Aug 7, 2017

The "most feared activist investor in the world"

Bloomberg charts the rise of Paul Singer, an activist investor who "doesn't worry about his tough reputation. He sees it as a selling point":

  • "Aggressive, tenacious and litigious, ... Paul Singer may be the most feared activist investor in the world — by hedge fund rivals, companies and even countries."
  • "Singer's Elliott Management Corp. ... has targeted the world's biggest mining company, taken on Warren Buffett in a battle for Texas's largest electricity distributor, ousted chief executive officers on both sides of the Atlantic and set off a chain of events that led to the impeachment of South Korea's president."
  • Why it matters: "He started with just $1.3 million from family and friends in 1977, and the fund's investments in equity and debt have since led to at least $93 billion in corporate asset sales and share buybacks."

Go deeper

SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.

Trump indulges Wall Street with Milken pardon

Photo Illustration: Sarah Grillo/Axios. Photo: Chris Graythen/Getty Images

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.