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Ex-Tesla president sells shares, Olympics to allow fans, Vivendi sells 10% of UMG

Julie Hyman breaks down Monday’s business headlines, including: Former Tesla President Jerome Guillen selling $274 million worth of shares after exercising stock options, the Tokyo Olympics allowing fans in attendance at events despite COVID health concerns, Vivendi agreeing to sell 10% of Universal Music Group to Ackman’s SPAC ahead of spinning off UMG, and Sweetgreen filling an IPO.

Video transcript

JULIE HYMAN: Checking on some other business headlines that we are watching, billionaire investor Bill Ackman buying a 10% stake in Universal Music Group ahead of its planned spinoff from Vivendi later this year. This confirms reports from a few weeks ago. The deal, signed by Ackman's SPAC, Pershing Square Tontine Holdings, for about $4 billion values the entire label, which counts Taylor Swift among its artists, at almost $42 billion, including debt.

Vivendi shareholders are set to vote tomorrow on the spinoff, which is planned to be completed in late September. A former Tesla insider is cashing out. Jerome Guillen, who served as Tesla's president before leaving on June 3, sold an estimated $274 million worth of Tesla shares. A filing with the Securities and Exchange Commission revealed that Guillen exercised stock options on more than 450,000 shares between June 10 and June 14.

Salad Chain Sweet Green has confidentially filed for an IPO. That's according to a report from Axios this morning. The company is going to look to list in the fall. It's not disclosed how much it plans to raise. It had that $100 million placeholder in the filing. Sweet Green has ranged around $670 million in venture capital funding so far. That values it at around $1.8 billion on the private market.

And the Tokyo Olympics plans to have live spectators. Organizing committee officials and the International Olympic Committee announced that local fans will be allowed to attend with a 50% capacity limit and a maximum of 10,000 attendees.

Japan's top medical official last week recommended the games be held without in-person viewers. The games are set to open July 23, so Myles, even though this is the decision for now, it could change. There's still some suspense over what the games are going to look like.

MYLES UDLAND: Yeah, I mean, incredibly, games are now, what, 33 days away, just flying up at us. And of course, I know so many viewers paying close attention to the track and field trials held over the weekend, men's 100 last night, you know, one of three races in history, where three men went under 9.9 seconds all in the same heat.

So again, trials continue tonight, men's 800 final, women's 1,500 final, women's 5k final, great night of racing. And then they'll be off for a couple of days. All right, let's take a look inside the YFi Interactive touch screen here for a look at what's moving on the--