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Matt Levine

Matt Levine

Bloomberg

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Jane Street Wants Its Secrets Back

One sort of thing you could do, if you work at an investing firm, is say “I like Microsoft Corp., I think this artificial intelligence thing is big,...

previous day 3

Bloomberg

Matt Levine

Elon Wants His Money Back

Tesla Inc. is an electric car company, but arguably its most important mission is generating cash for Elon Musk. This is not just me saying that. In...

wednesday 8

Bloomberg

Matt Levine

Trump Media Has More Stock Coming

Trump Media & Technology Group announced some product news today, which I for one was not expecting. It has previously said that it had “begun...

16.04.2024 4

Bloomberg

Matt Levine

Silence Is Not Securities Fraud

“Everything is securities fraud,” I like to say around here, meaning: Occasionally I add a technical clarification: Simply not mentioning a bad...

15.04.2024 2

Bloomberg

Matt Levine

Tech Employees Want to Diversify

Programming note! We are trying something new around here. It’s a podcast. There’s going to be a Money Stuff podcast, in which I’ll discuss...

11.04.2024 6

Bloomberg

Matt Levine

Super Users Had Inflation Questions

One thing that I think about from time to time is that the notion of “material nonpublic information” is outdated and incoherent. In the olden...

10.04.2024 9

Bloomberg

Matt Levine

A Meme Stock for Private Companies

We talked yesterday about the Destiny Tech100 fund, but I worry that I did not sufficiently emphasize how wild it is. Here is what it is: This is an...

09.04.2024 10

Bloomberg

Matt Levine

Public Markets Are the New Private Markets

A not uncommon situation is: You are an employee of a hot tech startup, you own stock in your startup, but you can’t sell it. One reason that you...

08.04.2024 5

Bloomberg

Matt Levine

Peltz’s Disney Loss Worked Out Fine

If you are an activist hedge fund, I guess you have two motivations: You want to make money, and you want to win proxy fights. But you can make money...

04.04.2024 3

Bloomberg

Matt Levine

Trump Media’s Founders Are Fighting

Probably Donald Trump should have just issued a crypto token, called it “DJT,” gone around saying “this is the crypto token of me, Donald...

03.04.2024 7

Bloomberg

Matt Levine

A Hedge Fund That’s Also a Newspaper

We talked in November about Hunterbrook, a hedge fund that is also a newspaper. These are mostly tough economic times for the news industry, and...

02.04.2024 6

Bloomberg

Matt Levine

Trump Media’s Business Doesn’t Matter

What if fundamental analysis of stock prices was a temporary phenomenon? I have previously written my half-joking history of stock markets in three...

01.04.2024 5

Bloomberg

Matt Levine

Pump and Dumps Are Legal Now

Programming note: Money Stuff will be off tomorrow and next week, back in April. The simplest form of fraud is that you lie to someone and they give...

21.03.2024 3

Bloomberg

Matt Levine

Bitcoin Had a Flash Crash

The US has about a dozen stock exchanges. Each stock trades on each stock exchange. Every so often the price of a stock on one exchange will be...

20.03.2024 5

Bloomberg

Matt Levine

Banks Can Get Emissions Off the Books

Ahh this is clever:That is from Bloomberg’s Natasha White this week. The idea in credit risk transfer is:

19.03.2024 9

Bloomberg

Matt Levine

Slorg is Sorry He Burnt Slerf

Here are some statistics from Bloomberg’s Olga Kharif: Well. Sure. Look, I myself have spent at least 11 hours online learning about crypto, and I...

18.03.2024 3

Bloomberg

Matt Levine

Apollo Partner Did the OK Kind of Fraud

Mohamed Ali Rashid used to be a partner at Apollo Global Management Inc., the big private equity firm. As part of his job, he would fly around to...

14.03.2024 2

Bloomberg

Matt Levine

To Buy a Bank, You Have to Be a Bank

The cheapest way to get into the banking business might be to buy a failed bank. When the US Federal Deposit Insurance Corp. takes over a failed bank,...

13.03.2024 2

Bloomberg

Matt Levine

ADM Gave Itself Some Discounts

A dollar of income is worth more in some businesses than in others. Some businesses are attractive and fast-growing, and investors will pay a large...

13.03.2024 30

Bloomberg

Matt Levine

Cash Advance Looks a Lot Like a Loan

New York usury law makes it illegal to charge very high interest rates on loans. If you charge more than 16% on a loan in New York, the borrower might...

12.03.2024 4

Bloomberg

Matt Levine

Exxon Barges in on Hess Deal

I worry that perhaps nobody knows how mergers work. Not in like a “let me tell you” sense, but in an “everything is fundamentally unknowable”...

07.03.2024 3

Bloomberg

Matt Levine

Twitter’s Executives Want Their Money

The theory of executive severance goes something like this. The chief executive officer of a public company wants to run the company. Running the...

05.03.2024 1

Bloomberg

Matt Levine

Trading Desks Trade Less, Lend More

What does the trading business of a big bank do? One crude model might be: In the olden days, perhaps 20 years ago, the trading division did trading....

04.03.2024 3

Bloomberg

Matt Levine

OpenAI Isn’t Open Enough for Elon

I wrote yesterday about reports that the US Securities and Exchange Commission might be looking into whether OpenAI or its founder and chief executive...

02.03.2024 10

Bloomberg

Matt Levine

The Board of Directors Is in Charge

The basic rule is that the board of directors of a company is in charge of the company, and when they are faced with a decision, the directors are...

29.02.2024 5

Bloomberg

Matt Levine

Trading Stock Takes Time

Say you are a big mutual fund and you own 1,000 shares of Stock X and you want to sell. You meet a pension fund that wants to buy 1,000 shares of...

28.02.2024 5

Bloomberg

Matt Levine

Ketchup Caddy Sold Some Fake Electricity

Demand response is the business of getting paid for not using electricity. You might think that would sometimes lead to fraud, and oh does it. Here is...

28.02.2024 20

Bloomberg

Matt Levine

Reddit’s IPO Is for Redditors

I guess there are three ways to look at this: One is the sort of philosophical view. Reddit Inc., more so even than most social media companies, is a...

21.02.2024 4

Bloomberg

Matt Levine

What If Tesla Can’t Leave?

Oh man, I want to tell you about the funniest Money Stuff item of, like, summer 2024. Here’s what it will be: It cannot really be the case that a...

12.02.2024 3

Bloomberg

Matt Levine

Adam Neumann Wants We Back

Man he is really going to do the funniest trade in the whole history of financial markets: Here is the letter, from Dealbook. The short version of...

06.02.2024 4

Bloomberg

Matt Levine

Texas Tempts Tesla

I can tell you, if you want, the rules that apply to Elon Musk’s pay as chief executive officer of Tesla Inc. under Delaware corporate law. They are...

01.02.2024 3

Bloomberg

Matt Levine

Elon Musk Is Overpaid

I do see Elon Musk’s point. He runs, what, six companies? SpaceX, Neuralink, Twitter/X, the tunnel one, xAI, probably some I’m forgetting. And...

01.02.2024 10

Bloomberg

Matt Levine

HyperFund Had More to Lose Than to Gain

If I ran the crypto enforcement unit at the US Securities and Exchange Commission, and I were as crypto-skeptical as the actual SEC seems to be, I...

30.01.2024 3

Bloomberg

Matt Levine

Financial Engineering for Green Energy

The way that the US government encourages a lot of green energy projects is by giving them tax credits. If you build a power plant that runs on...

29.01.2024 6

Bloomberg

Matt Levine

Sure, Blame the Compliance Consultant

Programming note: Money Stuff will be off tomorrow, back on Monday. A weird financial anomaly is that, in 2017 and 2018, the bonds of American Media...

25.01.2024 4

Bloomberg

Matt Levine

Pastor Got His Crypto Scam Audited

Often, if you are marketing an investment, it helps to have your thing validated by some trusted third party. If you’ve got a company and you want...

24.01.2024 9

Bloomberg

Matt Levine

Sports Illustrated’s Strange Merger

The Arena Group Holdings Inc. is a small publicly traded media company that owns titles including TheStreet, Parade and Men’s Journal. Since 2019,...

23.01.2024 10

Bloomberg

Matt Levine

Shareholders Are People, Too

An important and surprising insight of modern finance is that shareholders are, at least indirectly, 1 people too. There is a standard view of...

22.01.2024 4

Bloomberg

Matt Levine

Coinbase Trades Beanie Babies

Programming note: Money Stuff will be off tomorrow, back on Monday.Let’s say you want to start an internet business, and you need money. Here are...

18.01.2024 2

Bloomberg

Matt Levine

Making ESG a Crime

Oh sure whatever:Pensions & Investments reports:

18.01.2024 3

Bloomberg

Matt Levine

Morgan Stanley Leaked Some Block Trades

Here’s a simple model of a block trade. There’s a public company, its stock trades on the exchange, its current price is $100. A big shareholder...

16.01.2024 4

Bloomberg

Matt Levine

Bitcoin ETFs Are Here for Real

Programming note: Money Stuff will be off tomorrow and Monday, back on Tuesday. Taking a step back here, there is something really cool about what...

12.01.2024 5

Bloomberg

Matt Levine

The SEC Got Trolled on Bitcoin ETFs

I kind of don’t understand the trade here?Look, I have no inside information, but most of the reporting I have read about spot Bitcoin ETFs has...

11.01.2024 100

Bloomberg

Matt Levine

Elon Musk Isn’t Getting Enough Sleep

We have talked a few times over the years about the mysterious Tesla Inc. lawyer whose court-mandated job is to review Elon Musk’s draft tweets...

09.01.2024 6

Bloomberg

Matt Levine

Put the Bitcoins in the Box

Programming note: Money Stuff will be off tomorrow, back on Monday. I began yesterday’s column by saying that I used to write a lot about crypto,...

04.01.2024 6

Bloomberg

Matt Levine

Coal Plants for Green Investors

I used to write a lot about crypto. 1 The reason I liked writing about crypto is that it seemed to be rediscovering all of regular finance from first...

04.01.2024 2

Bloomberg

Matt Levine

Fake Surgeries Are Securities Fraud

If you trick people into getting unnecessary surgeries to implant fake medical devices in their bodies, is that securities fraud? Obviously you know...

03.01.2024 3

Bloomberg

Matt Levine

Gas Contracts Are Just a Suggestion

Programming note for Elon Musk : Don’t read the next programming note, skip down, there’s a whole section about your tweets! Poop emojis and...

14.12.2023 2

Bloomberg

Matt Levine

Tax Trades for Harvard Donors

One model of a charitable endowment is that you are in the business of selling appreciated assets on behalf of your donors in order to maximize tax...

13.12.2023 6

Bloomberg

Matt Levine

How Much Do Buffett's Truck Stops Make?

One extremely crude but sometimes useful rule of thumb is that a business is worth about 10 times as much as it made this year. If you have a hardware...

12.12.2023 3

Bloomberg

Matt Levine

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