David Gray

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David Gray

David Gray

@ddgray86

Mars and cars

Indianapolis Katılım Ocak 2012
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David Gray
David Gray@ddgray86·
@BillAckman Best of luck, Bill! I look forward to participating. Cheers
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Bill Ackman
Bill Ackman@BillAckman·
Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: businesswire.com/news/home/2026….   I wrote a letter to explain the combined offering in detail that can be found here: sec.gov/Archives/edgar…   You can review the S-1 here: sec.gov/Archives/edgar…   And the N-2 here: sec.gov/ix?doc=/Archiv… This communication has been made available to you with the consent of Pershing Square USA, Ltd. (“PSUS”) and Pershing Square Inc. (“PSI”). PSUS, a closed-end investment company managed by Pershing Square Capital Management, L.P. (“PSCM”), has filed a registration statement (including a preliminary prospectus available at sec.gov/ix?doc=/Archiv…) on Form N-2 (File Nos. 811-23932; 333-294164) with the Securities and Exchange Commission (the “SEC”) for the initial public offering (the “PSUS IPO”) of its common shares of beneficial interest. PSI, the prospective parent company of PSCM, has filed a registration statement (including a preliminary prospectus available at sec.gov/Archives/edgar…) on Form S-1 (File No. 333-294165) with the SEC for the initial public offering (the “PSI IPO”, and together with the PSUS IPO, the “Combined Offering”) of the common stock of PSI. This presentation relates to the Combined Offering. The registration statements have not yet become effective. Before you invest, you should read the preliminary prospectuses in the registration statements and other documents that PSUS and PSI have filed with the SEC for more complete information about PSUS, PSI and the Combined Offering. Alternatively, copies of the preliminary prospectuses may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9145; UBS Securities LLC, Attention: Equity Syndicate, 11 Madison Avenue, New York, NY 10010, by telephone at (888) 827-7275, or by email at ol-prospectus-request@ubs.com; BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255, by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; or Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at (800) 645-3751 (option #5), or by email at WFScustomerservice@wellsfargo.com. Investors are advised to carefully consider the investment objectives, risks, charges and expenses of PSUS before investing.   This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This communication has been distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product.
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Price Errors
Price Errors@Pricerrors·
AMAZON HIDDEN $40 PROMO CODE ON RED LIGHT THERAPY SET $39.99 at checkout (Orig. $149.99) Use code "Y7FM4XP3" for $40 OFF Shipped by Amazon - RISK FREE pricedoffers.com/5dts2 #ad
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T*nner
T*nner@mulhlland_drive·
This video is a narcotic to me
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David Gray
David Gray@ddgray86·
Per Grok: The individuals listed in that 1969 Berkshire Hathaway annual report page (as directors and officers from the textile era) generally did not achieve massive personal fortunes comparable to Warren Buffett's, except for one standout family line. **Malcolm G. Chace Jr.** (Chairman in 1969, from the founding Chace family that controlled the textile mills Buffett acquired) — He held onto significant Berkshire Hathaway shares after the transition rather than fully cashing out. He became a billionaire through compounded Berkshire stock holdings. Reports describe him (often called "Kim" Chace) dying in 2011 as a billionaire, with family wealth tied heavily to Berkshire. In 2001, he appeared on Forbes' billionaires list at around $1 billion (equivalent to roughly $1.7 billion in later-adjusted dollars). His descendants and family trusts have remained very wealthy (hundreds of millions to billions in aggregate), with ongoing legal disputes over trusts in recent years confirming substantial ongoing fortunes from those early holdings. **Kenneth V. Chace** (President in 1969, a long-time textile executive) — No public records indicate significant personal wealth or billionaire status. He stayed involved in operations into the early Buffett era (praised in letters for running textiles), but there's no evidence of major stock retention or wealth accumulation on the scale of the Chace family principals. Likely comfortable but not ultra-wealthy by modern standards. **Other figures** like Richard Bowen (likely a VP or division head, mentioned in letters for areas like fabrics/linings) and John William Scott (another officer) — Virtually no public net worth information exists. They appear to have been solid mid-level textile executives who faded from prominence as Buffett shifted Berkshire away from textiles. No signs of notable wealth accumulation, Berkshire stock windfalls, or later prominence. In short, most of these pre-Buffett textile-era people ended up with modest-to-good outcomes relative to ordinary careers, but only the key Chace family member (Malcolm G. Chace Jr.) rode the Berkshire compounding wave to true billionaire territory. The rest illustrate how rare it is to capture outsized, long-term wealth even when close to a legendary investor early on—Buffett's pivot and holding power were exceptional.
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Finding Compounders
Finding Compounders@F_Compounders·
Berkshire Hathaway directors in 1969 Who knows what happened to the other directors and what their networth is ?
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American AF 🇺🇸
American AF 🇺🇸@iAnonPatriot·
BREAKING 🅱️ Ilhan Omar has DEMANDED for Don Lemon to be released immediately. 👀
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Tesla Optimus
Tesla Optimus@Tesla_Optimus·
Model S & X will live on through me
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Tesla King
Tesla King@TeslaKing420·
😂😂😂
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David Gray
David Gray@ddgray86·
@SawyerMerritt Imagine Elon’s face when the lawyers read this to him the first time. Lmao
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Sawyer Merritt
Sawyer Merritt@SawyerMerritt·
The lawsuit between Elon Musk and OpenAI is surfacing some pretty interesting evidence: OpenAI's Greg Brockman: "It'd be wrong to steal the non-profit from him. to convert to a b-corp without him. that'd be pretty morally bankrupt. and he's really not an idiot." Days later, Brockman further wrote under the heading "our plan" that "it would be nice to be making the billions" and explained that "we've been thinking that maybe we should flip to a for profit." Earlier Greg said: "Cannot say that we are committed to the non-profit. don't want to say that we're committed. if three months later we're doing b-corp then it was a lie. Not feeling so great about all of this. The true answer is that we want [Musk] out. Can't see us turning this into a for-profit without a very nasty fight. I'm just thinking about the office and we're in the office. and his story will correctly be that we weren't honest with him in the end about still wanting to do the for profit just without him."
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Whole Mars Catalog@wholemars

Wow

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David Gray
David Gray@ddgray86·
@libsoftiktok Advice: don’t try to kill police officers with your vehicle. Thanks,
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Libs of TikTok
Libs of TikTok@libsoftiktok·
The driver in Minneapolis swiped the ICE agent with her car. The video clearly shows it. This is the video the Democrats don’t want you to see! Would be a shame if it went viral
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David Gray
David Gray@ddgray86·
@TonyL_01 Because he doesn’t care about the women. He only cares about inciting more protests and getting ICE out of the city and away from the Somali fraudulent gravy train
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Tony
Tony@TonyL_01·
And this is what Minneapolis Mayor Jacob Frey had to say: "A 37YO woman is DEAD, SH0T by ICE! We've dreaded this moment... they're KlLLING PEOPLE! This is BULLSHIT!" - No mention from the Mayor that she rammed her vehicle. - No mention from the Mayor that ICE asked her to STOP and GET OUT before any firearm was discharged. - No mention from the Mayor that ICE did NOT initiate self-defense until the vehicle started moving.
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Tony
Tony@TonyL_01·
The Statement from HOMELAND SECURITY: "Today, ICE officers in Minneapolis were conducting targeted operations when rioters began blocking ICE officers and one of these violent rioters weaponized her vehicle, attempting to run over our law enforcement officers in an attempt to kill them—an act of domestic terrorism. An ICE officer, fearing for his life, the lives of his fellow law enforcement and the safety of the public, fired defensive shots. He used his training and saved his own life and that of his fellow officers. The alleged perpetrator was hit and is deceased. The ICE officers who were hurt are expected to make full recoveries.   This is the direct consequence of constant attacks and demonization of our officers by sanctuary politicians who fuel and encourage rampant assaults on our law enforcement who are facing 1,300% increase in assaults against them and an 8,000% increase in death threats.  This is an evolving situation, and we will give the public more information as soon as it becomes available."
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David Gray
David Gray@ddgray86·
Your statement “our own people” is pretty important here. ICE’s entire role is evicting those who are not our people. And if you’re referring to the citizen who was shot, at the end of the day ICE are entitled to protect themselves. This woman was brainwashed into thinking it was ok to attack officers, and unfortunately found out that that’s not the case.
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Omni-Partisan HQ
Omni-Partisan HQ@OmniPartisanHQ·
@ddgray86 @TheOfficerTatum If you don't have eyes, they became the bad guys a long time ago. The second they started violating the rights of American citizens and getting violent with our own people they became what our founders fought against. They no longer represent the people.
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Brandon Tatum
Brandon Tatum@TheOfficerTatum·
🚨 BREAKING: Violent Rioter FATALLY SHOT By Federal Agents After Trying to RAM Her Vehicle Into ICE Agents In Minneapolis, MN This would not be happening if democrats did not frame our brave ICE agents as "gestapo" and "nazis" enforcing LEGAL immigration laws. Pray for our law enforcement🙏
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Homeland Security
Homeland Security@DHSgov·
Today, ICE officers in Minneapolis were conducting targeted operations when rioters began blocking ICE officers and one of these violent rioters weaponized her vehicle, attempting to run over our law enforcement officers in an attempt to kill them—an act of domestic terrorism. An ICE officer, fearing for his life, the lives of his fellow law enforcement and the safety of the public, fired defensive shots. He used his training and saved his own life and that of his fellow officers. The alleged perpetrator was hit and is deceased. The ICE officers who were hurt are expected to make full recoveries.   This is the direct consequence of constant attacks and demonization of our officers by sanctuary politicians who fuel and encourage rampant assaults on our law enforcement who are facing 1,300% increase in assaults against them and an 8,000% increase in death threats.  This is an evolving situation, and we will give the public more information as soon as it becomes available.
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David Gray
David Gray@ddgray86·
@AmericaPapaBear Really great and important observation here. Imagine doing this in someone else’s country… you wouldn’t if you were even slightly grateful to be there.
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AmericanPapaBear™
AmericanPapaBear™@AmericaPapaBear·
BASED!! "You know what pisses me off about Nick Shirley being in Minnesota knocking on doors, asking questions the way he did?" "The way he was treated, as if he didn't belong." THIS IS AMERICA!! Get the Somalians OUT OF HERE!!
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David Gray
David Gray@ddgray86·
@PandaValue Dilution of impact due to Tesla shareholders far outweighing current SPARC holders (1.7B vs 61M), but SPARC holders get the early access to the IPO as well.
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Panda Value
Panda Value@PandaValue·
So what happens to existing SPARC holders?
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David Gray
David Gray@ddgray86·
It's not a SPAC at all. Read the details from Ackman, SPARC was created by Ackman as the anti-SPAC. Ackman is giving up all founders rights, etc. that SPACs were awful because of. Ackman is proposing investing $4B alongside retail investors. No upside that retail investors don't get.
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Whole Mars Catalog
Whole Mars Catalog@wholemars·
SpaceX does not need a SPAC to go public
Bill Ackman@BillAckman

.@elonmusk, what if we took @SpaceX public by merging it with Pershing Square SPARC Holdings, Ltd. (SPARC) a new form of acquisition company that was approved by the @SECGov. We could distribute SPARC special purpose acquisition rights (SPARs) to @Tesla shareholders so that all Tesla shareholders would have the right to invest in the SpaceX IPO, or they could choose to sell their SPARs to someone else. This would reward loyal Tesla shareholders with the opportunity to invest in SpaceX (or with cash for their SPARs), while totally democratizing the IPO process. In addition to receiving common stock in SpaceX, exercising SPAR holders would also receive Pershing Square SPARC Holdings II SPARs, which we could use to take @xai public at the time of your choosing. Pershing Square would due diligence on behalf of all shareholders and would commit $4 billion of capital to the IPO at a fixed price per share. SPARC has no underwriting fees, founder stock or shareholder warrants, and we would waive our right to receive SPARC sponsor warrants. The result would be an IPO without any underwriting fees or dilutive securities issued. @SpaceX would go public with a 100% common stock capital structure and it would not incur any transaction costs other than modest legal fees which SPARC would pay from its cash on hand. We could raise whatever amount of capital you would like by adjusting the exercise price of the SPARs. Assuming we issue 0.5 SPARs for each share of Tesla, there would be 1.723 billion SPARs outstanding including the 61.1 million SPARs that are already outstanding. Since one SPAR would be exercisable for two shares of SpaceX, the SPARs would be exercisable for 3.446 billion total SpaceX shares. So, if we set the SPAR exercise price at $11.03, SpaceX would raise $42.0 billion, $38 billion from the exercise of SPARs and $4 billion from Pershing Square, or if we set the SPAR exercise price at $42.0, SpaceX would raise $148.7 billion, $144.7 billion from the SPAR exercise and $4 billion from us. SPARC is indifferent to how much of the shares are primary versus secondary shares giving the company maximum flexibility. We could do due diligence and enter into a definitive agreement committing to the transaction within 45 days, at which point it would be certain that SpaceX would go public at a fixed valuation subject only to SEC approval of the merger proxy/registration statement. Our commitment to the transaction would not be subject to market conditions. We could start work right away and announce the transaction by mid- February. It only seems appropriate that the most innovative and efficient rocket company in the world should go public in the most innovative, efficient, and fairest-to-Tesla-shareholders manner possible. To Mars and beyond! What do you say?

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