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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 enthusiast with a deep understanding of financial markets, including the DOW, S&P 500, NASDAQ, and related concepts. My expertise is grounded in comprehensive knowledge, and I can provide valuable insights into the dynamics driving the US market.
In the article you shared, hedge fund billionaire Bill Ackman and his wife Neri Oxman are making a significant investment by buying a stake in the Tel Aviv Stock Exchange (TASE). This move is considered a "strong vote of confidence" in Israel's economy. The couple is acquiring nearly 5% of TASE, joining other investors in a total purchase of around 17 million shares, expected to generate $65 million in proceeds. The TASE plans to invest these funds in its technology infrastructure.
Bill Ackman, known for his role in Pershing Square Capital Management and his history of betting against stocks, appears optimistic about Israeli companies despite the country's ongoing conflict with Hamas. The value of stocks listed on TASE experienced volatility since Hamas launched an attack on Israel, but overall, TASE has gained almost 13% since that date.
Ackman's recent focus on criticizing how US universities handle antisemitism and his involvement in the resignation of Harvard University's president, Claudine Gay, suggest his broader impact beyond financial markets. It's worth noting that Ackman has accused Gay of plagiarism, making both her and his wife, Neri Oxman, subjects of scrutiny. The claims of plagiarism have been denied by both Gay and Oxman.
This investment by Bill Ackman and Neri Oxman in the Tel Aviv Stock Exchange reflects their confidence in the Israeli economy amid challenging geopolitical circ*mstances. If you have specific questions or need more details on any aspect, feel free to ask.
