PayPal Is Being Targeted by Activist Elliott. Here’s Why.

Text size PayPal shares have slid this year as people have returned to their prepandemic spending habits. Courtesy of PayPal Payments giant PayPal finally has attracted an activist. PayPal (ticker: PYPL) had been a pandemic-darling as households increasingly shopped online but shares have slid more than 60% this year as people returned to their prepandemic … Read more

LME used ‘expert judgement’ to wipe $4bn trades, defence to Elliott and Jane Street suit claims

The London Metal Exchange asked a High Court judge to respect its “specialist” judgment and refuse payment of $456m and $15.3m, respectively, sought by activist hedge fund Elliott Management and market maker Jane Street over cancelled nickel trades in early March. The view from the LME in the 13 July court filings — still in the early … Read more

Crypto’s Domino Effect Is Widening, Threatening More Pain

Turmoil in the digital-assets ecosystem has grown in recent weeks, with losses in cryptocurrencies blowing holes in balance sheets and pushing firms near bankruptcy. After a pair of cryptocurrencies crashed, wiping out billions of dollars in value in May, a British Virgin Islands court this past week ordered a hedge fund that had survived several … Read more

Zendesk Close to Striking Buyout Deal, Sources Say

Zendesk Inc. is close to a deal with a group of buyout firms, according to people familiar with the matter, resurrecting a failed attempt to sell itself in what would be one of the biggest private-equity takeovers of the year. A deal with a group that includes Hellman & Friedman LLC and Permira could be … Read more

Ken Griffin Moving Citadel From Chicago to Miami Following Crime Complaints

Billionaire Ken Griffin is relocating his big hedge-fund firm Citadel from Chicago to Miami, the third major employer to announce the move of a corporate headquarters from Illinois in the past two months. In a letter to employees Thursday, Mr. Griffin said he had personally moved to Florida—a state that doesn’t collect personal income tax—and … Read more

Tiger Global drops 14% in May during the tech sell-off, pushing hedge fund’s 2022 losses to over 50%

Chase Coleman, founder of Tiger Global Management LLC Amanda L. Gordon | Bloomberg | Getty Images Chase Coleman’s Tiger Global Management suffered huge losses in May amid a tech-driven sell-off, making the hedge fund’s tough 2022 even worse. The growth-focused flagship fund at Tiger Global tumbled 14.3% in May, bringing its 2022 losses to over … Read more

Hedge fund boss Ken Griffin says LME was ‘incomprehensibly wrong’ to wipe $4bn in nickel trades

Kenneth Griffin, chief executive and founder of hedge fund Citadel, is the latest finance giant to criticise the London Metal Exchange after a March spike in nickel prices led the trading platform to cancel almost $4bn in trades. “That was one of the worst days in my professional career in terms of watching the behaviour of … Read more

Dan Sundheim’s D1 Capital dumped high-growth tech stocks in the first quarter

Hedge fund veteran Dan Sundheim bailed on several large bets on the tech sector during the first quarter, according to a securities filing released Monday. Sundheim’s D1 Capital exited positions in JD.com , Carvana and Shopify during the first three months of 2022, according to the filings. Those positions were worth more than $2 billion … Read more

Metals guru on the ‘apoplectic rage’ of nickel traders over LME debacle

The London Metal Exchange’s unprecedented move earlier this month to cancel close to $4bn in nickel transactions shocked market participants far beyond London commodity trading. LME boss Matthew Chamberlain appeared on television for days afterward defending the move, while hedge fund boss Clifford Asness led a chorus of financial voices in slamming the exchange. Mark Thompson is … Read more

Steve Cohen’s Point72 to reportedly redeem $750 million from Melvin Capital

Steven A. Cohen Getty Images Billionaire investor Steve Cohen’s Point72 Asset Management is pulling out the $750 million it invested in Melvin Capital Management, Bloomberg News reported on Saturday. Point72 will soon start redeeming the money in portions over time, the report said, citing people familiar with the matter. Both Melvin Capital, founded by Gabe … Read more