A separate governance development at Two Sigma. Bloomberg Law reports that the founders have held early talks about selling a stake to a Middle East investor or a U.S. pension fund. An outside owner could potentially break ties between the roughly equal owners. There is no established buyer, stake size, valuation or transaction timetable.
There’s a concrete record behind the stalemate description. Two Sigma’s March regulatory filing described a disputed co-CEO designation and a contested termination sent to dispute resolution. Those are operating decisions caught in the governance structure. The possible stake sale would bring someone else into that structure, although the rights attached to any stake remain unknown.