Bill Ackman Announces Foundation Funding for Controversial Ousted MIT and Whitehead Institute Scientist (CNN)
A decorated but controversial biologist ousted for alleged sexual misconduct from the MIT-affiliated Whitehead Institute is getting new funding with help from billionaire hedge fund manager Bill Ackman. Dr. David Sabatini, best known for scientific discoveries in cell biology related to mTOR, a protein that helps regulate cell functions, resigned from the Whitehead Institute in August 2021 after an independent investigation found that he violated Whitehead’s anti-harassment policies. Sabatini ran a lab at the Whitehead Institute for more than two decades, and the report faulted him in part for the lab culture he created, and for engaging in a sexual relationship with a Whitehead fellow he mentored.
Spotify Has a New Activist Investor That Wants Cost Cuts (Billboard.com)
ValueAct’s chief executive said Spotify is now “sorting out what was built to last and what was built for the bubble.” ValueAct Capital Management, a hedge fund with a history of being an activist investor, now holds a stake in Spotify. Mason Morfit, the San Francisco-based company’s chief executive officer and chief investment officer, revealed the firm’s ownership in Spotify shares at an event at Columbia University on Friday (Feb. 10), according to reports.
Ken Griffin’s Miami Move Inspires Investors Who Want to Work From the Beach (Bloomberg)
Finance professionals all over the world would like to follow Ken Griffin to Miami. Florida — where Griffin relocated his Citadel hedge fund — tops the investor wish list when asked where they would move if they could work from anywhere globally. The sunny southern locale with low taxes, and specifically Miami, is also coming up as a rival to Singapore and New York for the title of the hottest residential market this year, according to the latest MLIV Pulse survey.
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Bath & Body Works Adds New Director as Third Point Pushes for Changes (Reuters)
Bath & Body Works named a veteran consumer products executive as a new director on Monday as the specialty retailer faces pressure from hedge fund Third Point LLC to cut costs and refresh its board. Lucy Brady, a senior executive at Conagra Brands (CAG.N), expands the board to 11 from 10 members. She had spearheaded digital consumer engagement at McDonald’s Corp (MCD.N) and led the global consumer practice at The Boston Consulting Group.
Three Arrows Founders Start Crypto Bankruptcy Claims Exchange (The Wall Street Journal)
The founders of failed hedge fund Three Arrows Capital Ltd. have resurfaced with a $25 million crypto-exchange venture that will let users trade bankruptcy claims from insolvent platforms and funds, including their own. Open Exchange, or OPNX, was created by Su Zhu and Kyle Davies—who set up Three Arrows together—and the two founders of crypto exchange CoinFLEX. The new platform is expected to launch by the end of this month, Mr. Su said. It has begun accepting applications from individuals who want to be among the first to trade their crypto claims; Mr. Su tweeted on Sunday that there were more than 3,600 sign-ups so far. U.S. residents are among those that aren’t eligible for the wait list, the company said.
