Hedge Fund and Insider Trading News: Kyle Bass, Ken Griffin, Mike Novogratz, SkyBridge Capital, Bridgewater Associates, Terns Pharmaceuticals Inc (TERN), Tricida Inc (TCDA), and More

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Ken Griffin Buys Miami Compound for $106.9 Million, a New Record (Los Angeles Times)
Hedge-fund billionaire Ken Griffin has shattered the Miami price record, shelling out $106.875 million for a waterfront estate. It’s the most ever paid for a home in Miami-Dade County, and records show Griffin stole the record from himself. Last year, he set the previous all-time high when he dropped $75 million on a home on Star Island, a man-made island in Biscayne Bay. This one sits a few miles away in Coconut Grove, an affluent enclave where celebrities such as LeBron James and Sylvester Stallone have owned homes.

Kyle Bass Wants to Turn Texas Into Its Own Asset Class (Bloomberg)
The hedge fund manager who scored big gains against US housing has spent $90 million buying undeveloped property in the Lone Star State. Kyle Bass likes to bet big. So it’s fitting that the Dallas-based hedge fund manager, who shot to fame shorting mortgage debt in the lead up to the global financial crisis, is now fixated on the most abundant commodity in his home state: land. The market for Texas dirt, Bass said, “is big, and it’s real.”

FTX Ventures to Buy Stake in Anthony Scaramucci’s SkyBridge Capital – Report (Investing.com)
FTX Ventures, the investment arm of Sam Bankman-Fried’s FTX cryptocurrency exchange, is in talks to take a 30% stake in SkyBridge Capital, according to CNBC. CNBC said SkyBridge, owned by former White House spokesman Anthony Scaramucci, will use the funding to finance some $40 million of investments in crypto assets. The company had been reported in July to be planning a new Web3-dedicated fund.

Hedge Funds Shouldn’t Keep $500m Citi Paid Them by Mistake, Court Rules (Financial News)
Hedge funds shouldn’t be able to keep roughly $500m they were mistakenly paid by Citigroup on a loan owed by now-bankrupt cosmetics company Revlon, a federal appeals court ruled on 8 September. The US Second Circuit Court of Appeals said a lower court erred in allowing Revlon lenders including Brigade Capital Management, Symphony Asset Management and HPS Investment Partners to retain the “huge windfall” they collected from the bank’s back-office blunder.

Can Mike Novogratz’s Comeback Narrative Survive the Crypto Crash? (Institutional Investor)
By the time Michael Novogratz began his first-quarter earnings call with investors of Galaxy Digital Holdings – the company he founded in 2018 with the goal of creating the Goldman Sachs of cryptocurrencies – the price of Luna, one of his favorite coins, was already plunging. It was the morning of May 9, and the crypto world was headed for its biggest reckoning ever. TerraUSD, the stablecoin on the TerraForm Labs network that Galaxy had backed through its venture capital arm, had fallen below its $1 peg over the prior weekend, causing a run on the bank as traders shorted Luna, the sister coin that was supposed to help TerraUSD restore its peg.





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