Once the wealthiest country in Latin America due to its riches in oil, Venezuela is now a central hub for selling narcotics in the Western world. According to one expert, the country is worse than a narco state. It is a mafia state.
Once the wealthiest country in Latin America due to its riches in oil, Venezuela is now a central hub for selling narcotics in the Western world. According to one expert, the country is worse than a narco state. It is a mafia state.
The "Made in America" plan, which would require passage by Congress, expands on Treasury Secretary Yellen’s call this week for a global minimum tax.
(Bloomberg) -- With tech’s recent pummeling, the cash Cathie Wood is managing in her ETF lineup has just dropped below $40 billion -- but her loyal fan base is largely hanging on for the ride.The founder of Ark Investment Management LLC now controls $39.7 billion in her U.S. exchange-traded funds, down from more than $60 billion at a peak in February, according to data compiled by Bloomberg. The firm is now the 11th largest issuer in the U.S., compared with seventh place earlier this year.A huge portion of the loss is due to the value of her holdings dropping sharply, as speculative tech names with soaring valuations and massive runs come back down to earth. Her flagship ARK Innovation ETF (ARKK) has fallen about 35% from its high. Still, the mass exodus some had anticipated during a period of underperformance hasn’t yet materialized, with traders pulling just $76 million from the fund in April and $301 million so far in May, compared to the $7.1 billion added in the first three months of the year.“It appears that investors still believe in Cathie Wood’s philosophy and think possibly the pullback is short term,” said Mohit Bajaj, director of ETFs for WallachBeth Capital.In fact, the firm’s ETFs have still taken in a net $15.3 billion so far in 2021. The eight-product lineup -- six actively managed funds and two tracking indexes -- has roughly only lost a net $800 million since the end of February.While retail activity has declined in the broad market, it seems day traders are ready to stick with Ark. About $1.1 billion of the $28 billion added to the family of funds since November can be attributed to retail investors, according to a report from Vanda Research.“In periods when Ark ETFs have seen large redemptions, retail investors have actually bought the dip, further highlighting the institutional-retail divide,” wrote analysts Ben Onatibia and Giacomo Pierantoni.Throughout the downturn, Wood has said repeatedly that her strategies haven’t changed and that she invests with a five-year time horizon. She even added to her stakes in Twitter Inc., Roku Inc., Skillz Inc. and Peloton Interactive Inc. last week.Some are now questioning just how long the funds’ drop will last, especially as dip buyers step in. ARKK rose in early trading before falling 3.3% as of 1 p.m. in New York.Open interest in bullish call options on ARKK is at an all-time high, and even similarly elevated activity in bearish put contracts has historically come before a bounce, Chris Murphy at Susquehanna International Group wrote in a note.“It has become oversold on a technical basis,” said Matt Maley, chief market strategist at Miller Tabak & Co. “The weak hands have already sold, so we’re now in the ‘wait and see’ mode. If Ark funds can bounce strongly, the all clear flag will be raised.”(Updates with latest trading activity, additional details in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The U.K.’s fraud prosecutor opened a probe into Sanjeev Gupta’s GFG Alliance over suspicions of fraud and money laundering, causing a potential lender to the group to withdraw from agreements to provide new financing.The Serious Fraud Office is investigating “suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business,” according to a statement. The probe includes the financing arrangements with Greensill Capital UK Ltd. The SFO has been looking at GFG since Greensill’s collapse in March and decided to open a formal probe, according to a person familiar with the investigation.As a result, White Oak Global Advisors LLC is pulling out of discussions to provide loans to Gupta’s businesses. “As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” a spokesperson for the group in London said.The Financial Times first reported that White Oak was pulling out of financing talks. A representative for GFG declined to comment on White Oak’s decision. Last week, Bloomberg reported Gupta had agreed a 200 million pound ($282 million) facility with the San Francisco-based lender to provide working capital to his U.K. steel businesses. He had also secured the refinancing of one of his Australian units.It’s a massive setback for the tycoon, who appeared to be just on the cusp of securing a lifeline for his beleaguered metals empire. He now faces the extremely difficult task of negotiating new loans while being subject to a fraud probe.Prosecutors are starting to round in on both Gupta and Greensill, after months of scrutiny from lawmakers and the media over its financing practices. Earlier this week, the U.K. Financial Conduct Authority said it was also investigating Greensill and cooperating with counterparts in other U.K. enforcement and regulatory agencies.It’s also working with German, Australian and Swiss authorities. The FCA and SFO probes are completely separate although inevitably will involve cross-over and information sharing, according to the person familiar with the investigation.Read More: Lex Greensill Says His Investors Knew What They Were Buying“GFG Alliance will co-operate fully with the investigation,” a GFG spokesperson said. Grant Thornton, Greensill’s administrators, declined to comment.While the SFO has collected billions in fines in recent years from companies with deferred prosecution settlements, its track record in the criminal courts is patchy. Last month a trial into two Serco Group Plc directors collapsed and the agency lost a mammoth case against Barclays Plc bankers in 2020.GFG has come under the microscope after the collapse of Greensill Capital in March revealed it had been a recipient of financing based on expected future invoices, for sales that were merely predicted.What has also come to light is the activities of the tycoon’s trading business Liberty House Group. Four banks stopped working with the company, starting in 2016, after they became concerned about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News reported.Read More: As Gupta Rose From Trader to Tycoon, Several Banks Backed AwayGreensill was Gupta’s largest source of financing before its collapse. The London-based lender supplied billions of dollars in loans to GFG, many of which were packaged and sold onto investors in funds run by Credit Suisse Group AG. Greensill fell into administration after a key insurance partner didn’t renew coverage on loans made to some of its customers, including GFG.Much of the financing extended to GFG by Greensill was from the finance firm’s German banking unit. Germany’s financial watchdog shuttered Bremen-based Greensill Bank AG and asked law enforcement officials to investigate accounting irregularities at the lender in March. The bank was closed after the lender identified problems in how Greensill Bank booked assets tied to Gupta’s companies.The announcement of the probe came a day after former Prime Minister David Cameron was grilled by lawmakers over his employment by Greensill. He defended his intensive lobbying on behalf of the firm as part of a parliamentary inquiry that’s raised questions over private dealings at the top of the British government.(Updates with detail of White Oak talks collapsing.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Target, one of the largest North American retailers offering customers both everyday essentials and fashionables, is expected to report its first-quarter earnings of $2.07 per share, which represents year-over-year growth of over 250% from $0.59 per share seen in the same period a year ago.
(Bloomberg) -- Sanjeev Gupta’s plans to save his embattled industrial empire suffered a major setback as the U.K. opened a fraud investigation, prompting a potential financial partner to walk away.For two months, Gupta has been scrambling to refinance after the collapse of his group’s main lender, Greensill Capital, and recently looked close to winning a reprieve -- helped along by a surging commodity prices.But on Friday, the Serious Fraud Office announced a probe into Gupta’s GFG Alliance, including into the financing arrangements with Greensill. That prompted White Oak Global Advisors LLC -- which had recently offered a lifeline with terms for a 200 million-pound ($282 million) loan for Gupta’s U.K. steel business -- to walk away. White Oak was also behind funding for part of Gupta’s Australian assets, the Australian Financial Review has said.“As with any regulated financial institution, we are not in a position to continue discussions with any company that is under investigation by the Serious Fraud Office for money laundering,” White Oak said in a statement.GFG said Friday it will co-operate fully with the SFO investigation. It declined to comment on White Oak’s decision.The fraud probe also puts other efforts to replace about $5 billion Gupta had borrowed from Greensill in question.On Thursday, Gupta had conveyed a much brighter outlook, expressing confidence of a “new future” for his sprawling group of companies. On a podcast for employees, he said it had been “relatively easy to get refinancing” for the Whyalla mill in Australia. He also said that GFG had been “inundated by offers to help and to finance,” partly due to strong commodity markets.The picture is now bleaker in the wake of the SFO investigation, which follows months of scrutiny from lawmakers and the media over Gupta and Greensill’s financing practices. GFG has come under the microscope after the collapse of Greensill in March revealed it had been a recipient of financing based on expected future invoices, for sales that were merely predicted.Trading ActivitiesThe exact scope of the SFO investigation isn’t yet clear. Bloomberg has reported four banks stopped working with Gupta’s Liberty House Group trading business, starting in 2016, amid concerns about what they perceived to be problems in paperwork provided by Liberty, Bloomberg News has reported. In one example, the company had presented a bank with what seemed to be duplicate shipping receipts. A spokesman for Gupta has denied any wrongdoing.The two-month period it took from starting to covertly look into GFG and its financing by Greensill to announcing a formal probe is a quick turn-around for the SFO, which often takes years to publicly confirm it’s taking action against a company.It will now start to gather evidence, including securing devices and documents. However, it’ll likely take years for the office to make any tangible updates to the investigation, including whether it decides to charge individuals as part of the probe.The funding from Lex Greensill’s eponymous firm helped GFG expand at an astonishing rate in the past five years by targeting old, unwanted assets. His loose collection of companies now employs some 35,000 people worldwide, with steel and aluminum plants in the U.S., U.K., France, Romania and Australia.Staying afloat would enable Gupta to enjoy some of the best times his industrial businesses have seen. Steel prices are near an all-time high as demand recovers from the coronavirus pandemic and China cuts capacity to curb pollution. Aluminum, Gupta’s other major business, hit a three-year high this week amid a broad commodities boom.Still, Greensill’s collapse has already taken a major toll on Gupta’s businesses. On Thursday, his Wyelands Bank said it would be wound up if it can’t find a buyer. His steel units in France and Belgium have started creditor protection procedures, he’s approached buyers for some of his engineering assets, people familiar with the matter have said, and also sought buyers for two steel plants in France.For governments too, there is much at stake. Countries that once feted him as a savior for buying decrepit assets may have to pick up the pieces, due to the jobs at risk and some assets’ strategic importance to industry.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
A metal coatings plant in China's manufacturing hub has been hit by price increases of up to 30% for raw materials including steel, aluminium, thinner and paint since the Chinese New Year in February. The firm has had no choice but to pass most of these higher costs on to its clients, including those in the United States, said King Lau, who helps run Dongguan-based Kam Pin Industrial Ltd, in Guangdong province. "Our customers understand, because it is happening to many different kinds of industries including home appliances, mobile phones, vehicles," Lau said, referring to price hikes by Chinese exporters.
Earlier, the three major indexes rebounded after declining sharply earlier this week.
“They just want to gauge how you react and how you think through a response.”
By John Jannarone Stable Road Acquisition Corp. (NASDAQ: SRAC) narrowly secured enough votes to avoid being dissolved and will have more time to finalize the regulatory process in its merger with Momentus, a space-industry startup that provides last-mile services such as moving satellites. The SPAC had 66.2% of shareholders vote in support of the extension, […]
“What saddens me is the way the weak hands and recent buyers see Elon Musk as a prophet, powerhouse and decisive figure in bitcoin,” said one trader.
CEO Brian Armstrong said on the company's Q1 earnings call that Coinbase wants to be "first to list" new coins.
Not all industry participants are amused by dogecoin’s tricks.
(Bloomberg) -- Buyers of newly-minted corporate bonds are already nursing losses as inflation fears send government bond yields climbing.About four fifths of high-grade non-financial corporate bonds priced in Europe this year are quoted below their issue price, based on data compiled by Bloomberg. Last Friday, the share of post-issue losers stood at under 50%.This bleak statistic underscores the damaging effect on credit investors of the so-called reflation trade -- bets on rapid economic recovery and an associated pickup in inflation -- prompting many to seek shelter from further sovereign debt sell-offs.Investment grade bonds are more sensitive than high-yield debt to any threat of higher interest rates in response to inflation, a vulnerability known as ‘duration risk.’ That’s because they have longer life spans than lower-quality peers and carry lower risk premiums. This attribute is hitting investors hard this year.“Duration is already a problem when you see that rate-sensitive sectors underperform and this is going to increase,” said Vincent Benguigui, a portfolio manager at Federated Hermes, which oversees $625 billion. “Clearly everything is stretched.”The year-to-date total return of euro-denominated investment-grade bonds has slumped this week, to minus 0.96% from minus 0.56% on Monday. A month ago the return since the start of 2021 stood at minus 0.3%, according to Bloomberg Barclays indexes. By contrast, the less rate-sensitive junk bond market has gained 2.2%.While the threat of higher yields to compensate for a potential rise in inflation has been a thorn for high-grade investors throughout the year, a European Central Bank pledge to pick up the pace of its emergency pandemic QE program had helped funds recover some losses before this week’s sell-off pushed them further into the red.Rate risk is the main driver of corporate bond losses, as spreads on most of this year’s new issues are trading tighter than at launch, according to data compiled by Bloomberg. The average risk premium of high-grade euro bonds over safer government debt is indicated at 83 basis points, the lowest in more than three years, thanks to continued ECB purchases and bets on the economic reopening.Click here for the spread performance of all bonds issued in Europe this yearBut spreads, with little room to tighten further, seem incapable of stemming duration-driven losses.“While the extended recovery in fundamentals should provide another layer of support, higher yields in the euro government bonds space should limit euro investment grade’s ability to attract inflows and limit tightening potential once rates stabilize,” wrote Cem Keltek, a credit strategist at Commerzbank AG, in a note to clients on Thursday. “Pressure on rates and tapering prospects later in the year render long-end risk-reward unattractive.”Some hedge funds have started betting on price drops in corporate bonds amid the threat of rising interest rates and stretched valuations. Short positions in junk bonds have jumped to their highest level since 2008 and bearish bets on high-grade bonds are at their highest since early 2014.Bonds that lose value shortly after issuance could potentially discourage investors from bidding aggressively for new deals.This leaves high-grade investors with only one realistic source of return: the income made by just holding the interest-bearing bond, unless they are willing to switch to riskier parts of the credit market.“It’s more or less carry at this point,” said Martin Hasse, a portfolio manager at MM Warburg & Co., which oversees 76.2 billion euros ($92 billion). “Maybe a little tightening but not so much. High yield and subordinated notes can see more of that.”EuropeHigh yield issuers are in command of the region’s syndicated bond market on Friday, accounting for three of the day’s four deals as global credit risk sentiment improves.The financing arm of U.S. autoparts maker Dana Inc., Italian technology companies Lutech SpA and Cedacri SpA are pitching new deals that are likely to wrap up by market closeWeekly issuance is likely to reach 33.5 billion euros, according to data compiled by BloombergEuropean credit default risk fell for both investment-grade and high-yield bonds as more-tempered commodity prices helped allay investor concerns about inflation risksAsiaA rush of borrowers early in the week boosted dollar bond sales in Asia ex-Japan, with issuance doubling compared with the previous week.Bond sales rose to $8.4b from $4.2b a week earlier, the highest in three weeks, according to Bloomberg-compiled dataAt least 22 borrowers came to the market, the busiest week in 2021 since January in terms of number of issuersGLP Pte’s $850m perpetual note offering was the biggest bond sale this week, followed by a $707m offering by JSW Hydro Energy and a $650m note from Cathay Pacific AirwaysDeals slowed from mid-week, coinciding with release of data on Wednesday that showed U.S. consumer prices climbed in April by the most since 2009Yield premiums on Asia’s high-grade bonds, excluding Japan, and the cost of protection against such debt both dropped 1-2bps on Friday, credit traders saidU.S.Alibaba Group Holding Ltd.’s revenue beat estimates after China’s e-commerce leader rode a post-pandemic recovery and begins to move past a bruising antitrust investigationAs cash balances have risen toward $70 billion, financial flexibility may enable Alibaba to endure a prolonged period of macroeconomic uncertainty related to the coronavirus, as well as regulatory risk, better than hardware-centric technology peers, write Bloomberg Intelligence credit analysts Robert Schiffman and Suborna PanjaIt seemed almost certain that supply would at least match syndicate desks’ projections of $45 billion this week after Monday’s almost $28 billion bonanza, however, macro uncertainty fueled by inflation fears seems to have curbed issuanceLess than $3 billion priced on Thursday, bringing the week’s volume to $42 billionFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The hot crypto market "actually does resemble a casino" to investors, Gundlach told Yahoo Finance.
Inflation fears are dogging Wall Street at a time when the U.S. rebound is picking up speed.
(Bloomberg) -- A breed of investor routinely blamed for intensifying volatility in the stock market may deserve a pat on the back this time for restoring some calm.Passive exchange-traded funds have been buying this week’s dip, arguably putting a floor under a tech-led selloff sparked by fears of accelerating inflation in the world’s largest economy.In the first four days of the week, U.S. equity ETFs lured almost $13 billion, according to data compiled by Bloomberg. More than $10 billion of that went to domestically focused products, even as the S&P 500 Index suffered its worst three-day rout in six months.That ended on Thursday with a 1.2% jump, and the benchmark was about 1% higher again as of 10:38 a.m. in New York on Friday.For Nomura’s Masanari Takada, a slowdown in the performance of high-risk assets like cryptocurrencies and tech megacaps drove retail investor money out of these speculative corners. Some of that cash headed to the “relative safe haven” of index-tracking ETFs instead, he said.“We are seeing the reappearance of a familiar pattern in which capital inflows through index-based ETFs (passive funds) give the market some support,” the quant strategist wrote in a Friday note. “It is fair to say for now that equity market participants in general and speculative investors specifically have managed to avoid letting themselves get overly spooked.”Read more: Roaring Crypto Cacophony Drowns Out Rest of Wall StreetFor all this week’s angst, the S&P 500 remains about 2% from its all-time high. A broad rotation from large growth stocks toward cheaper-looking shares less sensitive to rising inflation and interest rates has helped keep the benchmark elevated, even as stocks that helped drive the bull market start to lag.Passive investors, together with retail traders, often shoulder the blame for exacerbating selloffs and mindlessly inflating bubbles in stocks and other assets. But for Takada, they’ve recently become less of a fickle wind than a stabilizing force.Since last year, panic selling by other investors “has regularly been countered by U.S. individual investors softening the risk-off blow by pouring money into index-based ETFs upon noticing the dip,” the strategist wrote.(Updates with latest Friday trading. An earlier version corrected the equity ETF inflows in the third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Once again, the U.S. stock market suffered a major dip. And once again, buyers arrived on the scene right on time to stop the bleeding.Was that the right call this week, given the shocker of an inflation report that roiled markets on Wednesday? While only time will tell for sure, a chorus of analysts and strategists are defending their bullish positions and recommending clients take advantage of cheaper prices to buy stocks -- especially in the battered technology industry.The rationale for many echoes the Federal Reserve’s take on hot inflation reports in 2021: Price pressures will be temporary as the economy works its way back to normal following the pandemic. Victoria Fernandez, chief market strategist at Crossmark Global Investments, said the consumer-prices report did little to alter her belief that above-normal inflation will be fleeting and the fundamentals in technology stocks remain attractive.“The question is, 12 months from now are we going to see a big jump in consumer prices? And I think most people will say probably not,” she said. “When you’ve had a pullback like this for some of these big tech names, to me that is an opportunity to go in and add to them.”Inflation concerns reached a climax on Wednesday when the government reported the consumer price index jumped 4.2% year-over-year in April, the fastest rise since 2008 and well above most economists’ estimates. That can’t be written off entirely to fuel prices and base effects from suppressed prices last year. Core CPI, excluding food and energy prices, rose 0.9% from the prior month, the biggest such increase since 1982.The initial reaction was brutal: By the end of Wednesday, the S&P 500 was down as much as 4% from its last record on May 7, poised for its worst week since October. It recouped more than half the losses on Thursday and Friday to close 1.4% lower on the week, still its worst drop in almost three months. The Nasdaq 100 Index plunged 2.6% on Wednesday, extending its retreat from an April record to 7.4%, then rebounded 3% in the last two days of the week. “That just shows there is a lot of cash on the sidelines and this weakness in the market is being met with a lot of demand,” said Matt Miskin, co-chief investment strategist at John Hancock Investment Management.Treasury yields, closely watched by equity investors for signs that inflation will lead to higher borrowing costs, marched upward. The 10-year yield ended the week up five basis points at 1.63%One interesting dynamic at play: Dip buyers in tech stocks appear to be mainly day traders and other individuals, rather than hedge funds and other professional investors. Retail traders bought a daily average of $300 million in tech stocks and related exchange-traded funds, according to data from Vanda Research.Meanwhile, JPMorgan Chase & Co.’s hedge-fund clients boosted bearish wagers against growth stocks while adding money to value sectors like banks. Semiconductor stocks in particular saw cooling interest amid production constraints, with net exposure falling to the lowest level since at least the start of 2020, according to JPMorgan’s prime broker data. Software was the focus of many dip-buying calls this week. Some of the group’s formerly hot stocks like Coupa Software Inc. and Alteryx Inc. have tumbled more than 30% from highs notched earlier this year.That’s creating great opportunities for investors to buy the highest-quality software-as-a-service and cloud-computing stocks that are poised to rebound, according to Evercore ISI analyst Kirk Materne.“Each time we have seen a big valuation-induced software sell down, the returns over the next six, 12 and 24 months trounce the S&P 500,” he wrote in a note this week. “While we expect the sector to remain choppy near-term, we believe that picking away at leading SaaS/Cloud franchises makes sense for those investors taking a 3-6 months view.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Stock sales are reaping a windfall for the world’s richest shareholders.Corporate insiders including Amazon.com’s Jeff Bezos and Google co-founder Sergey Brin have ramped up stock sales recently, cashing in on a 14-month long bull market that’s helped boost fortunes to the tune of trillions.U.S. public company insiders offloaded shares worth $24.4 billion this year through the first week of May, with about half sold through trading plans, according to data compiled by Bloomberg. That’s almost as much as the $30 billion total they disposed of in the second half of 2020.Large shareholders frequently sell stock in planned intervals, often through pre-arranged trading programs. Yet the prolonged rally in equities markets has made the value of these disposals, whether planned or opportunistic, strikingly high.There are multiple reasons an investor of any size might be motivated to sell. After the pandemic-defying rally, valuations are increasingly under pressure from rising inflation. Investors are wary the post-Covid recovery could prompt tightening measures from the Federal Reserve. And President Joe Biden’s proposed tax hikes -- including a near doubling of the capital gains rate -- have created uncertainty.Bezos, EllisonWhatever the reason, the sales are flooding the market with yet more liquidity, the consequences of which will ripple through philanthropy, the art market, real estate and other niches.Bezos has sold $6.7 billion worth of Amazon shares this year. While a relative pittance for the world’s richest person, it’s more than two-thirds the value of shares he sold in 2020. Larry Ellison unloaded 7 million Oracle shares in the past week for total proceeds of $552.3 million. Charles Schwab has sold $192 million worth of shares of his eponymous brokerage this year.Brin, who has signaled that he intends to sell as many as 250,000 Alphabet Inc. shares, has disposed of $163 million worth of stock in recent days, his first sales in more than four years, filings show.Mark Zuckerberg and his charitable foundation, the Chan Zuckerberg Initiative, meanwhile, accelerated their sales of Facebook stock in the fall. Zuckerberg or his charity has divested shares at a near-daily clip since November, for a cumulative total exceeding $1.87 billion.The surging markets have exacerbated the concentration risk of the single-stock-dominated fortunes typical of many tech billionaires, said Thorne Perkin, president of Papamarkou Wellner Asset Management.“From a portfolio-management perspective, it makes sense to spread it around,” he said.Covid EconomyAlso among the biggest sellers are some noteworthy beneficiaries of the Covid economy. Zoom Video Communications founder Eric Yuan and used-car retailer Carvana Co.’s Ernest Garcia II have together received more than $1.75 billion from stock sales since March 2020, according to the Bloomberg Billionaires Index. George Kurtz, chief executive officer of cybersecurity firm CrowdStrike, has sold shares worth at least $250 million over that period.Zoom founder Yuan -- the poster child, in many ways, for the coronavirus economy -- has stepped up his sales this year as the firm’s share price slumped. In 2020, he typically offloaded about 140,000 shares a month through a trading plan, which generated more than $350 million over the course of the year.Since March, he’s sold almost 200,000 shares a month on average, yielding him about $185 million. He also donated more than a third of his stake in the San Jose-based company as part of “typical estate planning practices,” according to a spokesman. Some of the cash from his share sales fund donations to unspecified “humanitarian causes.”(Updates with Charles Schwab’s sales in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The S&P 500 fell initially during the Globex session on Thursday but has turned around to show stability at the 50 day EMA.
With the company halfway through Q2, analysts want to know what monthly active users looked like for April and May.