Biden blocks U.S. Steel takeover by Japan’s Nippon Steel, citing national security [CNBC]
Biden said the proposed $14.9 billion acquisition by Nippon would place one of the largest steel producers in the U.S. under foreign control, creating a risk for the nation’s critical supply chains…. U.S. Steel’s stock opened down more than 7% following the president’s announcement.
Hedge funds deliver double-digit returns in 2024 [Reuters]
Macro hedge fund Discovery Capital ended 2024 up 52%, after gains across equities, currencies, rates and credit…. Citadel’s flagship fund Wellington posted a 15.1% gain, while Millennium Management returned 15% in 2024, according to people familiar with the results….
Jon Caplis, CEO of hedge fund research firm PivotalPath, said there was “a resurgence of the multi-strat space across 2024,” and he expects to see more inflows to the strategy.
Appeals Court Strikes Down FCC Net Neutrality Rules [The Wrap via Yahoo!]
The FCC, according to a unanimous ruling from a three-judge panel, did not have the authority to make rules that would prevent broadband providers like Verizon or Comcast from blocking or slowing internet traffic and creating pay-to-play internet fast lanes that could negatively impact streamers like Netflix and Hulu…. Obama-era rules were mostly swept aside when President-elect Donald Trump first took office in 2017.
Cyber Investors Expect More Mergers in 2025 [WSJ Pro]
Worldwide venture capital funding for cybersecurity companies totaled $8.8 billion over the first three quarters of 2024, putting the sector on track to beat 2023’s total of $10.9 billion, according to research firm PitchBook…. Early stage companies, particularly those moving from seed to Series A and to Series B financing, sometimes found it tough to raise cash in 2024, with more seeing a decline in their valuations across rounds.
That could point to a tough market in 2025 that favors investors….
Hindenburg Research shorts Carvana, calling company’s turnaround a ‘mirage’ [CNBC]
The report, called “Carvana: A Father-Son Accounting Grift For The Ages,” centers on Carvana’s practice of loan sales as well as the business relationship between CEO Ernie Garcia III and his father, Ernest Garcia II, who is Carvana’s largest shareholder…. Hindenburg says it uncovered $800 million in loan sales “to a suspected undisclosed related party, along with details on how accounting manipulation and lax underwriting have fueled temporary reported income growth — all while insiders cash out billions in stock.”
Do Kwon Pleads Not Guilty to US Charges Over Terra Collapse [Bloomberg]
Kwon agreed to be held without bail…. The former cryptocurrency mogul’s New York court appearance capped a nearly two-year drama over whether Kwon would first be prosecuted in the US or his native South Korea. He was extradited to the US earlier this week by authorities in Montenegro, where Kwon was arrested in March 2023 for traveling on a fake passport.
