Ackman’s SPAC lawsuit — Wealth manager hiring spree — Consulting firm vax mandate

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On the agenda today:

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Bill Ackman’s SPAC is reportedly being sued

bill ackman

REUTERS/Richard Brian

Billionaire hedge-fund manager Bill Ackman’s SPAC is being sued for not operating as a blank-check firm, The New York Times first reported. The suit claims Ackman’s SPAC has behaved more like an investment company than an operating company. Here’s a closer look at what that means.

Alvarez & Marsal will place unvaccinated employees on unpaid leave


Emanuele Cremaschi / Contributor/Getty Images

Top consulting firm Alvarez & Marsal just announced one of the strictest vaccine mandates yet: get vaccinated or take unpaid leave. Starting Oct. 31, employees who don’t get the shot will be placed on a leave of absence, which could last up to six months. Here’s everything we know so far.

Meet the hedge fund winners and losers of China’s sell-off

A headshot of Daniel Sundheim

Brendan McDermid/Reuters

Chinese stocks continued to tumble this week amid new economic data and an ongoing regulatory crackdown on US-listed Chinese companies. Firms like D1 Capital and Coatue made big bets before the market took a dive, while others, like Tiger Global Management and Sculptor Capital, trimmed their positions early — and avoided serious damage. Take a look at the winners and losers of the Chinese stock sell-off.

It’s a really good time to be a wealth manager

headhunters and recruiters sourcing talent for wall street 4x3

Samantha Lee/Business Insider

There’s hardly been a better time to be a wealth manager: America’s wealthy are getting richer, and private firms and banks are staffing up to serve these clients, who often have at least $10 million in assets. These are five of the top players on the hiring hunt.

Tiger Legatus bet big on ride-hailing app Didi. Then Chinese stocks crashed.

Didi Global stock symbol


The firm, seeded by Tiger Management founder and billionaire Julian Robertson, bet big on DiDi Global, which has immediately run into trouble since its $4.4 billion IPO. More on that here.

M&A due diligence is facing a backlog

Brian Salsberg

Ernst & Young

Amid a surging mergers-and-acquisitions market, firms that provide due diligence on deals are struggling to keep up. More deals and fewer workers are putting a strain on firms like EY, which are tasked with vetting targets’ financials — and they’re having to turn prospective clients away as a result.

A crypto firm asked a hacker to be its chief security officer

Poly Network logo displayed on a phone screen and representation of Ethereum cryptocurrency is seen in this illustration photo taken in Sulkowice, Poland on August 12, 2021.

Jakub Porzycki/NurPhoto via Getty Images

The twist? The hacker had just stolen more than $600 million from Poly Network, the firm that offered him a job. More about the hacker that stole the funds “for fun :)” and then landed a job offer.

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