‘If Artificial Intelligence Creates Better Art, What’s Wrong with That?’ Top Norwegian Investor and Art Collector Nicolai Tangen (The Guardian)
For a prolific art collector, Nicolai Tangen is remarkably relaxed about the prospect of masterpieces created by robots. The threat of AI-made paintings, impossible to distinguish from human brushstrokes, has sparked soul-searching and paranoia in the art world, but not with Tangen. “Hey, if it creates better art that’s fantastic,” says the Norwegian philanthropist, art historian and boss of the world’s biggest sovereign wealth fund. “If you create something which is even more aesthetically pleasing, what’s wrong about that?”
Elliott Demands NRG Seek New CEO as Boardroom Battle Rages (Bloomberg)
Elliott Investment Management LP is ramping up its boardroom battle with NRG Energy Inc., calling on the US power producer to seek a new chief executive officer and conduct a review of its operations. The activist investor is demanding that NRG immediately initiate a search for an external CEO and add new directors to its board, according to a public letter Tuesday.
Odey Asset Management in ‘advanced talks’ to transfer funds to SW Mitchell Capital (City.A.M)
Odey Asset Management (OAM) is in “advanced talks” to transfer funds to rival SW Mitchell Capital as it reels from sexual assault allegation against its founder Crispin Odey. In a letter seen by City A.M., the beleaguered hedge fund wrote to investors saying it was in discussions over the transfer of four of its European Equity Funds and their manager Oliver Kelton. The Brook Continental European Fund, Brook European Focus Fund, Odey Pan European Fund and Brook European Focus Absolute Return Fund would be shifted across to SW Mitchell as part of the deal, OAM told investors.
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Three Arrows Capital Liquidators Seek $1.3B From Bankrupt Hedge Fund’s Founders: Bloomberg (CoinDesk)
Three Arrows Capital (3AC) liquidators are seeking $1.3 billion from the bankrupt crypto hedge fund’s founders, saying they took on additional debt in the months before its collapse even though it was already insolvent, Bloomberg reported Tuesday. The liquidators, partners at consulting firm Teneo, discussed the allegations with Three Arrows creditors, according to the report, which cited a person familiar with the matter.
Svelland Capital Hires Pareto Analyst (Hedge Nordic)
Stockholm (HedgeNordic) – Svelland Capital, the commodity-focused asset manager that runs Svelland Global Trading Fund, is bolstering its ten-person team with the addition of Nadia Wiggen. Wiggen, a partner and chief oil and gas analyst at Pareto Securities, will assume the role of director on September 1. While being part of the company’s flat structure, her primary focus will involve nurturing relationships with existing and prospective clients of the fund.
Citadel Securities-Backed Crypto Exchange EDX Drops Paxos for Anchorage (Bloomberg)
EDX Markets, a recently launched crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp., has dropped its plan to use Paxos as a custodian and is now in final talks with Anchorage Digital about a new partnership, according to people familiar with the matter. EDX Markets’ earlier pact with Paxos, a blockchain company known for issuing a Binance-branded stablecoin, is no longer active, the people said.
North Raleigh Apartments Net $80M in Sale Between NY Firms (BizJournals)
More multifamily investment is happening along the busy Creedmoor Road corridor, this time attracting a New York hedge fund. An apartment community in North Raleigh sold for $80 million in a sale between two New York firms. Two Sigma Real Estate, a private real estate investment arm of the hedge fund Two Sigma, acquired the Stonehenge Apartments for about $177,000 per unit on June 20 from Investcorp International Realty Inc., an investment bank, according to Wake County deed records. The apartments at 7303 Hihenge Court sit directly behind the Harris Teeter-anchored Stonehenge Market shopping center on Creedmoor Road, giving residents walkable access to shopping, restaurants and retail services. Whether upgrades or improvements will be made to the property is unclear as Two Sigma Real Estate declined to comment on the purchase.
Billionaire Hedge Fund Managers go Hollywood in ‘Dumb Money’ (The Sydney Morning Herald)
If you were to ask billionaire Steve Cohen how he’d be immortalised by Hollywood, it would probably be sitting in front of Damien Hirst’s shark-in-formaldehyde tank, thinking up ways to make money and slamming his rivals. That’s what’s happening in a script for Dumb Money, a comedy slated for a September release based on Ben Mezrich’s book about the GameStop saga. Law & Order’s Vincent D’Onofrio plays Cohen, who, alongside Ken Griffin, infused Gabe Plotkin’s Melvin Capital with billions after retail traders brutally squeezed his short position.
Tuesday 6/27 Insider Buying Report: AXON, MDXG (Nasdaq.com)
On Friday, Axon Enterprise’s, Hadi Partovi, made a $4.78M purchase of AXON, buying 25,000 shares at a cost of $191.10 each. Partovi was up about 2.3% on the buy at the high point of today’s trading session, with AXON trading as high as $195.43 at last check today. Axon Enterprise is trading up about 2.8% on the day Tuesday. Before this latest buy, Partovi purchased AXON at 2 other times during the past twelve months, for a total cost of $3.91M at an average of $195.38 per share. And at MiMedx Group, there was insider buying on Friday, by Chief Executive Officer Joseph H. Capper who bought 100,000 shares for a cost of $6.40 each, for a trade totaling $640,434. MiMedx Group is trading up about 1.3% on the day Tuesday. Capper was up about 6.1% on the buy at the high point of today’s trading session, with MDXG trading as high as $6.79 at last check today.
Around $8.5M Bet On Eagle Bulk Shipping? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Eagle Bulk Shipping: The Trade: Eagle Bulk Shipping Inc. (EGLE) 10% owner Danaos Corp acquired a total of 181,422 shares an average price of $47.28. To acquire these shares, it cost around $8.58 million. Howard Hughes: The Trade: The Howard Hughes Corporation (HHC) Director William Ackman acquired a total of 62,498 shares at an average price of $74.80. To acquire these shares, it cost around $4.67 million.
