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The Not-So-Happy Story of the World’s Biggest SPAC

SPAC man. Photo: Bloomberg via Getty Images

Bill Ackman isn’t known for always being right. He is, however, known for influencing large numbers of other investors, selling them on his ideas, and sometimes making them lots and lots of money — but also sometimes being disastrously wrong, failing to deliver on his promises, and losing lots of everyone’s money in the process. Early last year, Ackman made billions of dollars betting the markets would fall as COVID spread around the globe. A few years prior to that, he lost a fortune on a high-profile bet that he could get supplements-maker Herbalife declared a pyramid scheme by regulators (who declined to do so).

The impressive portion of his record allowed Ackman, the billionaire founder and CEO of hedge fund Pershing Square Capital Management, to raise $4 billion for his own SPAC a year ago. SPACs — or “special purpose acquisition companies” — are blank-check entities designed to provide a speedy and simple way for private companies to go public through a merger. Ackman’s project, known as Pershing Square Tontine Holdings (and often referred to by its stock-ticker symbol, PSTH), is the largest SPAC ever created, even amid the mania for SPACs playing out on Wall Street and in Silicon Valley over the past couple of years. The promise of Tontine was that Ackman would find an appealing investment opportunity in a private company and that — through the magic of SPAC-ing — shares in PSTH would become shares in that other company. But, of course, no one knew what that opportunity would be. So anyone buying PSTH was making some sort of a blind bet on Ackman: that he would find a great deal and get the merger done.

There were a lot of investors eager to make that bet. With Ackman’s reputation for big ambition along with the record size of the SPAC, the speculation around what private company would go public through Tontine was fevered and wide ranging — early guesses ranged from Airbnb (which Ackman approached last summer before it went public) to the sandwich chain Subway. Ackman didn’t exactly try to cool the hype, bragging in an investor letter that Pershing Square had to cut the road-show marketing tour for the SPAC short, on its second day, after investors wanted to pour in more than $12 billion — three times his goal. Besides Ackman’s reputation, the terms of the deal were appealing to many investors. Ackman, in a rare move for an investor creating a new SPAC, would collect no fee, pitching it as a way for everyday investors to invest alongside him on a relatively equal playing field for once. “We designed PSTH to be the most investor- and merger-friendly SPAC in the world,” Ackman wrote. “Apparently investors agreed.” One hub for these investors was Reddit, where they shared hopes, dreams, gossip, and speculation in the well-trafficked group r/PSTH. They refer to themselves as “Tontards” and sometimes “Tontinites.” Their numbers grew over the past year to more than 16,000.

But now many of Ackman’s investors, on Reddit and otherwise, have soured on his handling of PSTH. Last month, instead of a merger, Ackman announced that the SPAC would acquire a 10 percent stake in Universal Music Group when it finalizes plans to spin out of Vivendi, the French media company. Pershing Square Tontine investors would meanwhile become holders in a sort of mini leftover SPAC as well as a newfangled asset Ackman invented and dubbed a “SPARC.” Then this week, around 2 a.m. Monday, Ackman announced that actually none of that would happen. The Securities and Exchange Commission had essentially thrown a “a dagger in the heart” of the deal, questioning its eligibility as a true SPAC under stock-exchange rules. Instead, Ackman would make the Universal Music transaction with just his hedge fund and look for an entirely new deal for Tontine. PSTH investors, according to one Redditor, felt “left at the altar.” Ackman didn’t offer a lot of reassurance: “Well, if you’re a Tontine shareholder and you wanted this deal, you should call the SEC and complain,” he told CNBC Monday morning. “I guess I would say that would be my first call.”

For the average investors who believed Ackman was on their side — and whom Ackman courted every step of the way, addressing tweets to the Tontards and promoting a literal sock-puppet video making a bullish case for PSTH — it’s a cautionary tale from the trendy world of SPACs. It’s possible that the retail investors who followed Ackman will still do fine over time, and he now has 18 months to complete another deal for Tontine. But “there will always be a stain on its otherwise clean shirt,” says Reece Longwell, who bought a bunch of PSTH stock last fall. Longwell, a college student in Atlanta who considers himself a full-time investor, says his main attraction to the SPAC was that “Ackman’s interests were directly aligned with mine.” That changed, though, when Ackman canceled Tontine’s deal with Universal Music Group and had his hedge fund take over the whole deal instead, which Tontine investors, locked out of the opportunity, interpreted as Ackman seizing the deal for himself. “That does not sit right with me, and it makes me feel like we were, for lack of a better word, robbed,” says Longwell.

At one point, Tontine was, by a wide margin, the most highly valued SPAC on the market, based on how much extra investors were willing to pay for the stock in comparison to the amount of cash raised raised for the mystery acquisition. By mid-February, PSTH stock had surged 65 percent since it first hit the market with Ackman teasing that he hoped to announce a merger deal with a “mature unicorn” — or another private or family-owned company — by the end of March. “Expectations were sky high,” says Julian Klymochko, the CEO and chief investment officer of Accelerate Financial Technologies, a Canadian investment company that runs an ETF specializing in SPACs. “I was under the impression that investors would be disappointed with any deal.”

Even though the March timeline came and went with no news, investors continued to let their target expectations run unchecked. Besides Airbnb and Subway, Ackman let it slip that he’d approached Stripe, currently the most valuable private start-up in the U.S. Investors further speculated that he could be setting his sights on Bloomberg, the financial stalwart founded by the former mayor of New York — a rumor fueled in part by a virtual interview Ackman gave at Fifth Avenue Synagogue, which some thought was designed to impress Mayor Mike.

The short-lived Universal Music Group deal — not a full merger but rather a purchase of a chunk of stock — didn’t live up to those expectations. “When the UMG deal came out, my initial thought was ‘That’s not how this is supposed to go,’” says a Midwest-based retail investor who bought into Ackman’s SPAC soon after it began trading last summer (and who declined to give his real name). Even though some investors, initially skeptical, eventually came to like the transaction, their hopes for making a killing on PSTH have steadily deflated.

In a market that lately almost always goes up, Pershing Square’s Tontine stock has defied the trend by almost always going down. PSTH shares sank 12 percent on the day Ackman confirmed deal talks between Tontine and Universal Music in early June; the stock sank some more when he abandoned the deal. PSTH did not close higher for 21 days in a row this month, and it now trades close to its IPO price of $20 after reaching a high of $33 in February. “Sentiment went from red hot to ice cold in about four months. Back in March, Ackman could do no wrong, and he was going to announce the best deal in history, and now people generally view him as having no hope,” says Klymochko, who didn’t invest in the Tontine SPAC because of its rich valuation but would consider buying if the stock falls further. “They’re not doing their No. 1 deal, but perhaps their second or third choice, so people are fearful that the quality is below UMG — which they weren’t excited about.”

Angry open letters to Ackman on Reddit abound, often signed by “former Tontards.” Ackman doesn’t seem too happy with the Tontards either. In his interview with CNBC, he blamed PSTH’s decline in price largely on the “Reddit community” and “a lot of shorter-term investors” who’d loaded up on stock options, which the hedge-fund manager admitted would likely not have fared well with the particular structure of the Universal Music Group deal. That comment inflamed the situation even more, prompting many PSTH holders to wonder whether Ackman cared about the small-time traders at all. “I wouldn’t even put myself in ‘the Reddit crowd’ camp that you so nicely threw under the bus today,” wrote one Redditor and ex-Tontard under the username SpongeBobSpacPants. “I took a large position in PSTH common [stock] knowing I was getting to invest alongside a great and reputable investor who said he was looking out for the little guy … In essence, I fell for it.”

Meanwhile, Ackman has been stewing about the SEC’s actions. In addition to the multiple big-law firms that had worked on the deal to ensure it passed regulatory muster, Ackman had personally held discussions with the NYSE, which had assured him everything was good to go. The hedge-fund manager was then dumbfounded and dismayed when the SEC chose to block it anyway. While the SEC did not respond to a request for comment, some wonder if the new leadership at the agency may have made an example of Tontine amid a new crackdown on SPACs. That move left Ackman in a corner: Because his agreement with Universal Music Group did not include a way to back out even for regulatory reasons, Pershing Square, the hedge fund, became the best way to get it done — or else risk being sued.

Still, Ackman is vowing to make good on his promises in the next year and half. He plans to find a new, simple merger deal for Tontine. While he’s lost a few months pursuing Universal Music, he has a “running start” toward his next target, he said in the CNBC interview, as some of the companies on his initial shortlist are still available (say, Stripe) and might now be ready to go public. “I wouldn’t necessarily sell Bill Ackman short,” says Klymochko. Meanwhile, Tontards can still buy the music company’s stock when it starts trading on the public markets in two months — they might even prefer it that way, Ackman said, because they’ll be able to trade the stock themselves as opposed to its being locked up in the SPAC. Ackman just can’t guarantee that they’ll be able to get it at as good a price as he paid. “Perhaps everyone ends up being happier,” he told CNBC optimistically. For now, that prospect is a long way off.

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The Not-So-Happy Story of the World’s Biggest SPACSours: https://nymag.com/intelligencer/2021/07/psth-the-not-so-happy-story-of-the-worlds-biggest-spac.html

Bill Ackman’s cagey SPAC update sends shares soaring as investors dream up a mega-deal

“We’ve been working on a transaction since early November,” told the WSJ. “Lot of complexity. We’re either going to get a transaction done…in the relative short term, weeks, or we’re we’ll be on to the next one.”

Ackman’s update sent investors into a tizzy as speculation over which iconic target is in Ackman’s scope.

On Reddit, where a sizable and devoted group has been following PSTH for months and has even built a meme in which an image of Ackman is given a new arm and a new footlong Subway sub every day that passes without a SPAC merger announcement, hopes were renewed that Ackman was closing in on either payments unicorn Stripe or global media whale Bloomberg LP.

“Has to be either stripe or Bloomberg right,” posted one user on r/PSTH, a 13,000 member forum devoted entirely to discussing Ackman’s SPAC.

“He said iconic business,” replied another. “While stripe is a great company, I don’t think it has the name/brand recognition with the general public. My money would be on Bloomberg.”

According to reports from October, Ackman and Michael Bloomberg held discussions in 2020 about the SPAC taking a minority stake in Bloomberg’s $60 billion global media conglomerate and take it public, giving the 78-year-old former New York City mayor an opportunity to essentially dip his toe in the public market.

A Bloomberg LP spokesman denied at the time that any such talks had taken place and maintained that the company is not for sale in any form.

A Pershing Square spokesman decline to comment on any speculation on Wednesday.

But the timing of the talks and Ackman’s use of the word “iconic” to describe his target fueled speculation that Bloomberg might be in play, as did his other vague description of the deal on Wednesday.

“The nature of the target, the issues we’re solving for them, have made the timing longer than we’d like,” Ackman said. “But we think it’s worth the energy and the effort.”

“This screams Bloomberg to me,” posted one Reddit user, responding to the notion that a Bloomberg deal would require a corporate cut-out.

But Stripe had its backers, centered around even deeper speculation that the $65 billion payments goliath would turn to Ackman’s SPAC after acquiring $13.4 billion payments rival Plaid.

“It has to be stripe with maybe plaid,” read one post. “How could any other take 6 months!!!”

Plaid’s planned merger with Visa was officially scrapped in January after the Department of Justice filed suit to block the deal in November.

But with or without Plaid as a throw-in, Stripe’s candidacy caused a mini-debate over the definition of “iconic.”

“Stripe absolutely is iconic,” declared one user.

“Stripe is like 10 years old. It is not iconic,” retorted another.

Sours: https://www.marketwatch.com/story/bill-ackmans-cagey-spac-update-sends-shares-soaring-as-investors-dream-up-a-mega-deal-11620844386
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Who is PSTH taking public?

On Wednesday night, U.S. investor Bill Ackman revealed that his ‘super-SPAC’, Pershing Square Tontine Holdings Ltd (NYSE: PSTH) was merely weeks away from closing a merger. Investors leaped on the stock following the ambiguous announcement. 

This article was originally written by MyWallSt. Read more market-beating insights from the MyWallSt team here.

Since going public last year, speculation surrounding what company the billionaire would be merging with via his special purpose acquisition firm (SPAC), and now, he has confirmed that the wait could soon be over.  

What is PSTH?

In case you’re not familiar, PSTH is a SPAC, a company that has been created with zero commercial operations in mind. Its aim is to raise capital through an IPO that can then be used to acquire a company that already exists in what is called a reverse-merger. 

It is headed by Bill Ackman, an American investor and hedge fund manager, who brought the company public in September 2020 at $20 per share. Since then, its stock has risen more than 20% despite no official confirmation of who the company intends to merge with. 

So, what company is PSTH merging with?

We don’t know yet. Ackman has remained mute on the details. According to Ackman:

“We’ve been working on a transaction since early November. Lot of complexity. We’re either going to get a transaction done…in the relative short term, weeks, or we’re we’ll be on to the next one.”

The company has been widely followed on Reddit, where two major contenders are emerging as potential Ackman targets for the deal:

  • Stripe — A financial services and software as a service company headquartered in San Francisco. 
  • Bloomberg LP —  A financial, software, data, and media company headquartered in Midtown Manhattan. 

The latter seems more likely, considering that Ackman actually met with Michael Bloomberg back in October regarding a discussion to take a minority stake in Bloomberg’s media conglomerate. However, this is not proof of any deal. 

The reality is that we don’t know which company PSTH will merge with yet. It’s entirely possible that Ackman himself isn’t quite sure either, so we’ll just have to wait and see.

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Disclaimer Past performance is not a reliable indicator of future results.

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Sours: https://www.cmcmarkets.com/en/opto/who-is-psth-taking-public
Dear Bill - Nate (PSTH Hodler) (Full Track)

Psth stripe reddit

Download 6/23/2021 PSTH PRESENTATION "MUSIC IS UNIVERSAL". In the early hours of March 2, Reddit member “dus01,” also known as “Stripe Lead Detective”, found an auspicious sign in Jan 29, 2021 · PSTH Stock Risks a Social Media Blackout. No great tech company has gone public through spac. I can't justify holding for months for only the potential of SPARs. Ovitz is a special Feb 03, 2021 · You do realize SPACs aren’t a particularly great vehicle for good tech companies to go public. 15%). Just let us "impatient" investors who have been here 9 months take our money and run. Since failing to buy a stake in Universal Music Group, Reddit chatter has died down concerning Pershing Square Tontine Holdings. This allows users to measure the market sentiment, share their PSTH merger news. Elon Musk Bitcoin and the Reddit raiders 6 things to watch for BTC price. 00 per share (PSTH. comPershing Square Tontine Has Almost No Risk Left After Its Merger Imploded With SPAC PSTH stock moving back to near its offering price, the risk/return proposition is now in your favor March 31, 2021 By Thomas Niel Mar 31, 2021, 12:12 pm EDT March 31, 2021PSTH Bill Ackman Stripe News SOFI Collison Bros Trolled The Internet FUSE CCIV SPAC Merger Cool Kids August 15, 2021 SLV: A March 2020-Like Buying Opportunity - Seeking Alpha August 15, 2021 Invest in Gold and Silver NOW Recession in 2019 August 15, 2021Pershing Square Tontine Holdings (NYSE:PSTH) may come out with a name that's immediate fireworks like Stripe . The way I see it, PSTH is going to dissolve and return the + some interest in the next 3-9 months. You just had to have it no matter what. . Steve Milankov PSTH Corporate Secretary. Mar 16, 2021 07:55 EDTThat has left members of a Reddit subgroup, r/PSTH — named for the SPAC's stock ticker — heading down the rabbit hole anxiously searching for clues. +1. Gravity production running 100%, Air 100% December 2022 0. Business Wire. E. Apparently they just had their best financial quarter by far, despite covid. 0. 6 billion valuation 04/06/2021: Clubhouse partners with Stripe to let you send money directly to creators Bloomberg. SPACs are for high capex overfunded trash that need to flipped. Ryan Israel PSCM Investment Team Member. As I mentioned earlier, I offered a cautious tone on the stock in mid-January, when it was trading at . Pershing Square Tontine Holdings, Ltd. Post-Market 0. · 6m. psth reddit : Related News. 24, 2021 - The Not-So-Happy Story of the World's Biggest SPAC New York Magazinenymag. I appreciate that Bill gave it to us straight. 😒. Stripe is way too big now for any SPAC. 15%) Is PSTH stock going to explode in the next couple of months? The answer to this question about Bill Ackman’s SPAC / PSTH stock / PSTH SPAC is most likely, ye Find the latest Pershing Square Tontine Holding (PSTH) stock discussion in Yahoo Finance's forum. French Korean Japanese Mandarin Cantonese German Italian Spanish Portuguese Arabic Russian. PSTH's shares, which had already fallen 18% in the weeks after the byzantine transaction was proposed, fell even further on the news that Aug 17, 2021 · On SPAC Stage, Pershing Square Tontine Holdings Is Godot to Investors. The reason is pretty simple: the "company" is completely unique in the stock market. 7,124 7. This. 77 0. Transcript 6/23/2021 PSTH PRESENTATION "MUSIC About Pershing Square Tontine Holdings, Ltd. When Ackman announced Pershing Square Tontine last June, it was the largest-ever blank-check company on Bloomberg and Stripe were also among the rumored targets. If the price per share equals or exceeds for 20 out of 30 trading Pershing Square Tontine Holdings, Ltd. And PSTH is unique among SPACs both because of Yet all those shareholders who agreed with you on this point last year and bought with no leverage are down 20%+ (60%+ relative to S&P) with no relief in sight. Obviously I want Starlink or Stripe as much as the next Tontard does, but like I said I don't care. Linking research on Stripe going public (PSTH breadcrumbs - Jan 30th) Pepe Silvia DD. For example, cancel the 5. View real-time stock prices and stock quotes for a full financial overview. PSCM Investment Team Member. That math shakes out to a run rate of billion. John Collision trolled the tontinites (PSTH speculators) on twitter. 50. And PSTH is unique among SPACs both because of For PSTH stock, though, the lack of a merger target is adding fuel to the fire. Michael Gonnella PSTH CFO. Recent shift to prioritize security and reliability (probably for audits when taking company public) 3. Replay 6/23/2021 PSTH presentation "Music is Universal". Also during November, a lot of rumors and twitter and reddit speculation were rampant during November about Stripe and PSTH. An ideal target for PSTH/Ackman would be Chik-Fil-A or to a lesser extent, Waffle House. Latest valuation ~100B and they just raised so why SPAC? Not only that, but technology isn’t Ackman’s specialty (He tried for Bloomberg but was denied). while valuable startups like SpaceX and Stripe have been floated as possible takeover If PSTH stock falls back, though Jul 23, 2021 · One hub for these investors was Reddit, where they shared hopes, dreams, gossip, and speculation in the well-trafficked group r/PSTH. The current round comes less than a year since the company’s most recent fundraising. Shares sold off following the announcement, and are just trading at a 10% premium above NAV at ~. • Billionaire Bill Ackman said Monday that Reddit investors didn't like his Pershing Square Tontine's SPAC deal to buy 10% of Universal Music from …. They refer to themselves as "Tontards" and sometimes Sep. Ben Hakim PSTH President. NYSE Updated Aug 25, 2021 11:51 PM PSTH 19. If its Stripe we could be in for Big profits. law360. Feb 25, 2021 · Stripe has collected a total of . Yet all those shareholders who agreed with you on this point last year and bought with no leverage are down 20%+ (60%+ relative to S&P) with no relief in sight. Reddit. 30 for a transaction, so let's call it 3% for the sake of simplicity and being conservative. Today I bought 10k shares at 19. Summary. Ovitz is a special Bloomberg and Stripe were also among the rumored targets. 6 billion in funding, according to Crunchbase. 75. According to a private discord group, an employee of Stripe said their shares has been re-evaluated to per share, which is coincidentally the same price Bill Ackman's SPAC IPO'd for. 9% left on the table now). Including publicly setting up an RH account and investing in GME. 95% sponsor warrants and reimburse PSH at cost from the PSTH trust. We Have the Technology ———————————— $psth $gsah $srngu. One hub for these investors was Reddit, where they shared hopes, dreams, gossip, and speculation in the well-trafficked group r/PSTH. Pershing Square Tontine Holdings, Ltd. level 1. cominvestorplace. I'm sure there will be a record date once/if they are approved. Analysis from my Twitter thread (below) for the folks on reddit. Reddit Has Expanded Its Influence. 80 UMG position and get back our remaining . View 8/19/2021 Letter. You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. ("PSTH"), a Delaware corporation, is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with a private company. Still Stripe has collected a total of . 91 per More than 4,000 Stripes build products and support our users from offices in San Francisco, Chicago, New York City, Seattle, Amsterdam, Bangalore, Berlin, Dublin, London, Paris, Melbourne, Singapore, Mexico City, and Tokyo—as well as the homes and coworking spaces of our remote colleagues. 15%)PSTH stock jumped on the news. It looks like PSH gets to buy all 10% of UMG, because you gave priority to Vivendi's complex requirements over the limits of PSTH's original structure. (PSTH) stock. + View 3 more replies Jul 26, 2021 · Bloomberg and Stripe were also among the rumored targets. The glee that you're witnessing across social media is underlined not just by the retail activist bulls' profits, but also by the pain of the hedge Is PSTH stock going to explode in the next couple of months? The answer to this question about Bill Ackman's SPAC / PSTH stock / PSTH SPAC is most likely, yePershing Square Tontine Holdings (PSTH) Is Running Out of Viable Merger Targets Now That the Billion Stripe Has Become Too Expensive for SPACs. You just had to have it no matter what. The one that dominates Reddit: Stripe Find the latest Pershing Square Tontine Holding (PSTH) stock discussion in Yahoo Finance's forum. August 15, 2021. They refer to themselves as “Tontards” and sometimes Mar 03, 2021 · The one that dominates Reddit: Stripe, the online payments processing firm. The first is, like other SPACs, if the SPAC terminates before a merger. Now that you have more of it than you had hoped for and at PSTH shareholders' expense, you need to provide solid (not inventive) relief to us now. PSTH | Complete Pershing Square Tontine Holdings Ltd. We would like to show you a description here but the site won’t allow us. 9% plus {manytext_bing}. Also, I have a choice in the matter. The latest Tweets from PSTH Developments (@psthwatch). Cl A stock news by MarketWatch. Jun 09, 2021 · Tweet with a location. The glee that you’re witnessing across social media is underlined not just by the retail activist bulls’ profits, but also by the pain of the hedge Aug 19, 2021 · Pershing Square Tontine Holdings, Ltd. Transcript 6/23/2021 PSTH PRESENTATION “MUSIC Mar 04, 2021 · The Reddit Chatter Giving SKLZ Stock a Lift Today >>> READ MORE markets speculated that PSTH would merge with Stripe. There goes my . PSTH's shares, which had already fallen 18% in the weeks after the byzantine transaction was proposed, fell even further on the news that William Ackman PSTH Chairman & CEO. It is, by far, the largest SPAC ever raised, which creates interesting dynamics when pursuing targets (they can pursue huge targets and guarantee deal completion in a way no other SPAC can). And there is about a 40% chance (in my opinion) of getting the SPARC warrant as well. Online payment processing for internet businesses. Stripe's fifth engineering hub is Remote. PSTH is back near its original a share price. comThe Not-So-Happy Story of the World's Biggest SPAC - New York Magazine; Aug. If I wanted to avoid overly nasty criticism, I can simply write cookie-cutter articles. Stripe collected 0 Jan 29, 2021 · However, with PSTH stock, you can silently express your extremism by simply turning your back. In context, Stripe now commands a valuation that's ahead of SpaceX at billion. Hi Guys. Don't be surprised if he There is a rumor going around that Pershing Square Tontine Holdings (PSTH) is to merge with Stripe. 2, 2021 - Pershing Square Tontine Has Almost No Risk Left After Its Merger Imploded Investorplace. We would like to show you a description here but the site won't allow us. When Stripe goes it's going to be on their own terms. ai provides analysis of social media conversations for PSTH stocks. WS) Stock Quotes - Nasdaq offers stock quotes & market activity data Based on the current outlook for the crop of companies likely to go public next year, there's a good chance Stripe will be 2021's biggest IPO. Ackman admitted that he talked with Stripe about a possible merger deal with PSTH psth stripe : Related News. Latest Stripe Stock IPO News. Pershing Square Tontine Holdings (NYSE: PSTH) is the latest in a long line of special purpose acquisition companies (SPACs) that have taken the markets by storm over the last 18 months or so. Latest valuation ~100B and they just raised so why SPAC? Not only that, but technology isn't Ackman's specialty (He tried for Bloomberg but was denied). Stripe collected 0 On SPAC Stage, Pershing Square Tontine Holdings Is Godot to Investors. The current round comes less than a year since the company's most recent fundraising. Possibly more. August 4, 2021. I got in this week with 300 shares at 23. Stripe's most prominent salient feature is its programable API that offers versatility as well as security, a board member of PSTH (check out this thread on Reddit). is a blank check company that currently has a . 7m, but I hope my loss is your gain. Stripe's co-founder, John Collison, has said that he is "bullish" about the financial tech prospects for both Ireland and the UK after Brexit, saying Ireland might benefit and that the UK One hub for these investors was Reddit, where they shared hopes, dreams, gossip, and speculation in the well-trafficked group r/PSTH. Feb 13, 2021 · Bill Ackman Forced To Rejig His Deal To Buy UMG ValueWalk - 7/27/2021 1:50:53 PM: Amended Tender Offer Statement by Issuer (sc To-i/a) Edgar (US Regulatory) - 7/21/2021 6:13:54 AM May 09, 2021 · Stripe is way too big now for any SPAC. For the past 3 months, PSTH delivered a decent 24. On Reddit, I'm known as an "Equus pit" if you get my drift. It’s kept me up at nights thinking that PSTH could possibly be merging with RH! Kevin O‘Leary has been doing damage control on any platform that’ll take him. while valuable startups like SpaceX and Stripe have been floated as possible takeover If PSTH stock falls back, though Pershing Square Tontine Holdings, Ltd. Stripe charges 2. New York, USAThe company has been widely followed on Reddit, where two major contenders are emerging as potential Ackman targets for the deal: Stripe — A financial services and software as a service company headquartered in San Francisco. Ohchitcha. 03 (0. This would help get a deal faster with less dilution. I am still reading up but this looks very promising. The latest Tweets from McLovin (@MclovinLLC). Stripe is a suite of payment APIs that powers commerce for online businesses of all sizes, including fraud prevention, and subscription management. Ackman: Reddit didn't like PSTH/Universal deal, but NYSE killed it. The next two terms are unique to PSTH SPAC warrants. NYSE Updated Aug 26, 2021 11:33 PM PSTH 19. This has been nothing short of a disaster for this SPAC considering it’s the most investor friendly in the world. comAckman Smacks Back At SPAC Suit With 'SPARC' Plug - Law360; Aug. A PSTH merger with a company in the billion range would raise the Nov 11, 2020 · There is a rumor going around that Pershing Square Tontine Holdings (PSTH) is to merge with Stripe. Since perceived leaching billionaires of all stripes are under the public microscope, it won't take You do realize SPACs aren't a particularly great vehicle for good tech companies to go public. Use Stripe’s payment platform to accept and process payments online for easy-to-use commerce solutions. Internal source mentions new CFO hire 2. PSCM CFO. 9 billion market cap. Warrants, exercisable for one share of Class A Common Stock for . 21% return and settled at . Anyone else looking into PSTH? He is acquiring a new company with rumours either Stripe or Bloomberg. PSCM Assistant General Counsel. PSTH Stock News Bill Ackman Market Wonder Boy New Stripe Connections Pershing Square Tontine Holding. When Stripe goes it’s going to be on their own terms. Find the latest Pershing Square Tontine Holding (PSTH) stock quote, history, news and other vital information to help you with your stock trading and investing. Looking to add another 300 next week. It might wind up as the biggest public debut since Ackman: Reddit didn't like PSTH/Universal deal, but NYSE killed it. 03 -- Bill Ackman, Pershing Square Capital Management founder and chief executive officer, says he has had limited discussions with Airbnb and Stripe aboA high-level overview of Pershing Square Tontine Holdings, Ltd. Just let us “impatient” investors who have been here 9 months take our money and run. Stay up to date on the latest stock price, chart, news, analysis, fundamentals, trading and investment tools. Aug 20, 2021 · A high-level overview of Pershing Square Tontine Holdings, Ltd. for Approximately billion, Representing an Enterprise Value of 35 Billion. They refer to themselves as "Tontards" and sometimes The Reddit Chatter Giving SKLZ Stock a Lift Today >>> READ MORE. Jan 28, 2021 · The Reddit Chatter Giving SKLZ Stock a Lift Today >>> READ MORE. PSCM Founder & CEO. ("PSTH") to Acquire 10% of the Ordinary Shares of Universal Music Group ("UMG") from Vivendi S. 20 or opt out and get the whole redemption cash. I have too much leverage/concentration. Don't be surprised if he brings a seemingly mundane name. 22, 2021 - Ackman Smacks Back At SPAC Suit With 'SPARC' Plug Law360www. Time is running out. Can take the . 27, the share price had declined to and change. 80 (per PSTH share) stock purchase (since there is . Jun 01, 2021 · Pershing Square Tontine (PSTH) remains a huge area of focus for me. 16 bln/2. Since perceived leaching billionaires of all stripes are under the public microscope, it won’t take Jun 02, 2021 · Stripe’s most prominent salient feature is its programable API that offers versatility as well as security, a board member of PSTH (check out this thread on Reddit). The reason is pretty simple: the “company” is completely unique in the stock market. Jul. August 19 Letter to Shareholders from PSTH CEO Bill Ackman. by Daniel Wall. Bloomberg LP — A financial, software, data, and media company headquartered in Midtown Manhattan. 02:00PM. for Approximately billion, Representing an Enterprise Bill Ackman Forced To Rejig His Deal To Buy UMG ValueWalk - 7/27/2021 1:50:53 PM: Amended Tender Offer Statement by Issuer (sc To-i/a) Edgar (US Regulatory) - 7/21/2021 6:13:54 AM Amended Tender Offer Statement by Issuer (sc To-i/a) Edgar (US Regulatory) - 7/21/2021 6:09:14 AM Written Communication Relating to an Issuer or Third Party (sc To-c) Edgar (US Regulatory) - 7/19/2021 5:27:24 PMHowever, with PSTH stock, you can silently express your extremism by simply turning your back. Vehicle deliveries have been rolling at 75% of expectations EOY December 2021 - . Download 6/23/2021 PSTH PRESENTATION “MUSIC IS UNIVERSAL”. Patrick joined in a little, but was quick to tag and defend Ackman as a "great investor" and said their trolling was directed only at tontinites. in WallStreetBets. Lucid Air production is ramped up and bugs are worked out for 2022, Gravity debut and second facility completed for Gravity production March 2022 . Share your opinion and gain insight from other stock traders and investors. 124 9. Frankly, the label isn't entirely unfair in that, especially in this country, people want to Stocksmeter. It's too expensive for me to maintain my position in the meantime for this. And with Stripe and Airbnb (NASDAQ:ABNB) now out of the question, investors are getting cold feet. 07/08/2021: Online payments firm Stripe takes first step toward blockbuster listing 06/14/2021: Investors Clamor for a Bigger Piece of Payments Company Stripe 04/08/2021: Payment giant Stripe funds fintech startup Ramp at . By Rohail Saleem. By Jan. Y: 1. Dont see any downside risk expect if the lawsuit somehow manages to drain money PSTH's Reddit. So Im parking my cash into PSTH. Replay 6/23/2021 PSTH presentation “Music is Universal”. PSTH recently announced its intention to purchase a 10% stake in Universal Music Group. Obviously I want Starlink or Stripe as much as the next Tontard does, but like I said I don’t care. It's kept me up at nights thinking that PSTH could possibly be merging with RH! Kevin O'Leary has been doing damage control on any platform that'll take him. Frankly, the label isn't entirely unfair in that, especially in this country, people want to hear what they want to hear. This has been nothing short of a disaster for this SPAC considering it's the most investor friendly in the world. D: So guys, is it safe to assume it isn't Stripe at this point? I thought this was Safe, I've read each one of your posts for last year literally every day Im writing to wish you all luck and I hope you all get into something that makes your money back I feel bad for all of us , this sinking boat shit is fucking ridiculous this guy really is a piece of shit1. William Ackman PSTH Chairman & CEO. There have been rumors that PSTH might target SpaceX, Stripe, or Bloomberg for a merger. 80 0. In the six weeks since that column was published, Pershing Square Tontine, a special purpose acquisition company (SPAC) run by Bill Ackman, has fallen PSTH Stock Risks a Social Media Blackout. Vehicle deliveries have been rolling at 75% of expectations EOY December 2021 - . According to a private discord group, an employee of Stripe said their shares has been re-evaluated to per share, which is coincidentally the same price Bill Ackman’s SPAC IPO’d for. 1 week ago - InvestorPlace. Also during November, a lot of rumors and twitter and reddit speculation were rampant during November about Stripe and PSTH. PSTH | Complete Pershing Square Tontine Holdings Ltd. COVID-19 has accelerated Stripe's growth this year at a pace that was never before possible, and their growth numbers will never look this good mainly due to huge switchover to online during SPARC gets approved in time and we get remainder of UMG offered as a . August 19 Letter to Shareholders from PSTH CEO Bill Ackman. It is an AI based platform that provides social media analytics for the stock market. 12, 2021 - How Millennial Investors Lost Here's a few reasons why I think stripe IPO is coming soon (probably 2021) 1. Follow Follow @moazzam0_reddit Following Following @moazzam0_reddit Unfollow Unfollow @moazzam0_reddit Blocked Blocked @moazzam0_reddit Unblock Unblock @moazzam0_reddit Pending Pending follow request from @moazzam0_reddit Cancel Cancel your follow request to @moazzam0_redditPershing Square Tontine (PSTH) remains a huge area of focus for me. The stock is now trading just above its IPO price of per unit, a drop of nearly 40% from its February high. Even if a reverse merger were to go through, the pricey premium may cause other prospective buyers of PSTH As is typical for SPACs, PSTH stock is doing well: up 12% over its six-month existence. Tweet with a location. PSTH SPAC warrants can expire in a few ways. + View 3 more repliesReddit Has Expanded Its Influence. number 1 fan of @BillAckman and $PSTHA Closer Look at PSTH Stock. We all know he’s invested in PSTH/Bill Ackman. PSTH's shares, which had already fallen 18% in the weeks after the byzantine transaction was proposed, fell even further on the news that the board nixed it. Jun-04-21 04:44PM. Information about different stocks and influencers is evaluated by analyzing posts, tweets, comments, likes, retweets, replies and shares on social media platforms. We all know he's invested in PSTH/Bill Ackman. If the shares trade or more for 20 out of 30 trading days, the warrants can be redeemed by management

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Reddit psth stripe

The Art of Reading the Tea Leaves: Starlink, Porsche, and Stripe Remain the Most Likely Merger Candidates for Bill Ackman’s Pershing Square Tontine Holdings (PSTH)

Pershing Square Tontine Holdings

Pershing Square Tontine Holdings (NYSE:PSTH), one of the most high-profile Special Purpose Acquisition Companies (SPACs) to ever hit the market, continues to generate voluminous buzz in the financial circles as people await the outcome of its protracted merger negotiations with an unknown target.

Bear in mind that Pershing Square Tontine Holdings has established very rigorous criteria for merging with an entity. These requirements include the necessity of having predictable free cash flow, a strong balance sheet, hefty barriers to entry, exceptional management, attractive valuation, and a large market capitalization. With such lofty merger criteria, it is hardly surprising that PSTH bucked the prevailing trend by pricing its IPO at $20 per share instead of the usual $10/share for almost all other SPACs. Moreover, the stock has consistently remained at a premium to its NAV even through a major correction in the wider SPAC sphere over the past few weeks.

Is Polestar’s $20 Billion Valuation Attractive?

This brings us to the crux of the matter. Bill Ackman, the CEO of Pershing Square Tontine Holdings, recently made two very pertinent observations during an interview with the Wall Street Journal. These include:

  • Structural issues with the target are complicating the merger process
  • The merger target is “iconic” and would be able to secure a substantial expansion of the valuation multiple over the next few years

With these statements in mind, I believe that SpaceX’s Starlink, Porsche, and Stripe remain the leading contenders for a merger with Pershing Square Tontine Holdings. Let’s elaborate.

Starlink Meets the Criteria, but Elon Musk’s Colorful Personality Remains a Dampener

Starlink satisfies almost all of the requirements identified by Pershing Square Tontine Holdings. After all, it is expected to generate substantial cash flow and boasts of hefty barriers to entry. Moreover, while SpaceX is worth as much as $74 billion, according to CB Insights, Starlink may be worth at least $30 billion, as per Forbes’ estimates. This certainly satisfies the requirement for a large market capitalization. Moreover, many analysts have interpreted the “structural issues” comment to mean that a corporate spinoff or divestment may be involved. Again, since Starlink is a unit of SpaceX, the corresponding need to divest certainly adds confidence to this conjecture. Nonetheless, Elon Musk has gone on record against SPACs previously. Moreover, his colorful and unpredictable persona is a mark against this eventuality. None of these two concerns, however, constitute an insurmountable challenge. It is for this reason that I have included Starlink as one of the favorite targets for merging with PSTH.

What About a Merger Between Porsche and Pershing Square Tontine Holdings?

Again, Porsche largely fits PSTH’s stated merger criteria. It is, after all, an iconic brand that is investing heavily in the EV sphere, having recently launched the electric Porsche Taycan. Moreover, by 2030, Porsche expects at least 80 percent of its sales to consist of EVs. In another solid point that favors this thesis, a Porsche spinoff from Volkswagen (VW) will certainly involve complications given the complex ownership structure of the European giant. As an illustration, the Porsche and Piech families are currently the largest VW shareholders. Moreover, on Monday, reports emerged that these two families were prepared to acquire a direct stake in Porsche in the event of a divestment. Additionally, Porsche is valued anywhere between €45 billion and €90 billion, which satisfies the large-capitalization requirement of Pershing Square Tontine Holdings. Finally, Bill Ackman certainly took a positive view of Tesla EVs previously, terming them the “future” of cars. All of these factors lend credence to this merger thesis. The only detracting point is Ackman’s lack of past involvement in any deal in this sector.

The Wait Is Over: Churchill Capital Corp. IV (CCIV) Shareholders Approved the Merger With Lucid Motors Today, but the Special Meeting Will Reconvene Tomorrow To Secure Approval for Proposal Number 2

Stripe: A Favorite of the Retail Crowd

This brings us to the payment giant Stripe. The company is essentially a payment processing platform and constitutes one of the biggest competitors of PayPal. Stripe’s most prominent salient feature is its programable API that offers versatility as well as security, with official libraries for various programming languages and mobile platforms. Moreover, with a valuation of $95 billion, Stripe is now one of the most valuable unicorns. Again, all of these factors align perfectly with Pershing Square Tontine Holdings’ vision. Additionally, much of the retail focus in recent weeks has been on Michael Ovitz, a board member of PSTH (check out this thread on Reddit). Ovitz is a special partner in A16z, a venture capital firm. Crucially, A16z is an early investor in Stripe and still maintains the payment processor in its active portfolio. Nonetheless, I don’t think that Stripe is an “iconic” brand. Moreover, I fail to see any “structural” issues that may have been hampering this deal in moving forward for the past 6 months. The only factor that may lend credence to a structural bottleneck may be Stripe’s eye-watering valuation.

What do you think is the likely merger target of Pershing Square Tontine Holdings? Let us know your thoughts in the comment section below.

The author has no position in any of the stocks mentioned. WCCF TECH INC has a disclosure and ethics policy.

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CLOV Stock - Max Pain Incoming

Reddit users have another hedge fund legend in their crosshairs: Pershing Square Capital CEO Bill Ackman, whom they’ve followed into his $4 billion special purpose acquisition corporation, or SPAC, Pershing Square Tontine Holdings.

SPAC fever has heated up this year, but Ackman has yet to announce a merger partner for Tontine. That has left members of a Reddit subgroup, r/PSTH — named for the SPAC's stock ticker — heading down the rabbit hole anxiously searching for clues. 

The more than 8550 members of r/PSTH — who refer to themselves as “Tontinites” or “Tontards” — can find hidden signs just about anywhere, much as the infamous QAnon members “follow the breadcrumbs” on the Internet to support their conspiracy theories. For the r/PSTH members, these clues can range from tweets by Ackman about being in love to statements he made years ago in media interviews. 

To be sure, the r/PSTH members aren’t exhibiting the animosity another Reddit group, r/WallStreetBets, leveled at fellow hedge fund manager Gabe Plotkin of Melvin Capital for his GameStop shorts. 

In contrast, they are seemingly such fans of Ackman that one Reddit member posted a meme that has the Pershing Square CEO’s face superimposed on Bruce Lee, the action movie hero, in a scene from “Enter the Dragon.”

But it’s not all fandom. Another Tontinite even broke news about a potential second PSTH SPAC, based on a Delaware filing. 

And these investors have captured Ackman’s attention.

“I am following the Reddit group, and I am working very hard not to disappoint them,” Ackman told Institutional Investor. “I’m even more motivated to move the needle for the little guy than I am for the big guy.”

The r/PSTH group gained traction after Reddit user “Stockdoc123” started a second forum, r/PSTH II, by breaking the news last week that Ackman’s hedge fund had filed papers in Delaware on January 22 for a second SPAC, Pershing Square Tontine Holdings II. That led to a frenzy of interest on Ackman’s Twitter page, where the hedge fund manager addressed his followers’ questions.

In its prospectus last summer, Tontine had noted that Pershing Square would not be filing for multiple SPACs at the same time, as other SPAC sponsors have done.

Last week, Ackman reiterated that promise to one of his Twitter followers. When another of his followers asked if investors in his first SPAC could automatically be in on the second IPO, Ackman replied “done” and added, “we have the technology.” On Reddit, that led to speculation about what “the technology” really meant.

Soon after those Twitter exchanges, Tontine put out a press release saying that “investors should follow this account for information about the company.”

There’s another reason the Tontinites are getting increasingly chatty. Ackman previously told investors in his publicly traded hedge fund that he hopes to announce a deal with a merger partner by the end of the first quarter. That’s about four weeks away, making investors edgy.

While there have been no credible leaks about Ackman’s eventual target, several names have been floated. The one that dominates Reddit: Stripe, the online payments processing firm.

In the early hours of March 2, Reddit member “dus01,” also known as “Stripe Lead Detective”, found an auspicious sign in a person Ackman recently began following on Twitter.

“As frivolous as it may seem, Twitter followings provide very important clues,” he or she wrote. “Earlier today I noticed Ackman started following Philippe Laffont of Coatue Management. Coatue has participated in funding for a number of unicorns …and has also participated in a number of fintech investments with Stripe.” 

The Reddit user listed a number of other new follows of Ackman’s, including Stripe itself.

Another Tontinite, “sacredkey1,” found clues pointing to Starlink, a broadband global internet system being developed by Elon Musk’s SpaceX. The user listed a string of unconnected recent tweets by both Musk and Ackman — with the exception of a rap video tweeted by Ackman in which he, Musk, and SPACs were all mentioned.

To sacredkey1, perhaps the most intriguing of his tweets was Ackman’s February 20 ’s retweet of a two-minute video of Mongolian children getting out of a school bus.   

“Mongolia is the most sparsely populated country in the world, which is a serious constraint to internet deployment. One of the main selling points for Starlink is it will eventually be able to provide internet access to anyone in the world,” sacredkey1 wrote.

“I admit this one is a stretch,” he or she wrote. 

Is it? Only Ackman knows, and he’s not telling.

Sours: https://www.institutionalinvestor.com/article/b1qsznm6l5604c/Reddit-Is-Convinced-It-Knows-Bill-Ackman-s-SPAC-Target-Ackman-Is-Paying-Attention

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