Hedge Fund Billionaire Stanley Druckenmiller Buys in Los Angeles (The Dirt)
Stanley Druckenmiller, the multibillionaire New York hedge fund legend who owns exceptionally extravagant properties in Manhattan, Malibu and the Hamptons, has gone Hollywood. Well, in a sense. A Druckenmiller-linked entity has dropped about $5.5 million for a luxury home in Cheviot Hills, an upscale and family-friendly neighborhood south of Beverly Hills and Century City. The house is not for Druckenmiller’s personal use. Rather, the modern farmhouse-style structure is intended for Hannah Druckenmiller, the second of his three adult daughters, and her husband Benjamin King. The pair, both in their early 30s, met in California — King graduated from Stanford, while Druckenmiller attended Stanford for undergrad and holds a PhD from UC Berkeley.
Alex Soros, Just Named as Father George’s Successor, is a Longtime Donor to Liberal Jewish Causes (JTA.org)
When George Soros gave control of his vast charity to his son, Alexander, it was clear that the new 37-year-old chairman would follow in his father’s footsteps in many ways. Alex Soros is known to work well with George, the billionaire hedge funder, liberal philanthropist and Holocaust survivor who turns 93 next month. “We think alike,” George Soros said about his youngest son when naming him in June as his successor at the Open Society Foundations, which distributes roughly $1.5 billion per year to an array of causes.
4 Hot Insider Trades & Hedge Fund Hits: Children’s Place, Asana See Big Buys (Investing.com)
Bonderman’s Wildcat Capital opposes $2.9B Consolidated Communications deal: Wildcat Capital Management, overseeing buyout firm TPG co-founder David Bonderman’s wealth, has urged Consolidated Communications (NASDAQ:CNSL) to reject a buyout offer that values the company at $2.9 billion. In a letter written to Consolidated Communications’ board on July 12, reviewed by Reuters, Wildcat (which owns a 2.6% stake in Consolidated Communications) stated that the $4-per-share all-cash offer undervalues the broadband services provider by 3.5 times.
Image by Gerd Altmann from Pixabay
Why is Cathie Wood’s ARKK ETF Shrinking? (TipRanks)
Story Highlights: The assets under management of Cathie Wood’s flagship ETF ARK Innovation (ARKK) have declined compared to the peak level seen in early 2021. This article discusses the factors due to which the ARKK ETF has been shrinking. Hedge fund manager Cathie Wood’s flagship exchange-traded fund (ETF), ARK Innovation ETF (ARKK) is shrinking in size, with investors pulling out a net $717 million over the past 12 months, the Wall Street Journal reported citing FactSet data. Investors seem to be booking profits, given ARKK has jumped 56% year-to-date following a significant decline last year. Additionally, investors seem to be averse to several holdings in the ARKK ETF that are still unprofitable.
Fir Tree to Launch Distressed Crypto Assets Fund (Hedge Week)
New York-based hedge fund firm Fir Tree Partners is looking to capitalise on the turmoil seen in the digital assets market over the past year or so by launching a hedge fund that will make investments in distressed crypto assets, according to a report by CoinDesk. The report cites an email seen by CoinDesk as confirming that The Fir Tree Digital Asset Opportunities Fund will launch on 1 August.
