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Ahmad ALtaee
Jan 08, 2023 4:54PM ET
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💎 Reveal Undervalued Stocks Hiding in Any Market Get Started
Vince McMahon’s return to WWE: hedge funds and C-suites weekly
© Reuters.
Here is your weekly roundup of the biggest news out of hedge funds and company top brass, all first covered on InvestingPro.
World Wrestling Entertainment (NYSE:WWE) shares surged more than 16% on Friday after it was confirmed that the majority owner and former CEO Vince McMahon will be returning to the business and intends to undertake a review of the company’s strategic alternatives with the goal being to maximize value for all WWE shareholders. The move would be less than a year after McMahon retired following a sexual-harassment scandal.
Stitch Fix (NASDAQ:SFIX) said on Thursday that CEO Elizabeth Spaulding will step down from her role effective that day, while it also announced a cut of around 20% of its workforce. Founder and former CEO Katrina Lake has been renamed interim chief executive, also effective that same day, for six months or until her successor is appointed, unless otherwise agreed by Ms. Lake and the board of directors. Shares gained more than 17% for the week.
Fulcrum Therapeutics (NASDAQ:FULC) announced that Robert J. Gould, Ph.D., former founding CEO of the company and a current member of the board of directors, has been appointed interim CEO effective Jan. 3. Dr. Gould succeeds Bryan Stuart, who is transitioning from his CEO role and the board to pursue other opportunities. Fulcrum’s board has initiated a search for a permanent CEO.
Turning to hedge funds, Reuters reported that D.E. Shaw's largest hedge fund gained 24.7% last year after fees, outperforming average gains for the industry in a high-volatility environment, according to a source familiar with the matter. The New York-based hedge fund firm, which manages $60 billion in assets, did not comment on the matter.
And hedge fund Citadel posted record revenue of $28 billion in revenue for 2022, a sharp increase from the prior year's $16.2 billion, per The Wall Street Journal. A separate Kenneth Griffin-owned vehicle, market marker Citadel Securities, posted a record top line of $7.5 billion, up from $7 billion in 2021.
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Salah Salah
Jan 08, 2023 4:54PM ET
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