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Sandro Rosell
FC Barcelona President
Thursday, July 20, 2017


What has been a nightmare for Bill Ackman's Pershing Square Capital Management has become a dream come true for short sellers.

The stock for Valeant Pharmaceuticals International peaked at over $262 per share back in August 2015. When Ackman began buying shares, he predicted the price could climb as high as $330. Those hopes were dashed in large part due to an accounting scandal, which in turn created a snowball effect. Ackman's efforts reassure investors, which included replacing many of the company's board of directors and top execs, only delayed the inevitable. Since then, shares have dropped by some 96%, down to $11 per share as of this writing.

By the time Pershing Square sold off its 8% stake in Valeant, the firm had taken a loss

Snap Inc., parent company of the popular Snapchat app, seemed poised to take the stock market by storm. Just one day after its $3.4 billion IPO at $17 per share, the company was listed on the New York Exchange where its stock price exceeded expectations, shooting up to $24. Add to that a cash infusion by NBC Universal to the tune of half a billion dollars, and the initial enthusiasm regarding this newest addition to the social media scene becomes understandable.

As was reported last week in

Billionaire investor Paul Singer is taking flack from Arconic (a manufacturer of metal parts for airplanes and automobiles) after accusing the company's top leadership of buying votes to secure their own position within the company.

Singer, who back in February called for the removal of Arconic CEO Klaus Kleinfeld, was incensed by the company's announcement this week of an agreement with investment firm Oak Hill Advisors, a quid pro quo where Arconic absolved the firm of certain existing debts

At a recent Economic Club of New York luncheon at the New York Stock Exchange, Airbnb CEO Brian Chesky indicated that his company could launch an IPO as soon as next year.

“We are halfway through the two-year process of getting ready to go public,” he said.

Despite an ongoing series of legal hurdles—in New York, for instance, the law generally prohibits the leasing of residential spaces for less than a month—Airbnb is valued at over $30 billion, and continues to grow by leaps and bounds. The

Shares of Snap Inc, parent company to Snapchat, surged an impressive 44% on its first day of trading after its IPO. Snap Inc, priced its initial public offering at $17 per share, slightly higher than the expected range of $14 to $16 per share. Trading then began at $24, reached a peak of $26.05, and closed at $24.48. The bulk of the first day’s profits were enjoyed by the large investors who got in early.

Snap offered 200 million Class A shares, which do not include voting rights. The company