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   DealBook: Bill Ackman pivots again
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   Another twist in the investor's SPAC saga.
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             August 20, 2021
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                  Sparring over SPACs.
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             Ackman’s SPAC deal gets even messier
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             Bill Ackman, the billionaire hedge fund manager, is pivoting
             <span style="font-style:italic;font-size:inherit">
              again
             </span>
             to try to save Pershing Square Tontine Holdings, his $4 billion special purpose acquisition company, which has faced a series of setbacks since it launched a year ago. In
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a letter to investors
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             posted late last night, he proposed a radical rethink that could lead to the SPAC shutting down, returning its cash to investors and being reborn in a new guise.
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             To recap, Ackman’s SPAC, the largest of its kind, promoted many investor-friendly features, like tying the sponsor’s pay more closely to post-merger performance. But when he announced he had identified a deal, a complex transaction that involved buying a minority stake in Universal Music while spinning out two other blank-check vehicles, regulators balked, and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              the plan was scrapped
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             last month. This week, the SPAC was
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              hit with a lawsuit
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             that challenged the fundamental structure of the SPAC, prompting Ackman’s letter.
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              “The mere existence of the litigation may deter potential merger partners”
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             from engaging with the SPAC, Ackman wrote. The appeals process could drag on, and the SPAC has only 11 months left to announce a deal.
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             Ackman suggested that his SPAC was a stand-in for a broader campaign by academics and lawyers against all blank-check firms, which have boomed over the past year. “The two law professors who concocted the legal theory behind the complaint conceded to the press that their motivation in bringing the lawsuit was ‘to reform’ the entire SPAC industry,” he wrote.
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              “All is not lost, however,”
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             Ackman said. He proposed replacing his SPAC with a new blank-check vehicle called a SPARC, which he first proposed as part of the aborted Universal Music deal. If the SPARC is approved by the S.E.C. and the N.Y.S.E., which Ackman said he was in talks with, investors in the SPAC will get their money back at the $20-per-share I.P.O. price and warrants to buy into the SPARC.
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              What’s a SPARC again?
             </span>
             In a SPAC, investors buy shares in a public shell company formed to make an acquisition within a two-year time frame. In a SPARC, investors don’t put in money up front, and instead receive a right (the “R” in SPARC) to buy in once the vehicle announces a merger target, which isn’t subject to any time limits.
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              Some investors aren’t convinced.
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             Those who bought when Ackman’s SPAC was trading above its I.P.O. price would have a loss crystallized by being forced to take cash at the offer price. Some are taking to social media to vent their frustrations with Ackman,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              with plenty of colorful language
             </a>
             . Time will tell if the accompanying right to buy into the SPARC is worth it, if it ever comes to that.
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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
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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">
              Johnson &amp; Johnson’s longtime C.E.O. is stepping down.
             </span>
             Alex Gorsky will be replaced by his deputy Joaquin Duato
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              at the beginning of next year
             </a>
             , and Gorsky will remain at the company as executive chairman. J&amp;J’s stock has nearly tripled since Gorsky took over in 2012, but he leaves at a tumultuous time for the company, which suffered
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              production problems
             </a>
             for its coronavirus vaccine and legal troubles over
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              opioids
             </a>
             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              talc in its baby powder
             </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">
              Toyota slashes output because of a shortage of computer chips.
             </span>
             The world’s largest automaker said it would
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              cut global production by 40 percent
             </a>
             next month, reducing output by about 140,000 cars and trucks. The auto industry had been expecting conditions to improve, but Toyota’s announcement suggests that shortages could persist.
            </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">
              Cutting off extra jobless benefits early didn’t help the economy.
             </span>
             Many states have moved to end expanded unemployment benefits early, arguing that it would push people back to work.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              New research suggests
             </a>
             that this led some people to find jobs, but far more remained unemployed and were forced to reduce their spending.
            </p>
           </td>
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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 goal posts keep moving for companies’ return-to-office plans.
             </span>
             Fearing the spread of the Delta variant of the coronavirus, IBM temporarily
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              closed its New York City offices
             </a>
             to all but essential staff. PwC
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              delayed the reopening
             </a>
             of its U.S. offices until November, at the earliest.
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Apple
             </a>
             and
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Charles Schwab
             </a>
             pushed back plans for their employees to return to the office to next year.
            </p>
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             Continue reading the main story
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             <span style="font-weight:700;font-size:inherit;font-family:arial,sans-serif">
              OnlyFans, an online platform known for explicit material, is banning sex videos.
             </span>
             The company, which will still allow creators to post nudes, said it was
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              changing its content strategy
             </a>
             to make it more inclusive. Observers said the site’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              pornographic material
             </a>
             had turned away investors.
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            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The F.T.C. fights Facebook with data
            </h2>
           </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">
             The Federal Trade Commission
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              filed an amended complaint
             </a>
             yesterday against Facebook, bolstering its case that the tech giant acquired WhatsApp and Instagram to create a “moat” around its illegal monopoly of the market for “personal social networking.” A judge had dismissed the original case but allowed the agency to try again, saying it needed to define Facebook’s market more clearly.
            </p>
           </td>
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         </tbody>
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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 F.T.C. bulked up on numbers.
             </span>
             Previously, it said Facebook monopolized its core market with a share “in excess of 60 percent.” This time, it got more granular, citing a few different measures it said demonstrated Facebook’s outsize power over personal social networking: Over the past decade, users spent more than 80 percent of their time on these networks on one of Facebook’s platforms, and 70 percent of all social networking users on a given day visited one of Facebook’s sites.
            </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 F.T.C. also laid out the competitive landscape
             </span>
             , saying that Facebook’s biggest competitor is Snapchat, which is “a fraction of the size” of Facebook and Instagram. Companies like LinkedIn, Pinterest, Reddit, TikTok, Twitter and YouTube aren’t part of its market, the F.T.C. said, because they aren’t focused on
             <span style="font-style:italic;font-size:inherit">
              personal
             </span>
             social connections, making the claims about Facebook’s domination all the more stark.
            </p>
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       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Facebook has until October to respond. In a statement, Facebook said that “there was no valid claim that Facebook was a monopolist — and that has not changed.”
            </p>
           </td>
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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">
              Lina Khan refused to recuse.
             </span>
             Facebook had asked the F.T.C. for the chair to recuse herself from the case, saying that her track record of vociferous opposition to Big Tech made fairness impossible. The agency dismissed the request. Bill Kovacic, a former F.T.C. chair, said the battles ahead would most likely be fierce — the F.T.C. has won fewer than 20 monopoly cases in an appeals court since the agency’s inception more than 100 years ago.
            </p>
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           </td>
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       </div>
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            <table cellpadding="0" cellspacing="0" style="border-spacing:0;font-family:arial,sans-serif;color:#333;padding:0;background:#fff" width="100%">
             <tbody>
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               <td style="width:100%;padding:0;line-height:1" width="100%">
                <img class="css-1rg59gv e1e3sevz0" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2021%252F02%252F18%252Fbusiness%252Fdealbook-icon-glasses-pixels%252Fdealbook-icon-glasses-pixels-articleLarge-v10.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSJ9:1mH3Mr:CvwZDZiWYKyfPntjLOQqDwIbVIILpem-LG_JlzcSWCY" style="display:block;width:100%;height:auto;padding-bottom:25px;padding-top:10px"/>
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           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The regulator-to-crypto revolving door
            </h2>
           </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">
             As cryptocurrency businesses seek legitimacy, many are following the same playbook: They hire former government officials. But while bringing them onboard is one thing, keeping them around is another.
            </p>
           </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">
              Government types and crypto executives might not align.
             </span>
             The world’s biggest cryptocurrency exchange, Binance, has made hiring former regulators central to its efforts to burnish its reputation. In April, its American subsidiary, Binance.US, hired the former acting comptroller of the currency, Brian Brooks, as C.E.O. At the time,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              he told DealBook
             </a>
             that “managing reputation” among regulators was a priority. But Brooks resigned abruptly this month, citing “strategic differences.”
            </p>
           </td>
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        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Diversifying Binance.US’s ownership structure was key to Brooks’s plans to create a more transparent business and address regulators’ concerns,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reports the Times’s Emily Flitter
             </a>
             . But Binance’s founder, Changpeng Zhao, demanded to retain control, making some potential investors uneasy.
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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            <p style="color:#000;font:normal 17px/25px georgia,serif;margin:0 0 15px">
             Coinbase, the largest U.S. crypto exchange — where Brooks was chief counsel before going into government — in April hired Brett Redfearn, who previously led a division of the S.E.C. He resigned in July because of
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              a shift in strategic focus
             </a>
             at the company, Coinbase said.
            </p>
           </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">
              There’s more where that came from.
             </span>
             Jay Clayton, a former S.E.C. chair, yesterday joined the advisory board of the
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              crypto custody provider Fireblocks
             </a>
             . Greg Monahan, a former criminal investigator at the Treasury Department,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              joined Binance
             </a>
             this week in an anti-money laundering role. The former C.F.T.C. chair Chris Giancarlo in April joined the board of BlockFi, which is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              in the cross hairs
             </a>
             of securities regulators in several states. And the world’s biggest crypto venture capital fund, at Andreessen Horowitz, is run by a former federal prosecutor,
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Katie Haun
             </a>
             .
            </p>
           </td>
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        </table>
       </div>
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           <td style="padding-bottom:15px">
           </td>
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           <td style="padding-bottom:15px;border-top:1px solid #dcdcdc">
           </td>
          </tr>
         </tbody>
        </table>
       </div>
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        <table cellpadding="0" width="100%">
         <tbody>
          <tr>
           <td align="left">
            <h2 class="css-12n1aic el2acgh0" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
             The Everything (Department) Store
            </h2>
           </td>
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         </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">
             Amazon is
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              reportedly building
             </a>
             retail locations in California and Ohio that would be similar to (but smaller than) department stores. The move could help the e-commerce giant grow its same-day delivery service and showcase its private-label products. What does it mean for the department-store industry?
            </p>
           </td>
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         </tbody>
        </table>
       </div>
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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">
              Amazon chooses building over buying.
             </span>
             Analysts and bankers have suggested at various times that Amazon should acquire
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Target
             </a>
             , Nordstrom, Kohl’s and other big-box retailers. But it may be easier to adopt a customized approach rather than take on the full footprints of legacy retailers, and there’s
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              not a dearth of retail real estate
             </a>
             to choose from.
            </p>
           </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">
             What’s more, Walmart and Target both use
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              delivery services
             </a>
             like
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              Shipt
             </a>
             and Postmates to transport items from their stores to customers who buy online. With its own stores, Amazon could do the same. Plus, with fitting rooms and in-store showcases
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              of its own labels
             </a>
             , Amazon could sell even more apparel (it already sells more than any other U.S. retailer).
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              Amazon’s past expansions didn’t always sink its rivals.
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             Amazon’s acquisition of Whole Foods may have ultimately been good for the industry’s major players: It led Target, Walmart and Kroger to invest millions into e-commerce and delivery operations that came in handy during the pandemic. “The only thing that department stores should be lamenting is that they weren’t just outright acquired by Amazon,” said Joel Bines, who leads retail operations at the consulting firm AlixPartners.
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              It still puts stress on a struggling industry.
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             While Kohl’s and Macy’s posted blockbuster earnings yesterday, they still
             <a class="css-5nb5nb et1n85g0" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-family:inherit;font-size:inherit">
              appear to be losing share
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             to retail rivals, like direct-to-consumer brands. Amazon’s new project also casts uncertainty over its partnership with Kohl’s, which allows customers to return Amazon purchases at its stores (
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              and maybe buy something in the process
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             ). A spokesperson for Kohl’s said the company remained “pleased with this partnership and the new customers it brings.”
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               The private equity group Clayton Dubilier &amp; Rice raised its offer for the British supermarket chain Morrisons to $9.5 billion. (
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               China rescued its biggest “bad bank,” indicating Beijing was worried about letting a company so enmeshed in its financial system fail. (
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                NPR
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               The European Commission is investigating whether Illumina’s decision to complete its $7.1 billion acquisition of Grail, despite continuing antitrust reviews, breached E.U. rules. (
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               Facebook is still trying to make VR happen, betting big on virtual meeting rooms. (
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                NYT
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               “5 Ways to Reduce Rudeness in the Remote Workplace” (
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                HBR
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               A court case offers a rare peek inside a big-money, and acrimonious, Silicon Valley divorce. (
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                NYT
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               How The Times and other media outlets, employing diplomatic ties, facing gunfire and eventually a nighttime escape, got their Afghan colleagues out of Kabul. (
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                NYT
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