Ukraine, United States
Ukraine's president met with billionaire investors Ken Griffin and Bill Ackman to discuss the future of the country's economy. The meeting, hosted by JPMorgan, focused on the scope for private-sector funding to help rebuild Ukraine's economy. Zelenskyy introduced the proposal at the Permanent Mission of Ukraine to the United Nations in New York, in a meeting organised by JPMorgan. Zelenskyy had met with BlackRock CEO Larry Fink Wednesday, the outlet reported. AdvertisementAdvertisementUkraine's economy has been battered by a slew of problems - including high inflation and a persistent trade deficit - following Russia's invasion of the nation.
Persons: Ken Griffin, Bill Ackman, Eric Schmidt, Volodymyr Zelenskyy, Zelenskyy, Citadel's Griffin, Pershing Square's, Philipp Hildebrand, Larry Fink Organizations: JPMorgan, Service, Fox News, United Nations, Fox, BlackRock Locations: Wall, Silicon, Ukraine, New York, Russia
Bill Ackman's first stock was Wells Fargo, and Warren Buffett was a key factor in his choice. Ackman determined Wells Fargo, which counted Buffett as a big shareholder, was oversold at the time. "My first actual investment was I bought Wells Fargo stock," Ackman recalled. "I had already started following Warren Buffett, and he was a big shareholder at a much higher price." Moreover, Buffett's Berkshire Hathaway had taken a position in Wells Fargo the previous year.
Persons: Bill Ackman's, Wells Fargo, Warren Buffett, Ackman, Buffett, Pershing, Julia La Roche, they'd, Justin Sullivan, Wells, Berkshire Hathaway, Warren Buffett imprimatur Organizations: Wells, Service, Harvard Business School, Harvard, Bank Locations: Wells, Wall, Silicon, Wells Fargo
REUTERS/Alexandros Avramidis/File Photo Acquire Licensing RightsSINGAPORE, Sept 8 (Reuters) - Nearly all of the world's population experienced higher temperatures from June to August as a result of human-induced climate change, according to a peer-reviewed research report published late on Thursday. A study by Climate Central, a U.S.-based research group, looked at temperatures in 180 countries and 22 territories and found that 98% of the world's population were exposed to higher temperatures made at least twice more likely by carbon dioxide pollution. "Virtually no one on Earth escaped the influence of global warming during the past three months," said Andrew Pershing, Climate Central's vice president for science. The heatwaves in North America and southern Europe would have been impossible without climate change, said Friederike Otto, a climate scientist at the Grantham Institute for Climate Change and the Environment. They have been made infinitely more likely because they would not have occurred without climate change."
Persons: Alexandros Avramidis, Andrew Pershing, Friederike Otto, David Stanway, Ali Withers, Gerry Doyle Organizations: Firefighters, REUTERS, Rights, Climate Central, Climate, Grantham Institute, Thomson Locations: Sesklo, Greece, Rights SINGAPORE, North America, Europe, U.S, Singapore, Copenhagen
Bill Ackman predicts more pain for regional banks and commercial real estate as interest rates bite. Ackman warns AI will be hugely disruptive, and predicts Elon Musk's X will ultimately succeed. "The commercial real estate picture has not gotten better. You're going to start seeing real defaults, particularly with office assets. The pressure on the regional banking system — you're going to start to see more of it come now on the commercial real estate side."
Persons: Bill Ackman, Elon Musk's, Ackman, Julia La Roche, Elon, We've, it's, Elon Musk Organizations: Pershing Square, Service, Twitter Locations: Wall, Silicon, Elon Musk's
Many of us (myself included) raise an eyebrow at Burning Man. Burning Man would feel much less annoying if the festival just said, yeah, we’re a bunch of idiots who want to party in Mad Max costumes. The Burning Man organizers wrote in a statement: “Burning Man is a community of people who are prepared to support one another. One hopes that events like the flooding at Burning Man will be galvanizing, both for those who experienced it and those who watched in horror from afar. It’s easy to sniff at Burning Man, which seems at once so self-important and so very insubstantial.
Persons: Jill Filipovic, ” Jill Filipovic, Max, Jerry Allen, , Organizations: Twitter, CNN, Labor, San Francisco, Survivor, Facebook Locations: New York, Nevada, California, Utah, Pershing County , Nevada, Reno, playa,
CNN —Thousands of Burning Man attendees finally made their mass exodus after intense rain over the weekend flooded camp sites and filled them with thick, ankle-deep mud, stranding more than 70,000 free-spirited revelers as they waited for the Nevada desert city to dry out. Thousands of people waited hours Monday to leave Burning Man in Nevada's Black Rock City. But that’s not unusual: It’s taken between six to nine hours during peak travel times in past years, according to a Burning Man website. Trevor Hughes/USA TODAY/ReutersWhy did the rain have such an impact on Burning Man? ” The heaviest rain fell in far eastern Churchill & Pershing counties, with totals close to 2.5”!”Pershing County is where Burning Man takes place.
Persons: festivalgoers, Matt Mills McKnight, RVs, ” Kaz Qamruddin, CNN’s Brianna Keilar, , , Cindy Crawford, DJ Diplo, Chris Rock, Kaia Gerber, Austin Butler, Qamruddin, “ I’m, “ We’ve, Trevor Hughes, Van Dam Organizations: CNN, Rock City, Reuters, Twitter, Burning Man, USA, National Weather Service Locations: Nevada, Rock, BRC, Reno, , CA, Churchill, Pershing
“Despite afternoon drizzle, the conditions are improving on the playa,” Burning Man organizers said Sunday night. About 72,000 people remain on site, according to a Sunday night update from Burning Man organizers. People walk off the playa out near the Burning Man site on the Black Rock Desert in northern Nevada on Sunday. Jason Bean/RGJ/USA TODAY/ReutersA death at the festival just ahead of the weekend was “unrelated to the weather,” Burning Man organizers said Sunday night. Attendees walk through a muddy desert plain on Saturday at the Burning Man festival site.
Persons: Nathan Carmichael, , Amar Singh Duggal, DJ Diplo, Chris Rock, Jason Bean, Julie JAMMOT, festivalgoer Gillian Bergeron, ” Bergeron, “ It’s, Andrew Hyde, ” Hyde, Bergeron, Hannah Burhorn Organizations: CNN, Black Rock City, Reuters, Sheriff’s, Rock City, Getty Locations: Nevada, Roads, Black Rock, Pershing, Instagram, Rock, AFP
Thousands of attendees of the Burning Man festival in the Nevada desert faced the prospect of more rain on Sunday after a stretch of heavy precipitation that has tested the resolve of its free-spirited participants as most have been stuck at the site and forced to conserve food and water. The police on Sunday were investigating the death of one person at the event, although it was unclear what the cause was. The Pershing County Sheriff’s Office said in a statement that the family of the victim had been notified, but that no further information was available. Burning Man, a weeklong festival that has been around since the 1980s, is a self-described “community and global cultural movement” that is premised on countercultural principles, such as radical self-expression. It features art installations and culminates with the burning of a giant sculpture of a man, giving it its name.
Organizations: Sunday, Sheriff’s, Black Rock City Locations: Pershing, Black Rock, Nevada,
Access to and from Black Rock City, the event site, was closed "for the remainder of the event," organizers said in a statement on social media. The Washoe County Sheriff's Office said the entrance to Burning Man had been closed due to flooding and anyone trying to get in "will be turned away." Local media reported there were around 73,000 "burners" in Black Rock City. The festival gets its name from its culminating event, the burning of a large wooden structure called the Man on the penultimate night. The site is in Nevada's Black Rock Desert, a large, flat, ancient lake bed known as a playa.
Persons: Kitty, Ben Joos, Trevor Hughes, revelers, Paul Reder, Reder, Rich McKay, Rosalba O'Brien Organizations: Black Rock City, USA, Sheriff's, Black, Washoe County Sheriff's, Local, U.S . Bureau of Land Management, Reuters, Thomson Locations: Idaho, Nevada, Black Rock, Pershing, Washoe County, San Francisco, Atlanta
RENO, Nev. (AP) — Thousands of Burning Man attendees trudged in sloppy mud on Saturday — many barefoot or wearing plastic bags on their feet — as flooding from storms swept through the Nevada desert, forcing organizers to close vehicular access to the counterculture festival. Revelers were urged to shelter in place and conserve food, water and other supplies. More than one-half inch of rain is believed to have fallen on Friday at the festival site, located about 110 miles (177 kilometers) north of Reno, the National Weather Service in Reno said. At least another quarter of an inch of rain is expected Sunday. "If it really turns into a disaster, well, no one is going to have sympathy for us," Jed said.
Persons: Revelers, wasn't, celebrants, weren't, Mike Jed, Jed Organizations: U.S . Bureau of Land Management, National Weather Service, The Reno Gazette, Associated Press, Land Management, Sheriff's Office Locations: RENO, Nev, Reno, Pershing
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