Bill Ackman on Sam Bankman-Fried: I Think He’s Telling the Truth (Barron’s)
Sam Bankman-Fried has convinced at least one person with his media tour following the collapse of the cryptocurrency exchange FTX – the hedge-fund manager Bill Ackman. Bankman-Fried has spoken to multiple outlets, from Axios to the New York Times, and an interview with Good Morning America was set to be aired early on Thursday. In those interviews, he maintains he didn’t commit fraud, that he didn’t knowingly commingle funds, and that he was surprised by how large was the position of the hedge fund Alameda that he owned.
The Power Play by Hedge Fund D.E. Shaw (Axios.com)
D. E. Shaw, one of the world’s largest hedge funds, is also among the nation’s largest independent power producers. The New York fund has become an unlikely and key renewables player as the space gears up for production in the wake of the Inflation Reduction Act. Why it matters: With roughly $60 billion in assets under management, D. E. Shaw has the financial strength to remake the clean energy industry. State of play: D. E. Shaw’s renewable investments arm is known as DESRI. Its sheer size has given it an edge on pricing power for off-take agreements and power purchase agreements (PPAs).
Muddy Waters Doubles Down on Allegations of dLocal Balance Sheet Discrepancies (Reuters)
Hedge fund Muddy Waters repeated its stance that Uruguayan payments firm dLocal’s books showed numerous discrepancies in a note Thursday, adding it was “more convinced than before” that dLocal had used client funds to pay a special dividend to its shareholders from before its initial public offering (IPO). Since the allegations from Muddy Waters last month, dLocal has held calls with clients from several banks, Muddy Waters said. JP Morgan said in a note following its call that dLocal stressed it had separated client funds from its own.
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Hedge-Fund Trader Shah Can be Tried in Germany Over Tax Scandal (Bloomberg)
Sanjay Shah, the hedge-fund founder wanted by Denmark for allegedly masterminding a $2 billion Cum-Ex tax fraud scheme, can also be tried in Germany, a local court ruled. A case against Shah, who is currently locked up in a Dubai jail, and six others can go to trial, a spokesman for the Hamburg Regional Court said Thursday, without giving further details. Sueddeutsche Zeitung reported the ruling earlier.
Rishi Sunak’s Old Hedge Fund Boss Paid Himself $1.9 Million a Day this Year (Fortune)
The U.K. is in the throes of a cost-of-living crisis, with real wages declining at a record rate this year—but amid the economic turmoil, one of the country’s wealthiest people cashed in on a record payday as his hedge fund’s profits skyrocketed. Billionaire Chris Hohn, who founded TCI Fund Management in 2003 and serves as its director, paid himself a dividend of almost $690 million this year, documents filed with the British government this week showed—the equivalent of almost $1.9 million a day.
