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$1B Headed Back to Investors in Trump's Struggling Truth Social Deal

But Trump Media paints the move as 'in the best interest of ... completing our merger'

(Newser) - The publicly listed shell company that raised $1 billion to merge with former President Trump's media company won't end up with any of it. Investors have canceled $467 million in funding, Digital World Acquisition Corp. said in a Thursday regulatory filing. DWAC CEO Eric Swider said in a...

ExxonMobil Set to Square Off Against Activist Investors

Shareholder meeting at Chevron also promises to be contentious over emissions reduction plans

(Newser) - The fly on the wall at Wednesday's ExxonMobil shareholder meeting is likely to get quite an earful, notably on the topic of climate change. Quartz reports that the oil giant is expecting a battle with some of its more activist-leaning investors, including on multiple proposals regarding carbon emissions that...

This Year, a Tried-and True Investment Strategy Backfires

'Buy the dip' doesn't work if the market keeps dipping

(Newser) - The stock market had another brutal week last week, and investors who decided to "buy the dip" in anticipation of a rebound might have been regretting it early Monday. The market began the new week in the red once again, reports CNBC . Such regret has been common in 2022,...

Musk Pulls In $7B for Twitter From Silicon Valley Bigwigs

$1B of investor backing is coming from Oracle co-founder Larry Ellison, per SEC filing

(Newser) - Billionaire Elon Musk has strengthened the equity stake of his offer to buy Twitter, with commitments of more than $7 billion from a range of investors, including Silicon Valley heavy hitters like Oracle co-founder Larry Ellison. Other investors include Sequoia Capital Fund, which pledged $800 million, and Vy Capital, which...

Carl Icahn Takes On McDonald's Over Pig Treatment

Financier buys small stake, wants to make moves over its treatment of pigs used for pork

(Newser) - Carl Icahn holds a small stake in McDonald's, but the financier has two things he wants now that he's a player in the company's machinations: two people of his choice named to the Mickey Dee's board, as well as an improvement in how the company treats...

Wife of Cryptocurrency CEO Maintains She Watched Him Die

Jennifer Robertson talks about Gerald Cotten and his investors' missing money

(Newser) - Gerald Cotten's death spurred plenty of grief, and not just for his friends and family—one of whom is "finally sharing her side of the story." The CEO of what was then Canada's biggest cryptocurrency exchange died in India from complications of Crohn's disease in...

Billionaire's Uighur Remarks Do Not Go Over Well

Chamath Palihapitiya walks back 'don't care' comments made on his podcast

(Newser) - While discussing concerns over China's treatment of Uighurs, billionaire investor Chamath Palihapitiya didn't even feign interest. "The rest of us don't care," he said on Saturday's episode of his podcast, per CNBC . Palihapitiya said he had more important things to worry about than reports...

Theranos Investor Has Unique Plan to Get Money Back

Marc Ostrofsky plans to sell an NFT of his otherwise worthless stock certificate

(Newser) - Like a lot of Theranos investors, Marc Ostrofsky lost a hefty sum when the blood-testing company went broke. But Ostrofsky thinks he has a way to get his $150,000 back, and maybe even more. CNBC reports that he plans to sell his Series A stock certificate as a nonfungible...

As Stock Surges, AMC Offers Investors Free Popcorn
AMC Embraces 'Meme Stock'
Status—With Free Popcorn
THE RUNDOWN
Jun 3, 2021 8:30 AM CDT

AMC Embraces 'Meme Stock' Status—With Free Popcorn

'Investor Connect' program offers them free popcorn

(Newser) - Four months after GameStop's wild ride rocked Wall Street , so-called "meme stocks" are making waves again—especially AMC Entertainment. The movie theater company's share price almost doubled Wednesday, closing at a record high for the first time since 2015, and it is up 417.8% since May...

Elon Musk Adds Fuel to the GameStop Fire

He simply tweeted 'Gamestonk!!'

(Newser) - It's "a head-scratching David and Goliath story," as the AP puts it, and Elon Musk on Tuesday lobbed a rock in the giant's direction. Musk tweeted a single word, "Gamestonk!!"—and it was enough to send GameStop's share price temporarily over the...

Tesla Bears' Refrain: 'I Got My Butt Kicked'

'Wall Street Journal' tallies losses of $8.4B this year for those betting against the company

(Newser) - "Oh damn, I got my butt kicked." That's the lament of private investor Robert Majteles to the Wall Street Journal over the recent meteoric rise of Tesla's stock . The assessment pretty much sums up the story, which explains that Majteles is one of many investors in...

Amid Musk's Struggles, a Win for His Enemies

Short sellers are doing well since the CEO's tweet 2 weeks ago

(Newser) - The SEC is investigating Elon Musk's now-famous tweet about taking Tesla private, and one reason is to see whether he set out to punish investors who were betting against his company, reports Vox . If so, he did not succeed. Though Tesla's share price rose from $350 to $387...

More Market Turmoil? Inflation Higher Than Expected

Investors may not be happy because it could lead to a hike in interest rates

(Newser) - Given the markets' recent volatility, investors were keeping a closer eye than usual on Wednesday's new inflation report—and they may not be thrilled with the data. The consumer price index showed that prices for everyday goods rose slightly higher than expected in January, reports the Wall Street Journal ...

4th Person Connected to Madoff Commits Suicide

Father of four jumped from NY hotel

(Newser) - A hedge fund manager who was duped in Bernie Madoff's Ponzi scheme jumped from the 24th floor of a New York hotel on Monday, becoming the fourth person linked to Madoff to commit suicide, reports the New York Daily News . Police and witnesses say Charles Murphy, 56, jumped from...

Theranos Offers Investors Very Unusual Deal

Troubled firm will offer extra shares to investors if they don't sue

(Newser) - The founder of troubled blood-testing firm Theranos is giving up some of her stake in the company in a bid to prevent yet more lawsuits, reports the Wall Street Journal . Elizabeth Holmes is offering investors up to two extra shares for every one they own in return for a promise...

SEC May Have Issue With Tesla's Actions After Autopilot Crash

Sources say SEC is investigating possible rules breach

(Newser) - Tesla notified the National Highway Traffic Safety Administration after its first fatal crash involving Autopilot mode , but it didn't bother telling investors about the May 7 crash, and that could land the company in hot water. Sources tell the Wall Street Journal that the Securities and Exchange Commission is...

Activist Investor Wants to Scrub Entire Yahoo Board

Starboard says it's got 9 nominees to take over for floundering Internet company

(Newser) - Yahoo's entire board of directors should be swapped out, per an activist investor, and the AP reports that Starboard Value is going to nominate nine new board members Thursday, ratcheting up tensions between itself and the beleaguered Internet giant. The Wall Street Journal says it reviewed a letter from...

Feds: Man Used Stolen Funds to Freeze His Wife

Whileon Chay indicted, thought to be on the run in Peru

(Newser) - A man being charged with running a Ponzi scheme out of New Jersey is not only accused of squirreling away $5 million of his customers' money, reports Bloomberg , but he allegedly spent it on some pretty standard and pretty strange stuff. Whileon Chay, 38, "would show up to meet...

Noah's Ark Park in Danger of Sinking

Feel like buying $29M in unrated municipal bonds?

(Newser) - A Noah's Ark theme park set to break ground in Kentucky in March could soon be crushed—not by a mountain of water, but by a lack of investor interest, Bloomberg reports. Building a full-scale ark replica at the biblical Ark Encounter park—set to open in April 2016—...

Hey, Buddy, Wanna Buy Stock in a Football Player?

We're back in an era of crazy investments: Kevin Roose

(Newser) - Hang on to your wallets, folks, because "the age of bull---- investments is back," declares Kevin Roose at New York . The collapse of 2008 put a damper on things, but today the financial world is filled with crazy schemes and iffy start-ups designed to separate suckers from their...

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