Table of Contents

• Bill Ackman IPO

• Meta Earnings

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Economy & Finance

Bill Ackman IPO

Billionaire investor Bill Ackman has canceled the launch of his new fund, Pershing Square USA, just days before it was set to begin trading on the New York Stock Exchange. The decision came after Ackman downsized the IPO plans twice in one week, faced regulatory scrutiny, and lost at least one major pledged investor. On social media platform X, Ackman stated that his team reevaluated the fund's structure and decided to withdraw the IPO. He mentioned that the decision was made after coming up with a better transaction structure. Ackman had aimed to raise up to $25 billion in assets, but concerns over the fund's structure and market conditions led to its cancellation. Ackman and his team plan to revisit the idea with a revised transaction at a later date.

Technology

Meta Earnings

Meta's shares surged 6% after reporting second-quarter earnings that surpassed Wall Street's expectations. The company posted a 22% increase in revenue, reaching $39.07 billion, and a 73% rise in net income to $13.47 billion. Meta's earnings per share were $5.16, beating the expected $4.73. The strong performance is attributed to substantial cost-cutting measures and significant investments in artificial intelligence, which have improved recommendations and ad effectiveness. For the upcoming quarter, Meta forecasts revenue between $38.5 billion and $41 billion, exceeding analyst expectations. The company's capital expenditures for the year are projected to be between $37 billion and $40 billion, primarily due to increased AI infrastructure spending. Analysts view Meta as a leading AI player in the consumer internet space, with potential long-term revenue growth from new AI-driven products.

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