Richard Teitelbaum
New York
Articles by Richard Teitelbaum
Willis Lease Founder Gets Options Bonanza
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Microsoft is Now Worth $3 Trillion. So What
A milestone like this shouldn't prompt investors to sell, experts says. Or buy OpenAI CEO Sam Altman and Microsoft CEO Satya Nadella. The Messenger; Kevin Dietsch/Getty Images; Drew Angerer/Getty Images; Getty Images (3) Microsoft’s stock market capitalization pierced $3 trillion again on Monday and closed above that mark for the first time.
At JPMorgan, Dimon Unveils a Major Management Overhaul and Sparks Speculation
Following record profits of almost $50 billion, America's largest bank reshuffles its leadership JPMorgan Chase CEO Dimon has led the bank since 2005. Drew Angerer/Getty Images In a wide-ranging reshuffling of top management at America’s largest bank, JPMorgan Chase on Thursday announced the overhaul its sprawling C-suite.
The SEC's New 581-Page SPAC Rule Imposes IPO Standards on Blank-Check Companies
The Securities and Exchange Commission unveiled an overhaul of regulations governing so-called blank check companies that it says will bolster investor safeguards in the sometimes volatile securities. The final rules, which weigh in at a robust 581 pages, cover three areas, according to a prepared statement by SEC chair Gary Gensler: increased disclosure, the use of financial projections, and issuers’ obligations and liabilities.
Digital World, Trump Media Merger Partner, Surges 64% on DeSantis Campaign Halt
Digital World shares spiked 29% after Trump's landslide victory at the Iowa caucus last week Digital World Acquisition Corp is looking to buy Trump Media. Leon Neal/Getty Images The class A shares of Digital World Acquisition Corp, the shell company seeking to merge with the parent company of former president Donald Trump’s Truth Social media site, surged 64% in intraday trading Monday after Florida Gov. Ron DeSantis suspended his presidential campaign.
Goldman Names ex-CFO David Viniar to a Key Role on Its Board
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Goldman Names ex-CFO David Viniar to a Key Role on Its Board
Ending what was shaping up to be an intriguing Wall Street succession contest, Goldman Sachs has named David Viniar, a longtime board member and former chief financial officer of the investment bank, to be its new lead independent director. Viniar will replace Adebayo Ogunlesi, the current lead independent director, upon his retirement from the firm’s board, according to a Securities and Exchange Commission filing Friday evening.
Goldman's Sweet Spot: Other People's Money
Asset management chief Marc Nachmann is strengthening one of its tent-pole businesses and helping CEO David Solomon polish the bank's image In the steel-gray afternoon of Mar. 13, 2020, markets ran amok. The White House declared a Covid emergency. Sirens wailed across New York City, the pandemic’s U.S. epicenter. Credit markets froze. And the Dow Jones Industrial Average had just turned in its worst daily performance since Black Monday, 1987.
Jeffrey Epstein Victim Says She Had Sex With Hyatt Hotels Billionaire Tom Pritzker
Tom Pritzker, the executive chairman of Hyatt Hotels, was named along with the likes of Prince Andrew and hedge fund billionaire Glenn Dubin as the many men Jeffrey Epstein victim Virginia Giuffre said she had sex with, according to a newly unredacted legal deposition.
Epstein List: Billionaire Hedge Fund Founder Glenn Dubin Named in Unsealed Court Document
Glenn Dubin, co-founder of pioneering hedge fund Highbridge Capital Management, and his wife, Dr. Eva Andersson-Dubin, were mentioned in newly unsealed court documents that revealed the names of people associated with convicted sex trafficker Jeffrey Epstein.
Jeffrey Epstein Victim Claims She Was ‘Sent’ to Have Sex with Billionaire Hedge Fund Co-Founder Glenn Dubin
9 hours ago Prince Andrew is among high-profile figures named in newly released US court documents detailing connections of sex offender Jeffrey Epstein. A judge ordered the release of the records as part of a legal case related to Epstein associate Ghislaine Maxwell. The legal papers include a previously …
Cannabis, K-Pop, AI, Magic Mushrooms, Robots? Yep, Wall Street's Got a Fund for That
Psychedelics, robots, Korean pop stars and black swans. Cannabis gummies, perhaps? Exchange-traded funds based that seek to capture stock market winners based on trends, technology and popular topics are definitely a thing these days.
Cannabis, K-Pop, AI, Magic Mushrooms, Robots? Yep, Wall Street’s Got a Fund for That
Bitcoin 17 hours ago Next Bitcoin Halving 111 Days Away: What It Means For Investors bitcoinist.com - Jake Simmons • 17h While the investor community currently only has its eyes on the imminent approval of a spot Bitcoin ETF in the United States by the Securities and … Investing 23 hours ago 3 Top ETFs I'm Planning to Buy Hand Over Fist in 2024, Despite All the Cheap Stocks on My Radar The Motley Fool - Matthew Frankel, CFP® • 23h I'm a big proponent of creating a well-rounded portfolio of...
Legendary Activist Investor Carl Icahn Slashes Stake in FirstEnergy
Legendary investor Carl Icahn’s holding company and its affiliates have slashed their position in FirstEnergy, an Akron, Ohio-based utility that was one of his major holdings. First Energy disclosed in a securities filing Tuesday that Andrew Teno, an Icahn designated board member, resigned from his director position at the company effective December 8 because Icahn had reduced its stake in the company to below 1.5%.
Did Hamas Agents Profit from Shorting Israeli Stocks Before the Attack? No Way, Regulators Say
An academic research paper claiming people with advance notice of the October 7 Hamas attacks made millions of dollars shorting Israel-related stocks, is being slammed by regulators as wildly inaccurate. Both the Israel Securities Authority and the Tel Aviv Stock Exchange said on Tuesday that the paper by two prominent American university professors, published Monday and pointing to an alleged spike in short positions in Israeli stocks, is flat-out wrong.
Activist With a Slingshot Goes After Comscore and the Goliaths That Control It
A pint-sized activist has a beef with three media-savvy giants — and stands a real chance of cutting them down to size. The activist fund 180 Degree Capital Corp said in a filing last week that it wants two seats on the 10-person board of Comscore, a widely known but struggling data analytics company whose share price has collapsed into penny-stock territory since the fund first bought shares in 2021.
Bridgewater’s Ray Dalio Rips Into Tell-All Author - Again
It’s the book people can’t stop talking about, including its lead subject: Hedge fund tycoon Ray Dalio. The Fund: Ray Dalio, Bridgewater Associates, and the Unravelling of a Wall Street Legend, a scathing tell-all by New York Times reporter Rob Copeland, hit bookstores on Nov. 7, and has been stirring up a hornet’s nest of controversy ever since. In an interview at Abu Dhabi Finance Week on Wednesday, Dalio repeated his claims that the 339-page tome was riddled with inaccuracies.
Why Charlie Munger’s Death Is a ‘Spiritual Loss’ for Warren Buffett’s Berkshire Hathaway
Accolades and eulogies are pouring in for Berkshire Hathaway Vice Chairman Charlie Munger, whose death was announced by the company Tuesday. The long-time partner, consigliere and alter ego to CEO and Chairman Warren Buffett died peacefully at a California hospital at age 99.
Losses Triple at Trump Media’s Merger Partner
By Richard Teitelbaum, 2 hours ago The accountants for Digital World and Trump Media question whether either of them will be able to survive over the next 12 months Published | Updated Richard Teitelbaum The losses continue to mount for the preferred merger partner of Trump Media and Technology Group, the parent of former president Donald Trump’s Truth Social platform.
Sex, Lies, Video and the World’s Largest Hedge Fund
A new book about Bridgewater opens with a young pregnant employee in tears as founder Ray Dalio savages her job performance. It doesn't let up from there THE MESSENGER BOOK REVIEW Rob Copeland’s dissection of Ray Dalio, founder of the world’s largest hedge fund, is an epic page-turner, hardly surprising given the fertile material it covers.
Timberlake’s Twerks, Sandler’s Penis Jokes and Oh, Yeah, an Investor Conference Original
The high season for investor conferences in New York City is here again — dry danishes, lukewarm Starbucks and PowerPoints. Zzzzzzzz. Then there’s money manager Baron Capital, with about $40 billion in assets, whose annual all-day pow-wow featured twerking superstar Justin Timberlake, glitzy Broadway show tunes, and Adam Sandler's penis jokes (which involved Botox). Did we mention Baron Capital’s door prize of three Tesla Model Y sedans?
Accountants for Trump’s Truth Social Have ‘Substantial Doubts’ It Can Survive
The parent company of Truth Social, former President Donald Trump’s media site, and the shell company with which it plans to merge, have both been put on notice by their accounting firms that it is doubtful the two companies can continue to operate. The so-called “going concern” notifications were disclosed in a government filing on Nov. 13 by Digital World Acquisition Corp, the publicly traded shell company seeking to merge with Trump’s company.
Berkshire Hathaway Reports Third Quarter Loss
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Tinder Parent Match Group Says Israel-Gaza Conflict Will Drag on Future Revenue
Shares of Match Group, owner of such popular online dating services as OkCupid, Tinder and Hinge, tumbled almost 20% Wednesday after the company warned analysts that it could take a big hit to future earnings due to the conflict in Israel.
Months After SVB Failure, Short Sellers Are Targeting Two Other California Banks
Major short bets against two California banks helped pummel their shares amid earnings misses Tuesday — a sign that bearish investors may think there’s another leg down in the regional banking crisis that gripped the country beginning in March with the failure of Silicon Valley Bank.
New Murdoch-in-Charge at News Corp Feels Heat From the Street
Just weeks before nonagenarian media mogul Rupert Murdoch is set to exit his role as chairman at News Corp, his eldest son and designated successor, Lachlan, finds himself being tested by Wall Street in a "Succession"-like drama. Activist investor Jeffrey Smith, CEO of Starboard Value, announced in a CNBC interview Tuesday that his hedge fund owns a stake in News Corp and is seeking major changes.
The Truth About the Company Trying to Take Trump’s Truth Social Public
Digital World Acquisition Corp, the company that plans to take former President Donald Trump’s media company public via a merger, said in a government filing that its financial statements for 2021 should no longer be relied upon. The company, a so-called special purpose acquisition company, or SPAC, said that on October 13, its audit committee concluded that the 2021 financials, which are part of its annual report for the year, included errors related to accounting of certain expenses.
How Elon Musk Tanked Twitter’s Value In One Year - Now Wall Street Wants to Know What X Is Really Worth
Nothing augured the scale of mayhem that enveloped Twitter following Elon Musk’s $44 billion bid for the social media site in April 2022 — a deal he figured was a loser from the start. Within weeks of signing, the world’s richest man tried to nix it, directing his lawyers to scuttle the acquisition or slash its price. “I think Twitter may be heading off the rails,” Musk confided at the time to biographer Walter Isaacson, according to his new book, Elon Musk (Simon & Schuster, 2023).
Activist Carl Icahn To Sell His Xerox Stake Back to Company For $542 million
Xerox Holdings is buying back all $542 million of its stock held by Carl Icahn and his affiliates, including the corporate activist’s holding company, Icahn Enterprises, for $15.84 a share. Xerox was one of Icahn Enterprises’ five largest holdings as of June 30. At the time, the stake amounted to a 21.8% position in the Norwalk, Connecticut company. The price being paid by Xerox is the closing price of Xerox shares yesterday.
Board of Once-High-Flying EV Maker Nikola Being Sued as Shares Drop to 91 Cents
A shareholder in Nikola Corp. is suing certain current and former directors and officers of the maker of zero emission, hydrogen-powered trucks, alleging that they participated in a scheme to mislead stockholders or failed to prevent securities fraud by former CEO Trevor Milton. A federal jury last October convicted Milton, who founded Nikola in 2015, of securities fraud with regard to serial lies about the company’s trucks and technology.
In the Autumn of Carl Icahn’s Storied Career, a Stunning Fall
Richard Teitelbaum The nightmare intercom message feared by three generations of American CEOs can be summed up in six words. “Carl Icahn is on the line.” Since long before the invention of the Internet, a phone call from the pugilist raider virtually insured a spectacle of scorched-earth battles for greenmail, board seats, restructurings and, yes, frequent CEO decapitations as Icahn masterfully bent the managements of companies like Trans World Airlines, AOL-TimeWarner and Apple to his will.
In the Autumn of Carl Icahn’s Storied Career, a Stunning Fall
The nightmare intercom message feared by three generations of American CEOs can be summed up in six words. “Carl Icahn is on the line.” Since long before the invention of the Internet, a phone call from the pugilist raider virtually insured a spectacle of scorched-earth battles for greenmail, board seats, restructurings and, yes, frequent CEO decapitations as Icahn masterfully bent the managements of companies like Trans World Airlines, AOL-TimeWarner and Apple to his will.
Trump Truth Social-Linked SPAC May Have to Liquidate, Lacks Shareholder Votes to Extend Key Deadline
Trump Truth Social-Linked SPAC May Have to Liquidate, Lacks Shareholder Votes to Extend Key Deadline A long-delayed merger with Truth Social's parent is short on votes and running out of time Richard Teitelbaum The company that plans to take former President Donald Trump's media company public doesn't have enough shareholder support to forestall a forced liquidation.
Trump Truth Social-Linked SPAC Lacks Votes to Extend Key Deadline, May Liquidate
The company that plans to take former President Donald Trump's media company public doesn't have enough shareholder support to forestall a forced liquidation. Digital World Acquisition Corp, the special purpose acquisition company that is seeking to merge with Trump Media and Technology Group, said it currently lacks the votes to extend the deadline by which it needs to consummate the deal, according to a notice filed with the Securities and Exchange Commission on Wednesday.
Respected Market Forecaster Laszlo Birinyi Dies At Age 79
Laszlo Birinyi, a renowned stock market strategist and founder of eponymous money management firm Biniyi Associates, has died. An associate at the firm who asked to not be identified declined to disclose the cause of death to The Messenger. Birinyi took a somewhat iconoclastic approach to stock market analysis, largely eschewing traditional macroeconomic forces, fundamentals and technical signals.
3 Big Wall Street ‘Names’ Try to Upend the Deal for a $34 Billion Hedge Fund
Three prominent hedge fund managers–Boaz Weinstein, Bill Ackman and Marc Lasry–have joined forces and wallets to bid for Sculptor Capital Management, topping the price agreed to last month by another investment firm. The three offered more than $12 a share for Sculptor, according to a person familiar with the situation. The bid tops the $11.15 a share that Sculptor agreed to last month in a deal with Rithm Capital Corp., a real estate investment trust with myriad financial interests.
Jeffrey Epstein Advised Google’s Sergey Brin About a Trust for His Kids: Court Documents
Disgraced financier Jeffrey Epstein in 2007 advised Sergey Brin, the billionaire co-founder of Google, about establishing a trust designed to save his children from paying taxes, according to court documents filed on Tuesday. The filing said that Brin, who had become a client of JPMorgan Chase’s San Francisco office in 2004, was advised by Epstein to work with JPMorgan's Private Bank unit to set up a grantor-retained annuity trust, or GRAT.
Nasdaq-Listed Freedom Holding Has Been Evading Russian Sanctions, a Short-Seller Charges
Freedom Holding, a Kazakhstan-based brokerage that trades on the Nasdaq exchange, is under attack by short-seller Hindenburg Research, which alleges that the firm "has exhibited a startling array of red flags relating to virtually every category of financial malfeasance worthy of investigation.” Shares of Freedom fell 3.50% after Hindenburg released its report today.
Barry Sternlicht-Backed Cano Health Warns It Could Go Under, Shares Fall 70%
Shares of Cano Health, a former special purpose acquisition company bankrolled by real estate tycoon Barry Sternlicht and other prominent investors, fell 70 percent on Friday, a day after the company warned that it likely won't be able to continue operations due to a lack of cash.
Smelling Blood in the Wreckage of the SPACs Craze
Third Point founder Dan Loeb had a message for the board of Cano Health, a primary care provider taken public by real estate mogul Barry Sternlicht of Starwood Capital Group. Sell the company — now. A Sternlicht-led special purpose acquisition company, or SPAC, had merged with the privately held health care enterprise in a $1.49 billion deal in June 2021, assuming the Cano name.
Goldman Sachs Executive John Rogers Steps Down From Chief of Staff Post - NYT
John Rogers, a top Goldman Sachs executive who has long held key positions at the Wall Street firm, will give up one of the most important of them: chief of staff, according to The New York Times. Rogers, 67, described as “the man behind the curtain” at the investment bank by at least one former Goldman partner, has played key roles at the firm since joining in 1994.
Carl Icahn Conglomerate Losses Doubled to Almost $270 Million
The principle investment vehicle of legendary activist investor Carl Icahn, Icahn Enterprises, slashed its quarterly dividend by half and reported a doubling of losses for the second quarter. Investors reacted by wiping out nearly a quarter of the company's stock market market valuation. The depository units of Icahn Enterprises plunged 23.2% as the famed corporate raider blamed poor results in part on short selling that targets companies that he invests in.
Trump-Linked SPAC Soars by more than 50% on SEC Settlement
Shares of Digital World Acquisition Corp, the blank-check company that is planning to merge with former President Donald Trump’s media business, rose more than 52% in afternoon trading Friday following news that it settled fraud charges with the Securities and Exchange Commission. Earlier this month, Digital World disclosed it had reached a tentative $18 million agreement with regulators.
At Goldman, A Quarter Of Big-Whack Charges To Earnings
Goldman Sachs’ retreat from consumer banking is costing it a pretty penny. And that is making the firm’s transitioning business look worse than it really is. The investment banking juggernaut weighed in with second quarter results this morning. Profits, however, were hit with a pair of big-whack charges that punished earnings, costing the company $3.95 per share. Goldman earned $3.08 a share, missing Wall Street expectations of $3.16.
Goldman Sachs’ Second-Quarter Earnings Are Out
Goldman Sachs Group reported second-quarter earnings on Wednesday before the markets opened. Analysts have repeatedly cut their earnings per share estimates for Goldman Sachs this year. The reductions reflect concerns of the firm’s retreat from consumer banking and possible writedowns as well as a lackluster investment banking environment. Markets haven’t helped. Goldman itself has indicated it expects a 25% decline in its trading business for 2023.
Goldman Sachs Investors Brace for ‘Kitchen Sink’ Earnings Report
U.S. consumers came to the rescue last week. Resilient borrowers helped JPMorgan Chase, Citigroup, and Wells Fargo beat analyst earnings forecasts against a decidedly uncertain macroeconomic backdrop. Tomorrow, Goldman Sachs won’t be so lucky. The second-quarter numbers it posts before the markets open could well be the worst it's reported since going public in 1999.
Private-Equity Deals Slump by More Than 36%. Big Drop in Big Deals
The U.S. private equity landscape is looking as parched as the Arizona desert. Economic uncertainty, quantitative tightening and Silicon Valley Bank’s collapse combined to sap the market for private equity in the quarter ended June 30, with both the number and value of U.S. deals falling to their lowest levels since the pandemic, according to data from PitchBook, a capital markets research firm.
JPMorgan’s Second-Quarter Earnings Are Out
JPMorgan Chase, America’s largest bank by assets, reported second quarter earnings Friday before the opening bell. Investors will be watching to see how JPMorgan integrated its May purchase of the deposits and most of the assets of First Republic Bank, which halted a bank run that threatened to metastasize into a full blown financial crisis. The Federal Deposit Insurance Corp.
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