Market Beats | Saks Global CEO Resigns as Cash-Strapped Retailer Weighs Bankruptcy; Trump Super PAC Raises $102 Million in Second Half of 2025; Hedge Fund Results 2025: Millennium Outperforms Citadel for First Time Since 2020; Tesla Sales Fall for Second Year as BYD Takes Global Annual Lead; Strategy Inc. Faces Multi-Billion Dollar Loss in Fourth Quarter Results

—— Saks Global CEO Resigns as Cash-Strapped Retailer Weighs Bankruptcy; Trump Super PAC Raises $102 Million in Second Half of 2025; Hedge Fund Results 2025: Millennium Outperforms Citadel for First Time Since 2020; Tesla Sales Fall for Second Year as BYD Takes Global Annual Lead; Strategy Inc. Faces Multi-Billion Dollar Loss in Fourth Quarter Results

1. Saks Global CEO Resigns as Cash-Strapped Retailer Weighs Bankruptcy

Saks Global Enterprises Chief Executive Officer Marc Metrick is stepping down from his role as the high-end retailer considers its restructuring options, including a Chapter 11 bankruptcy filing. Metrick will be replaced by the company’s Executive Chairman Richard Baker, who will now hold both the CEO and chairman roles, according to a statement Friday.

The leadership switch comes as Saks weighs a potential bankruptcy after struggling financially over the past year. Despite raising billions of dollars from investors to finance a turnaround plan centered on the acquisition of Neiman Marcus, the company has faced persistent liquidity issues. Recently, reports surfaced that Saks is seeking to negotiate with creditors after skipping an interest payment totaling more than $100 million due to bondholders. The company is contemplating raising emergency funds, selling assets, or, as a last resort, filing for Chapter 11 bankruptcy.

Such a move would come just months after a debt restructuring in June, highlighting the deepening crisis within the luxury retail giant.

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2. Trump Super PAC Raises $102 Million in Second Half of 2025

President Donald Trump’s super PAC, MAGA Inc., raised $102 million in the second half of 2025, driven by massive donations from the AI, cryptocurrency, and finance sectors. The fundraising haul is intended to bolster Republican efforts to retain control of Congress in this year’s pivotal elections. Three donors accounted for more than half of the total since July: OpenAI President Greg Brockman contributed $25 million, the operator of Crypto.com donated $20 million, and private equity investor Konstantin Sokolov gave $11 million. Other notable $5 million contributions came from Blackstone CEO Stephen Schwarzman and venture capitalist Asha Jadeja.

Trump’s continued fundraising prowess, unprecedented for a second-term president ineligible for reelection, underscores his grip on the Republican party. Collectively, his political network has raised over $500 million since Election Day 2024. According to FEC filings, MAGA Inc. held $294 million in cash as of December 22, 2025. This war chest will be critical for the upcoming midterm elections, where Republicans face the challenge of defending a slim House majority.

Despite a recent special election victory in Tennessee, the narrowing margin of victory has highlighted voter concerns over economic issues like the cost of living. Meanwhile, the Democratic counterpart, House Majority PAC, raised $38 million during the same period.

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3. Hedge Fund Results 2025: Millennium Outperforms Citadel for First Time Since 2020

Ken Griffin’s flagship Wellington fund at Citadel posted a 10.2% increase in 2025, according to people familiar with the matter. While the performance remains positive, it fell just short of its primary rival, Izzy Englander’s Millennium Management, which recorded a 10.5% gain for the same period.

This marks the first year since 2020 that Millennium has outperformed Citadel’s Wellington fund. Historically, Millennium has outpaced Citadel nine times since 1990. For Citadel, the 2025 results represent a decline from its 15.2% gain in 2024 and stand as its weakest annual performance since 2018. Currently, Citadel manages $72 billion in investment capital, while Millennium Management oversees more than $83.5 billion.

Despite their respectable returns, both firms lagged behind some other large peers in 2025. Balyasny Asset Management posted a 16.7% gain, and D.E. Shaw & Co.’s hedge funds returned as much as 28%.

Analysts attribute the challenges faced by multistrategy funds to volatile energy bets, geopolitical turmoil, and the impact of tariffs under the Trump administration, all of which made navigating market swings more difficult over the past year.

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4. Tesla Sales Fall for Second Year as BYD Takes Global Annual Lead

Chinese artificial intelligence companies are driving a massive listing boom in Hong Kong, capitalizing on a late-year surge in market momentum. At least 25 companies have debuted in the financial hub this month—about half of them tech firms—making December the busiest month for IPOs since November 2019. Another 10 companies are set to start trading next month.

The AI firm MiniMax Group Inc. has seen its offering already several times subscribed since orders began on Wednesday. Other major players, including image sensor manufacturer OmniVision and memory device maker GigaDevice, are also slated for January debuts. Trading performances for recent listings have been mixed: while software producer Nuobikan Artificial Intelligence Technology has surged over 360% since its Dec. 23 debut, crypto exchange Hashkey Holdings Ltd. fell on its first day of trading despite being nearly 400 times oversubscribed.

Analysts predict that interest in these AI names will persist into early 2026. The trend is fueled by investors rotating out of US AI stocks amid bubble fears, as well as high expectations for favorable Chinese government policies targeting the technology sector.

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5. Corcept Shares Plunge 47% After FDA Rejects High Blood Pressure Drug

Shares of Corcept Therapeutics Inc. plummeted on Wednesday after US regulators rejected the company’s drug, relacorilant, designed to treat a form of high blood pressure caused by hypercortisolism.

The Food and Drug Administration (FDA) stated it “could not arrive at a favorable benefit-risk assessment” for the drug without further evidence of its effectiveness, the company said in a statement. In response, Corcept’s stock dropped 47% in early New York trading, wiping out nearly $3.5 billion in market capitalization. The sharp decline reversed much of the stock’s 39% gain recorded throughout 2025.

CEO Joseph K. Belanoff expressed disappointment, stating that the company was surprised by the outcome and plans to meet with the FDA to discuss a path forward. While some analysts had previously voiced concerns regarding the small study size and design of the late-stage trial, many expected the drug’s safety profile and met primary goals to secure approval.

Corcept continues to study relacorilant for other conditions, including ovarian cancer.

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6. Elon Musk’s xAI Expands Memphis Data Center

Elon Musk’s artificial intelligence venture, xAI, is significantly expanding its massive data center complex in the Memphis area. Musk announced on Tuesday via X that the company has purchased a third building, a move that will bring xAI’s AI computing capacity to nearly 2 gigawatts (GW).

The company has already completed its first data center, known as “Colossus,” and is currently constructing a nearby facility called “Colossus 2.” According to The Information, the newly acquired third building is located in Southaven, Mississippi, adjacent to the Colossus 2 site. Musk confirmed the acquisition, jokingly referring to the building as “MACROHARDRR” and noting that it will bring training compute to almost 2GW—enough electricity to power approximately 750,000 US homes.

Musk continues to pursue his goal of building the world’s largest AI training hub. He previously stated that Colossus 2 will eventually house 550,000 Nvidia Corp. chips, an investment worth tens of billions of dollars.

To fund these ambitious projects, xAI has been fundraising aggressively throughout 2025, reportedly seeking up to $20 billion in debt and equity earlier this year.

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7. Strategy Inc. Faces Multi-Billion Dollar Loss in Fourth Quarter Results

Michael Saylor has famously argued that Bitcoin’s volatility is “a feature, not a bug,” but investors are about to witness the downside as Strategy Inc. prepares to report a multi-billion dollar loss for the fourth quarter. This represents a stark reversal from the $2.8 billion profit reported in the prior quarter, driven by an unrealized loss on the firm’s roughly $60 billion Bitcoin stockpile after the cryptocurrency fell 24% during the period.

The anticipated hit stems from a 2025 accounting shift to fair-value reporting, which requires the company to recognize market fluctuations in its net income even if no assets are sold. Once a high-flying proxy for Bitcoin, Strategy saw its shares tumble 48% in 2025, leading to investor concerns regarding the company’s ability to meet dividend and interest obligations without selling its core asset. To address these fears, the firm established a $1.44 billion cash reserve in December by selling common shares.

With Bitcoin ending the year at $87,648—near the lower end of the company’s internal estimates—Strategy’s full-year operating loss is expected to trend toward the projected $7 billion mark.

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