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DealBook: Bill Ackman goes quiet
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March 30, 2022
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Bill Ackman wrote that he had “permanently retired” from the most aggressive form of activist investing.
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A kinder, gentler activism?
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For much of its 19-year history, Bill Ackman’s Pershing Square Capital Management was known as one of the most pugnacious activist investors, willing to wage noisy public battles against companies like J.C. Penney, Procter & Gamble and Target to force changes in their strategies. In
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his latest letter to investors
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, however, Ackman wrote that he was ditching this approach for good.
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Ackman has “permanently retired” from activist short-selling,
</span>
which he described as the “noisiest form of activism.” He noted that he hadn’t run these sorts of campaigns often; his most famous such battle was against the nutritional food supplement company
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Herbalife
</a>
, a long-running contest
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
that he lost
</a>
. His shift in strategy also comes as short sellers — bugbears long criticized by corporate boards — face increasing scrutiny from regulators, which
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
some say is unfair
</a>
.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
In general, Pershing Square has been operating more quietly and cooperatively,
</span>
Ackman says.
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
</span>
In his letter, he calls this a new iteration of the hedge fund, which has sought in recent years to work behind the scenes with companies it is seeking to shake up. (The word “constructive” appears seven times in the section of his investor letter describing this change.) Pershing has also taken bets in companies it believes will perform well, like Chipotle, as well as macroeconomic bets that have
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
paid off spectacularly
</a>
.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
This “makes our job easier and more fun, and our quality of life better,”
</span>
Ackman says of a lower-profile approach. It has also been good for performance: The fund has beaten the S&P 500 in three of the past five years, and it’s running ahead of the index this year.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Ackman is not the only veteran activist investor changing tack.
</span>
Carl Icahn, his
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
former nemesis
</a>
on Herbalife, is expanding his campaign to improve companies’ treatment of animals, a departure from his usual playbook of pushing for buybacks, asset sales and other financial maneuvers. Icahn has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
submitted a plan to nominate two candidates
</a>
to Kroger’s board, criticizing the supermarket chain for its treatment of pigs, after recently starting a
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
proxy fight at McDonald’s
</a>
over the same issue.
</p>
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<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
HERE’S WHAT’S HAPPENING
</h3>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The S.E.C. weighs new requirements for SPACs.
</span>
At an
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
open meeting today
</a>
, the commission is expected to consider new rules for both special purpose acquisition companies and shell companies that could bring them more in line with traditional I.P.O.s. (Here’s one
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
suggestion
</a>
for how the S.E.C. could adjust its approach to the contentious issue of SPAC disclosure practices.)
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The F.D.A. approves a second Covid booster for Americans 50 and older.
</span>
The
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
additional shot
</a>
of the Pfizer-BioNTech or Moderna vaccine, at least four months after a first booster, could help address waning immunity, the agency said.
</p>
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Americans are really worried about inflation.
</span>
In fact, according to a new Gallup poll, more people consider rising prices
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the country’s worst problem
</a>
than at any point since the 1980s. That’s a potential problem for Democrats and the White House as midterm elections loom.
</p>
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Activision Blizzard settles a federal sexual harassment lawsuit.
</span>
The video game maker
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
will pay $18 million
</a>
to resolve claims by the U.S. Equal Employment Opportunity Commission that it did little to address a hostile workplace environment for women for years. Activision still faces lawsuits from former employees, a California regulator and shareholders.
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Robinhood will offer extended-hours trading.
</span>
Shares in the trading app jumped after it announced plans to let customers
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
trade stocks from 7 a.m. to 8 p.m. Eastern
</a>
, several hours before and after markets are officially open. That matches competitors like Fidelity and is meant to help lift the struggling app’s fortunes.
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Exclusive: Stifel’s equity payday
</h2>
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The investment bank Stifel Financial Corp is giving $5,000 each in stock grants to 4,200 of its employees not currently paid via equity, DealBook is first to report. Banks usually offer only their highest earners stock awards. “We want to give everyone ownership,” Ronald Kruszewski, Stifel’s C.E.O., told DealBook.
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<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The move comes amid a war for talent in the finance industry
</span>
that has led banks to offer employees everything from
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
huge bonuses
</a>
to free Pelotons. The challenge of retention extends beyond bankers: U.S. job openings
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
remained near record levels
</a>
last month, according to new data, and the number of workers voluntarily leaving their jobs increased.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Kruszewski said that Stifel’s new policy was about company culture, not the “great resignation.” But he acknowledged the “side benefit” that workers want to stay if you treat them well consistently — “you’ve got to do that all the time,” he said. Other financial firms have also recently expanded stock awards for lower-ranking workers, like the private equity firm KKR as part of its
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
acquisition of Ingersoll Rand
</a>
.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Stifel’s program covers about half of its employees
</span>
, and includes administrative, I.T. and client services workers in roughly 500 offices around the world. The shares will vest in five years and will be additive to pay — not included as part of it. The grants will be dispersed evenly, whether “you make 40 grand or make 100 grand,” Kruszewski said.
</p>
</td>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
With the new plan, “substantially” all of Stifel’s 8,600 employees will participate in the firm’s equity program, he said. (For his part, Kruszewski’s compensation in 2020 ran to about $10.7 million, including $3 million in stock awards, according to the company’s latest
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
proxy statement
</a>
. The median Stifel employee made $102,000 that year.)
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The bank has been riding favorable financial conditions,
</span>
including record deal volumes in recent quarters. Stifel’s shares have nearly doubled since March 2020, outperforming the S&P 500 and many bigger banks, and the firm
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
announced
</a>
a doubling of its dividend this year. But Kruszewski is aware of rising financial tensions confronting workers, most notably “the inflation pressures that really manifested themselves this year,” he said. The company has also increased guaranteed salary as a share of pay packages so that employees are not as reliant on bonuses at the end of the year.
</p>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
“Usually, content moderation policy is intended to limit violent content. But war is an exercise in violence. There is no way to sanitize war or to pretend that it is anything different.”
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-style:italic;font-size:inherit">
— Emerson Brooking, a senior fellow at the Atlantic Council who studies online disinformation, on
</span>
<span style="font-style:italic;font-size:inherit">
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the difficult decisions facing Meta
</a>
</span>
<span style="font-style:italic;font-size:inherit">
, the parent of Facebook and Instagram, in dealing with content about the war in Ukraine.
</span>
</p>
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<tbody>
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<img class="css-ivj8p2 e1aggfhi0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2022%252F03%252F30%252Fbusiness%252F30db-yields%252F30db-yields-articleLarge.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nZWZJ:A-M0JW4QlDp1E0ViLi8c8WTCnMbP7twFWejvroSenq8" style="width:83%;max-width:500px;display:inline-block;height:auto;padding-top:15px;padding-bottom:30px;line-height:0"/>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
What is the yield curve trying to say?
</h2>
</td>
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</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Yesterday, a big thing happened in the bond market. The yield on the two-year government note briefly traded higher than the yield on the 10-year government bond, prompting what’s known as a “yield curve inversion.” This is relatively rare and often precedes recessions,
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
which is why it is closely watched
</a>
.
</p>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
So is the bond market signaling that we are headed for a recession?
</span>
Not necessarily. Another part of the yield curve, the spread from three-month to 10-year yields, has been getting steeper, not flatter. “There has never been such a directional divergence” in these segments of the curve, said Deutsche Bank’s Jim Reid, sharing a version of the chart above, which in recent days has been making the rounds in financial circles.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
As for the yield curve’s predictive powers, this divergence could be a sign that “something genuinely is different this time,”
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
according to Bloomberg Opinion’s John Authers
</a>
. It could still be an indication of a recession, or it may just be market weirdness at a time when the Fed is trying to unwind the “mountain” of stimulus it enacted during the pandemic.
</p>
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<img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F01%252F29%252Fbusiness%252Fdealbook-icon-glasses-piechart%252Fdealbook-icon-glasses-piechart-articleLarge-v14.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1nZWZJ:A-M0JW4QlDp1E0ViLi8c8WTCnMbP7twFWejvroSenq8" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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<h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
Held to account
</h2>
</td>
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</tbody>
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<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
Federal white-collar crime prosecutions fell to their
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
lowest level in 20 years
</a>
during the Trump administration, and the Biden administration has
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
pledged to crack down
</a>
. “Corporate crime weakens our economic institutions by undermining public trust in the fairness of those institutions,” Attorney General Merrick Garland said this month in
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a speech to the American Bar Association
</a>
.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
The Biden administration’s tough talk isn’t backed up by action
</span>
, according to the Revolving Door Project, a liberal watchdog group. By its relatively broad definition of “corporate malfeasance,” the group said in
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
a new report
</a>
that the administration misses two opportunities to crack down for every one that it takes. “Biden is taking some action but he’s not doing everything he could do,” Max Moran of Revolving Door told DealBook. The group compared the White House’s stated policy objectives with actions it could take that wouldn’t require congressional approval.
</p>
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
For example, corporate environmental prosecution referrals are way down.
</span>
Last year, the E.P.A. referred fewer cases to the Justice Department than it did under President Donald Trump the year before, extending
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
the downward trend
</a>
that dates to the Obama era. While Moran argued that the Biden administration was overseeing “wildly more activity than under Trump” to address corporate crime, this figure in particular shows that more can be done, he said.
</p>
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<td style="padding:0;font-size:0;border-top:8px solid #000">
<h3 class="css-132hdgt e8bxl341" style="color:#000;font:700 16px/24px arial,sans-serif;margin:8px 0 25px 0;letter-spacing:.2px">
THE SPEED READ
</h3>
</td>
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</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Russia-Ukraine war
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<tbody>
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<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The U.S. is planning new sanctions on
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Russian military suppliers
</a>
. Meanwhile, here’s a deep dive by Lee Buchheit and Mitu Gulati — two deans of the sovereign debt bar — on the complexities of
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
seizing Russian assets
</a>
. (NYT, FT Alphaville)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Germany issued an early warning about its gas supplies, prompting a contingency plan that could include rationing energy in case Russia cuts it off. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Deutsche Welle
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
How Russia built a domestic payments system that has so far evaded sanctions. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
WSJ
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Deals
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
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<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Elliott Management and Brookfield Business Partners agreed to
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
buy the TV ratings company Nielsen
</a>
for $16 billion. It’s the
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
latest in a long line of transactions
</a>
featuring Nielsen. (NYT, Bloomberg)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The social media platform OnlyFans is reportedly seeking to go public via SPAC. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Axios
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Citigroup has agreed to a $1.6 billion sale of its consumer banking business in India to the Mumbai-based Axis Bank. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Reuters
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Goldman Sachs agreed to buy NexCapital, a robo-adviser, to build up its wealth-management business. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
FT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
In historical deal news … on this day 155 years ago, the U.S. agreed to buy Alaska from Russia for $7.2 million — or about $140 million in today’s money. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
TimesMachine
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
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<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Policy
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
The F.T.C. sued Intuit, accusing the TurboTax maker of misleading ads for “free” tax preparation services. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
AP
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Gov. Ron DeSantis, Republican of Florida, said Disney “crossed the line” in calling for the repeal of the state’s “Don’t Say Gay” bill. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Politico
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“How 2 Industries Stymied Justice for Young Lead Paint Victims” (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td align="left">
<p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
<span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
Best of the rest
</span>
</p>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
<tr>
<td style="padding:0 0 5px">
<ul class="css-27qc8p e1darl2c0" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Hackers stole over $650 million in cryptocurrency from the network that underpins the NFT-based game Axie Infinity. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Protocol
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
How the Columbia economic historian Adam Tooze became a darling of the left. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
New York
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
After a competition in Saudi Arabia last weekend, Formula 1 drivers want more say in where races are held. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Sky News
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
“More Private Jets Take to the Skies, Creating Gridlock on the Ground” (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
NYT
</a>
)
</span>
</li>
<li class="css-11scvta e1y8brq21" style="line-height:27.5px;margin:0 0 10px 0">
<span style="font-size:17px;line-height:25px">
Ticket sales for Chris Rock’s latest comedy tour have soared after the comedian was slapped by Will Smith onstage at the Oscars. (
<a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
Fortune
</a>
)
</span>
</li>
</ul>
</td>
</tr>
</tbody>
</table>
</div>
<div style="margin:0 auto;max-width:600px;width:100%">
<table cellpadding="0" width="100%">
<tbody>
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<td height="10" style="font-size:0;line-height:0" width="100%">
</td>
</tr>
<tr>
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</td>
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</td>
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3 years ago - nytdirect@nytimes.com
DealBook: Bill Ackman goes quiet
The hedge fund founder has “permanently retired” from activist short-selling. View in browser|nyt...