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A flamboyant CEO critics called the “Trump of Georgia” is engaged in a legal war with the nation’s short sellers — traders who bet a stock price will fall — and searching for the analysts who wrote anonymous blog posts about his small pharmaceutical company, MiMedx Group.
His name is Parker H. “Pete” Petit. He’s a self-made millionaire with a university football field named after him and ties to high-level GOP officials. Here’s what you need to know about Petit’s war with short sellers.
In related news, Mallinckrodt Pharma executives said at a luncheon on Thursday that at least one big payer has started putting restrictions on its $US36,000-a-dose drug Acthar, a person in attendance told Business Insider. That’s bad news for the company, which has seen its stock drop 30% this week.
Elsewhere in markets news, UBS says the two biggest stock market fears are overblown.
On Wall Street, Goldman Sachs is trying to shake off its Ivy league image.
In tech news, Alibaba is about to bring in more than Prime Day, Black Friday and Cyber Monday combined. Nvidia has “tectonic upside,” according to Jefferies. Disney plans to take on Netflix with a “substantially” lower priced service. And the former CEO of J.Crew says he approached Amazon about buying his company.
Lastly, Business Insider recently visited PayPal’s Manhattan office, which it shares with Venmo. Check it out.