WSJ : FTX, Sam Bankman-Fried Sit in the Crosshairs of U.S. Prosecutors

FTX, Sam Bankman-Fried Sit in the Crosshairs of U.S. Prosecutors
The crypto exchange’s collapse likely exposed the company and its founder to potential criminal liability

FTX’s offshore status and its willingness to keep American traders off its Bahamas-based exchange in large part shielded the company from strict U.S. laws that govern trading and how investments can be sold to the public.

But FTX’s implosion last week and reports that it used customer funds to back an affiliate’s risky venture investments have exposed the company and its founder to potential criminal liability, according to attorneys who specialize in white-collar criminal law.

The Manhattan U.S. attorney’s office is investigating FTX’s collapse, according to people familiar with the matter. One focus for prosecutors, at least initially, is likely to be examining reports that FTX lent customer funds to Alameda Research, a crypto-trading firm that traded on FTX and other exchanges. FTX founder Sam Bankman-Fried, who resigned as chief executive on Friday, also founded and owns Alameda Research.

Mr. Bankman-Fried has acknowledged in tweets that he made mistakes before his company’s downfall and bankruptcy.

FTX’s terms of service told its users that they own the cryptocurrencies in their accounts. “None of the digital assets in your account are the property of, or shall or may be loaned to, FTX Trading,” the document says. The terms of service with FTX Trading Ltd.—the entity that filed for bankruptcy last week in Delaware federal court—are still online.

Using customer funds for proprietary trading or lending them out—without an investor’s consent—is generally forbidden in the regulated securities and derivatives markets.

MF Global Holdings Ltd., a firm formerly run by New Jersey ex-Gov. Jon Corzine, was accused in 2013 of unlawfully using customer money to meet the firm’s funding needs. Mr. Corzine paid $5 million to settle the Commodity Futures Trading Commission’s allegations, while neither admitting nor denying misconduct.

In the unregulated crypto market, no such customer-protection rules exist. Still, using customer funds for a purpose that wasn’t disclosed can constitute fraud or embezzlement, according to former prosecutors and other legal experts.

“What this will boil down to is, were there deliberate lies to convince depositors or investors to part with their assets?” said Samson Enzer, a former Manhattan federal prosecutor. “Were there statements made that were false, and the maker of those statements knew they were false and made with the intent to deceive the investor?”

Prosecutors also could home in, the lawyers said, on statements Mr. Bankman-Fried made on Twitter last week, when he said FTX was “fine” and customer assets were safe—comments he later deleted.

A spokesman for the Manhattan U.S. attorney’s office declined to comment. A spokesman for FTX didn’t respond to a request for comment. Ryne Miller, FTX US’s general counsel, declined to comment.

Authorities would need to show Mr. Bankman-Fried intended to mislead customers when he wrote those tweets. Intent can be hard to prove, but other facts, such as any secret efforts FTX took to prop up Alameda or vice versa, can support the inference, attorneys said.

“That is all potentially powerful circumstantial evidence of intent,” said Aitan Goelman, a former federal prosecutor and CFTC enforcement chief who is now a partner at Zuckerman Spaeder LLP.

One challenge for prosecutors: showing they have jurisdiction over FTX, which is based in the Bahamas. Mr. Bankman-Fried and some of his top executives lived there in a shared house. The exchange was earlier based in Hong Kong, where many of Alameda’s traders still worked.

But Mr. Bankman-Fried traveled to the U.S., including to meet with American lawmakers and regulators. FTX US, an affiliate of FTX, catered to American customers. Mr. Bankman-Fried has written on Twitter that none of the problems affected FTX’s U.S. entity, although that entity was part of a bankruptcy filing that FTX made Friday.

U.S. authorities generally can investigate when part of an illegal scheme happens there, such as when funds move through American banks or even when emails that relate to a crime pass through the country. The most flexible charge they can use is wire fraud, which only requires that a false statement was made using an electronic form of communication.

“The burden for venue is not very high,” said Mr. Enzer, now an attorney at Cahill Gordon & Reindel LLP. “The government would argue that if a single email went through New York, that would suffice.”

Attorneys cautioned that U.S. authorities might not have a strong claim to jurisdiction if all of the conduct happened overseas and there were no direct ties to the U.S. Former prosecutors said that was unlikely because the Justice Department has become so sophisticated at finding ways to establish its authority.

“As broad as the law is, and the fact that every transaction uses a wire and these people are Americans, I can’t imagine there is no U.S. jurisdiction here,” said Tarek Helou, a former federal prosecutor now at law firm Wilson Sonsini Goodrich & Rosati.

WSJ : The Risky Business of Sam Bankman-Fried

The Risky Business of Sam Bankman-Fried
The FTX founder’s approach to risk fueled his rise to the top of the crypto world. Then came the catastrophic fall.

Nobody as rich as Sam Bankman-Fried ever spent so much time speaking to podcasters and explaining how they got rich. Weeks before the crackup of his cryptocurrency exchange and spectacular collapse of his wealth, the chief executive of FTX gave an interview that began with an illuminating question: What was the first thing his company did better than any other?

“Manage risk,” he said.

Those two words read very differently after last week’s swift unraveling of FTX, a crypto giant valued at $32 billion before it vaporized into bankruptcy.

There is much that remains unknown about the meltdown, and one big question for the investigators figuring out what happened is whether it was folly or fraud—a cautionary tale of excess risk or an empire built on a house of cards. After resigning and tweeting that he was sorry, Mr. Bankman-Fried has gone mostly silent.

But his own words, long before they were so closely scrutinized, help explain how Mr. Bankman-Fried’s approach to risk fueled success and triggered a catastrophic failure.

Sam Bankman -Fried was in the business of risk. His real-time, round-the-clock engine for monitoring risk powered his exchange. His personal appetite for risk drew him to the volatility of cryptocurrencies and then animated his trading firm, which took off when he spotted a glorious inefficiency in global bitcoin prices and exploited it for millions of dollars. And his perspective on existential risk is what he said inspired him to earn as much as he could for the express purpose of giving that money away.

The unkempt millennial in a T-shirt, shorts and ratty sneakers presented himself as a benevolent crypto agnostic so earnest that people actually believed Mr. Bankman-Fried when he said he was pursuing billions of dollars only because he was trying to save the world.

What they didn’t know was that his exchange was lending massive sums of customer money to fund aggressive bets by his trading firm, Alameda Research. The undisclosed loans propping up Alameda’s losses amounted to $10 billion, more than half of FTX’s assets, according to Wall Street Journal reporting. Mr. Bankman-Fried’s companies imploded together with disastrous consequences for everyone involved.

Mr. Bankman-Fried didn’t respond to a request for comment.

He grew up at a time when industries were being invaded by quants who knew that assessing value meant knowing how to calculate risk—even in sports. Instead of spending on a baseball player because of the way his swing looked, for example, teams crunched numbers to make probabilistic decisions based on data and win more games with less money. Mr. Bankman-Fried, 30 years old, once dreamed of working in baseball, but he was born too late for the statistical revolution in sports. That market had been corrected by the time he was out of school.

He would be precisely the right age to take advantage of another opportunity—and this one wouldn’t pay in baseball wins.

The uncertainty of crypto proved irresistible to young people early in their careers who were hungry for risk and realized Wall Street and Silicon Valley no longer offered the greatest rewards. After graduating from MIT and getting his education in quant trading at Jane Street, Mr. Bankman-Fried has said he weighed several career paths, including journalism and politics. But he felt a gravitational pull to the land of potentially mispriced assets. “The numbers just seemed really big,” he said.

The gold rush was on, and his formative moment in crypto was arbitraging the difference in prices between the U.S. and Japan, which was free money for traders who could find ways to capitalize on the spread. Mr. Bankman-Fried says he made a fortune in a few weeks on a trade without much risk.

But he always insisted that was only a means to his end. In college, Mr. Bankman-Fried learned about the concept of “earning to give” from Will MacAskill, a philosopher and evangelist for the movement of effective altruism, or using analytical reasoning to maximize good. Mr. Bankman-Fried has said in previous interviews that he bought Mr. MacAskill’s pitch that he could do more good as a donor than, say, a doctor. So he says he set about making money to donate.

That decision coincided with one of the fastest creations of wealth in history. A decade later, Mr. MacAskill texted the richest guy he knew, and he told him about Mr. Bankman-Fried.

“Does he have huge amounts of money?” Elon Musk wrote back, according to court documents released in litigation over his deal to buy Twitter.

“Depends on how you define ‘huge’!” Mr. MacAskill responded.

Mr. Bankman-Fried happened to be worth $25 billion at the time, according to the Bloomberg Billionaires Index. He credited those huge amounts of money to a high tolerance for risk.

“If your goal is to maximize the amount of impact that you have on the world, that has pretty strong implications for what you end up doing,” he said this year. “You should be pretty aggressive with what you’re doing and really trying to hit home runs rather than just have some impact—because the upside is just absolutely enormous.”

As it turned out, so was the downside.

Mr. Bankman-Fried’s business came undone gradually, then suddenly. After a report from the crypto-news site CoinDesk revealed the extent to which Alameda depended on a token created by FTX—a colossal risk for both companies—the founder of Binance, the biggest crypto exchange, announced that he was unloading more than $500 million worth of the token. The tweet from Changpeng Zhao started a run on FTX, as customers who kept their money on his exchange worried their accounts weren’t safe. Two days later, Binance struck a deal to buy FTX, its rival. The next day, Mr. Zhao backed out. By the end of the week, Mr. Bankman-Fried’s companies had crumbled.

There was so much destruction in so little time it was easy to forget why Mr. Zhao said he was reducing Binance’s exposure to FTX.

“Risk management,” he wrote.

In another series of tweets last week, Mr. MacAskill accused Mr. Bankman-Fried of using effective altruism to launder deception. “Yes, we want to make the world better, and yes, we should be ambitious in the pursuit of that,” he wrote. “But that in no way justifies fraud.”

Mr. Bankman-Fried’s view of risk was a risk of its own. It was a stunning demise for someone who cozied up to regulators and reassured them about the risks of decentralized finance. In fact, during his first congressional hearing last year, Mr. Bankman-Fried bragged about FTX’s risk prevention, which now sounds like Enron gloating about transparency.

He even drew a contrast between his exchange and the banks that were fried in the 2008 crisis.

“No one knew how much risk was in that system,” Mr. Bankman-Fried told lawmakers, “until it all fell apart.”

WSJ : Complexity for Marketers Has Meant Opportunity for Ad Agencies

Complexity for Marketers Has Meant Opportunity for Ad Agencies
Advertising holding companies including WPP, IPG, Omnicom and Publicis have transformed to provide data and e-commerce services after facing numerous challenges

Major advertising companies have enjoyed good business in 2022, repeatedly raising their forecasts for the year in quarterly earnings reports, even as inflation and economic disruption have roiled other sectors.

Their performance is striking compared with ad agencies’ plight five years ago: Facebook and Google had established direct relationships with marketers and were winning growing portions of their ad budgets before agencies could even offer their services. More consumers were “cutting the cord” with traditional television, pressuring the agencies’ income from making and placing TV commercials. And on top of it all, new competition emerged: Advertising-technology and marketing-technology firms were offering new data services for marketers, while consulting firms had set their sights on the advertising business.

Some major owners of ad agencies watched their growth slow or flatten in 2017 and 2018.

Instead of being relegated to the sidelines, however, they have since been bolstered by the advent of new challenges for marketers. This includes the continued splintering of mass media, soaring demand for e-commerce during the Covid-19 pandemic, and moves by Apple that have undermined the effectiveness of ad targeting on Facebook and other platforms, analysts and executives said.

“The complexity and the fragmentation that has only increased in the ad market over the last many years has actually just fed into the capabilities and the expertise of the ad holding companies,” said Tim Nollen, a senior media tech analyst at Macquarie.

Agency holding companies including WPP PLC, Interpublic Group of Cos., Publicis Groupe SA, and Omnicom Group Inc. have overhauled their businesses to help clients with services such as managing first-party data—the information that marketers directly collect on consumers as opposed to the third-party data now under pressure from Google, which plans to eliminate third-party tracking in its web browser, and Apple.

Agencies are also helping with e-commerce as brands increasingly seek to sell directly to consumers.

“Clients will come to us and say today, ‘How do I succeed on Amazon ?’” said Mark Read, chief executive of WPP, which owns agencies including Ogilvy, Wunderman Thompson and VMLY&R as well as media-buying business GroupM. “‘How do I build brands on social media? How do I protect my reputation on the web? How do I build stronger employee engagement? What’s my mobile experience? How do I build direct–to–consumer [offerings]?’ Those are all questions that they weren’t asking, and we weren’t answering, 10 years ago.”

To help answer those demands, some agency holding companies made major acquisitions: IPG agreed to buy data-management company Acxiom Marketing Solutions for $2.3 billion in 2018, while Publicis Groupe acquired marketing-services firm Epsilon in a deal valued at $4.4 billion in 2019. Firms sharpened up in areas such as precision marketing to help businesses reach consumers directly through digital platforms, and bulked up their data and technology offerings.

To be sure, marketers take a broad range of approaches to their strategies and the way they work with outside players, with some major brands choosing to handle some marketing functions largely in-house. Agencies are also facing the possibility of reduced marketing budgets from some clients if economic conditions worsen in 2023.

But each new riddle for marketers gives agencies an opening, executives said.

The benefits of complexity
Facebook parent Meta Platforms Inc. and Alphabet Inc.’s Google are commanding smaller portions of ad budgets as marketers also spend on alternatives such as Amazon.com Inc. and ByteDance Inc.’s TikTok.

Google took 34.7% of U.S. digital ad spending in 2017, while Facebook Inc.—now known as Meta—took 20%, according to research firm Insider Intelligence. By 2023, Google will collect 26.5% of U.S. digital ad spending and Meta will garner 18.4%, Insider Intelligence estimates.

Agency companies have responded by building practices to help marketers on platforms like TikTok and Amazon.

“It feels like the era of the Facebook-Google ad duopoly is over,” MoffettNathanson analysts wrote in a September note. “And that’s good for the agencies.”

Many marketers today need to spread funds across a broad range of platforms and navigate convoluted sets of data to reach the right consumers, MoffettNathanson said. “Every agency now has a lucrative ‘digital transformation’ business helping legacy companies collect, organize, and analyze that data,” the analysts wrote.

Marketers also are confronting a proliferation of advertising venues from retailers and other businesses with direct consumer interactions, often incorporating their own customer data. Walmart lets advertisers use its data to target ads to shoppers across the web, for example. DoorDash, Kroger, Marriott and CVS Health run data-driven ad networks as well.

Net ad revenues from such retail media advertising in the U.S., which exclude some costs involved with traffic acquisition, will grow to more than $55 billion in 2024 from $37 billion this year, Insider Intelligence estimates.

The more platforms that marketers want to use, the more likely they are to seek help from partners such as ad agencies, who can help spread their dollars, said Andrew Lipsman, a principal analyst at Insider Intelligence.

Some newer agency specialties like IT implementation and business transformation may handle a downturn better than the core competencies of the past, since they don’t involve media budgets and are less susceptible to macroeconomic trends, said Mr. Nollen, the Macquarie analyst.

Macquarie forecasts on average that the ad holding companies will see a 1% decline in organic revenue growth in 2023, versus the roughly 5% to 10% decline they saw in prior recessionary periods of 2001-02 and 2008-09.

Marketers navigate outside partners
Some major marketers still want to keep a close handle on some of their data efforts.

“While I know agencies are providing more consulting-like work…I don’t want to be beholden to any agency necessarily,” said Brad Feinberg, North America vice president of media and consumer engagement at Molson Coors Beverage Co.

But even large companies such as Molson Coors has partners like S4 Capital ‘s Media.Monks to help with data capabilities and prepare for marketplace changes related to privacy, Mr. Feinberg said.

Jill Weiss, associate vice president of digital and traditional media at Royal Caribbean Group, said IPG’s Mediahub, which the company has worked with since 2015, has expanded disciplines such as programmatic trading, social media and advanced analytics and modeling.

“I have seen them evolve and really expand certain disciplines,” Ms. Weiss said.

>>> Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F

Starboard Value (Jeffrey Smith) discloses updated portfolio positions in 13F filing: Confirms new WIX position, Lowers ACIW HUN ON holdings

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: WIX (~2.57 mln shares), IWN (~0.6 mln)
  • Increased positions in: LGTO (to ~0.53 mln shares from ~0.35 mln shares)
  • Maintained positions in: CYXT (~20.77 mln shares), GEN (~19.2 mln shares), GDDY (~8.26 mln shares), LPSN (~7.01 mln shares), ACM (~6.97 mln shares), MD (~5.92 mln shares), GDOT (~5.29 mln shares), PZZA (~2.76 mln shares), WTW (~2.23 mln shares)
  • Closed positions in: ELAN (from ~5.73 mln shares), CTVA (from ~1.02 mln), MMSI (from ~0.58 mln), KSS (from ~0.54 mln)
  • Decreased positions in: ACIW (to ~1.21 mln shares from ~5.2 mln shares), HUN (to ~5.13 mln from ~8.31 mln), ON (to ~2.45 mln from ~5.62 mln), ENOV (to ~0.58 mln from ~0.91 mln), MRCY (to ~3.77 mln from ~3.94 mln), CVLT (to ~3.66 mln from ~3.8 mln)

>>> Glenview Capital (Larry Robbins and Mark Horowitz) discloses updated portfol

Glenview Capital (Larry Robbins and Mark Horowitz) discloses updated portfolio positions in 13F filing: New ALIT BLCO BABA positions

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: ALIT (~1.72 mln shares), BLCO (~1.52 mln), BABA (~0.42 mln), DNB (~0.25 mln), EXPE (~0.24 mln), NEWR (~0.16 mln), LII (~0.15 mln), EHAB (~0.1 mln), NOW (~0.03 mln)
  • Increased positions in: FLEX (to ~3.3 mln shares from ~0.01 mln shares), CLVT (to ~4.52 mln from ~2.39 mln), DXC (to ~9.65 mln from ~7.92 mln), EVLV (to ~4.65 mln from ~3 mln), VVV (to ~3.39 mln from ~2 mln), THC (to ~8.1 mln from ~6.83 mln), APTV (to ~2.28 mln from ~1.49 mln) FISV (to ~2.65 mln from ~2.14 mln), ZI (to ~0.75 mln from ~0.31 mln), AMZN (to ~1.15 mln from ~0.72 mln)
  • Maintained positions in: BKD (~9.84 mln shares USFD (~4.62 mln shares), HCA (~0.32 mln shares), NSC (~0.25 mln shares)
  • Closed positions in: OUST (from ~1.13 mln shares), CNC (from ~1.07 mln), CTKB (from ~0.5 mln), KNX (from ~0.5 mln), HOLX (from ~0.36 mln), GOOGL (from ~0.22 mln), MRTX (from ~0.2 mln), META (from ~0.09 mln)
  • Decreased positions in: CCEP (to ~2.06 mln shares from ~3.21 mln shares), EHC (to ~0.35 mln from ~1.37 mln), BSX (to ~0.17 mln from ~0.9 mln), ESI (to ~3.86 mln from ~4.17 mln), MYGN (to ~1.46 mln from ~1.7 mln), CTVA (to ~1.35 mln from ~1.56 mln), UBER (to ~4.09 mln from ~4.29 mln), GPN (to ~2.16 mln from ~2.35 mln), QSI (to ~5.1 mln from ~5.25 mln), MSFT (to ~0.16 mln from ~0.21 mln)

>>> US Close Dow -0,63% S&P -0,89% Nasdaq -1,12% Russell -1,14%

Closing Stock Market Summary

Today's trade was indicative of a normal consolidation period after last week's big gains. The major averages floated around the unchanged mark for most of the session before taking a sharp turn lower ahead of the close after the S&P 500 failed to maintain a position above the 4,000 level. 

Things were held back today by the belief that the stock market moved too far and too fast last week given that economic and earnings prospects continue to deteriorate and Fed officials continue to talk tough about inflation still being too high. 

The latter point was reflected by Fed Governor Christopher Waller (FOMC voter), who said "we've still got a ways to go" before stopping interest rate hikes, according to Bloomberg. To be fair, Fed Vice Chair Brainard said it may 'soon' be appropriate to slow the pace of rate hikes, according to CNBC.

Rising Treasury yields and a strengthening dollar also held back the stock market today. The 2-yr note yield rose 10 basis points to 4.41% and the 10-yr note yield rose five basis points to 3.87%. The U.S. Dollar Index was up 0.5% to 106.86. 

Lagging mega cap stocks weighed on index performance. The Vanguard Mega Cap Growth ETF (MGK) closed down 1.2% versus a 0.9% loss in the S&P 500.  Amazon.com (AMZN 98.49, -2.30, -2.3%) was a losing standout for the group after the NY Times reported the company plans to eliminate thousands of jobs. 

Losses in Amazon and Tesla (TSLA 190.95, -5.02, -2.6%) contributed to the underperformance of the S&P 500 consumer discretionary sector (-1.7%). Hasbro (HAS 57.16, -6.25, -9.9%) exhibited the steepest losses among sector components, however, after the company was downgraded to Underperform from Buy at Bank of America.

The real estate sector (-2.7%) was another top laggard while the health care sector (+0.03%) was alone in positive territory at the close. 

Energy complex futures settled the session in mixed fashion. WTI crude oil futures fell 3.5% to $85.83/bbl while natural gas futures rose 0.5% to $6.30/mmbtu.

Ahead of Tuesday's open, Walmart (WMT), Home Depot (HD), KE Holdings (BEKE), Tencent Music (TME), Aramark (ARMK), Sea Limited (SE), and Krispy Kreme, Inc. (DNUT) are among the earnings reporters.

Looking ahead to Tuesday, market participants will receive the following economic data:

  • 8:30 ET: October PPI (consensus 0.5%; prior 0.4%), Core PPI ( consensus 0.4%; prior 0.3%), and November Empire State Manufacturing survey  consensus -5.0; prior -9.1)

There was no U.S. economic data of note today. 

  • Dow Jones Industrial Average: -7.7% YTD
  • S&P Midcap 400: -11.6% YTD
  • Russell 2000: -16.9% YTD
  • S&P 500: -17.0% YTD
  • Nasdaq Composite: -28.4% YTD

>>> Carl Icahn discloses updated portfolio positions in 13F filing: Affirms new

Carl Icahn discloses updated portfolio positions in 13F filing: Affirms new CCK position

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: CCK (~1.04 mln shares)
  • Increased positions in: IEP (to ~288.56 mln shares from ~277.65 mln shares), SWX (to ~6.61 mln from ~5.1 mln)
  • Maintained positions in: CVI (~71.2 mln shares), XRX (~34.25 mln shares), NWL (~33.07 mln shares), FE (~18.97 mln shares), HRI (~4.02 mln shares)
  • Decreased positions in: LNG (to ~2.11 mln shares from ~5.61 mln shares)

>>> Elliott Management (Paul Singer) discloses updated portfolio positions in 13

Elliott Management (Paul Singer) discloses updated portfolio positions in 13F filing: New CLVT NE CAH positions

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: CLVT (~10 mln shares), NE (~2.85 mln), CAH (~2 mln)
  • Increased positions in: PINS (to ~15 mln shares from ~5 mln shares), ETWO (to ~18 mln from ~16.17 mln), VAL (to ~3.45 mln from ~1.99 mln)
  • Maintained positions in: BTU (~25.86 mln shares), MPC (~11.07 mln shares), SU (~10 mln shares), SWCH (~5.79 mln shares), PYPL (~1 mln shares)
  • Closed positions in: AJRD (from ~3 mln shares), DO (from ~0.33 mln), PFG (from ~0.01 mln)
  • Decreased positions in: UNIT (to ~14.17 mln shares from ~20.48 mln shares), HWM (to ~36.15 mln from ~41.07 mln)

>>> Tiger Global discloses updated portfolio positions in 13F filing: New APP TS

Tiger Global discloses updated portfolio positions in 13F filing: New APP TSM positions, Exits ONEM XPEV

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: PGY (~74.38 mln shares), APP (~4.97 mln), TSM (~1.32 mln), HUBS (~0.59 mln), PYPL (~0.05 mln)
  • Increased positions in: BZ (to ~17.82 mln shares from ~11.66 mln shares), LI (to ~17.21 mln from ~12.79 mln), DDOG (to ~5.78 mln from ~1.81 mln), GOOGL (to ~5.47 mln from ~2.21 mln), SQ (to ~3.8 mln from ~0.95 mln) DLO (to ~4.29 mln from ~1.85 mln), FRSH (to ~5.2 mln from ~2.96 mln) WDAY (to ~3.17 mln from ~1.35 mln), SE (to ~9.55 mln from ~8.2 mln), MSFT (to ~6 mln from ~5.16 mln), OLO (to ~5.1 mln from ~4.5 mln), DASH (to ~3.66 mln from ~3.06 mln) NOW (to ~1.69 mln from ~1.12 mln), SNOW (to ~2.6 mln from ~2.13 mln) TEAM (to ~1.72 mln from ~1.52 mln), PTON (to ~0.92 mln from ~0.77 mln)
  • Maintained positions in: JD (~29.86 mln shares), META (~4.49 mln shares), AMZN (~2.68 mln shares), MA (~0.72 mln shares)
  • Closed positions in: ONEM (from ~16.99 mln shares), DAVE (from ~6.32 mln), IOT (from ~4.65 mln), XPEV (from ~4.36 mln), MTTR (from ~3.6 mln), PCOR (from ~3.12 mln), GTLB (from ~0.78 mln), Z (from ~0.23 mln), CVNA (from ~0.11 mln)
  • Decreased positions in: NU (to ~46.32 mln shares from ~203.01 mln shares), EMBK (to ~0.5 mln from ~9.92 mln), BLND (to ~6.21 mln from ~14.02 mln), S (to ~4.15 mln from ~10.01 mln), CRWD (to ~0.9 mln from ~6.55 mln), TOST (to ~9.9 mln from ~14.69 mln), KPLT (to ~2.74 mln from ~5 mln), DV (to ~0.96 mln from ~2.79 mln), EGHT (to ~2.17 mln from ~4 mln), FUTU (to ~0.67 mln from ~1.52 mln)

>>> Corvex Management (Keith Meister) discloses updated portfolio positions in 1

Corvex Management (Keith Meister) discloses updated portfolio positions in 13F filing: New SWX position, Increased CSX CRM AMZN holdings

Highlights from 2022 Q3 filing as compared to Q3 2022:
  • New positions in: SWX (~0.23 mln shares)
  • Increased positions in: AMBP (to ~5.94 mln shares from ~2.14 mln shares), FMX (to ~2.3 mln from ~0.41 mln), MDU (to ~10.15 mln from ~8.73 mln), CSX (to ~1.84 mln from ~1.15 mln), CRM (to ~0.6 mln from ~0.1 mln) AMZN (to ~0.64 mln from ~0.57 mln), JPM (to ~0.01 mln from ~0.01 mln)
  • Maintained positions in: MGM (~6.67 mln shares), EQRX (~5.25 mln shares), UBER (~1.45 mln shares), LSXMA (~0.93 mln shares), CCEP (~0.8 mln shares), LSXMK (~0.74 mln shares), MSFT (~0.45 mln shares)
  • Closed positions in: FIVN (from ~0.59 mln shares), BOOT (from ~0.41 mln)
  • Decreased positions in: CEG (to ~1.29 mln shares from ~1.77 mln shares), AES (to ~4.17 mln from ~4.54 mln), CRC (to ~3.06 mln from ~3.39 mln), GOOGL (to ~0.74 mln from ~1.05 mln)