Icahn Hit by Hindenburg Short Call as Activist Becomes Target (Bloomberg)
Carl Icahn, the famed activist investor who’s made a career out of starting corporate brawls, found himself on the receiving end of criticism Tuesday after Hindenburg Research disclosed a short call against his investment firm. Shares of Icahn Enterprises LP fell as much as 24% Tuesday morning in New York, their biggest intraday drop since 2010, after Hindenburg claimed in a lengthy report that the company is overpriced, and said it found evidence of inflated valuations for some of its assets.
Exelixis Gives More Details Behind Farallon Proxy Fight (Endpoint News)
Oncology biotech Exelixis is defending its business amid a proxy fight with a hedge fund that has criticized the company’s R&D strategy and spending. In a letter to shareholders dated May 1, Exelixis said it is trying to avoid an “unnecessary proxy contest” with Farallon. It urged shareholders to vote for the company’s 11 nominees for the board — and to specifically not vote for one candidate nominated by Farallon — at an upcoming shareholder meeting on May 31.
3AC Founders’ OPNX Exchange Formally Reprimanded by Dubai Crypto Regulator (Coin Desk)
The action by the Virtual Assets Regulatory Authority targeting Kyle Davies, Su Zhu and others follows two cease-and-desist letters for operating an unregulated exchange. OPNX, a bankruptcy claims exchange set up by the founders of collapsed hedge fund Three Arrows Capital (3AC), has been formally reprimanded by Dubai’s crypto regulator for operating an unregulated exchange, according to an official notice. The letter was sent on April 18 to OPNX’s Kyle Davies and Su Zhu, who were the founders of 3AC, after two cease-and-desist orders for marketing the exchange to residents of Dubai and the United Arab Emirates were issued by the regulator in February and March.
Photo by Austin Distel on Unsplash
Meet Citadel X: The Team of Engineers at Ken Griffin’s $57 Billion Hedge Fund Giving it a Competitive Edge by Streamlining and Designing its Tools (Business Insider)
Inside Ken Griffin‘s Citadel is a small team of engineers who are known to build new tools in less than an hour at the $57 billion hedge fund. “If you need a new application that solves a very specific concern, and you have a data feed for it? We can have a prototype of an app up and running for that in five to 10 minutes,” Kristofer Baxter, head of UI at Citadel X, told Insider.
Danske Appoints Head of Quant & Overlay (Hedge Nordic)
Stockholm (HedgeNordic) – Danske Bank Asset Management announced the appointment of Thomas Gade as Head of Quant & Overlay as a successor to Jasper Riis, who joined +, Pensionskassen for Akademikere in March. The Quant & Overlay team manages Danske Bank’s quantitative-based equity strategies, equity and derivatives-based hedge fund strategies, and equity index products.
