Opening Bell: 6.14.24



Vanguard vote switch helped pass Tesla CEO Elon Musk’s $56 billion pay package [Reuters]
In a observe seen by Reuters, Vanguard stated IT had voted towards Musk’s compensation package deal when IT was first accepted by shareholders in 2018 due to its potential measurement…. Thursday’s approval doesn’t resolve a lawsuit on Musk’s pay package deal in a Delaware court docket, which some authorized consultants suppose may stretch out for months.

Roaring Kitty’s GameStop stake grows to 9 million shares after selling his big options position [CNBC]
On June 2, the primary day he began disclosing his place in 2024′s meme inventory frenzy, his portfolio had 5 million shares in addition to 120,000 name choices towards GameStop….
There was an enormous spike in buying and selling quantity Wednesday afternoon of GameStop name contracts with a strike value of $20 and an expiration date of June 21, the identical ones Gill owned. The phenomenon, together with sliding costs in GameStop shares and name choices, led many to imagine Gill had began offloading.

Finance/investing/the-hottest-investment-for-hedge-funds-is-other-hedge-funds-223d34ab”>The Hottest Funding for Hedge Funds Is Different Hedge Funds [WSJ]
Veteran investor Jonathan Heller lately launched his personal hedge-fund agency after amassing about $1 billion. The entire preliminary cash got here from… Millennium Administration…. “A few of these nice multimanagers have extra capital than they’ve capability for,” stated Roark Stahler, U.S. head of strategic consulting at Barclays’s prime-brokerage unit. “Making an exterior allocation is an effective way to place cash to work.”

Biden taps bank bailout cop to lead troubled regulator [Politico]
[Christy] Goldsmith Romero, who has served on the Commodity Futures Buying and selling Fee for the previous two years, beforehand was the highest authorities watchdog overseeing the 2008 financial institution bailout and a senior staffer on the Securities and Alternate Fee…. “The bankers might not love her; you would possibly need to try what number of she put in jail,” [Sen. Elizabeth] Warren instructed reporters. “However she has the type of independence that we would like.”

Supreme Court Sides With Starbucks in Challenge to Labor Board [WSJ]
Judges across the nation had been utilizing completely different requirements for deciding when to situation injunctions that required the reinstatement of employees. Thursday’s determination means the NLRB in some jurisdictions might want to clear larger authorized hurdles to win.

SEC’s Gensler Rethinking AI Advising, Crypto Custody Regs [Law360]
“We obtained a sturdy remark file on the predictive knowledge analytics rule: lots of people for, lots of people towards,” the SEC chair stated, including that commenters had raised completely different points concerning the scope of the rule. He did not specify what these points had been however stated he had “already requested employees to think about whether or not we must always both reopen or repropose that rule.”


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