Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy | CNN Business (2024)

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Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy | CNN Business (1)

By Anna Cooban, CNN

2 minute read

Published 7:23 AM EST, Wed January 24, 2024

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Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy | CNN Business (2)

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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.”

Founder and CEO of OXMAN, Neri Oxman attends The Future of Everything presented by the Wall Street Journal at Spring Studios on May 19, 2022 in New York City. Steven Ferdman/Getty Images Related article Business Insider stands by reporting on Bill Ackman’s wife, Neri Oxman, says stories ‘are accurate’ with ‘no unfair bias’

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 experienced financial analyst and enthusiast with a deep understanding of the topics related to the financial markets, including the DOW, S&P 500, NASDAQ, Hot Stocks, Fear & Greed Index, and overall market dynamics.

Now, let's delve into the concepts mentioned in the article:

  1. Markets (DOW, S&P 500, NASDAQ):

    • These are major stock market indices that represent different segments of the overall stock market. DOW refers to the Dow Jones Industrial Average, S&P 500 is the Standard & Poor's 500, and NASDAQ is an electronic exchange specializing in technology and internet-related stocks.
  2. Hot Stocks:

    • These are individual stocks that are currently experiencing significant trading activity or price movements. Investors often focus on hot stocks for potential profits.
  3. Fear & Greed Index:

    • It's an indicator used to gauge investor sentiment in the market. It measures whether investors are driven by fear (indicating a potential undervaluation of stocks) or greed (indicating a potential overvaluation).
  4. Tel Aviv Stock Exchange (TASE):

    • The stock exchange in Tel Aviv, Israel, where companies are listed, and securities are traded.
  5. Bill Ackman:

    • A hedge fund billionaire and CEO of Pershing Square Capital Management. Known for his investment strategies and sometimes making contrarian bets on the market.
  6. Neri Oxman:

    • The wife of Bill Ackman, also mentioned in the article. She is associated with OXMAN, and the article touches on controversies related to her and Bill Ackman's investment in the Tel Aviv Stock Exchange.
  7. Hamas Attack and TASE Performance:

    • Refers to the conflict between Israel and Hamas, and its impact on the Tel Aviv Stock Exchange. Despite the conflict, the TASE has shown resilience and gained almost 13% since the initial attack.
  8. Criticism of US Universities and Anti-Semitism:

    • Bill Ackman's vocal criticism of how U.S. universities address anti-Semitism, particularly following the Hamas terror attack.
  9. Influence on Harvard University's President Resignation:

    • Ackman's role in the resignation of Claudine Gay, the president of Harvard University, amid criticism of the handling of hate speech against Jewish students.
  10. Plagiarism Allegations:

    • Accusations against Neri Oxman of plagiarism in her doctoral dissertation, which has led to scrutiny and denial of the claims by both Oxman and Claudine Gay.

This article provides insights into Bill Ackman's investment in the Tel Aviv Stock Exchange, his views on anti-Semitism, and his influence on university leadership changes.

Bill Ackman buys stake in Tel Aviv’s stock exchange in ‘strong vote of confidence’ for Israeli economy | CNN Business (2024)
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