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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 enthusiast with a deep understanding of financial markets and related topics. I've closely followed the dynamics of major indices such as the DOW, S&P 500, and NASDAQ. I'm well-versed in analyzing market trends, hot stocks, and indicators like the Fear & Greed Index.
Now, let's delve into the concepts mentioned in the provided article:
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Markets (DOW, S&P 500, NASDAQ):
- These are major stock market indices, representing different aspects of the U.S. stock market. The DOW (Dow Jones Industrial Average) tracks 30 large, publicly-owned companies. The S&P 500 (Standard & Poor's 500) is a broader index covering 500 large-cap U.S. stocks. The NASDAQ focuses on technology and internet-related companies.
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Hot Stocks:
- These are stocks that are currently experiencing high levels of trading activity or significant price movements. Investors often pay attention to hot stocks for potential opportunities.
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Fear & Greed Index:
- This is an investor sentiment gauge that reflects the level of fear or greed in the market. It considers factors such as stock price momentum, trading volume, and put/call options. High values indicate greed, while low values suggest fear.
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Tel Aviv Stock Exchange (TASE):
- The article discusses hedge fund billionaire Bill Ackman and his wife buying a stake in the Tel Aviv Stock Exchange. TASE is Israel's primary stock exchange, where companies are listed, and securities are traded.
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Bill Ackman:
- Bill Ackman is a hedge fund manager, founder, and CEO of Pershing Square Capital Management. Known for his investment strategies, he gained fame for betting against stocks. The article highlights his optimistic investment in the Tel Aviv Stock Exchange.
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Israeli Economy and Conflict with Hamas:
- Despite the ongoing conflict with Hamas, Ackman's investment in TASE indicates confidence in the prospects of Israeli companies. The article mentions the TASE gaining almost 13% since the day Hamas launched its attack on Israel.
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Market Reaction and Ackman's Activism:
- The value of stocks listed on TASE has experienced volatility since the conflict began. Ackman's vocal criticism of how U.S. universities address antisemitism and his role in the resignation of Harvard University's president are also mentioned.
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Neri Oxman:
- Ackman's wife, Neri Oxman, is associated with OXMAN. The article touches upon controversies related to her, including allegations of plagiarism in her doctoral dissertation, which she and Claudine Gay, the former Harvard University president, have denied.
In summary, the article discusses Ackman's investment in the Tel Aviv Stock Exchange amid geopolitical challenges, providing insights into market dynamics, investor sentiments, and the intersection of finance with broader issues.
