CHARLES SCHWAB IN TALKS TO ACQUIRE RIVAL TD AMERITRADE TO CREATE $5 TRILLION BROKERAGE BEHEMOTH
Brokerage firm giant Charles Schwab is in discussions to acquire TD Ameritrade for $26 billion. The combination would create an online discount brokerage behemoth with $5 trillion in assets. The potential deal comes off the back of the recent move to zero trading commissions, which has hurt the share prices of the companies in the sector. Shares of Schwab surged 8% while TD Ameritrade’s stock rallied more than 20% on the news.
FORMER UBER CEO TRAVIS KALANICK SELLS NEARLY $1.5 BILLION OF UBER SHARES AS THE IPO LOCK-UP EXPIRES
Uber Co-Founder Travis Kalanick, who was pushed out as the company’s CEO prior to its recent IPO, sold nearly $600 million of Uber shares this week. The most recent share sale took his total tally of Uber shares sold to nearly $1.5 billion since the IPO lock-up expired on November 6th. He continues to hold roughly $1.3 billion of shares. Uber’s stock is down -34% since its initial public offering in May of this year.
THE BIG SHORT 2.0: BILLIONAIRE CARL ICAHN BETS BIG AGAINST SHOPPING MALLS
Octogenarian investor Carl Icahn has become the largest short seller of shopping mall debt, structuring a bet against shopping malls that could pay out $400 million. The bet tracks the performance of the CMBX 6 index, which tracks the value of 25 commercial-mortgage-backed securities. The index has climbed 20% year to date.
HEDGE FUND LEGEND LOUIS BACON SHUTTERS MOORE CAPITAL AFTER A 30-YEAR RUN
Louis Bacon founded hedge fund Moore Capital in 1989 with a $25,000 inheritance. It was one of the storied global macro hedge funds of its era, delivering a net annualized return of 17.6% (and over 21,000% on a cumulative basis) since inception. He decided to return client capital and run the firm as a family office, following other hedge fund legends of his generation.
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