
Immigration a 'Helpful Lever' for US: HPS Investment's Puri
Purnima Puri, HPS Investment Partners governing partner and portfolio manager for public credit, says immigration has helped grow the US economy at the Bloomberg Invest conference in New York. (Source: Bloomberg)

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Luxury Real Estate Brokerage Rocked By Scandal Gets Surprise Takeover Offer Worth Twice Its Market Value
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Embattled real estate brokerage Douglas Elliman Inc. (NYSE:DOUG) saw its stock price briefly soar to almost twice its market value on May 27 following news of a takeover offer from rival Anywhere Real Estate (NYSE:HOUS), according to Bloomberg. The merger proposal would value the company at over $4 a share. However, Bloomberg reported that Elliman was unlikely to accept the offer, noting that the offer included selling the company's property management business as part of the deal. The proposed purchase would give Anywhere a sizable foothold in some of Douglas Elliman's key markets, including New York and Miami. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Invest Where It Hurts — And Help Millions Heal: Despite brand recognition and being involved in some of the biggest deals of the last few years, including hedge titan Ken Griffin's $238 million record-breaking penthouse purchase at 220 Central Park South, Douglas Elliman has seen its valuation tumble to $190 million from a peak of over $900 million in December 2021, when it was spun off into standalone company by the Vector Group (NYSE:VGR), Bloomberg reported. The biggest issue Douglas Elliman has faced in recent years is the fallout from lawsuits against former high-profile agents Tal and Oren Alexander. Although the brothers left the firm in 2022 to form their brokerage, Official, multiple allegations of rape and sexual assault saw them charged with sex trafficking by federal prosecutors. Their alleged crimes date back to their tenure at Douglas Elliman. According to a federal indictment handed down on Dec. 11, the brothers had conspired in their alleged sex trafficking since 2009. There were other scandals at the brokerage as well. Former CEO Howard Lorber retired last year after disclosing in an internal inquiry that he was intimate with two brokers, Bloomberg reported. Trending: This Jeff Bezos-backed startup will allow you to . Michael S. Liebowitz, Douglas Elliman's current CEO, has focused on implementing austerity measures, according to Bloomberg, and growing the firm's development marketing business. It has borne fruit, with the company reporting $253 million in revenue in the first quarter, a 26.5% year-over-year increase. 'By focusing on high-impact areas like Development Marketing, we're driving growth and reinforcing our position as the leader in the luxury market – delivering our highest first-quarter revenue since 2022 with significant reductions in operating losses,' Liebowitz said in a statement. 'We are optimistic about our trajectory, and we are committed to staying nimble in our core business. With our strong balance sheet as well as continued investment in the agent experience and new technologies, I am confident that we will continue to build long-term growth and enhance stockholder value.' The company recently launched its new digital platform, which includes Elliman Inspirations, an AI-powered home discovery tool that personalizes property searches and facilitates collaboration between agents and clients. Read Next: With Point, you can , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Image: Shutterstock This article Luxury Real Estate Brokerage Rocked By Scandal Gets Surprise Takeover Offer Worth Twice Its Market Value originally appeared on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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What to Expect From US, China Trade Talks Monday?
Mary Lovely, Senior Fellow at the Peterson Institute for International Economics, shares her thoughts on what to expect Monday as US and Chinese negotiators will resume trade talks in London. She also talks about the Trump tariffs and the impact the tariffs may have on the labor market if trade talks between the US and China do not go well. Mary Lovely speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."


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Eli Lilly's obesity drug sales rise in India, Bloomberg reports
Eli Lilly (LLY) increased its sale of Mounjaro, its weight-loss and diabetes drug, by 60% in India in May from April, Satviki Sanjay of Bloomberg reports. The company sold $1.5M worth of injections last month, Bloomberg said, citing market analysis firm Pharmarack Technologies. 'The patient number may have actually doubled' in May from April Pharmarack Vice President Sheetal Sapale told Bloomberg News. The demand is rising gradually and is expected to continue. Confident Investing Starts Here: