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Good Morning!
Happy Monday! Let’s have a great week:
👉 Roaring Kitty returns
👉 SoftBank earnings are here
👉Squarespace goes private
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GAMESTOP: Mania Returns
GameStop shares jumped over ~30% after "Roaring Kitty," aka Keith Gill, posted online for the first time in three years, reigniting the meme stock mania he sparked in 2021. Gill previously rallied an army of day traders on Reddit, driving up GameStop's stock and wreaking havoc on hedge fund Melvin Capital, which had bet against the retail traders.
Source: CNBC
The chaos also inspired brokerages like Robinhood to stop trading, which led to a class-action lawsuit that Robinhood managed to shake off last August. The frenzy also led to trading crackdowns, lawsuits, and Congressional grillings and inspired the Hollywood film "Dumb Money.”
🎯 GRIT TAKE: These recent gains have come …upgrade to VIP now to read the full GRIT Take!
EARNINGS: SoftBank
SoftBank's Vision Fund posted a profit of 724.3 billion Japanese yen ($4.6 billion) for the fiscal year ending. This marks its first positive year since 2021. The fund had a terrible year last year but turned it around. It was helped by profitable investments in companies like TikTok's owner ByteDance and DoorDash. Despite some losses in other companies, such as DiDi and WeWork, the successful IPO of chip designer Arm significantly boosted the fund's results.
Source: Barrons
SoftBank's leadership has signaled a shift towards more aggressive investment strategies, focusing on AI and reducing reliance on Alibaba. As a result, Arm now constitutes a much larger part of SoftBank's portfolio than it did three years ago.
SQUARESPACE: Goes Private
In a $6.9 billion all-cash deal by Permira, a private equity firm, Squarespace will go private. The buyout price is $44 per share, a 30% premium over the stock price before the announcement. Squarespace, led by CEO Anthony Casalena, is optimistic about the partnership with Permira.
Source: Fox Business
Major investors Accel and General Atlantic, who control 90% of voting shares, support the deal and will remain investors. This move reflects a wider trend of tech companies choosing private ownership after challenges in public markets, as seen with companies like Qualtrics and Toshiba going private in 2023.
Headlines You Need To Know: 🎙
Chart of the Day
📊 Tax Burden By State
Source: Visual Capitalist
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Source: @wallstmemes
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