Wall Street legend Bill Ackman is embarking on a new venture. And it’s based in Israel.
What’s happening:
- Billionaire hedge fund manager Bill Ackman has recently purchased a minority stake of the Tel Aviv Stock Exchange
By the numbers:
- Bill Ackman purchased approximately 4.9% of the Tel Aviv Stock Exchange for $25M USD
- The purchase was part of the Tel Aviv Stock Exchange selling 18.5% of the company to strategic investors in a secondary offering of approximately $65M USD
Why it matters:
- The startup and venture capital community in Israel has been on a rapid rise, with many early stage companies founded in Israel becoming publicly listed on the Tel Aviv Stock Exchange
Going deeper:
- Bill Ackman made the investment in the Tel Aviv Stock Exchange outside of his hedge fund Pershing Square
- The Tel Aviv Stock Exchange plans to use the new growth capital from the secondary offering to accelerate technological innovation for the exchange and pursue more new listings of Israeli based companies
