☕️WallStBets on Trump

Good morning.

A second spicy listing has hit New York trading floors in the space of one week, as Trump Media & Technology Group went public on the Nasdaq overnight. Under the aptly-coined ticker ‘DJT,’ shares in the group surged to reach US$70.46 ($107.78), which saw the company’s market capitalisation hit US$9.55 billion on an undiluted basis. The shares’ volatility prompted a temporary trading halt which lasted a few minutes.

Following Reddit’s blockbuster NYSE entry, time will tell as to whether DJT’s appeal will hold long enough for the Presidential candidate to make use of his stake to help fund his seemingly endless legal battles.

🏆 LOI Subscriber #TBD

Market movers

Seven Group shares dipped in morning trading yesterday after it criticised "fundamental errors" in an independent review that recommended Boral shareholders to reject Seven's buyout bid.  Seven, which currently holds around 72.6% controlling interest in the construction materials supplier, had offered to acquire all the remaining shares for $6.19 per share. The Boral board rejected the bid after independent expert Grant Samuel estimated the fair market value higher, in the range of $6.50 to $7.13 per share. Kerry Stokes’ Seven noted "fundamental errors" in Grant Samuel's report. Shares closed 4.09% 2.5% lower at $39.62, while Boral shares fell 1.95% to $6.03.

The quick sync

• Business Council of Australia chief Bran Black remains uncertain about the role of big tech in the future of Australia’s economy. (Capital Brief)

• French utilities firm Engie plans to roll-out EV charging network in Australia. (AFR)

• Visa and Mastercard have agreed to cap their credit-card swipe fees in a move that could save US$30 billion for US merchants over the next five years. (Capital Brief)

• Andrew Forrest sides with Treasurer Jim Chalmers, urges Australia to be more ambitious on long term growth targets. (The Australian)

• The last three months of 2023 saw exploration spending in the resources sector increase 23%, making it the best December quarter in 10 years. (AFR)

M&A

• Canva acquires Serif Europe's Affinity, a British graphic design software business, in a deal set to be announced soon. (Capital Brief)

• Yondr Money acquires Australian nano-gifting app Shouta. (BNA)

• ALS expands environmental services with $225m acquisitions in the US and Europe. (BNA)

• Schwartz Media has parted ways with the Digital Publishers Alliance over the group’s opposition to designating Meta under the media code. (Capital Brief)

• David Jones partners with Criteo to power its retail media business, as it seeks to boost revenues by at least $35m per year. (AFR)

• Bendigo and Adelaide Bank's exit from its Homesafe division raises intriguing questions regarding potential capital returns for shareholders, according to Citi analysts. (The Australian)

• Redpath Mining's Australian division has announced the acquisition of Perth-based RUC Mining Contractors. (The Australian)

Capital Markets

• FireFly Metals launches a $52m equity raise structured as a three-part flow-through placement. (AFR)

• CSL plans to issue a $US1bn-plus bond deal, enlisting the support of top-tier investment banks. (AFR)

• Premier Investments accelerates plans to demerge Smiggle and Peter Alexander businesses into separate listed entities by January. (BNA)

VC

• None

People moves

• Shaw and Partners bolsters ECM team with Evercore VP Maxwell Davies amidst small-cap equity rush. (AFR)

• Finder CEO Chris Ellis departs amid recent layoffs. (Smart Company)

• Global Alternative Funds recruits Oak Hill Advisors' managing director Signe Brandt. (AFR)

• Lenders at Brookfield’s Healthscope private hospitals are set to appoint Houlihan Lokey's Jim McKnight as their preferred adviser. (AFR)

Together with Tribe Global Ventures

Access vetted B2B venture capital opportunities direct from Tribe Global Ventures

Tribe Global Ventures are B2B specialist investors that have built, sold, and listed B2B companies as founders.

We leverage our collective experience to guide our portfolio companies to healthy and sustainable growth and value creation.

Sign-up to receive 4-6 investment opportunities in your inbox each year, chosen from hundreds of deals curated from our networks developed over 20 years in the early-stage innovation ecosystem.

Sophisticated Investors can join here.

No membership fees or obligation to invest. You choose the deals you like.

The watercooler