Vice Media Targets Valuation of Nearly $3 Billion in Proposed SPAC Deal [WSJ]
Under a proposed deal to merge with blank-check company 7GC & Co Holdings Inc., Vice would remove one of the biggest obstacles it has faced, onerous financial obligations to private-equity investor TPG, people familiar with the matter said…. The nearly $3 billion valuation under consideration would be a discount compared with the $5.7 billion valuation set in Vice Media’s last major equity-investment round, a $450 million infusion from TPG in 2017.
Ark Invest CEO Wood says Hwang provided seed capital for first four ETFs [Reuters]
“He did provide the seed for our first four ETFs and we were very grateful to him. It was at a time where market makers were sick of seeding new strategies,” she said in the CNBC interview…. Wood said she had not spoken to Hwang recently.
“I sent him a note after I heard about the unfortunate events that we’ve all witnessed and I’m wishing him well,” she told CNBC.
If Crypto Crashes Tomorrow, It’s No Big Deal. In Five Years, It Might Be. [WSJ]
The combined value of all cryptocurrencies tracked by coinmarketcap.com—and there are thousands of them—has risen from $427 billion to $2.4 trillion. On the one hand, that is dwarfed by the over $20 trillion in equity Americans have in their homes, or the more than $50 trillion value of the U.S. stock market. On the other, it is approaching the $2.6 trillion that investors around the world have riding on gold…. The environment could change if more people start thinking of cryptocurrencies as an asset class and if it starts working its way into retirement accounts. The fallout from a crash would be even greater if a lot of investors borrowed to increase their cryptocurrency holdings, or used their cryptocurrency holdings as collateral for loans. At that point, said Princeton University economist Markus Brunnermeier, “many people would lose a whole lot of money, and they might question the whole system. Why didn’t anybody protect them?”
I Came Close To Dying: Wall Street's Most Photographed Man Is Ready For Normalcy [NPR]
Since the stock market reopened its iconic trading floor last May, after a temporary closure, it has operated with a skeleton crew on site./Starting Monday, that will change. If 100% of a firm's traders are fully vaccinated, they can start sending more of them back to the floor. They will be able to eat lunch in their booths again. Masks will be optional in some parts of the floor….
"Many of us thought, well, maybe they'll take the opportunity to get rid of it once and for all," says Joel Hasbrouck, the Kenneth G. Langone Professor of Business at New York University. "But they didn't. They brought it back…."
"It's absolutely true that you can run a market without a trading floor," [NYSE President Stacey Cunningham] says. "The difference is you get a much better result when you combine people with technology in a well-integrated way."
Dogecoin tumbles after Elon Musk jokes about it on 'SNL' [CNN]
"I'm excited for my Mother's Day gift," Maye Musk said. "I just hope it's not dogecoin!"
"It is," Elon Musk said. "It sure is."
Musk later played a character on SNL's Weekend Update segment, who struggled to explain what dogecoin was -- ultimately admitting it's just "a hustle…."
Dogecoin was down 40%, trading as low as 44 cents early Sunday.
City’s £825million couple Crispin Odey and Nichola Pease split after 'public humiliation' over assault case [Daily Mail]
The surprise separation – after the couple staged a show of unity outside court during the stressful case – sets the stage for what could be one of the costliest divorces in recent British legal history…. The pair were pictured arm in arm outside Westminster Magistrates’ Court in March after Mr Odey was found not guilty of indecent assault….
Mr Odey told me they are living apart but still on good terms.
He said: ‘There is nobody else involved. It’s essentially the sins of the past. These things are very sad.’