Pinterest Stock Up 12% on Users, Elliott Backing (Yahoo Finance)
Pinterest (PINS) shares soared more than 12% on Tuesday following its quarterly results and support from activist hedge fund Elliott Management for the search-and-discovery platform’s new CEO Bill Ready. “Pinterest occupies a unique position in the advertising and shopping ecosystems, and CEO Bill Ready is the right leader to oversee Pinterest’s next phase of growth,” read a statement by activist investor Elliott Management, the company’s largest shareholder, with a 9% stake.
‘Greed’ or ‘Mistake’? Platinum Hedge Fund Manager’s Trial Kicks Off (Reuters)
(Reuters) – The fraud trial of former Platinum Partners portfolio manager Daniel Small began in Brooklyn on Monday, with a prosecutor telling jurors Small helped scam bondholders in a Platinum portfolio company. Small is the last defendant in the case over now-defunct Platinum Partners, a New York hedge fund that once had around $1.7 billion of assets.
Chipotle Mexican Grill Insider Sold Over $4.64M In Company Stock (Benzinga)
Roger E Theodoredis, and insider at Chipotle Mexican Grill (CMG), reported a large insider sell on August 1, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Monday showed that Theodoredis sold 3,031 shares of Chipotle Mexican Grill. The total transaction amounted to $4,643,919. Chipotle Mexican Grill shares are trading down 0.28% at $1552.99 at the time of this writing on Tuesday morning.
Tuesday 8/2 Insider Buying Report: LXRX, BX (Nasdaq.com)
On Monday, Lexicon Pharmaceuticals’ Director, Raymond Debbane, made a $2.46M purchase of LXRX, buying 982,600 shares at a cost of $2.50 each. Lexicon Pharmaceuticals is trading up about 4.4% on the day Tuesday. And on Thursday, Director Reginald J. Brown purchased $307,986 worth of Blackstone, purchasing 3,100 shares at a cost of $99.35 each. Blackstone is trading off about 2.8% on the day Tuesday. So far Brown is in the green, up about 3.0% on their purchase based on today’s trading high of $102.38.
Binance.US Delists Token Amid SEC’s Insider Trading Probe at Coinbase (Financial News)
Binance.US, the US-based arm of crypto exchange Binance, delisted a small cryptocurrency in the wake of the Securities and Exchange Commission’s investigation into insider trading at rival Coinbase. Binance on 1 August said it was delisting the AMP token as of 15 August. The cryptocurrency trades for less than a penny with a market value of less than $400m, according to CoinMarketCap.
Man Arrested For NFT Insider Trading (TechNotification.com)
The government is tightening hard on financial crimes, so beware of web3 businesses. An ex-OpenSea marketing administrator has been detained in New York City as well as prosecuted with wiring theft as well as currency laundering for his role in an intricate insider trading scam using the non-fungible token (NFT). According to a news statement with the Department of Justice, Chastain allegedly bought and sold NFTs for up to fivefold their intended worth using his privileged, private information of which non-fungible token would be displayed on OpenSea’s marketplace.
