EXXON: Agrees to buy Pioneer

The oil behemoth, Exxon Mobil, announced its agreement to acquire Pioneer Natural Resources through an all-stock transaction valued close to $60 billion. This acquisition marks Exxon's most significant since its $81 billion merger with Mobil in 1998. This monumental deal will enhance Exxon's dominance in U.S. fossil fuel extraction, especially since Pioneer has extensive operations in the Permian Basin, a vast oilfield primarily in western Texas. Notably, Pioneer stands as the top producer in the Permian region.

Exxon announced that, following the deal's completion, its production capacity in the Permian Basin is expected to surge, reaching 1.3 million barrels of oil equivalent daily, which is over twice its current volume.

“The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” Exxon Mobil CEO Darren Woods went on to say.

GRIT TAKE:  At a valuation of $253 per share, this agreement merges the premier U.S. oil corporation with one of the standout companies that rose from the shale revolution...

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BIRKENSTOCK: Sets IPO price

The renowned German shoe brand, Birkenstock, set its IPO price at $46 a share on Tuesday, resulting in an approximate valuation of $8.64 billion. This pricing is slightly below the brand's previously announced range of $44 to $49 per share. Consequently, its market capitalization surpasses that of Crocs and aligns with the Swiss shoe brand, On Running. Initially, Birkenstock was aiming for a valuation close to $9.2 billion.

The company planned to release around 10.75 million standard shares during this IPO, potentially generating about $495 million as it starts trading on the New York Stock Exchange under the symbol “BIRK.” When considering the 21.51 million shares that current shareholders intend to sell, the total proceeds from the offering could approach $1.48 billion.

The company planned to release around 10.75 million standard shares during this IPO, potentially generating about $495 million as it starts trading on the New York Stock Exchange under the symbol “BIRK.”

When considering the 21.51 million shares that current shareholders intend to sell, the total proceeds from the offering could approach $1.48 billion.

Caroline Ellison: Takes stand against SBF

Caroline Ellison stated in her testimony that Sam Bankman-Fried, the co-founder of FTX, instructed her to misappropriate funds from FTX's clientele and utilize those funds to settle debts with companies that had extended loans to Alameda Research, the cryptocurrency trading company under Ellison's leadership.

Ellison, who had previously been in a relationship with Bankman-Fried and shared a residence with him, stated that Alameda misappropriated approximately $10 billion from clients who had deposited their funds into the FTX exchange for crypto trading. She mentioned that it was Bankman-Fried who established the mechanism allowing her to transfer those funds.

Headlines You Need To Know: 🎙

• Higher bond yields likely to extend fed-rate pause

• Bank of America’s wrong-way rate

• Amazon prime day deals are here.

• Largest US banks grapple with worst write-offs

• Adjustable rate mortgage demand spiked last week

• Fears of humanitarian crisis mount  

• Profits are making a comeback

• Republicans are deadlocked heading into Speaker’s race

One of The Greatest Trades Ever  

This investor made $100 million in one day on one stock trade and almost broke the stock market. You might know Paul Tudor Jones as the legendary philanthropist, advisor to multiple presidents, or as a guest on financial tv. However, Paul Tudor Jones is one of the greatest investors to ever live. In fact, he has built a billion dollar net-worth from just trading stocks. In 1987, the stock market was in a 5 year bull-market. However, on a day known as Black Monday, the stock market crashed 22% in just one day. This crash happened because stock traders were worried about “Anti-Takeover legislation” and fear of the U.S. Dollar losing its status as the world reserve currency.

On top of this, computerized trading led to the massive panic due to pre-set sell orders. Paul Tudor Jones knew that the stock market was incredibly overvalued and he compared the stock market charts to the 1929 crash. This is when he took out a massive short position. While the stock market lost $1.7 trillion in value, Paul Tudor Jones profited $100 million on this same day.

Chart of the Day

📊 US National Defense Spending

Spending as a % of GDP

The author, publisher or insiders of the publisher may currently have long or short positions in the securities of the companies mentioned herein, or may have such a position in the future (and therefore may profit from fluctuations in the trading price of the securities). To the extent such persons do have such positions, there is no guarantee that such persons will maintain such positions.