Chamath Palihapitiya unveils investment in ReNew Power, India’s largest clean energy company that’s set to go public via SPAC

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• Billionaire investor Barry Sternlicht says the SPAC market is 'out of control' and Wall Street won't regulate because they are making too much money Summary List PlacementBillionaire investor Barry Sternlicht told CNBC on Wednesday he believes the SPAC market is "out of control" and argued Wall Street won't regulate it because they are making too much money. The CEO and chairman of Starwood Capital, a firm that operates six of its own SPACs, told CNBC's Becky Quick that although he takes every SPAC deal seriously and stakes his reputation on that claim, not all SPAC sponsors can say the same. The billionaire investor said…
• The red-hot SPAC market is cooling off as first-day trading spikes evaporate Summary List PlacementThe red-hot SPAC market looks to be cooling off as first-day trading spikes that were common in the space earlier this year begin to evaporate. 93% of SPACs that went public over the last week are trading below par value or $10 per share, per Dealogic data compiled by Reuters, That's 14 out of 15 SPACs this week alone trading below their IPO price. The biggest first-day jump of a SPAC this month was just 3.5% for Supernova…
• A Cathie Wood ETF bought about 800,000 shares in a Serena Williams-backed SPAC that just entered a $1.6 billion deal Summary List Placement Cathie Wood's ARK Robotics fund bought about 800,000 shares in a SPAC backed by Serena Williams. The SPAC, called Jaws Spitfire, recently entered a $1.6 billion merger with a 3D printing company. Wood's flagship Innovation ETF is currently sitting on a 8% year-to-date loss. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Cathie Wood's ARK Autonomous Technology & Robotics exchange-traded fund recently bought shares in a special-purpose acquisition company that counts tennis…
• UN-backed vaccine delivery program warns of supply delays The U.N.-backed program to ship COVID-19 vaccines worldwide has announced supply delays involving a key Indian manufacturer, a major setback for the ambitious rollout aimed at helping low- and middle-income countries vaccinate their populations and fight the pandemic. Gavi, the Vaccine Alliance, and its partners said Thursday that the Serum Institute of India, a pivotal vaccine maker behind the COVAX program, will face increasing domestic demands as coronavirus infections surge. “Delays in securing supplies of SII-produced COVID-19 vaccine doses are…
• Fleeing coup, Myanmar refugees in India seek asylum Police officers who defied the Myanmar army’s orders to shoot opponents of the coup and escaped to India are urging Prime Minister Narendra Modi’s government to not send them back and provide them political asylum on humanitarian grounds. “What we wish is that until and unless the problem is solved in Myanmar, we do not want to go back there,” said one of the men, who has sought refuge in a village in the northeastern state of Mizoram that shares…
• WeWork released an investor deck outlining ambitious occupancy projections ahead of a proposed SPAC deal. Here are 4 big takeaways. Summary List PlacementWeWork is projecting a rapid turnaround of its business as it pitches shareholders on a merger announced on Friday with a special purpose acquisition company, or SPAC, that would allow the flexible workspace company to go public at a valuation of around $9 billion.  The deal with BowX Acquisition Corp., if successful, would take WeWork public over a year after the company's infamous attempted IPO, which had sought to value it at nearly $50 billion. The previous effort…
• Goldman Sachs analysts broke down their budgets to pitch their bosses on tech and meal reimbursements while WFH. It didn't work. Summary List PlacementGoldman Sachs analysts expressed concerns over the bank's lack of reimbursement for tech equipment and meal expenses, which they began racking up in the spring of 2020 as a result of the shift to remote work, according to a new leaked presentation viewed by Insider.  The presentation illustrates the strains that those analysts were feeling as a result of working from home, including a line-by-line budget that depicted the heightened out-of-pocket expenses that they had incurred in paying…
• Why short-sellers like Carson Block are targeting Wall Street's electric-car SPAC craze with over $750 billion of borrowed stock Summary List PlacementElectric-vehicle startups are going public at a rapid pace amid the enthusiasm investors have shown for the likes of Tesla and Nio. But some think the hype has gone too far, and are betting against the new generation of automotive upstarts. While EVs accounted for just 2% of the US passenger-vehicle market in 2020, sales have steadily increased over the past decade, and BloombergNEF predicts consumers will be buying more EVs than gas-powered vehicles by 2040. That shift…
• CASE STUDY: How Goldman Sachs changed the retail banking game — by entering it (GS) Summary List PlacementDigital-only banks are redefining retail banking in major markets around the world. Spurred on by consumer frustrations with incumbents and growing willingness to use digital channels for accessing financial services, these tech-savvy players have acquired customers at pace and ramped up pressure on established firms. In the US, these challengers got off to a slower start than elsewhere, especially compared with Europe. But they've begun gaining traction in the last year. One of the most unique players at…
• 6 ETFs designed to help investors capture the stock market zeitgeist, from Reddit buzz to space travel Summary List Placement There's a growing number of exchange-traded funds designed to capture the market zeitgeist and invest in popular themes. "The rise of the so-called sentiment ETFs ... makes a lot of sense in a socially distanced world," Antoni Trenchev, co-founder and managing partner of Nexo, told Insider. Insider provides a list of six sentiment- and specialty interest-driven ETFs available to investors right now. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. In an…