AMC stock surges as hedge fund buys — then sells — $230M stake [N.Y. Post]
AMC Entertainment announced Tuesday it will raise $230.5 million by selling 8.5 million shares to hedge fund Mudrick Capital…. But just hours later, it was reported that Mudrick Capital had sold all of its shares, saying the stock was “overvalued,” and pocketing a tidy profit in the process. The second headline didn’t tank AMC’s shares, however. They closed up 23 percent, higher than the 15-percent boost they got after the initial news….
A person close to Mudrick said the hedge fund never intended to hold the shares long-term but had not informed AMC they would sell their stake so quickly.

Etsy is buying the fashion resale app Depop for $1.6 billion. [NYT]
Depop, which was founded in 2011, has been particularly successful in building a marketplace for younger consumers, who are adopting secondhand fashion faster than any other group. Ninety percent of its users are under 26, with 30 million users across 150 countries.

Senate Passes Bill to Fund CFTC Whistleblower Program [WSJ]
The bipartisan legislation proposes the establishment of a separate account at the U.S. Treasury Department until Oct. 1, 2022, to ensure that the CFTC’s whistleblower office will be able to continue operations even if the amount in the fund drops to a critical level.
The CFTC Fund Management Act was passed unanimously by the U.S. Senate on Friday. A similar bill may be considered by the U.S. House of Representatives.

Robinhood Adds New Board Members to Advance IPO Push [WSJ]
The new Robinhood board members are former Apple Inc. and Bridgewater Associates executive Jon Rubinstein, PricewaterhouseCoopers LLP partner Paula Loop and former World Bank President Robert Zoellick…. Until Tuesday’s appointments, Robinhood’s board looked more like that of a startup than a multibillion-dollar, soon-to-be-public company. Co-founders Vlad Tenev and Baiju Bhatt held two of the four seats, and the other two were held by Robinhood’s venture-capital backers.

Activist Bluebell Asks Regulator to Probe Vivendi Music Spinoff [Bloomberg]
Bluebell said Vivendi, which is controlled by billionaire Vincent Bollore, merged two Universal Music entities in February in preparation for the spinoff without telling investors or seeking their approval. The move means shareholders are faced with a “fait accompli” that removes the option of a more tax-efficient structure for the deal…. Had the initial merger of the Universal Music entities -- Universal Music Group Inc. and Universal International Music BV -- been made public it would have had a significant effect on the value of financial instruments, Bluebell said. The activist said this meant the merger “could be considered as taking place with the benefit of inside information.”

E.E.O.C. Says Companies Can Mandate Vaccines, but Few Push Ahead [NYT]
Some companies say they are wary of setting mandates until the vaccines have received full approval by the Food and Drug Administration, which so far has granted emergency use authorization. Another reason many companies remain hesitant, according to executives, lawyers and consultants who advise companies, is the long list of legal considerations the E.E.O.C. says they must follow before mandating vaccines.
While Saks and Delta Air Lines have said they will require vaccines for at least some employees, most have arrived at a solution more like that of JPMorgan Chase. The bank, which opened its offices on a voluntary basis on May 17 and will require most workers to return to their desks in rotations starting in July, has said it is strongly encouraging but not yet mandating vaccines.

Related

robinhood

Opening Bell: 5.28.21

Capital gains trap; Robinhood can’t escape court; Archegos sinking SPAC strats; bitcoin and pot farms look alike; and more!

capitol riot 2

Division Bell: 1.7.21

Coup de stock; Robinhood’s growing band of merry women; finally a reason to go to a Sears; and more!

Getty Images

Opening Bell: 7.15.20

Stocks win; Apple wins; Tesla loses; Robinhood users really lose; and more!

dumpster

Opening Bell: 8.19.20

Market immunity; Mooch loves Robinhood; Mnuchin doesn’t know; Citi’s snit; garbage company is literally garbage; and more!

robinhood

Opening Bell: 6.10.21

The summer of going public; inflation inflates; GameStop plays a bum card; James Biden got a call; and more!

fenway park

Opening Bell: 3.18.21

Au revoir, HSBC; five-day Dow records; who is Robinhood stealing from? and more!

powell

Opening Bell: 5.13.20

More money, (for) more (pandemic) problems; more negative oil prices; more power to Paul Singer; more steps for Tesla; more strip club bailouts; and more generally!

(Getty Images)

Opening Bell: 2.8.21

DoorDash delivers for Masa Son; Giuliani associate gets jacked; Reddit backs WallStreetBets; you guys know Robinhood was named for something, right? and more!