GameStop and AMC turn around big on Thursday as retail investors unsubtly remind Wall Street they are going nowhere [Thornton/MarketWatch]
As headlines blared news that meme stocks were entering a bear market using the power duo as an example, retail investors who commonly refer to themselves as “Apes,” began to organize using one of their favorite weapons: hashtags…. The cry grew louder as AMC and GameStop shares fell, prompting many on Reddit to rap their fellow “paper-handed Apes” on their allegorical knuckles for potentially selling out as the stocks fell, while also lashing out at hedge funds for creating what they saw as an artificial dip.
Melvin Struggles to Shake Reddit Attack With 46% Loss So Far [Bloomberg]
After posting a strong rebound of 22% in February, performance has been inconsistent: Melvin dipped again in March, then gained 5.4% in the second quarter. In total, the fund returned about 18% from Feb. 1 through the end of June…. The losses mean a late-January infusion into the fund by Plotkin’s former bosses, billionaires Steve Cohen and Ken Griffin, has lost almost 3% so far….
Ex-NYSE President Tom Farley’s SPAC to merge with Bullish to bring planned crypto exchange public [CNBC]
“Digital assets are here to stay. The smartest engineering talent is going into digital assets; digital assets are solving very important problems. Anybody who tells you they know exactly how it’s going to turn out is lying or delusional, but in general, you’re going to see more and more interesting use cases, more and more dollars go into the space,” [Farley] added…. Bullish started in May as a subsidiary of Block.one, a blockchain company with backing from well-known investors including Peter Thiel, the PayPal co-founder and prominent venture capitalist.
Online payments firm Stripe takes first step toward blockbuster listing -sources [Reuters]
The 11-year-old company, which was valued by investors at $95 billion in a fundraising round in March, has sat out this year's red-hot market for initial public offerings (IPOs), using private tender offers to allow some of its existing investors and employees to cash out their holdings…. There has been no decision on the timing of the stock market debut, and the next step would be the hiring of investment banks later this year, the sources added. The listing would be unlikely to happen this year, two of the sources said.
Investors Seek to Cut ‘Pharma Bro’ Out of His Company [DealBook]
[Kevin] Mulleady is teaming up with activist investors to persuade his fellow shareholders to give them control of that drugmaker’s parent company, Phoenixus. (Phoenixus’s operating subsidiary, once known as Turing Pharmaceuticals, is now called Vyera.) There, he says, Mr. Shkreli still maintains control despite being in prison for securities fraud and not up for release until late 2023…. “Martin Shkreli is a blight on this industry,” said Jason Aryeh, a hedge fund manager who has spearheaded the activist campaign….
In a letter to investors last month, the company asserted that its board was making decisions “independently from instructions from Martin Shkreli (except to the extent Martin Shkreli votes his shares).”
IT worker who lost Bitcoin worth £275MILLION after tossing hard drive plans 12 month landfill search using radar & AI [The Sun]
James Howells, 35, has offered £55 million to his local council if he is allowed to search a 200-metre area of a rubbish dump in Newport, Wales…. James said his plan has been backed by a super-rich hedge fund willing to stump up for the cost of the search as well as the equipment involved in exchange for the lion's share of his fortune./But stubborn council chiefs won't even listen to his ideas - no matter how much money he promises them, he said.