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 enthusiast with a deep understanding of financial markets, including the DOW, S&P 500, and NASDAQ indices. I've been following the latest market trends and news closely.

The recent article by Anna Cooban on CNN Business discusses hedge fund billionaire Bill Ackman and his wife Neri Oxman buying a stake in Tel Aviv's stock market. This move is considered a "strong vote of confidence" in Israel's economy. The couple is acquiring nearly 5% of the Tel Aviv Stock Exchange (TASE), and the total sale is expected to generate $65 million in proceeds. The funds will be invested in the exchange's technology infrastructure.

Bill Ackman, known for his role in Pershing Square Capital Management, has traditionally been involved in betting against stocks. However, this investment in the Tel Aviv Stock Exchange suggests optimism about Israeli companies despite the ongoing conflict with Hamas. The article notes that the TASE has experienced significant fluctuations since Hamas's attack on Israel in October, but it has gained almost 13% overall since that date.

Furthermore, Ackman has been vocal about addressing antisemitism on U.S. campuses, playing a role in the resignation of Harvard University's president, Claudine Gay. The article also mentions allegations of plagiarism against Neri Oxman regarding her doctoral dissertation, which both Oxman and Claudine Gay have denied.

If you have any specific questions or need more details on certain aspects, feel free to ask.

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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