Bill Ackman isn’t known for always being right, Intelligencer writes. He is, however, known for influencing large numbers of other investors, selling them on his ideas, and sometimes making them lots and lots of money — but also sometimes being disastrously wrong, failing to deliver on his promises, and losing lots of everyone’s money in the process. Early last year, Ackman made billions of dollars betting the markets would fall as COVID spread around the globe. A few years prior to that, he lost a fortune on a high-profile bet that he could get supplements-maker Herbalife declared a pyramid scheme by regulators (who declined to do so). Read more.
As SPACs come under growing scrutiny, one basic calculation that was off the mark for some of them is calling into question all other projections: the interest income the companies said they expected to earn on their cash, Bloomberg reports.
The banks are zeroing in on ways to improve the structure around so-called promote fees, the stock payouts that SPAC founders receive in exchange for finding deals, Bloomberg reports
The startup is working with advisers and is seeking a valuation of about $2 billion in a listing, which could be a merger with a SPAC or a conventional IPO.
Bridgetown Holdings Limited Closes Underwriters’ Option to Purchase Additional Stock in Connection with IPO
The options purchase brings the total proceeds of the IPO to $595M.