Hello, readers!
Happy Saturday, and welcome to Insider Finance. Here’s a rundown of the must-know stories from the past week:
- SPAC investors like Citadel and Millennium are sitting pretty thanks to Lucid Motors euphoria
- Star Morgan Stanley trader Shawn Joshi leaves, plus other top Wall Street people moves this week
- Inside Cathie Wood’s meteoric rise
- More harassment and discrimination allegations against Pimco emerge in a lawsuit
- Check out our Goldman org chart to see the latest power structure for 135 top execs
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Cathie Wood made a career betting on the future
David McNew/AFP via Getty; ARK Invest; Patricia De Melo Moreira/AFP via Getty; Bitcoin; Samantha Lee/Insider
Cathie Wood, the founder of ARK Invest, has amassed legions of obsessed followers. Wood has become a favorite of the Wall Street Bets crowd, and successfully kept control of her firm. Now, with assets accumulating and new funds coming out, the question is, can she sustain her success?
Insiders reveal how the ARK Invest founder won over memelord traders and boomer investors alike.
Lucid Motors speculation sends a Michael Klein-backed SPAC skyrocketing
Dozens of hedge funds and money managers have pumped millions into special-purpose acquisition companies. And shares in Churchill Capital Corp. IV have surged since chatter of a deal to buy Lucid Motors emerged in mid-January. Here are the 9 big-name investors set for a huge windfall.
More on the SPAC craze:
- Billionaire Seth Klarman’s Baupost pumped nearly $200 million into 6 SPAC bets
Pimco’s former funds board chair and ex-communications executive face accusations of sexual harassment in lawsuit
Mike Blake/Reuters
Three more women have joined a lawsuit against the $2.2 trillion asset manager Pimco, bringing forward new accusations of sexual harassment against two men who once held prominent positions at the firm.
Goldman Sachs has seen an exodus of leaders in recent months
Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Shayanne Gal/Business Insider
David Solomon has been Goldman Sachs’ CEO for more than two years after succeeding Lloyd Blankfein. And Solomon has made significant changes to the company’s leadership team and a number of senior leaders have left in recent months.
Here’s our exclusive org chart mapping out the latest power structure of 135 top Goldman leaders.
Fintechs are desperate to reach Gen-Z
The COVID-19 pandemic has only accelerated a trend toward digital banking. Meanwhile, fintechs are trying new tools and marketing to reach Gen Z customers.
Here’s how they’re using influencers like Charli D’Amelio to tap into what’s soon-to-be the largest generation of US customers.
Other finance stories readers loved this week:
Will Newton /Getty Images
- NBA star Russell Westbrook just led a $63 million investment in challenger bank Varo
- Banks and brokerage firms are setting up warming centers and lodging for employees hit by the disaster in Texas
- Read the memo Bridgewater’s CEO sent staff about a leadership shake-up
- Why Melvin Capital and Robinhood say they didn’t need billions of dollars they got amid the GameStop madness
- Goldman Sachs execs lay out plans for its new robo-advisor as it takes on fintechs like Wealthfront and Betterment
- Morgan Stanley’s diversity accelerator is doubling in size and increasing its investments
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