Hedge Fund and Insider Trading News: Gabe Plotkin, Chase Coleman, Engine No. 1, Elliott Management, Balyasny Capital Management, COMSCORE, Inc. (SCOR), and More

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Tiger Global Drops 14% in May During the Tech Sell-Off, Pushing Hedge Fund’s 2022 Losses to Over 50% (CNBC)
Chase Coleman’s Tiger Global Management suffered huge losses in May amid a tech-driven sell-off, making the hedge fund’s tough 2022 even worse. The growth-focused flagship fund at Tiger Global tumbled 14.3% in May, bringing its 2022 losses to over 50%, a source familiar with the return told CNBC’s David Faber.

Engine No. 1 Rushes to Back ESG Disclosures at Top Companies (Reuters)
June 2 (Reuters) – Sustainability-focused hedge fund Engine No. 1 has backed 83% of shareholder resolutions on environmental, social and governance (ESG) topics at top U.S. companies so far this year as it looks to arm investors with more information, leaders said. Ballot items, such as several at Exxon Mobil Corp (XOM.N) calling for more details around reduced plastic use and emissions-cut scenarios, help investors understand a business, Engine No. 1 founder and executive chairman, Christopher James, said in an interview with Reuters on Wednesday.

Gabe Plotkin’s Wild Ride Reveals the Perils of Betting on a Star Trader (Bloomberg)
Gabe Plotkin’s trading hand was so hot for so long that Steve Cohen, one of Wall Street’s most prominent investors, decided to break his own rule. Cohen generally doesn’t like staking people who leave his hedge fund, nor does he farm out much of his wealth to other managers, but he did so repeatedly for his one-time protege. Plotkin got a $200 million check from Cohen to start his own firm in 2014, and more last year when he ran into trouble with meme-stock traders.

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Hedge Fund Balyasny Pull Goldman & JPMorgan Technologists; Paying $365K (The Coin Republic)
JPMorgan might want to keep away its technologists, who are complaining of their comparatively poor pay, from Mike Grimaldi. Grimaldi joined JPMorgan as the former head of technology in 2017 and left in 2021. Before that, he worked at Deutsche Bank. In 21 years of his career, Grimaldi spent most of his time at Goldman Sachs. Currently, Grimaldi is busy hiring at hedge fund Balyasny Capital Management.

Panthers’ Practice Facility Dead After Chapter 11 Filing (Madison.com)
The Carolina Panthers’ proposed $800 million practice facility project in Rock Hill, South Carolina, is officially dead after team owner David Tepper’s real estate company filed for Chapter 11 bankruptcy protection in Delaware on Wednesday night. Tepper, who made billions in hedge funds, is the NFL’s wealthiest owner. The filing will not affect the NFL’s Panthers or Major League Soccer’s Charlotte FC in any way.

RedBird Capital Partners to acquire AC Milan from Elliot Advisers (Hedge Week)
RedBird Capital Partners (RedBird) is to acquire Associazione Calcio Milan (AC Milan), the newly crowned Champions of Italy’s Serie A, from Elliott Advisors UK Limited (Elliott). The deal, which values the club at €1.2 billion, will see Elliott retain a minority financial interest in the club and seats on the Board of Directors. The transition to new ownership will take place over the summer, with an expected closing no later than September 2022.

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