• A hedge fund lost 10% in just a few days after a sudden spike in AMC stock derailed an options trade, new report says

    1 day ago - By Business Insider

    Summary List Placement Hedge fund Mudrick Capital lost 10% in just a few days of trading as shares of meme stock AMC Entertainment spiked to record highs, the Wall Street Journal reported , citing people familiar with the matter.
    The losses were driven by call options sold by firm founder Jason Mudrick, according to the WSJ. The position, intended to serve as a downside hedge, ended up backfiring as the stock surged too much, too fast.
    The runaway share spike occurred on June 2, when AMC shares rose as much as 127%, to $72.62, well beyond the strike price for Mudrick's options.
    Just one...
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  • Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

    Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

    1 day ago - By Business Insider

    Bryan Bedder/Getty Images/The New York Times
    Bill Ackman's SPAC deal to buy 10% of Universal Music Group is reportedly facing pushback.
    The resistance, according to Bloomberg, is coming from Artisan Partners, a large shareholder of Vivendi, which Ackman's SPAC is buying the stake from.
    "Selling off pieces of UMG to other investors in return for cash is a sub-optimal capital allocation decision," Artisan said.
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    Bill Ackman's eagerly anticipated SPAC deal to buy 10% of Universal Music Group is reportedly facing...
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  • Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

    Bill Ackman's long-awaited SPAC deal for 10% of Universal Music reportedly faces pushback

    1 day ago - By Business Insider

    Summary List Placement Bill Ackman's eagerly anticipated SPAC deal to buy 10% of Universal Music Group is reportedly facing pushback, Bloomberg reported .
    Ackman's Pershing Square Tontine Holdings is looking to acquire the stake from Vivendi, a French media conglomerate. Vivendi then plans to list UMG on the Euronext Amsterdam exchange in the third quarter of 2021.
    But Artisan Partners, a shareholder of Vivendi, is said to be against the sale, raising questions on what will happen ahead of the shareholders meeting on June 22 .
    "Selling off pieces of UMG to other investors in return for...
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