Elon at it again

Elon Musk set to sell $20B+ stake in Tesla decided by a twitter poll; Infrastructure bill passed; and more

By Litquidity Capital Nov 8, 2021

Together with

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Good morning,

Elon Musk continues to do Elon things. His followers voted to have him sell 10% of his stake in Tesla and he epically trolled Senator Ron Wyden, NYU marketing professor Scott Galloway, and others on twitter. 

If you missed it on Friday, re-circulating the results of our Buy Side compensation survey. Now get out there and negotiate your all-in comp and tell em Litquidity sent you.  

Special shout to today's sponsor, Capital Allocators. Ted Seides has a great podcast worth checking out. 

Let's dive in.

Before The Bell

As of 11/5/21

Markets

  • A promising October jobs report pushed stocks to rally and close last week at ATHs, with the S&P notching its seventh straight positive day
  • Nonfarm payrolls crushed consensus estimates with the economy adding 531K jobs (compared to the 450K economists had expected)
  • Both the better-than-expected jobs report and Pfizer’s Covid pill announcement pushed reopening stocks higher
  • Investors will continue to digest this news and last week’s Fed announcement on tapering
  • PPI and CPI inflation readings will be released on Tuesday and Wednesday, respectively

Earnings

What we’re watching this week:

  • Mon: PayPal, AMC
  • Tues: Palantir, Coinbase
  • Weds: Affirm, Beyond Meat, Disney
  • Fri: AstraZeneca
  • Full calendar here

Headline Roundup

  • Pfizer says its Covid pill cuts risk of hospitalization or death by 89% (CNBC)
  • House passes $1T bipartisan infrastructure bill, sends to Biden for signature (CNBC)
  • Musk pledges to sell 10% of his Tesla stock if Twitter voters agree (and they did) (WSJ)
  • Federal appeals court temporarily blocks Biden admin vaccine rules for private employers (WSJ)
  • NYC Mayor-elect Adams says crypto should be taught in schools (BBG)
  • Stonepeak Partners is in talks to raise debut real estate fund (BBG)
  • Rise of the robots speeds up in pandemic with US labor scarce (BBG)
  • Crushed by pandemic workloads, Wall Street’s youngest want more money and better conditions. But mostly more money (NYM)

A Message From Capital Allocators

What do Chamaththe MoochA-Rod, and the CIO of CalSTRS all have in common?

All guests on the Capital Allocators podcast – a critically acclaimed podcast for institutional investors. Host Ted Seides interviews a who’s who of asset owners, money managers, and thought leaders in the space. It’s an MBA-lecture series in podcast format (no student loans required). 

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Deal Flow

M&A

  • Sydney Aviation Alliance (SAA), comprised of Australian infrastructure investors and US-based Global Infrastructure Partners, is set to acquire Sydney Airport after it agreed to accept the ~$17.5B takeover bid (RT)
  • Advent International and Permira are in talks to take cybersecurity software maker McAfee private in a potential $10B+ deal (BBG)
  • French conglomerate Bouygues agreed to buy energy giant Engie’s services unit Equans for $8.2B (BBG)
  • Brookfield Asset Management is in talks to buy a 19.9% stake in utility company FirstEnergy’s transmission businesses for $2.4B (BBG)
  • Carlyle offered to buy Australian data services company Link for ~$2.1B (BBG)
  • British asset manager Abrdn is in advanced talks to buy online investment service Interactive Investor for ~$2B (RT)
  • Stanmore Resources is set to acquire a controlling interest in two coal mines owned by BHP, the world’s biggest miner by market cap, for up to $1.35B (WSJ)
  • Polish e-commerce platform Allegro agreed to buy Czech peer Mall Group and logistics company WE|DO for $1B (BBG)
  • Autolus Therapeutics, a biotech company developing a new therapy to treat a serious form of leukemia, is set to raise as much as $250M from Blackstone to fund the final stages of development; the company had a market cap of $404M as of Friday's close (WSJ)
  • Lions Gate Entertainment is considering a spinoff of its media networks business that includes the Starz channel (BBG)
  • Chinese state firm Bauhinia Culture is in talks to offer to buy Hong Kong’s South China Morning Post (BBG)
  • Luxury clothing department store Selfridges & Co. is in talks with potential investors about splitting off its e-commerce business while also considering a potential sale of the department store group (BBG)

Venture Capital

  • Shared electric micromobility startup Lime raised $523M in convertible debt and term loan (TC
  • Chinese beverage maker Genki Forest is nearing a deal to raise $500M at a $15B valuation in a round including Temasek and Warburg Pincus (BBG)
  • Clean energy startup Helion raised a $500M Series E led by Sam Altman, the CEO of OpenAI and former president of Y Combinator; the round also includes an additional $1.7B of commitments tied to “specific milestones” (TC)
  • Autonomous driving solution provider Momenta raised a $500M Series C extension from China’s state-owned SAIC Motor, GM, Toyota, Mercedes, Bosch, and more (TC)
  • H2O.ai, a startup building an open-source framework for businesses to build AI services, raised a $100M Series E at a $1.7B valuation led by Commonwealth Bank of Australia (TC)
  • BrightChamps, an Indian edtech startup, emerged from stealth and raised $51M at a ~$500M valuation led by Premji Invest (TC)
  • Meat substitute startup AKUA raised a $3.2M seed round led by Vibrant Ventures (TC)
  • DTC beauty platform Thirteen Lune raised a $3M seed round led by Fearless Fund (TC)

IPO / Direct Listings / Issuances / Block Trades

  • Software provider HashiCorp is looking to raise ~$100M at a $10B+ valuation in a US IPO (BBG)
  • Russian real estate platform Cian.ru raised $291M in NY IPO debut (BBG)
  • Abu Dhabi National Oil Co. and Borealis are weighing an IPO of their plastics JV Borouge (BBG)

SPAC

  • FiscalNote Holdings, a DC-based provider of services used to track government policy and owner of political publication CQ Roll Call, is in talks to merge with Duddell Street Acquisition Corp. in a ~$1.3B deal (WSJ)

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  • We've got 15% off site-wide at the Litquidity merch store from now through Sunday. Just use code "thx15" at checkout. 

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If you're looking to hire candidates and want to post a job, all you have to do is hit "+ Post a Job" on the top right of the job board.

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