Fans of alliteration are licking their lips right now as Bed Bath & Beyond nears bankruptcy. Counterintuitively, the stock is surging in the latest meme rally. In other news, we have all heard of the fabled goose that laid the golden egg but the real-world chicken that laid the regular egg is also pretty valuable at present, as egg prices in some US states soar.

The lowdown

• 🤵‍♀️ LVMH patriarch Bernard Arnault appoints daughter Delphine Arnault as CEO of Christian Dior.

• 🐭 Disney CEO Bob Iger faces challenge from activist investor Nelson Peltz who plans to launch a proxy fight.

• 🛁 Bed Bath and Beyond shares surge in meme rally, erasing last week’s drop after it warned of bankruptcy.

Flex your finance muscle

Not everyone is happy about Bob Iger’s return to Disney. Chief among dissatisfied shareholders is activist investor Nelson Peltz who is readying for a:

Proxy fight

A proxy fight is a situation in which one or more shareholders of a publicly traded company attempt to gain some control of the company by soliciting the votes of other shareholders to vote in favor of a specific slate of directors (in this case Nelson Peltz) or other proposals put forward by the dissident shareholders.

Generally, this is done to remove existing management or effect other changes that the dissident shareholders believe will be beneficial for the company and its shareholders. Peltz has put together a 35-page thesis on his proposed plans titled ‘Restore the Magic’.

The dissident shareholders use a proxy statement and proxy card to solicit votes, and the outcome of the proxy fight will be determined by the votes cast by shareholders. Disney has stated that it does not support Nelson Peltz’s nomination to the Board.

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Featured Stories

SpaceX – Space Finance Part II

It is estimated that the space industry could reach $1.1 trillion in annual revenue by 2040. But reaching the stars is expensive and so requires a lot of funding – a lot of ‘star bucks’, if you will.

SpaceX was founded by Elon Musk in 2002 with the goal of enabling the colonization of Mars. Yesterday we looked at how Virgin Orbit went about raising funds through a SPAC merger. SpaceX has taken a different approach in choosing to remain private but does not appear to be having any issues raising funds.

Earlier this month, it was reported that SpaceX was raising $750 million in a new round of funding at a valuation of $137 billion. For comparison, Virgin Orbit currently has a market cap of $570 million and has struggled to raise equity. The differences between the two companies are many, but an important one is that SpaceX has demonstrated that it can generate major revenue through launch-as-a-service and its own satellites.

Virgin Orbit’s last effort on the other hand set fire to its customers’ satellites like a disgruntled postman.

The content we're consuming today

• WSJ: EY Hires Cargill CFO to Manage Finances of Consulting Spinoff ($).

• Above the Crowd: Why the unicorn financing market just became dangerous…for all involved.

• Behind the Money: Indonesia’s secret to economic success.

Off-balance sheet items

• On the subject of space, this neat little video explains why we haven’t yet bumped into any alien civilizations – it’s called the Fermi Paradox.

The bottom line