You wonder whether activists will feel liberated after a rout in global stock prices.

For sure the crash across global equity markets as a result of President Trump’s new tariff policies will have activists’ screens lighting up for potentially cheap investments, continuing on the first quarter’s strong start to the year for activism. According to Barclays’ Q1 shareholder activism report, global engagements are up 17% from this time last year, including a 43% jump in the U.S., which accounted for over half of all activist campaigns.

Activists are gearing up for proxy fights at Autodesk (Starboard), Phillips 66 (Elliott) and U.S. Steel (Ancora), and have already snagged 51 board seats worldwide this year, according to Barclays – a 34% jump from last year. In a note to clients, lawyers at Paul Weiss say to expect a sustained push and bolder governance demands from activists throughout the rest of the year.

Regulatory shifts are also adding a new twist to the 2025 proxy season. Paul Weiss cautions that the SEC’s recent Schedule 13G rule changes could reduce direct engagement between companies and large institutional investors. Companies and boards facing contested situations or activist pressure should make sure they are aligning with the stewardship team policies of their largest institutional investors to avoid unwelcome “surprises” in the lead up to their annual meetings.

Lastly, Elon Musk made headlines after his AI startup xAI merged with his social media platform X. We enjoyed Ben Glickman and Lauren Thomas’ piece in The Journal breaking down the deal’s unusual structure, valuation and the advisors who worked on both sides of the deal.

Have a great weekend,

GPP

Warner Bros. Discovery to Add New Board Member After Talks with Activist

The entertainment giant is adding Anton Levy, former General Atlantic co-president, to its board following pressure from activist Sessa Capital. The appointment comes as WBD wraps up a restructuring process aimed at separating its legacy cable business from streaming and studio unit. Read More

Bloomberg: Activist Elliott Captures Zeitgeist with Demand for Cash

Chris Hughes calls Elliott’s push for share buybacks at German energy conglomerate RWE ‘activism 101’ as the hedge fund edges for cash returns to shareholders. Read More

Playing Small Ball: The M&A Boom Wall Street Wanted Is Here, if You Know Where to Look

Ben Glickman reports that dealmakers are busy with smaller transactions, benefiting from less concern for regulatory scrutiny and easier financing. While U.S. deal values have fallen, international activity, particularly in tech and healthcare, has risen. (Meh, big deals are more fun.) Read More

The New York Times: Amazon Said to Make a Bid to Buy TikTok in the U.S.

Lauren Hirsch reports that Amazon has approached the Trump administration with an offer to acquire the entirety of the popular social media app, which faces another upcoming deadline from the federal government mandating the company to separate from its Chinese ownership group. Read More

The Wall Street Journal: Rocket to Buy Mr. Cooper Group in $9.4 Billion Deal

The acquisition could be one of the largest in the mortgage industry’s history, following a slowdown in lending activity after the pandemic-driven housing boom. The combined company would service about one in every six U.S. mortgages. Read More

The Deal: Laster Doesn’t Take No for an Answer.

Delaware Vice Chancellor J. Travis Laster took aim at the state’s new definition of a “controlling stockholder” as someone holding at least a third of a company’s voting power and managerial control. Laster suggested a more flexible, multi-faceted approach instead. Read More

BlackRock: Larry Fink’s 2025 Annual Chairman’s Letter to Investors

Fink’s latest annual letter calls for further democratization to investing and the evolution of modern portfolio theory from 60/40 to 50/30/20 with the final 20% allocated toward real estate, infrastructure and private credit. Read More

FROM OUR DESK TO YOURS

When it comes to classic pairings, we here at GPP prefer a sparkling dry white accompanied by straight cut fries (à la McDonald’s) but this week, the New York Times’ David Segal wrote an ode, of sorts, to the lowly steak fry. While the little-loved, under-fried potato wedge may have fallen in popularity across most of New York City’s restaurant scene, some chefs have remained devoted to the classic shape, as has David Burke at his new(ish) Park Ave Kitchen. The Times’ very entertaining piece traces the rise and decline of steak fries, now ranked below straight and crinkle-cut varieties in popularity (curly fries are a close second in our book), and new challengers on the scene like imperial swirl fries.

If you decide to head to Park Ave Kitchen to judge for yourself, consider pairing your culinary trip with a visit to the newly renovated Frick Collection, opening in just two weeks. The redesigned Frick features revamped historic spaces, expanded galleries, new amenities, and a new emphasis on its world-class art collection. If you cannot attend the grand opening, the museum will offer numerous special programs throughout the summer.

If you’re looking for something more outdoorsy for the spring, we also recommend visiting The Orchid Show at the New York Botanical Garden, which is running until April 27th.

PEOPLE MOVES

• Bank of America added Chris Norman from Wells Fargo to co-head the Americas technology M&A group. Read More
• Macy’s hired former Capri Holdings exec Thomas Edwards as the company’s new chief financial and operating officer. Read More
• Tyler Cowen joined The Free Press as a contributor; he was previously an Opinion columnist at Bloomberg. Read More

• April 23: Berkeley Law Spring Forum, San Francisco
• April 23-25: Semafor World Economy Summit, Washington D.C. 

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