Hedge fund sells stake in Trump SPAC agency DWAC after merger information

At least one hedge fund has its stake in the SPAC. sold Digital World Acquisition Corp. after The company announced plans to merge with the social media company planned by the former president Donald Trump.

Lighthouse Investment Partners, one of at least nine hedge funds that hold shares in Digital World Acquisition, abandoned its stakes in this particular acquisition company after learning of its merger with Trump’s Venture, the fund told CNBC on Friday.

Lighthouse owned 3.2 million shares, or 11.2% of the SPAC, according to a government filing dated Sept. 30.

“Lighthouse was unaware of the upcoming merger and no longer holds unrestricted shares in SPAC,” the fund said. When asked if Lighthouse had benefited from its DWAC investment, the company said it would not comment.

The sell-off came when DWAC saw that a huge surge in stock price on Thursday following the merger news.

DWAC shares up more than 100% on Friday after the share price more than quadrupled in the previous session.

It’s not clear whether the hedge fund was sold to capture profits from its stake in DWAC or whether it was concerned about the risk of being associated with Trump, who was twice indicted and accused as president of the fatal one For instigating the January 6th Capitol Rebellion among his followers.

The social media app is developed by the Trump Media and Technology Group (TMTG).

Rafael Henrique | LightRakete | Getty Images

SPACs, also known as blank check companies, are formed to raise capital from the public stock markets and then use that cash to merge with a private company that has or will have an actual operating business.

The shares of this merged company will then be traded under the stock market ticker created by SPAC.

Investors in SPACs are generally unaware of the identity of the other company being considered for a merger.

Among the other hedge funds listed as major DWAC shareholders in September, DE Shaw owned 8% of SPAC, or 2.4 million shares, while ARC Capital held nearly 18%, or 6.6 million shares.

Other funds that held stakes in the last month prior to the announcement of the merger were Saba Capital Management, Highbridge Capital Management, Lighthouse Investment Partners, K2 Principal Fund, ATW Spac Management, Boothbay Fund Management, and RG Capital Management.

Highbridge Capital Management and ATW Spac Management declined to comment when asked if they would keep shares in DWAC, and the rest of the hedge funds did not immediately respond to CNBC’s requests for comment.

Another fund listed as a major DWAC investor is ARC Global Investments II, LLC.

The executive member of ARC Global is listed in a government filing as Patrick Orlando, who is also the CEO of DWAC.

CNBC policy

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In an 8-K filing with the Securities and Exchange Commission on Thursday, DWAC announced that it had entered into an agreement and merger plan with DWAC Merger Sub Inc., a wholly owned subsidiary of DWAC, and Trump Media & Technology Group ARC Global Investments II.

Trump’s company, the previously unstarted Trump Media & Technology Group, said in an announcement on Wednesday that his “mission is to create a rival for the liberal media consortium and to fight back against the ‘big tech’ companies of Silicon Valley that have used their one-sided power to silence opposing voices in America.”

Trump was banned from Twitter, his favorite social media platform, and Facebook earlier this year after he was accused of sparking the Capitol invasion.

A top post on the WallStreetBets forum on Friday revealed what the user’s stock portfolio looked like and touted daily winnings of over $ 10,000 from wagering on DWAC. The post calling the former president “Daddy Trump” quickly drew more than 800 comments.

This is the latest news. Check back for updates.

McLaren F1 sells for $20.5 million, the costliest automobile auctioned this 12 months

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

A McLaren F1 was auctioned for $ 20.5 million in Pebble Beach on Friday night, demonstrating the continued strength of the classic car market.

Gooding & Co. auctioned the rare McLaren F1 in front of a packed and excited audience, blowing its estimate of at least $ 15 million. One of the most sought-after collector’s cars due to its rarity and place in auto history, the F1 became the most expensive car to be auctioned that year and the most expensive McLaren F1 ever sold.

The sale provided evidence that after a pause in auctions of overpriced cars during the Coronavirus pandemic, sales of seven- and eight-digit cars remain particularly strong.

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

“It seems that the same buzz in the lower price ranges exists in the highest,” said Hagerty, the collector’s car insurance company.

Sales to date at Monterey Car Week in California – which spans multiple auctions, shows, and awards, and includes the Concours d’Elegance – are up 34% over the same period in 2019 to exceed $ 210 million, according to Hagerty.

The McLaren F1 was the undisputed star of the week, with collectors and auction houses keeping a close eye on its selling price as a barometer of the market. The F1 is considered to be one of the first modern supercars and is held responsible for the revival of the racing and car brand McLaren. McLaren has only built around 100 F1s so they rarely come up for auction and collectors around the world are eagerly awaiting sale.

With a massive 6-liter V-12 developing over 600 horsepower, it reached a top speed of 240 mph and was described as “the first Formula 1 car to hit the road”.

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

The sticker price for McLaren F1 when it was launched in the mid-1990s typically ranged from $ 800,000 to $ 1 million. While many scoffed at the high price tag at the time, the F1’s rising value makes it one of the best performing cars of all time when it comes to price hikes. Jay Leno once called his Formula 1 “the best investment I’ve ever made”.

The F1 that Gooding auctioned on Friday was particularly valued as it only had 241 miles, making it a “time capsule” car. It was also executed in a rare “Creighton Brown”. A 1994 McLaren – with custom LM racing specifications – sold at RM Sotheby’s for $ 19.8 million in 2019.

It is unclear who made the winning bid.

Jana Kramer sells marriage ceremony ring | Leisure

Jana Kramer has sold her wedding ring.

The 37-year-old star split from husband Mike Caussin in April and her “divorce gift” to herself was to sell her marriage jewelry to fund major home renovations to give it “new energy”.

In her podcast “Whine Down” she revealed: “I pretty much renovated my entire house …

“I debated it. I thought, ‘I’m going to sell this ring and then maybe buy something.’ Like a bag or my divorce gift. [But] I thought, ‘Honestly, what would make me happiest is having new energy in the house.’ So I took the money and gave it [interior designers]. “

Jana – who has Jolie, five and Jace, two, with her estranged husband – felt it was important to make the changes to rid her home of memories of their marriage.

She added, “This was our home and we made memories here. I had to create a new space that felt like me and felt like mine. So now I have someone painting the bar space right now, it’s this really cool girls wine bar. So that helped me a lot. “

And the singer of “Beautiful Lies” admitted that it was the second wedding ring she got rid of, because after breaking up for the first time in 2016 due to the infidelity of the 34-year-old soccer player, she refused to put her original jewelry back on wear.

She explained, “The first ring, I thought, ‘I’ll never put this on my hand again.’

“He suggested this new ring to me again a few years ago in Napa. I took and sold every diamond he bought me because I never wanted to look at it again.”

Her decision to get rid of all of her jewelry gifts from her estranged husband sparked conflicting feelings as Jana wanted to keep a diamond bracelet that Mike gave her on the occasion of the publication of her book “The Good Fight: Wanting to Leave, Choosing to Stay, and the Powerful Practice for.” faithful love “but ultimately decided to get rid of it because it” hurt too much “.

She explained, “I wanted to keep it so badly because it was such a damn pretty bracelet, but it represented something that was wrong. It was true that I worked very hard for the relationship, but for me it was” represents ours Book and it hurt me too much to keep that …

“It was sad, but at the same time they can be the most beautiful things in the world, but what they represented made them the ugliest things I have ever seen.”

AMC inventory extends rally, jumps 20% as theater chain sells new shares

Shares in AMC entertainment rose again on Tuesday after the theater chain sold more than 8 million shares to an investment firm, the latest in a series of capital increases for the troubled company that became Meme Stock.

AMC announced in a securities filing that it raised $ 230.5 million through a sale of shares to Mudrick Capital Management. The theater company announced that it will use the funds for potential acquisitions, upgrading its theaters and deleveraging its balance sheet.

At the close of trading, the shares were up 22.6%.

On Tuesday afternoon, Bloomberg News reported that Mudrick had sold all of his new AMC shares. The stock fell from its highs the day after the report.

AMC’s business was effectively shut down during the pandemic, with cinemas closed for months in most parts of the country and large studios delaying releases during the pandemic. The stock, however, was a favorite of traders on Reddit and has seen wild swings in the past few months.

The shares doubled last week to incredibly high volumes as retail speculative activity, fueled by message board chats, resumed.

The company took advantage of these price jumps by selling additional shares to raise cash. The stock is up more than 1,000% since the start of the year.

“Given that AMC is raising hundreds of millions of dollars, this is an extremely positive result for our shareholders,” said CEO and President Adam Aron in a filing. “We achieved this by issuing just 8.5 million shares, which is less than 1.7% of our issued share capital and only a small fraction of our typical daily trading volume.”

The dramatic price fluctuations could also be due to a short press in the stock caused by traders who wagered against the stock to buy stocks to limit their losses. According to S3 Partners, around 20% of the company’s outstanding shares are being sold short.

AMC has roughly $ 5 billion in debt and has had to defer lease repayments of $ 450 million as its revenues largely dried up during the pandemic. Theaters were closed for months to stop the virus from spreading, and when the company reopened its doors, few consumers were comfortable attending screenings and movie studios withheld new releases.

Now that vaccination rates are rising and the number of coronavirus cases is falling, consumer confidence in returning to theaters has increased. Not to mention the studios are finally releasing new content.

Over the weekend, John Krasinski’s “A Quiet Place Part II,” the sequel to his 2018 blockbuster, raised $ 48.4 million over Friday, Saturday and Sunday, the highest three-day loot of any movie release during the pandemic.

Throughout the four-day Memorial Day weekend, the North American box office made nearly $ 100 million in ticket sales.

While early box office revenues are promising, fundamental elements of the cinema business have changed over the past year, including cinema capacity, joint release dates with streaming services, and the number of days films are shown in theaters.

AMC’s securities filing, which closed Friday with a market capitalization of $ 11.8 billion, also includes a risk warning to investors: “Our market capitalization, as implied from various trading prices, is currently reflecting valuations that are significantly different from those before recent volatility that is well above our market cap immediately prior to the COVID-19 pandemic, and to the extent that those valuations reflect trading dynamics unrelated to our financial performance or prospects, buyers of our Class A common stock could see declines market prices suffer significant losses driven by a return to previous valuations. “

—With reporting from Sarah Whitten from CNBC.

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Boardman church sells Greek meals, elevating cash for future initiatives

Because of the pandemic, they couldn’t have some of their bigger events


Posted: May 22, 2021 / 4:48 pm EDT
Updated: May 22, 2021 / 4:49 p.m. EDT


BOARDMAN, Ohio (WKBN) – Greek food was sold Saturday to serve the Saint John’s Greek Orthodox Church in Boardman.

The food sold was lamb rolls wrapped in flatbread and grilled ham.

Churches above the “March for Jesus” valley in Youngstown

The church has plans to use the funds for future projects and due to the pandemic they have not been able to hold some of their larger events.

“With COVID and things like that, we couldn’t have them as often as we’d like and how we want to do them. This is just something we are giving the community the opportunity to still have some of that Greek culture in the region, ”said Andrew Rosko, a member of the Church.

Their next sale is June 19th and they are planning their Greek festival for this year.

Verizon sells web trailblazers Yahoo and AOL for $5B | Leisure

AOL and Yahoo are sold again, this time to a private equity firm.

Wireless company Verizon will sell Verizon Media, which consists of the once groundbreaking technology platforms, to Apollo Global Management for $ 5 billion.

Verizon said Monday it will retain a 10% stake in the new company, which will be called Yahoo.

Yahoo was the face of the Internet at the end of the last century, which preceded giant tech platforms like Google and Facebook. And AOL was the portal that brought almost everyone who signed up in the earliest days of the internet.

Verizon spent around $ 9 billion over a two-year period buying AOL and Yahoo as of 2015 in hopes of building a digital media business that would rival Google and Facebook. It didn’t work – those brands were already fading back then – as Google, Facebook and, increasingly, Amazon dominate the US digital ad market. In the year following its purchase of Yahoo, Verizon listed the value of its combined business, called “Oath,” at approximately the value of the $ 4.5 billion it had spent on Yahoo.

Verizon has lost media resources as it refocuses on wireless networks and spends billions on licensing the radio waves required for the next generation of faster mobile services called 5G. It sold the blogging site Tumblr in 2019 and HuffPost to BuzzFeed late last year. The digital media sector has consolidated in recent years as companies seek profitability.

Properties Verizon sells include Yahoo Finance, Yahoo Mail, and tech blogs Engadget and TechCrunch.

Despite the difficulty of competing for advertising dollars with tech giants, resulting in cost reductions and layoffs, Verizon Media’s revenue rose 10% year over year to $ 1.9 billion in the most recent quarter. According to Verizon and Apollo, the division still has nearly 900 million monthly users and had sales of $ 7 billion in 2020.

Apollo says it “strongly believes in Yahoo’s growth prospects” and expects the overall growth of digital advertising to also fuel Yahoo, Apollo senior partner David Sambur said in a prepared statement. Apollo has invested in other media and technology companies such as the Shutterfly photo website, and television and radio stations formerly owned by Cox.

Apollo is betting that the data the Yahoo division collects from users who sign up for products like email will appeal to advertisers when ad tracking technology changes, said Forrester analyst Joanna O’Connell.

Financial firms have played an increasingly important role in traditional media over the past few years as the newspaper industry grapples with the decline in print advertising, chain buy-outs, and cost and job cuts.

Verizon will receive $ 4.25 billion in cash, preferential shares of $ 750 million and the minority interest.

The deal is expected to close in the second half of the year.

New York-based Verizon Communications Inc. shares rose less than 1% on Monday.

Airtel Africa sells $200M cellular cash enterprise stake to TPG’s Rise Fund – TechCrunch

In February the telecommunications listed in London, Airtel Africasaid it plans to sell a minority stake in its mobile money business to raise cash and sell some assets.

The company appears to have found an investor when it announced this The Rise Fund, the investment firm’s global impact investing platform TPGwill invest $ 200 million in its mobile cash arm.

With the investment, the mobile money business – Airtel Mobile Commerce BV (AMC BV) – will be valued at $ 2.65 billion. AMC BV is a subsidiary of Airtel Africa and the holding company for several Airtel Africa mobile money transactions in 14 African countries including Kenya, Uganda and Nigeria.

AMC BV says the holding company will take advantage of the investment Reduce debts and invest in network and sales infrastructure in the respective operating countries. The deal will close in two tranches – $ 150 million invested on the first close and $ 50 million to be invested close on the second.

After the conclusion of the contract, Airtel Africa will continue to hold a majority stake in the company and is also looking into the possibility of going public within the next four years.

“Our markets do it considerably Market potential for mobile money services to meet the needs of tens of millions of customers in Africa who have little or no access to banking and financial services, and this demand is driving growth, ”said the CEO of Airtel Africa Raghunath Mandava said. “With today’s announcement we have to be glad We welcome The Rise Fund as an investor in our mobile money business and as a partner to help us realize the full potential of the considerably Opportunity to bank the Unbanked across Africa. ”

Airtel Mobile Money Business, one of the many players driving financial inclusion across the continent, offers a range of services. These include deposits and withdrawals for mobile wallets, payments for merchants and traders, credit transfers, loans and savings, virtual credit cards and international money transfers.

TypicallyThese services are available in all countries of operations with the exception of Nigeria. In the West African country, Airtel has embarked on a partnership with local banks, but has now applied for its own mobile banking license.

In its latest results for the third quarter of 2020, Airtel Africa testified a year-over-year revenue growth of 41.1% to $ 110 million, largely driven by a 29% growth in customer base to 21.5 million and a 9.7% ARPU growth. Transaction value increased 53% to $ 12.8 billion ($ 52 billion year-on-year) and underlying EBITDA was $ 54 million ($ 216 million year-on-year) on a margin of 48.7% ..

AMC BV benefits from a strong offline presence of kiosks, mini-shops and agents connected to the core telecommunications business. And meTo drive growth this year, the company has partnered with Mastercard, Samsung, Standard Chartered Bank and WorldRemit, among others, to expand both the reach and depth of its mobile money offering.

Yemi Lalude, a partner at TPG who leads Africa investments for The Rise Fund, said telecommunications is the gap between traditional financial institutions and the millions of Africans, given that financial inclusion is a global problem most acute in Africa closes without bank details.

“We look forward to working with Airtel Africa to improve mobile money services, expand use cases and enter new markets. With this investment in Airtel Africa’s mobile money business, we have are excited to expand the Rise Fund’s global fintech portfolio and further deepen our focus on improving financial inclusion in Africa and around the world, ”she said.

Last year TPG did more than $ 5 billion in assets under management invested $ 600 million in Reliance Jio. The telecommunications operator is a competitor to Airtel Africa’s parent company, Bharti Airtel. This is an interesting detail, even though the two systems address different markets.

Digital artwork by Beeple sells for $69.four million amid NFT growth | Leisure

This undated photo, released by Christie’s on Thursday, March 11, 2021, shows a digital collage titled “Everydays: The First 5,000 Days” by an artist named Beeple. Christie’s says it auctioned a digital collage by an artist named Beeple, whose real name is Mike Winkelmann for nearly $ 70 million in an unprecedented sale of a digital work of art that made more money than physical works by many better-known artists. The piece sold for $ 69.4 million in an online auction and “positions it among the top three best valuable living artists,” Christie’s said Thursday via Twitter.


By KELVIN CHAN AP Business Writer

LONDON (AP) – Christie’s says it auctioned a digital collage by an artist named Beeple for nearly $ 70 million. This was an unprecedented sale of a digital artwork that made more money than physical works by many well-known artists.

The piece, entitled “Everydays: The First 5,000 Days,” sold for $ 69.4 million in an online auction and “positions him among the top three most valuable living artists,” Christie’s said Thursday via Twitter.

Christie’s also said it was the first time a major auction house has offered an exclusively digital work of art with a non-fungible token as a guarantee of its authenticity, and the first time cryptocurrency has been used to pay for a work of art at an auction.

Beeple, real name Mike Winkelmann, responded to the sales result with an expletive on Twitter.

“For over 20 years artists have used hardware and software to create works of art and distribute them on the Internet, but there has never been a real way to actually own and collect them,” Beeple said in a statement released by Christie’s That Has Now changed. I think we are at the beginning of the next chapter in art history, digital art. “

Christie’s has not identified the buyer of the artwork, which is made up of 5,000 individual digital images that Beeple has been piecing together since May 2007 – one every day.

Lied Middle sells out twice for entertaining Mike Tremendous magic exhibits | Leisure

Magician Mike Super performed two shows at the Lied Center for Performing Arts on Saturday.

Courtesy photo

The shows returned in a big way to the Lied Center for Performing Arts on Saturday. Both appearances by magician Mike Super were sold out.

More specifically, almost every ticket that was available under the song’s socially distant seating plan was sold for both the afternoon and evening performances. That’s somewhere close to 550 people per show, or about 1,100 total, which would be half a house if the song were at full capacity.

“I’m getting used to it,” said Super after the show at 2pm. “I’ve been doing this kind of socially distant show for four or five months now. It still works and I had a lot of fun. “

So did the audience, who got a show of “magic and illusion” from one of the best in the business, who despite wearing a mask and the need to keep a distance between himself and the volunteers he took out of the audience fast moving, funny “how did he do that?” Performance.

The highlights of the show included: A little boy named Jaden who almost staged Super during the opening game – “It’s a silly card trick for you,” Super told him. “It’s a career for me.” – a levitation in which a woman was hovering three feet above the song stage and a “voodoo magic” that the male volunteers spread when Super poked a voodoo doll in the side with a stick.