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GameStop stock shoots past $200 on Tuesday [CNET]
GameStop stock continues to rally today as it rose another 21% to $236. This came after a buying frenzy on Monday, where shares went up 41%. That rise coincided with the stock market moving up after the passing of the COVID relief bill in the Senate on Saturday and news that the video game retailer is developing a new e-commerce strategy with Chewy.com founder Ryan Cohen at the helm…. GameStop shares skyrocketed at the end of January thanks to a push by traders on the subreddit r/WallStreetBets, reaching a peak of around $480.

Hedge funds hit hard by Reddit Rally bounced back in February [Thornton/N.Y. Post]
Andreas Halvorsen’s Viking Global Investors and Daniel Sundheim D1 Capital Partners have also started on the process of recovery, sources said. Viking grew 5 percent last month while D1 rose 15 percent, sources said…. Viking and D1 are closer to getting back into the green with Viking closing the month of February down just 2.3 percent following a 7 percent decline in January, sources said.
D1, meanwhile, ended last month down roughly 5 percent after having lost 20 percent in the grueling short squeeze….

SoFi plans to acquire community bank to speed up bank-charter process [MarketWatch]
The company… announced Tuesday morning that it has agreed to purchase Golden Pacific Bancorp Inc. for $2.55 a share in cash, or $22.3 million in aggregate…. As SoFi moves to acquire Golden Pacific, it plans to change its current bank application to a “change of control” application rather than going through the “de novo” application process, which could be slower….
Golden Pacific has about $150 million in assets and three branches in California. SoFi intends to kick in $750 million in capital if approved for the bank charter and plans to maintain the community-bank business while also embarking on its “national, digital business plan,” the company said in its release.

SPAC Pioneers Reap the Rewards After Waiting Nearly 30 Years [WSJ]
Investment banker David Nussbaum and lawyer David Miller —known to each other as “Nuss” and “Miller”—invented the special-purpose acquisition company in 1993 to give private firms another way to access everyday investors…. The products’ sudden ubiquity has been jarring for Messrs. Nussbaum and Miller, who watched their product struggle for nearly three decades. Many on Wall Street were suspicious of SPACs because their predecessors were called “blind pools” and tied to penny-stock fraud in the 1980s….
Messrs. Nussbaum and Miller initially had a trademark on the name “SPAC,” prompting others to create similar vehicles with different acronyms like “SPARC” and “TAC.” The founders eventually let others use “SPAC” and more were created…. At the time, Mr. Miller wondered if SPACs were a “one-trick pony” that might go away completely.

Israeli Billionaire Loses Trump-Granted Sanction Reprieve [Bloomberg]
Ned Price, a State Department spokesman, said in a statement that “the license previously granted to Mr. Gertler is inconsistent with America’s strong foreign policy interests in combating corruption around the world, specifically including U.S. efforts to counter corruption and promote stability in the Democratic Republic of the Congo.”

Investment firms, private equity advocacy group hire lobbyists as lawmakers target tax loopholes [CNBC]
Investment firms, including Cerberus Capital Management and the Carlyle Group, and an organization that advocates for the private equity industry have recently hired lobbyists as lawmakers take aim at tax loopholes…. The American Investment Council, an advocacy organization that represent the interests of dozens of private equity firms, hired lobbyists, as well….
A person familiar with Mason’s work said that he has not been asked by Carlyle to lobby on carried interest.

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