Money Stuff: The Podcast Guy on Twitter: PSUS, Left, ETFs
Aug 2, 2024
Dive into the IPO journey of Pershing Square USA and the challenges it faces with funding expectations. Explore the ethics of short selling amid controversies over stock manipulation. Discover how bond ETFs are reshaping market liquidity, especially during crises, and the convenience they offer to investors. Personal stories about Paris and the upcoming Olympics add a fun twist, blending finance with a bit of thrill.
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Ackman's IPO Struggle
- Bill Ackman's Pershing Square USA IPO was downsized repeatedly, from a potential $25 billion to $4 billion, then $2 billion, and ultimately withdrawn.
- The IPO's struggles were highlighted by a leaked letter where Ackman seemingly solicited investments from existing management company stakeholders.
The Leaked Letter's Backfire
- Publicly requesting investments suggests low demand, discouraging potential investors.
- Ackman's letter, intended for existing investors, backfired by revealing potential IPO weakness.
Baupost's Withdrawal
- Baupost Capital, initially committed to $150 million for the Pershing Square USA IPO, withdrew its investment.
- The withdrawal reportedly stemmed from displeasure at being named in Ackman's investor letter and potential political differences.