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- Figure Markets | 11.22.2026
Figure Markets | 11.22.2026
Thornton McEnery
November 22, 2025
Everything you need to know today
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🌤️ Good morning!
Bill Ackman has spent two decades working up the courage to look in the mirror, see Warren Buffett and say suavely “May I meet you?” Now, he’s closer than ever to making it happen. According to the FT, the Ack-Man is prepping a double IPO: A hedge fund listing and a brand-new investment vehicle. It’s a financial catwalk stunt so elaborate it screams: “Please notice that I, too, am a conglomerate now.”
He’s telling advisers he wants Pershing Square to hit the public markets in early 2026. Maybe even Q1. The ambition is pure Ackman. The timing is pure Ackman. The part where it could get shelved because vibes go bad is also pure Ackman.
The centerpiece of the transition is the Howard Hughes plan. Ackman is turning a real-estate curiosity into an insurance-powered capital machine. He keeps comparing this to Berkshire Hathaway, which makes sense. Buffett used Geico to mint cheap cash. Ackman is hunting for his own float-spitting pet. This is his origin story moment. Watching him realize the dream feels like seeing Buffalo Bill finally step back from the sewing machine, admire the skin suit, and whisper, “It’s perfect.”
He already sold a slice of Pershing at a $10B valuation. He’s engineering a $25B NYSE-listed fund after his first attempt pulled in a measly $2B. He is rebooting the experiment anyway. This is what Buffett cosplay looks like in 2025.
And honestly? The man might pull it off. Smirk while you can. Ackman’s empire phase is loading. Plus, the guy just knows how to talk to women.
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Robinhood shares slid 20% this month amid fading Bitcoin & crypto momentum and a shaky market, stalling its up-only attitude.
Robinhood (HOOD) is up over 170% this year, but those who stayed for the after party, at least for the last month, are starting to feel a little pain.
Drugmaker Eli Lilly made history on Friday by becoming the first healthcare company to hit a $1 trillion market cap.
Investors piled in after Lilly posted explosive Zepbound and Mounjaro growth while securing sweeping 2026 Trump-era coverage.
The self-proclaimed “data-dependent” Fed is about to make its biggest call of the year using stale numbers, missing reports, and the monetary-policy equivalent of vibes.
You know how the Federal Reserve is always going on and on about being “data dependent” when it comes to its “dual mandate? Well, funny story…
The seven-year-old prediction market landed fresh capital after unprecedented user activity pushed volumes to all-time highs.
The prediction market raised another $1 billion at a whopping $11 billion valuation, reports TechCrunch, citing people familiar with the matter. The round comes less than two months after the seven-year-old startup raised $300 million at a $5 billion valuation. Sequioa and CapitalG led the round, along with other notable investors including Andreessen Horowitz, Paradigm, and Anthos Capital, per TechCrunch.
As Google’s new image model debuted this week, studios may be quietly acknowledging its potential to reshape filmmaking in the future.
Google just threw a neon banana into Hollywood’s engine room, releasing its new models, Gemini 3 Pro and Nano Banana, its premier image generator that could potentially change Hollywood's trajectory forever.
Tokyo’s last-ditch effort to fuel growth is a huge stimulus package, while the yen gets crushed.
Like its neighbor China, Japan is also considering a stimulus package, but for the opposite problem: inflation. In the largest stimulus offered since COVID, Japanese Prime Minister Sanae Takaichi approved an economic stimulus package worth about $135 billion. But these investments are subject to economic risks..
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Crypto loans are offered to U.S. borrowers by Figure Lending LLC. This product is not available to U.S. residents of DC, ID, IL, KY, MD, MS, SD, TX, VT, or VA.
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1. The interest rate on Figure's Crypto-Backed Loan is 8.91% (9.999% APR) at 50% LTV or 11.50% (12.62% APR) up to 75%. The advertised Annual Percentage Rate (APR) is based on a $5,000 loan amount and contemplates the payment of 1% origination fee, which would yield a monthly payment of $42.47. Rates will be higher for applications secured by assets with a higher LTV ratio. The Figure Crypto-Backed Loan has a 12 month interest-only repayment term and allows for a maximum initial LTV ratio of 75%. Interest rates change frequently so your exact interest rate will depend on the date you apply and may depend on many factors such as LTV ratio.