Reddit customers have one other hedge fund legend of their crosshairs: Pershing Sq. Capital CEO Invoice Ackman, whom they’ve adopted into his $4 billion particular goal acquisition company, or SPAC, Pershing Sq. Tontine Holdings.
SPAC fever has heated up this yr, however Ackman has but to announce a merger accomplice for Tontine. That has left members of a Reddit subgroup, r/PSTH — named for the SPAC’s inventory ticker — heading down the rabbit gap anxiously looking for clues.
The greater than 8550 members of r/PSTH — who discuss with themselves as “Tontinites” or “Tontards” — can discover hidden indicators nearly wherever, a lot because the notorious QAnon members “observe the breadcrumbs” on the Web to help their conspiracy theories. For the r/PSTH members, these clues can vary from tweets by Ackman about being in like to statements he made years in the past in media interviews.
To make certain, the r/PSTH members aren’t exhibiting the animosity one other Reddit group, r/WallStreetBets, leveled at fellow hedge fund supervisor Gabe Plotkin of Melvin Capital for his GameStop shorts.
In distinction, they’re seemingly such followers of Ackman that one Reddit member posted a meme that has the Pershing Sq. CEO’s face superimposed on Bruce Lee, the motion film hero, in a scene from “Enter the Dragon.”
Nevertheless it’s not all fandom. One other Tontinite even broke information a couple of potential second PSTH SPAC, primarily based on a Delaware submitting.
And these buyers have captured Ackman’s consideration.
“I’m following the Reddit group, and I’m working very exhausting to not disappoint them,” Ackman informed Institutional Investor. “I’m much more motivated to maneuver the needle for the little man than I’m for the large man.”
The r/PSTH group gained traction after Reddit person “Stockdoc123” began a second discussion board, r/PSTH II, by breaking the information final week that Ackman’s hedge fund had filed papers in Delaware on January 22 for a second SPAC, Pershing Sq. Tontine Holdings II. That led to a frenzy of curiosity on Ackman’s Twitter web page, the place the hedge fund supervisor addressed his followers’ questions.
In its prospectus final summer season, Tontine had famous that Pershing Sq. wouldn’t be submitting for a number of SPACs on the similar time, as different SPAC sponsors have achieved.
Final week, Ackman reiterated that promise to one in every of his Twitter followers. When one other of his followers requested if buyers in his first SPAC may robotically be in on the second IPO, Ackman replied “achieved” and added, “now we have the know-how to do it.” On Reddit, that led to hypothesis about what “the know-how to do it” actually meant.
Quickly after these Twitter exchanges, Tontine put out a press launch saying that “buyers ought to observe this account for details about the corporate.”
There’s another excuse the Tontinites are getting more and more chatty. Ackman beforehand informed buyers in his publicly traded hedge fund that he hopes to announce a cope with a merger accomplice by the tip of the primary quarter. That’s about 4 weeks away, making buyers edgy.
Whereas there have been no credible leaks about Ackman’s eventual goal, a number of names have been floated. The one which dominates Reddit: Stripe, the net funds processing agency.
Within the early hours of March 2, Reddit member “dus01,” often known as “Stripe Lead Detective”, discovered an auspicious sign up an individual Ackman not too long ago started following on Twitter.
“As frivolous as it could appear, Twitter followings present crucial clues,” she or he wrote. “Earlier as we speak I seen Ackman began following Philippe Laffont of Coatue Management. Coatue has participated in funding for a lot of unicorns …and has additionally participated in a lot of fintech investments with Stripe.”
The Reddit person listed a lot of different new follows of Ackman’s, together with Stripe itself.
One other Tontinite, “sacredkey1,” discovered clues pointing to Starlink, a broadband world web system being developed by Elon Musk’s SpaceX. The person listed a string of unconnected current tweets by each Musk and Ackman — apart from a rap video tweeted by Ackman by which he, Musk, and SPACs have been all talked about.
To sacredkey1, maybe probably the most intriguing of his tweets was Ackman’s February 20 ’s retweet of a two-minute video of Mongolian kids getting out of a faculty bus.
“Mongolia is probably the most sparsely populated nation on this planet, which is a severe constraint to web deployment. One of many most important promoting factors for Starlink is it would ultimately have the ability to present web entry to anybody on this planet,” sacredkey1 wrote.
“I admit this one is a stretch,” she or he wrote.
Is it? Solely Ackman is aware of, and he’s not telling.