FT News Briefing Investors serve, can women’s tennis volley?
Jul 11, 2024
Bill Hwang, the Archegos founder, is found guilty of fraud, raising eyebrows on Wall Street. As bankruptcy filings rise, investors are shunning risky junk bonds. Women’s tennis is gaining traction with substantial investments from Saudi Arabia, but faces branding hurdles and the absence of a major star. Meanwhile, Amazon is adapting by emulating Chinese models, introducing ultra-low-cost goods and aiming to counter rivals like Temu and Shein, who are shaking up the e-commerce landscape.
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Archegos Founder Guilty
- Archegos founder Bill Hwang was found guilty of fraud and market manipulation, causing billions in losses for banks.
- Hwang's lawyer argued he "bought these stocks because he loved them," despite secretive trading strategies.
WTA's Star Power Challenge
- The Women's Tennis Association (WTA) seeks to raise its profile and attract more viewers beyond the Grand Slams.
- A key challenge is the lack of a singular dominant star like Serena Williams to build narratives around.
WTA's Investment Strategy
- The WTA partnered with CVC Capital and Saudi Arabia's Public Investment Fund to boost its profile.
- This involves brand building, social media investment, and moving the WTA finals to Riyadh with increased prize money.