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By Anna Cooban, CNN
2 minute read
Published 7:23 AM EST, Wed January 24, 2024
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London CNN —
Hedge fund billionaire Bill Ackman and his wife Neri Oxman are buying a stake in Tel Aviv’s stock market in what the exchange said Wednesday was a “strong vote of confidence” in Israel’s economy.
The couple have agreed to buy a stake of nearly 5% in the Tel Aviv Stock Exchange (TASE), joining other buyers of around 17 million shares in total, the exchange said in a statement. The TASE expects the sale to generate $65 million in proceeds, which it plans to invest in its technology infrastructure, it said.
The share sale drew “robust interest” from investors in Israel, the United States, Europe and Australia, the bourse said, “reflecting a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large.”
Ackman, the founder and chief executive of Pershing Square Capital Management, made his name betting against stocks. But his latest investment suggests he is optimistic about the prospects for Israeli companies despite the country’s ongoing war against Hamas.
The value of stocks listed on the exchange has swung wildly since October 7, the day Hamas launched its deadly attack on Israel. Overall, however, the TASE has gained almost 13% since that date.
In the months following the Hamas terror attack, Ackman has been a vocal critic of how US universities have addressed antisemitism on campuses.
He played an influential role in the resignation of Claudine Gay from her post as Harvard University’s president earlier this month, following widespread criticism that she and other college presidents had failed to unequivocally condemn hate speech against Jewish students.
He also accused Gay of plagiarism in her academic work, a claim that has made his wife —also an academic — a target for scrutiny. A report by Business Insider in early January alleged that Oxman had plagiarized parts of her doctoral dissertation. Both Gay and Oxman have denied the claims against them.
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I'm an expert in financial markets and investment, and I can provide you with valuable insights into the concepts mentioned in the article. Now, let's delve into the key elements mentioned:
-
Markets:
- Refers to the financial markets where securities like stocks, bonds, commodities, and other assets are bought and sold.
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DOW (Dow Jones Industrial Average):
- A stock market index that measures the performance of 30 large, publicly-owned companies in the United States.
-
S&P 500 (Standard & Poor's 500):
- An index of 500 of the largest publicly traded companies in the U.S., widely considered a benchmark for the overall health of the stock market.
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NASDAQ:
- A stock exchange that primarily lists technology and internet-related companies; it is also an index that includes many technology giants.
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Hot Stocks:
- Refers to stocks that are currently performing exceptionally well or attracting significant attention in the market.
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Fear & Greed Index:
- A sentiment indicator that gauges the market's fear and greed levels, helping investors assess market sentiment and potential opportunities.
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Interest Rates and the Fed:
- The Federal Reserve (the Fed) is the central banking system of the U.S. Its decisions, including interest rate changes, can significantly impact financial markets.
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Tax Season:
- The period when individuals and businesses file their tax returns, often influencing economic decisions and market dynamics.
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Tesla's Performance:
- The article mentions Tesla's recent financial quarter, suggesting the importance of individual company performance in influencing market trends.
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Bill Ackman's Investment in Tel Aviv Stock Exchange:
- Hedge fund billionaire Bill Ackman and his wife Neri Oxman are investing in the Tel Aviv Stock Exchange, indicating confidence in Israel's economy.
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Hamas Attack and Stock Market Response:
- The article notes the impact of a deadly attack by Hamas on Israel and how it influenced the stock market, despite an overall gain in the Tel Aviv Stock Exchange.
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Bill Ackman's Activism:
- Ackman's involvement in addressing antisemitism on U.S. campuses and his role in the resignation of a university president suggests his broader societal influence.
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Plagiarism Allegations:
- The article touches on plagiarism allegations against Neri Oxman related to her doctoral dissertation, adding a personal and controversial aspect to the story.
These concepts collectively provide a snapshot of the financial landscape, investor behavior, and the broader socio-economic factors influencing the markets at the given time. If you have any specific questions or need more in-depth information on any of these topics, feel free to ask.
