Iger Redux, Icahn’s Middle Finger, FTX Futures

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Happy Sunday, I’m Bill Cohan.

Welcome back to Dry Powder, my biweekly email focused on what’s really happening on Wall Street.

I hope you had a nice Thanksgiving. For the first time in my life, I actually watched the Macy’s parade in-person. Jimmy Kimmel was doing his best Mumford & Sons “Hopeless Wanderer” beard imitation on a float. Very fun!

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Icahn’s Big Short & the FTX Colonic

News and notes on some of the most controversial storylines percolating through Wall Street this week: TradFi’s crypto victory lap and Carl Icahn’s battle with the apes.

WILLIAM D. COHAN

Well, apparently Carl Icahn has been celebrating the holiday season by going for the jugular and shorting GameStop into oblivion. According to Bloomberg, the longtime billionaire investor has been building a “large bet” against the video game retailer since early 2021, when the stock peaked in value. And he has the capital to play ball. After a year of cascading market corrections, one wonders, is this the denouement of the meme stonk phenomenon?...

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