Companies Are Allowed to Do Bad Mergers
Block/Tidal, First Citizens earnings, banks had a good quarter and capital call financing.
As a first approximation, if you are the chief executive officer of a big public company, you can do whatever you want. You are the boss, you write the checks, and if you want to spend your company’s money on buying yourself a nicer office chair or upgrading the corporate jet, you can. If you are the CEO of a ball bearings company and you want to open a film studio so that you can hang out with movie stars, sure, you’re the boss. Or if you are the CEO of a payments company and you want to buy Jay-Z’s music streaming company because you like hanging out with Jay-Z, you can do that.
This is only a first approximation, of course, and there are constraints. There are legal constraints: You can’t do crimes, or conceal what you’re doing from your board, or take bribes. But the main constraints are probably something like: