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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 expert in financial markets and investment, and my knowledge in this area allows me to provide valuable insights into the information you've shared. Now, let's delve into the key concepts mentioned in the article:
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Markets:
- Refers to the financial markets where assets like stocks, bonds, commodities, and derivatives are bought and sold.
-
DOW:
- Likely refers to the Dow Jones Industrial Average, a stock market index that measures the performance of 30 large companies listed on stock exchanges in the United States.
-
S&P 500:
- Refers to the Standard & Poor's 500, another stock market index that measures the performance of 500 large companies listed on stock exchanges in the United States.
-
NASDAQ:
- Refers to the Nasdaq Composite Index, which includes stocks of over 3,000 companies, particularly in the technology sector.
-
Hot Stocks:
- Refers to stocks that are currently popular or experiencing high trading volumes, often due to significant news or events.
-
Fear & Greed Index:
- A market sentiment indicator that gauges the level of fear or greed in the market, helping investors assess the overall sentiment.
-
Fed (Federal Reserve):
- The Federal Reserve, the central banking system of the United States, has the authority to influence monetary policy, including interest rates.
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Interest Rates:
- The cost of borrowing money or the return on investment for holding or lending capital, often influenced by central banks like the Federal Reserve.
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Tax Season:
- Refers to the period when individuals and businesses are required to file their income tax returns.
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Bill Ackman:
- A hedge fund manager and billionaire investor, known for his investment strategies and opinions on the market.
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Tel Aviv Stock Exchange (TASE):
- The primary stock exchange in Israel where stocks, bonds, ETFs, and other financial instruments are traded.
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Hamas:
- A Palestinian political and militant group that has been involved in conflicts with Israel.
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Antisemitism:
- Prejudice, discrimination, or hostility directed against Jewish people.
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Claudine Gay:
- Former president of Harvard University, whose resignation was influenced by various factors, including criticism related to antisemitism.
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Plagiarism Allegations:
- Accusations against individuals, including Neri Oxman, regarding the unauthorized use of someone else's work.
These concepts provide a comprehensive overview of the financial markets, key players, and events mentioned in the article. If you have specific questions about any of these topics, feel free to ask.
