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News Highlights: Top Company News of the Day

August 07, 2020 at 05:16 am EDT

Tencent Stock Drops After Firm Is Targeted by Trump Executive Order

Shares of Tencent Holdings plunged as much as 10%, hours after President Trump signed an executive order that would bar U.S. entities from transacting with the Chinese internet giant.


 
Trump Executive Orders Target TikTok, WeChat Apps

President Trump issued a pair of executive orders imposing new limits on Chinese social-media apps TikTok and WeChat, escalating tensions with Beijing and effectively setting a 45-day deadline for an American company to purchase TikTok's U.S. operations.


 
AstraZeneca Strikes Deal to Produce Covid-19 Vaccine for China

AstraZeneca has agreed to have a Chinese drugmaker produce hundreds of millions of doses of its experimental Covid-19 vaccine for use in China if it is approved by regulators there, a deal that expands China's access to potential vaccine options.


 
Billionaire Daniel Loeb's Third Point Re to Merge With Sirius Group

Third Point Reinsurance, backed by U.S. hedge-fund manager Daniel Loeb, said it would merge with Sirius International Insurance Group, whose majority shareholder in China has been under financial pressure.


 
News Corp Posts Wider Loss as Coronavirus Pummels Advertising Revenue

News Corp posted a wider loss in its latest quarter as advertising revenue halved amid the coronavirus pandemic, more than offsetting profit growth at Wall Street Journal parent Dow Jones & Co. and at the company's video-subscription unit.


 
T-Mobile Overtakes AT&T to Become No. 2 Carrier

T-Mobile US said it vaulted ahead of rival AT&T Inc. in the race for wireless customers to become the country's second-largest cellphone carrier.


 
Uber Ridership Fails to Recover as Pandemic Drives Another Big Loss

Uber Technologies posted another big loss with little sign of recovery in its core ride-hailing business as the coronavirus pandemic drags on, though stay-at-home orders have fueled company's food-delivery business.


 
Fortnite Creator Epic Games Valued at $17.3 Billion After Latest Funding Round

Epic Games, the company behind the blockbuster videogame "Fortnite," has raised $1.78 billion in the latest round of investment, including a previously disclosed $250 million investment from Sony Corp.


 
Hedge Fund Leading Battle Over Neiman Marcus's MyTheresa Faces Inquiry

A prominent hedge-fund manager has been accused of using his influence at investment bank Jefferies to profit from buying shares in MyTheresa, a Neiman Marcus e-commerce spinoff.


 
NYSE Owner Agrees to Buy Mortgage-Software Firm Ellie Mae

Intercontinental Exchange, the owner of the New York Stock Exchange, said it would acquire mortgage-software firm Ellie Mae, a landmark bet by the exchange giant on the digitization of the U.S. mortgage industry.

Daniel Loeb

Daniel Seth Loeb (born December 18, 1961) is the founder and chief executive of Third Point LLC, a New York-based hedge fund with $12.9 billion in assets.

Biography
Loeb was raised in a Jewish family in the Los Angeles area, one of three children of Ronald and Clare Spark Loeb. His father was a partner at the Los Angeles law firm of Irell & Manella LLP and general counsel for Williams-Sonoma. His mother is a historian. Loeb’s great-aunt, Ruth Handler, created the Barbie doll and co-founded Mattel Inc.

According to Bloomberg Markets Magazine, Loeb grew up in Santa Monica Canyon in California, and attended Palisades Charter High School, commonly known as 'Pali High' in the Pacific Palisades neighborhood of Los Angeles. Later, he attended University of California at Berkeley for two years before subsequently graduating from Columbia University with a degree in Economics.

Prior to founding Third Point in 1995, Loeb worked at Citicorp and Warburg Pincus.

He is also a founding Master Player of the Portfolios with Purpose virtual stock trading contest.

Opinions

Loeb is well known in the financial world for writing public letters, in which he expresses disapproval of the performance and conduct of other financial executives. Supporters contend his letter writing is effective shareholder activism; critics counter that his letters are distracting for executives and uncomfortable for investors. Less than 10% of Third Point's total assets under management goes to shareholder activism.

Loeb has argued that the United States government is undergoing a 'crisis of leadership'; in his opinion, the administration of President Barack Obama is committed to 'redistribution rather than growth'.

In 2013, Loeb was a signatory to an amicus curiae brief submitted to the Supreme Court in support of same-sex marriage during the Hollingsworth v. Perry case.

Source @ Wikipedia

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Linked companies
Third Point LLC Third Point LLC Investment ManagersFinance Third Point LLC is a SEC-registered investment adviser and hedge fund manager headquartered in New York City. The firm was founded in 1995 by Daniel S. Loeb and is a subsidiary of Third Point LP. Third Point provides discretionary investment advisory services to a variety of domestic and offshore private investment vehicles, single private equity-style fund and a separately-managed institutional account.	Chief Executive Officer
Third Point Ventures LLC Third Point Ventures LLC Investment ManagersFinance Third Point Ventures LLC is a venture capital firm, a subsidiary of Third Point LLC founded in 1995 by Daniel Seth Loeb. The firm is headquartered in Menlo Park, California.	Chief Executive Officer

Linked companies