🍋 SEC's Twitter Trolling

How a hijacked Tweet about a Bitcoin ETF wiped out $50M of $BTC trading positions, plus one hedge fund loves Hinge.

Author

Short Squeez
January 10, 2024

“I think if you see the world accurately, it’s bound to be humorous, because it’s ridiculous.” — Charlie Munger

Good Morning! BlackRock is axing 600 employees (3% of its global workforce), citing 'industry changes.' Activist hedge fund Elliott made a $1 billion bet on Match Group, the owner of Tinder and Hinge. Plus free lunch survey results (1,300+ responses), why private equity might be gearing up for a rocky ride in 2024, the myth of 'work-life balance,' and the top 24 travel destinations for 2024.

Our 2024 Media Kit has been released. Fill out this form if you’d like to partner with Short Squeez to get in front of 600k+ finance professionals.

SQUEEZ OF THE DAY

SEC's Twitter Trolling

The SEC is gearing up to decide on whether to allow Bitcoin ETFs this week. And there’s already been some drama on social media.

Yesterday, the agency fired off a Tweet announcing approval for all Bitcoin ETFs. The tweet even came with a graphic and statement from SEC Chair Gary Gensler.

And, on the news, Bitcoin shot up to $48,000.

But a little before 5pm EST yesterday - the SEC was in damage control. They said their account was compromised and that it didn’t come from a staff member.

Bitcoin plummeted 6% on the news, wiping out over $50 million of leveraged derivatives trading positions within an hour. It’s not the first time a fake tweet has sent an asset price plummeting - a fake “free insulin” tweet wiped $15 billion off Eli Lilly’s market cap in November 2022.

Takeaway: All signs were pointing to Bitcoin getting approved. So the SEC is definitely in a tricky spot. And with the SEC trying to protect its credibility, some experts worry that they might try and drag this decision out. Meanwhile the SEC might have to investigate itself for market manipulation (lmao).

SHORT SQUEEZ 2024 MEDIA KIT

Partner with Short Squeez to Reach 600k Finance Professionals

Every day, Short Squeez brings you the most important finance news, themes and insider information.

Partner with Short Squeez, Overheard on Wall Street, and Buysiders to tap into a network of ~600,000 professionals, from private equity and investment banking professionals to founders and C-Suite executives at Fortune 500 companies.

Our 2024 Media Kit has been released. Here are a quick few highlights:

  • An average income of $237k among our readers.

  • 79% aged between 18-44.

  • 47% are leaders within their organizations.

  • 30% hold Masters or PhD degrees.

  • 41% are seasoned investment professionals.

  • 14 million impressions per month across all our platforms.

HEADLINES

Top Reads

  • BlackRock cut 3% of its global workforce (YF)

  • Global economy set for its worst half decade of growth in 30 years (CNBC)

  • Activist investor Elliott builds $1 billions take in Tinder, Hinge owner Match Group (Reuters)

  • Pimco predicts equity-like returns from bonds after rally (YF)

  • Earnings season will be critical for stocks after rough start to 2024 (YF)

  • Meta will stop treating teens like adults (CNN)

  • Jefferies profit plunges on deal making lull (Reuters)

  • Private equity bracing for tough 2024 as interest rates stay high (BB)

  • The end of the Fed’s crisis-era stimulus is near (Axios)

CAPITAL PULSE

Markets Rundown

Stocks closed lower as tech stocks post losses.

Movers & Shakers

  • (+) Match Group ($MTCH) +3% because activist investor Elliott announced a $1 billion stake.

  • (–) Unity Software ($U) -8% because the gaming technology company will cut 25% of its workforce.

  • (–) JetBlue ($JBLU) -10% after a downgrade by Bank of America.

Private Dealmaking

  • Hewlett Packard close to a $13 billion acquisition of Juniper 

  • Johnson & Johnson bought Ambrx, a cancer drug maker, for $2 billion 

  • Second Dinner, a game studio, raised $100 million 

  • Anecdotes, an enterprise GRC startup, raised $55 million 

  • Conta Simples, an expense management startup, raised $41.5 million

  • Vortexa, a freight software company, raised $34 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Rich AF

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HEARD AROUND THE STREET

Wall Street Corner

Free Lunch Survey Results

We got over 1,300 responses - and about 36% of y’all say you do get a free lunch at the office. The luckiest bunch? Buyside firms - some of you are getting a free lunch every day, while others are only getting it catered Tues-Thurs - or even just once a week.

You can find some of the best answers below. And feel free to view live results on our website here.

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DAILY ACUMEN

Anger

In the midst of life's chaos, managing anger is a crucial skill. The common query is, "What to do when things spiral out of control?" Yet, the real focus should be on prevention. Anger, inherently escalating, thrives on blame—think of it as the fuel for the fire. Eliminating blame is like turning off the gas, essential to prevent anger from tipping into emotional abuse.

A proactive approach involves replacing blame with a commitment to improvement. Instead of asking, "Who's at fault?" inquire, "How can I make this a little better?" Small changes accumulate into significant improvements.

Moreover, tapping into the instinct to protect loved ones is a potent tool against blame and anger escalation. Recognize that every harsh word directed at those we care about also erodes our own self-worth.

As you navigate your day, keep in mind the power of prevention. Foster self-awareness, self-compassion, and a dedication to improvement. The key to mastering anger lies not in its control but in its prevention.

ENLIGHTENMENT

Short Squeez Picks

MEME-A-PALOOZA

Memes of the Day

 

 

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