Pershing Square Builds Billion-Dollar Alphabet Stake (The Wall Street Journal)
Pershing Square Capital Management, the hedge-fund manager run by billionaire Bill Ackman, built a nearly $1.1 billion stake in Alphabet in the first quarter, a regulatory filing late Monday revealed. According to the filing, Pershing Square owned 8.1 million class C shares—which hold no voting rights in the company—and 2.2 million class A shares—which give one vote each—in Google’s parent company at the end of the quarter. Alphabet is up 32% this year. According to Pershing Square, the firm is up 3.6% through May 9 on the year.
Paul Tudor Jones Tangles With John Cena at Robin Hood Benefit (Bloomberg)
Paul Tudor Jones sounded sentimental when he took the stage Monday night at the Robin Hood Foundation’s annual benefit. There were sprouts and blooming flowers on the giant screens as he talked about a baby the organization had supported in its early days, who’s now a father and teacher. Poverty takes generational change, Jones, 68, mused about a mission he started 35 years ago with a few others following the stock market crash of 1987. Robin Hood has since become a national leader in the fight against poverty, spending more than $3 billion to assist hundreds of nonprofits in New York City, seed new ideas and measure impact.
Stan Druckenmiller, David Tepper Lead Family Offices Betting On AI (FA-Mag.com)
Billionaire investing titans Stanley Druckenmiller and David Tepper loaded up on stocks benefiting from the artificial intelligence boom during the first quarter. Druckenmiller’s Duquesne Family Office increased its stake in Nvidia Corp., a chipmaker that’s been a key beneficiary of the increased interest in AI, according to the firm’s quarterly 13F filing. Nvidia’s stock is up 98% so far this year, making it one of the top performers in the S&P 500 Index. “AI is very, very real and could be every bit as impactful as the internet,” Druckenmiller said at the 2023 Sohn Investment Conference last week. Duquesne Family Office added more than 208,000 shares of Nvidia during the first quarter, increasing the market value of the firm’s holding in the chipmaker to about $220 million.
Image By Monkey Business – Adobe
Capital One Shares Up After Billionaire Investor Buffett’s Near $1 bln Bet on Bank (Reuters)
Shares of Capital One Financial Corp (COF.N) erased losses incurred in the last two weeks, after billionaire investor Warren Buffett‘s Berkshire Hathaway Inc (BRKa.N) disclosed it had taken a stake in the credit cards-focused bank. In its quarterly disclosure, after the bell on Monday, Berkshire said it had a stake of 9.92 million shares in the company. The stake would be worth $954 million, based on the closing price on March 31.
Leadership Changes at Nowo as Ola Björkmo Departs QQM (Hedge Nordic)
Stockholm (HedgeNordic) – Swedish fintech Nowonomics has announced the appointment of a new CEO, Amelie Söderberg, as the previous chief executive Rutger Selin is taking over the reins of wholly-owned fund boutique QQM Fund Management. Selin is replacing Ola Björkmo, who has resigned from his role as CEO and portfolio manager after selling his 28 percent equity stake in QQM back in March.
