Hedge Fund Billionaire David Tepper Reaches Deal to Buy the Carolina Panthers (CNBC)
Billionaire hedge fund manager David Tepper has reached a deal to buy the Carolina Panthers, the National Football League team announced Wednesday. The deal, which has been reported to be worth a league-record $2.2 billion, is subject to NFL approval and is expected to close in July. “I look forward to turning the stewardship of the Panthers over to David Tepper,” Panthers founder Jerry Richardson said in a statement. “I have enjoyed getting to know him in this process and am confident that he will provide the organization with great leadership in both its football and community initiatives.”
Tricadia Capital Sees Assets Halved, Managers Depart (Bloomberg)
A decade after making a killing during the financial crisis, Tricadia Capital Management has fallen on hard times. A slew of executives have left and assets have tumbled to about half of where they were at their peak. The credit hedge fund firm, started in 2003 by Arif Inayatullah and Michael Barnes, has suffered from withdrawals in recent years amid middling performance, according to people with knowledge of the matter. Blackstone Group LP, one of Tricadia’s biggest clients, has redeemed most of its investment, said two of the people, who asked not to be identified because the information is private.
Hedge Fund Asks GameStop to Conduct Strategic Review: CNBC (Reuters)
(Reuters) – Hedge fund Tiger Management is urging GameStop Corp to conduct a strategic review in the wake of management changes at the videogame retailer, CNBC reported on Wednesday, citing a letter sent to the company’s board. Tiger Management owned 25,000 shares of GameStop as of March 31, according to a filing on Tuesday with the U.S. Securities and Exchange Commission. Neither GameStop nor Tiger Management immediately responded to Reuters’ requests for comment.
Meet Tesla’s new bondholder: Billionaire George Soros (Reuters)
NEW YORK (Reuters) – The investment firm founded and chaired by billionaire George Soros took a stake in Tesla Inc (TSLA.O) bonds during the first three months of the year, giving the electric carmaker run by Elon Musk a prominent supporter. Soros Fund Management LLC took a $35 million stake in the convertible bonds of Tesla, which are due in March 2019 88160RAB7=, according to filings with the U.S. Securities and Exchange Commission. A spokesman for Soros did not respond to a request for comment. Convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares.
Big-name Hedge Funds Pile into Facebook, Sell Apple Shares (CNBC)
The smart money is betting Facebook will not suffer lasting effects from its Cambridge Analytica data scandal. Some of the biggest names in hedge funds bought Facebook shares in the March quarter, according to required 13F filings with the Securities and Exchange Commission. CNBC used Symmetric.io, a hedge fund tracking firm, to analyze the major trading trends in filings from nearly 1,000 hedge funds in its database. The database revealed the hedge funds that Symmetric tracked cumulatively bought more than 32 million shares of Facebook in the first quarter. Several famous “Tiger Cubs” bought the social networking company’s stock, including Lone Pine, Viking Global and Tiger Global.