Hedge Fund and Insider Trading News: HG Vora Capital Management, Pelham Capital, Elliott Management, Millennium Management, Starbucks Corporation (SBUX), and More

HG Vora Offers to Bbuy Ryder System for $4.4 Billion (Reuters)
(Reuters) – Hedge fund HG Vora Capital Management LLC said on Friday it offered to acquire Ryder System Inc for $4.4 billion, sending the truck fleet operator’s shares up 17% in early trading. HG Vora owns 9.9% of Ryder and proposed to pay $86 a share for the rest, representing a premium of 20.3% to the stock’s Thursday close. Ryder did not immediately respond to a Reuters request for comment.

Hedge Fund Millennium’s Hiring Revealed in Investor Letter (eFinancialCareers)
Millennium, the multi-strategy hedge fund run by Izzy Englander, is still on a hiring drive. The fund’s recent investor letter, issued in February 2022 but with many details unreported until now, reveals that last year was another year of growth. Millennium came out of 2021 with 287 investor teams (formerly known as “pods”) said Englander, up from 268 at the end of 2020. Trading headcount increased by 17% over the same period, although Izzy doesn’t volunteer what it increased to. Millennium’s own website says it currently has 4,000+ employees.

Hedge Funder Paul Saunders, Wife Sell Riviera Beach Condo (The Real Deal)
A hedge fund manager with a reputation for making multimillion-dollar real estate deals settled for one under $10 million with a Riviera Beach condo sale. Property records show hedge funder Paul H. Saunders and his wife, Victoria, sold unit TS9A at 2700 North Ocean Drive to debt-collecting attorney Rick Silver for $7.1 million.

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Pelham Hedge Fund Losses Worsen to Record 28% as Stocks Plunge (Bloomberg)
Pelham Capital, a hedge fund specializing in betting on and against stocks, is in its deepest slump since its launch about 15 years ago as the sell off in equity markets accelerates. The firm’s main Pelham Long/Short Fund plunged about 7% in April, worsening its loss this year to 28%, according to people with knowledge of the matter. That comes after a 12% decline in 2021.

Elliott’s London Staff Set for More Responsibility as Hedge Fund Shuts Last Asia Office (Financial News)
Tokyo office closure means London will now take even greater charge of Elliott’s Asia portfolio. High-profile activist investor Elliott Management is shutting up shop in Asia, according to reports, as the hedge fund’s London office prepares to take more control of its investments in the region. Having shut its Hong Kong office last year and moved staff to Japan and the UK, the decision to axe its Tokyo base as well means Elliott’s final outpost in Asia will close, and London will lead all of its new and existing campaigns.