Billionaires these days . . . . We’re away for a week, and Elon goes and blows everything to hell. After announcing that, actually, he would not be buying Twitter for the $44 billion he promised back in April, Musk presided on Monday over the aftermath: a potential billion-dollar break-up fee, likely litigation in Delaware, trolling Twitter leadership on its own site, and the social media company’s stock down some 30% since the original sale was announced - NYTimes and WSJ and Bloomberg and MarketWatch and Law360
In the surest sign to date that the SPAC craze of the past few years is over, Bill Ackman’s mega-blank check company—Pershing Square Tontine Holdings—is calling it quits and returning all $4 billion of its funds to investors. Ackman said that the fund was “unable to consummate a transaction that both meets our investment criteria and is executable” - NYTimes and Bloomberg and MarketWatch
As it grapples with the fallout from Phil Mickelson’s new heel turn and the shady Saudi involvement, the LIV Golf series is presumably pleased to see some heat directed elsewhere for a change—in this case, in the form of a DOJ investigation of the PGA Tour “for anticompetitive behavior in its dealings” with the “breakaway” golf upstart helmed by Greg Norman - NYTimes and WSJ
You know the story. Another month, another blazing-hot inflation update. Queue market stumbles, a Fed hike, and general malaise (even as fuel prices finally sink). Rince, wash, repeat - Bloomberg
The Organization for Economic Cooperation and Development, which is “overseeing . . . global negotiations” behind the “most ambitious tax overhaul in a century,” announced this week that “proposed rules for how the world’s largest companies would be taxed would not be unveiled until the middle of next year.” The delay is likely to “push enactment of the agreement . . . to at least 2024” - NYTimes and WSJ
Gap Inc. CEO Sonia Syngal is leaving after roughly 2 years on the job. Company executive chair Bob Martin will serve as interim CEO until the retailer finds a permanent replacement - WSJ and Bloomberg and MarketWatch
Checking in on the Chinese economy, where the nation’s zero-Covid approach to the ongoing pandemic is hurting its once-storied growth and testing the patience of everyday workers - NYTimes
Google has countersued Match Group Inc., “accusing the dating-app service of bad faith dealings and breach of contract in provoking a legal battle over Google Play policies.” The move follows Match’s May lawsuit against Google that accused the tech giant of “having monopolistic billing policies” in its app store - Bloomberg
The Spirit/Frontier/JetBlue saga drags on, with Frontier now asking Sprit leadership to “delay its shareholder vote once again to allow Frontier more time to persuade skeptical Sprit investors” - WSJ
Quite the weekend read here on the “last days of suburban office parks”—arguably the most lasting casualty of the new WFH era - NYTimes
Stay safe,
MDR
The Robins Kaplan Financial Daily Dose features top stories and latest news headlines in financial markets, banking, securities and technology topics.
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