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☆ Michael Klein’s fourth act may be his toughest
▼ + stars: | 2022-10-28 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

Yet his toughest task yet will be making a success of Credit Suisse’s (CSGN.S) carved-out advisory unit, CS First Boston. Credit Suisse will be reluctant to provide that, having already slashed exposures to $3.6 billion from $10.2 billion in early 2021. Credit Suisse has struggled for years to encourage the two divisions to team up on deals involving billionaire business owners. Klein’s fourth investment banking act will be his toughest. Klein, a former Citigroup banker who has been on the Credit Suisse board since 2018, will act as an adviser to Chief Executive Ulrich Körner.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. The involvement of the previously unnamed financial backers of Trump Media & Technology Group (TMTG) – parent company of social media app Truth Social – shows how Trump tapped his political supporters to launch an outlet aimed at political conservatives and libertarians after he was banned from Twitter and Facebook following the Jan. 6, 2021 attack on Congress. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

[1/2] The Truth social network logo is seen displayed behind a woman holding a smartphone in this picture illustration taken February 21, 2022. REUTERS/Dado Ruvic/IllustrationOct 28 (Reuters) - Ever since former U.S. President Donald Trump launched a new media company aimed at rivaling Twitter, there has been a mystery over who provided the money. TMTG launched Truth Social in February in the Apple App Store and in Google’s Play Store in October. Truth Social has been downloaded 2.9 million times across both platforms, according to market tracker Appfigures. Trump had 4.37 million followers on Truth Social as of Oct. 27, compared to the more than 88 million followers he had on Twitter when the platform permanently suspended him.

☆ Chamath Palihapitiya blames the Fed for 'perverted' market conditions that benefitted him
▼ + stars: | 2022-10-26 | by ( Lauren Feiner | ) www.cnbc.com time to read: +3 min

Billionaire investor and so-called SPAC King Chamath Palihapitiya said the zero interest rates the Federal Reserve allowed to persist for years created the "perverted" market conditions he benefited from at the height of the pandemic. "We are learning what went wrong, which is that we had a decade-plus of zero interest rates," Palihapitiya said of the market. Low interest rates mean lower returns on savings accounts, which can encourage more spending in the economy, which can be a boon for high-growth assets. So on the same way that I sort of blame Jay Powell for zero interest rates, I think I massively benefitted from Powell, and Bernanke and Janet Yellen before," he said, referencing past Fed chairs. WATCH: Chamath Palihapitiya unwinds two SPACs, cites high valuations and market volatility

☆ Investment has been pouring into technology in the agriculture space. How to play it
▼ + stars: | 2022-10-24 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +9 min

Even before the coronavirus pandemic hit in 2020, the agriculture industry was dealing with a number of headwinds, from hurricanes and poor planning disrupting crop growth cycles to the impact of retaliatory tariffs slashing exports. These issues have highlighted an immense need for investment in agriculture and specifically technology to improve the efficiency of the industry. Last year, Deere also purchased Bear Flag Robotics, a Silicon Valley agriculture technology startup that develops autonomous farm equipment, for $250 million. AGCO , an agricultural machinery manufacturer, has also made several investments or acquisitions in the last few years in new technology in the space. The agriculture company in September bought Symborg, a Spanish microbiological technologies firm that makes biostimulants and biofertilizers for many kinds of crops and agriculture systems that boost results.

☆ Investing in Space: Cash crunch
▼ + stars: | 2022-10-20 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. We're now in the final quarter of the year, and for several space companies, it's survival time. They weren't proven businesses and the tide went out," a banker familiar with the sector told me about the environment for space stocks. While not a definitive metric, the cash burn rates of de-SPAC space companies – from AST SpaceMobile to Redwire and more – give a window into the urgency of the situation. Private space companies are feeling the pinch as well.

☆ SPAC liquidations top $12 billion this year as sponsors grapple with tough market, new buyback tax
▼ + stars: | 2022-10-19 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Chamath Palihapitiya, Social Capital Founder and CEO CNBCA new buyback tax has motivated more and more SPAC sponsors to close up shop before the year-end, adding another headwind to the blank-check space already roiled by a tough market environment. A total of 27 SPAC deals, worth $12.8 billion, have been liquidated this year, according to data from SPAC Research. Under the new provision in the Inflation Reduction Act, SPAC sponsors could face a 1% exercise tax if they return cash to investors starting in 2023. Zoom In Icon Arrows pointing outwards"Market condition is the driving factor, and apart from that, there is the 1% exercise tax," said Melanie Chen, a partner at UHY LLP. There are still more than 450 deals on the market for a merger target ahead of their 2023 deadlines, according to SPAC Research.

☆ JPMorgan names Qian as Southeast Asia equity capital markets chief
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Oct 19 (Reuters) - JPMorgan has appointed Sophie Qian as the head of its Equity Capital Markets (ECM) team for Southeast Asia, according to a memo seen by Reuters and confirmed by the U.S. bank. The Southeast Asia ECM team will report to Qian with immediate effect, the memo said. The banker joined JPMorgan's U.S. ECM team last year, where she focused on U.S./Asia cross border deals and SPACs. She will report to Peihao Huang and Sunil Dhupelia, JPMorgan's co-heads of ECM for Asia exJapan. Earlier this year, Novan Amirudin, who used to head JPMorgan's Southeast Asia ECM team and was also its Malaysia investment banking chief, resigned to become the co-CEO of Malaysian bank CIMB's group wholesale banking business.

CNN —A former executive at Donald Trump’s media company claims the former President retaliated against a board member who refused to give Melania Trump shares of the company, according to a report from The Washington Post. Wilkerson told the Post that Litinsky believes his ouster was retribution for his failure to cede his shares to Melania Trump. Wilkerson told the Post that Trump refused to put any of his own money into the company despite demanding to own 90% of its shares. A liquidation would have also threatened the additional $1 billion the Trump media company has raised. Digital World shares fell 8% on Monday to $16.11, leaving them down nearly 70% so far this year.

☆ Cramer: 4 things I learned from talking to a dozen Club members and other investors over the weekend
▼ + stars: | 2022-10-17 | by ( Jim Cramer | ) www.cnbc.com time to read: +6 min

This stock market is torturous. I probably spoke to a dozen Club members and we all had a more resigned attitude, accepting that there aren't many opportunities right now. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

☆ The stock market crash is exposing Wall Street's biggest charlatans
▼ + stars: | 2022-10-16 | by ( Linette Lopez | ) www.businessinsider.com time to read: +9 min

In a market bubble, it's easy to confuse opportunity for genius. While many of these new investors invested wisely, a pack of them got swept up in a social-media-driven market mania. For the past decade-plus, the stock market loved this. It's really never a good sign when you see celebrities hanging around the stock market, and during the bubble they were everywhere, pumping crypto and investing in SPACs. Good information about the stock market does not come easy, and Gordon Gekko was right to say that if you want a friend on Wall Street, you should buy a dog.

Companies Nikola Corp FollowNEW YORK, Oct 14 (Reuters) - Nikola Corp (NKLA.O) founder Trevor Milton on Friday was convicted by a U.S. jury of fraud over allegations he lied to investors about the electric vehicle company's technology. The jury found Milton guilty on one count of securities fraud and two counts of wire fraud after deliberating for around five hours. Milton was acquitted on an additional count of securities fraud. He left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

Washington, DC CNN —Nikola founder Trevor Milton was convicted Friday by a U.S. jury of fraud in a case alleging he lied to investors about the electric and hydrogen fuel cell company’s technology. The jury found Milton guilty on a count of securities fraud and two counts of wire fraud after deliberating for roughly five hours. Milton was acquitted on another count of securities fraud. He also was accused of defrauding the seller of a Utah ranch, who accepted Nikola stock options as part of the purchase price based on Milton’s claims about the company. Milton, who called the report criticizing Nikola a “hit job,” and “lies,” resigned from his position as Nikola chairman in Sept. 2020.

☆ 'Dr. Doom' Nouriel Roubini warns the world economy is in danger - as he predicts an imminent US recession plus more pain for stocks
▼ + stars: | 2022-10-14 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Economics professor Nouriel Roubini warned the global economy faces a stagflationary debt crisis. Roubini, known as "Dr Doom", predicted an imminent US recession and more pressure on stocks and bonds. Roubini, an economics professor at NYU Stern, is nicknamed "Dr. Doom" for his dire predictions. As a result, Roubini expects a full-blown domestic recession by the end of this year. He emphasized that private and public debt, as a share of global GDP, has soared from 200% in 1999 to 350% today.

Milton, of Oakley, Utah, was indicted in July 2021 and faces two counts of securities fraud and two counts of wire fraud. Milton left Nikola in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Milton's statements about Nikola came as the company joined the mounting number of tech and EV companies going public through special purpose acquisition vehicles or SPACs. The defense and the prosecution delivered closing arguments to the jury on Thursday in a trial that began on Sept. 13. The defense said prosecutors had distorted Milton's statements about Nikola's plans to shake up the automotive industry.

Companies Nikola Corp FollowNEW YORK, Oct 13 (Reuters) - A prosecutor on Thursday urged jurors to convict Nikola Corp (NKLA.O) founder Trevor Milton of fraud, calling him a "con man" who lied about the low-emission vehicle company to defraud ordinary investors. Federal prosecutors during closing arguments in New York said Milton deceived investors about the electric- and hydrogen-powered truck maker's technology starting in November 2019. Milton left the company in September 2020 after a report by short seller Hindenburg Research called the company a "fraud." Register now for FREE unlimited access to Reuters.com Register"Trevor Milton is a con man," Estes told the jury. Milton's attorneys have said he believed in his vision for the company and that prosecutors distorted his statements about Nikola's plans to shake up the automotive industry.

☆ Cathie Wood's Ark is buying stock in space SPAC Rocket Lab
▼ + stars: | 2022-09-28 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Cathie Wood's Ark Invest is dipping back into a space SPAC, with two of the firm's funds buying up stock in Rocket Lab the past two days. Ark's exchange-traded funds ARKQ and ARKX – which focus on autonomous technology and space exploration, respectively – bought about 729,000 shares of Rocket Lab in trades on Monday and Tuesday, the firm disclosed. While Ark's Rocket Lab position is relatively small, worth about $3 million total, the purchases mark the first recent space SPAC stock the firm has owned since selling its position in Virgin Galactic in May 2021. The purchases by Wood's firm also follow Rocket Lab hosting an investor day in New York, where it gave updates on the progress of its Electron and Neutron rockets, as well as its space systems businessRocket Lab stock was up 3% in trading on Wednesday from its previous close of $4.19 a share. Like many of its space SPAC peers, Rocket Lab shares have been hit hard of late, falling about 72% over the past 12 months.

☆ Harley-Davidson spins off LiveWire in $1.8 billion SPAC merger
▼ + stars: | 2022-09-27 | by ( Bianca Flowers | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterElectric motorcycles by Harley-Davidson and LiveWire are seen at a Harley-Davidson dealership in Queens, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 27 (Reuters) - Harley-Davidson Inc (HOG.N) on Tuesday spun off its electric motorcycle division, LiveWire, in a SPAC deal creating the first publicly traded electric motorcycle company in the United States. New shares of LiveWire Group Inc , Harley-Davidson's former electric motorcycle subsidiary, were up 1.5% in their U.S. market debut on Tuesday following the unit's $1.77 billion merger with a blank-check firm. Harley released its first electric motorbike, the LiveWire, in 2019 before deciding to relaunch the bike as its own sub-brand. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bianca Flowers in Chicago and Aishwarya Nair in Bengaluru; Editing by Maju Samuel and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Jim Cramer explains why he believes the 'SPAC attack' is coming to an end
▼ + stars: | 2022-09-27 | 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 EmailJim Cramer explains why he believes the 'SPAC attack' is coming to an endCramer explained the positive developments he saw in San Francisco that suggested the era of SPACs is nearing an end on Tuesday's episode of "Mad Money."

☆ Jim Cramer's 'dirty dozen' stocks that underscore the carnage in the IPO market
▼ + stars: | 2022-09-27 | by ( Krystal Hur | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Tuesday highlighted his list of "dirty dozen" companies that exemplify the losses incurred by investors who funneled their cash into initial public offerings and other risky stocks. "Some of the most egregious offenders were the dirty dozen that hit you with repeated unsportsmanlike conduct … and ultimately put your portfolio on injured reserve," he said. Here are the dirty dozen:Cramer came up with his list by running a screen on initial public offerings from 2020 and 2021 that are now down 50% or more from their 52-week highs. U.S.-listed companies raised only $4.8 billion through their initial public offerings in the first half of this year compared to over $155 billion in 2021, according to EY and Dealogic. Cramer added that the decline in SPACs, or special purpose acquisition companies, is reminiscent of the dotcom collapse.

☆ Jim Cramer gives his take on SPACs
▼ + stars: | 2022-09-27 | 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 EmailJim Cramer gives his take on SPACsCramer gave his take on the SPAC and IPO markets on Tuesday's episode of "Mad Money."

☆ This market is not the dot-com crash or the financial crisis. Here's how to play it
▼ + stars: | 2022-09-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +21 min

The S & P 500 never really got out of control back then — and, relative to bonds, it didn't either. The Fed chairman, correctly, feared the economy was going to crash, and he would have been right. I think that's certainly how people act. I think that most participants have decided there's no hope and they are using an analogue that's 2000-2001 (dot-com bubble bursting) or even 2007 (before the financial crisis and the Great Recession). Autos have been hurt by supply chain but I think that's coming to an end.

☆ Trump-linked Digital World Acquisition Corp shares are now around $16 after hitting $97 earlier this year
▼ + stars: | 2022-09-23 | by ( Jack Stebbins | ) www.cnbc.com time to read: +4 min

DWAC, which is a special purpose acquisition company, or SPAC, has been set to be the vessel to take Trump Media and Technology Group public. Now, its share price sits around $16 as markets slide, the appetite for SPACs dries up and Trump faces mounting legal peril. DWAC secured $1 billion in financing from private investors in public equity, also known as PIPE, which would fund Trump Media after the merger. By converting and selling these shares, PIPE investors also have the power to significantly dilute the holdings of other investors including former president Trump. Trump Media, DWAC and the PIPE investors didn't immediately return a request for comment.

☆ European lottery group Allwyn calls off SPAC deal to list on NYSE
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterSept 23 (Reuters) - European lottery group Allwyn Entertainment said on Friday it has called off its deal with a blank-check company that would have seen its shares list in New York, citing volatile market conditions. Allwyn struck a merger deal with the blank-check firm Cohn Robbins Holdings Corp (CRHC.N)in January, putting the combined firm's enterprise value at about $9.3 billion at that time. Register now for FREE unlimited access to Reuters.com RegisterAllwyn's announcement comes the same day as the SPAC backed by private equity firm TPG Inc (TPG.O)decided to wind down its operations, also citing market volatility. Cohn Robbins, set up by Gary Cohn, a former economic adviser to former U.S. President Donald Trump, and investor Clifton Robbins, raised $828 million from investors in September 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Rhea Binoy in Bengaluru; Editing by Shailesh Kuber and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

From the best of times, to the worst of times: The market for initial public offerings has fallen off a cliff in 2022. The decline has been striking given the record level of proceeds raised through public markets just a year prior. U.S.-listed companies raised over $155 billion in proceeds in 2021 through their initial public offerings, according to data from EY and Dealogic. Part of the clog in the IPO pipeline has been caused by the dismal performance of companies that went public in 2021, Gerring said. Watch the video above to find out how the IPO market went from boom to bust in 2022, and whether experts forecast a rebound in 2023.

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