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Pershing Square Capital Management

January 01, 1970

Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman, headquartered in New York City.[3][4][5][6]

Pershing Square Capital Management, L.P.
Company typePrivate
Industry
Founded2003; 21 years ago (2003)[1]
FounderBill Ackman
HeadquartersNew York City
ProductsInvestment funds
ServicesInvestment management
AUM US$18.3 billion (2023)[2]
Number of employees
30
Websitepershingsquareholdings.com

Company history edit

 
Bill Ackman

In 2004, Ackman started Pershing Square Capital Management with $54 million in funding from his personal funds and a seed investment from Leucadia National.[7]

Ackman has been known to hire people outside of traditional finance backgrounds; for instance, his professionals have included a former fly fishing guide, a former tennis pro, and "a man whom he met in a cab".[8]

In October 2014, Ackman launched a UK-based closed-end fund, Pershing Square Holdings, on the Amsterdam Stock Exchange.[9]

Investment history edit

Pershing has launched activist campaigns against McDonald's, Wendy's, and Herbalife.[5][6]

In 2005, Pershing bought a significant share in fast food chain Wendy's International and successfully pressured them to sell off its Tim Horton's donut chain. Wendy's spun off the Canadian restaurant donut chain through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit after a dispute over executive succession, the stock price collapsed, raising criticism that the sale of Wendy's fastest growing unit left the company in a weaker market position.[7] Ackman blamed the poor performance on their new CEO.[7]

In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion[10] through the purchase of stock and derivatives.[11] By 2009, their Target holdings had been reduced to 7.8%.[12] In December 2010, his funds held a 38% stake in Borders Group and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for US$900 million.[13]

On January 9, 2009, the fund disclosed a 7.4% ownership stake in General Growth Properties (GGP) according to documents filed with the SEC,[14] becoming the second-largest shareholder behind Brookfield Asset Management. The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact.[15] In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection.[16] In August 2012 the fund held beneficial ownership of 7.7 percent of General Growth's stock.[17] General Growth Partners repurchased PSCM's remaining stake in February 2014.[18]

In 2010, Pershing Square reported having taken large ownership stakes in JC Penney and Canadian Pacific Railway.[19]

In July 2012, Ackman acknowledged to CNBC he had acquired shares in Procter & Gamble worth approximately $1.8 billion, a 1% stake in the company, with the idea of taking an activist role within the corporation. Pershing Square later reduced its stake in Procter & Gamble, which was valued at around $60 million by the end of 2013.[20]

In December 2012, Pershing Square Capital Management launched a new closed-end fund called Pershing Square Holdings, which raised $3 billion in an October 2014 IPO on Amsterdam's Euronext stock market.[21] As a closed-end fund valued at $6.7 billion, PSH was designed as a permanent capital vehicle from which investors would not be able to directly withdraw funds.[22] PSH reported 17.1% in returns since inception (December 2012–November 2017) under Ackman's management, 80% below the S&P 500.[23]

In a statement dated August 27, 2013, Pershing Square reported that it had hired Citigroup to liquidate the 39.1 million shares the firm then owned of J.C. Penney at a price of $12.90 per share, resulting in a loss of approximately $500 million.[24]

In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in Valeant Pharmaceuticals International. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time".[25][26][27] After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4 billion.[28]

In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in Chipotle Mexican Grill.[29] As of March 2018, Pershing Square held a 10.3% stake in Chipotle.[30] In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016.[31][32]

In March 2020, Pershing Square made $2.6 billion (£2.2 billion) betting that there would be a market crash.[33]

In November 2020, Pershing Square took a position against corporate credit.[34][35]

In April 2022, Pershing Square lost in excess of $430 million on Netflix after a three month–long bet.[36]

In August 2023, Ackman said that Pershing Square took a short position on 30-year Treasury bills through options instead of shorting the bonds outright, betting that long-term inflation will settle about 100 points higher than Federal Reserve's 2% target.[37] He closed the position less than three months later citing geopolitical risks surrounding the Israel-Hamas war and slowing economy, netting $200 million in the process.[38][39]

Pershing Square Tontine Holdings edit

Pershing Square Tontine Holdings was a blank check company formed by Bill Ackman that went public on July 22, 2020, at a value of $4 billion and traded under the ticker symbol PSTH.U before the split of its warrants and shares.[40] In 2020, PSTH was the largest SPAC to IPO to date.[41]

PSTH had a unique "Tontine" structure where shareholders were incentivized to hold shares through merger once a target was found for acquisition.[41] The IPO included 200 million units, which included a total of 200 million shares and 22,222,222 warrants. Another 44,444,444 warrants, or two ninths per share, were be distributed to shareholders who chose to participate in the proposed merger. The strike price of PSTH warrants were $23.[42]

In July 2022, Ackman addressed PSTH shareholders saying that he would return the funds of the SPAC as he was "unable to consummate a transaction that both meets our investment criteria and is executable."[43]

Universal Music Group edit

In July 2021, Pershing Square and its affiliates acquired 7.1% of the share capital of Universal Music Group (UMG) from Vivendi for US$2.8 billion, corresponding to an enterprise value of €35 billion for 100% of UMG's share capital.[44] On September 9, 2021, Pershing Square and its affiliates acquired 2.9% of the share capital of UMG for US$1.15 billion, corresponding to an enterprise value of €35 billion for 100% of UMG's share capital. Following the transaction Pershing Square held 10% of UMG's share capital.[45] He was appointed as a non-executive director of UMG on May 12, 2022.[46]

Netflix position edit

In January 2022, Ackman disclosed that Pershing Square acquired a $1.1 billion stake in Netflix. Netflix stock had just experienced a precipitous 30% selloff after announcement of a disappointing subscriber growth outlook for Q1 2022. In a letter to its investors, Ackman praised Netflix's "best-in-class management team" and said he long admired Netflix CEO Reed Hastings and the "remarkable company he and his team have built."

In April, Netflix stock fell by 35%, and Ackman responded by selling his entire stake in the company.[47]

Herbalife edit

See also: Bill Ackman Herbalife short

In December 2012, Ackman announced the firm had made a $1 billion short bet against Herbalife, a maker of weight-loss and vitamin supplements, calling the company a "pyramid scheme".[48] After activist billionaire investor Carl Icahn bought a stake in the company in January 2013, the share price rose nearly 13% and the investment was seen by analysts as the worst investment ever made by the firm.[49] After a persistent political and grassroots campaign funded by Ackman and the firm,[50][51] the Federal Trade Commission initiated a civil investigation into Herbalife, causing its stock to drop enough that by March 2014, Pershing Square was nearly even on their bet.[49] In April 2014, Reuters reported that, according to its sources, the FBI conducted a probe into Herbalife and reviewed documents obtained from the company's former distributors.[52]

On March 12, 2015, it reported that Ackman was under investigation by federal prosecutors and the FBI; Ackman was quoted that he would not back down from his claims against Herbalife.[53][54] In July 2015, U.S. District Judge Dale Fischer dismissed a suit filed by Herbalife investors who claimed the company defrauded shareholders by concealing the company's ability to track retail sales.[55][56] In July 2016, Herbalife settled with the Federal Trade Commission, agreeing to pay $200 million and restructure its business practices in exchange for not being labelled a pyramid scheme.[57][58]

Platform Specialty Products Corporation edit

As of June 2014, Pershing Square is the largest institutional holder of the shares of Platform Specialty Products Corporation (NYSE: PAH), owning a 24.28% stake.[59] Pershing first disclosed the position in January 2014,[60] shortly after Platform debuted on the New York Stock Exchange.[61][62][63] Subsequently, in April 2014, Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately $1 billion.[64] Agriphar, another agricultural specialty chemicals company, agreed in August 2014 to become the third company to join the Platform umbrella.[65]

In April 2014, Ackman singled out Platform Specialty Products in "The Outsider" presentation,[66] which discusses optimal methods of capital allocation.[67][68][69]

In popular culture edit

Pershing Square's investment ventures are featured in two financial documentaries.

Further reading edit

  • Cheffins, Brian R. (2014). "Hedge Fund Activism Canadian Style". University of British Columbia Law Review. 47 (1): 1-59) (Discussing Pershing Square's activities in Canada, and a unique cultural reluctance to support active value creation by ethical intervening shareholders). SSRN 2204294.
  • Rojas, Claudio R. (2014). "An Indeterminate Theory of Canadian Corporate Law". University of British Columbia Law Review. 47 (1): 59-128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122-124). SSRN 2391775.

References edit

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  40. ^ "Pershing Square Tontine Holdings, Ltd. Announces $4,000,000,000 Initial Public Offering at $20.00 Per Share" (PDF). Pershing Square Tontine Holdings Investor Relations.
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  44. ^ Van Overstraeten, Benoit; Herbst-Bayliss, Svea (August 10, 2021). "Vivendi sells a 7.1% stake of UMG to Pershing Square for $2.8 billion". Reuters. from the original on December 6, 2022.
  45. ^ GV De Clercq (August 31, 2021). "Pershing Square to buy extra 2.9% of Universal Music for $1.15 bln". Reuters. from the original on December 5, 2022.
  46. ^ "Universal Music Group N.V. Announces Results of its 2022 Annual General Meeting of Shareholders" (Press release). UMG. May 12, 2022.
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  58. ^ Thielman, Sam (2016-07-15). "Herbalife dodges 'pyramid scheme' label and agrees to pay $200m fine". The Guardian. ISSN 0261-3077. Retrieved 2024-05-02.
  59. ^ "PAH Major Holders". Yahoo Finance. 30 June 2014. from the original on 27 April 2016. Retrieved 17 January 2017.
  60. ^ "Why Pershing Initiates Position in Platform Specialty Products". Yahoo Finance. 19 May 2014. from the original on 9 April 2016. Retrieved 17 January 2017.
  61. ^ "Pershing Square Discloses Platform Specialty Products Stake". Market Folly. 27 January 2014. from the original on 19 August 2014. Retrieved 16 August 2014.
  62. ^ "Bill Ackman Announces 30.9% Stake in Platform Specialty Products". NASDAQ.com. 27 January 2014. from the original on 6 November 2020. Retrieved 16 August 2014.
  63. ^ "Platform Lists on NYSE After MacDermid Deal, Pershing Stake". TheStreet. 25 January 2014. from the original on 14 August 2014. Retrieved 16 August 2014.
  64. ^ . Bloomberg Businessweek. 17 April 2014. Archived from the original on 2014-04-23. Retrieved 2014-08-16.
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  66. ^ "The Outsider". SEC. 22 April 2014. from the original on 6 November 2020. Retrieved 8 September 2017.
  67. ^ "How 'The Outsiders' Became One Of The Most Important Business Books In America". Forbes. 8 May 2014. from the original on 6 November 2020. Retrieved 8 September 2017.
  68. ^ "Pershing Square's Presentation on Allergan/Valeant: The Outsider". Market Folly. 23 April 2014. from the original on 19 August 2014. Retrieved 16 August 2014.
  69. ^ . Capital Activist. 8 November 2014. Archived from the original on 29 March 2016. Retrieved 11 November 2014.
  70. ^ "Betting On Zero". Betting On Zero. from the original on 2020-11-06. Retrieved 2019-09-26.
  71. ^ Carroll, Leah. "The Female Short Seller Of Netflix's". www.refinery29.com. from the original on 2019-09-26. Retrieved 2019-09-26.

External links edit

  • Pershing Square Capital Management
  • Pershing Square Challenge
  • Ackman's Pershing Square takes big stakes in Freddie, Fannie
  • Ackman's Pershing Square Takes $1.2 Billion Hit

January 01, 1970
pershing, square, capital, management, american, hedge, fund, management, company, founded, bill, ackman, headquartered, york, city, company, typeprivateindustryfinancial, serviceshedge, fundsfounded2003, years, 2003, founderbill, ackmanheadquartersnew, york, . Pershing Square Capital Management is an American hedge fund management company founded and run by Bill Ackman headquartered in New York City 3 4 5 6 Pershing Square Capital Management L P Company typePrivateIndustryFinancial servicesHedge fundsFounded2003 21 years ago 2003 1 FounderBill AckmanHeadquartersNew York CityProductsInvestment fundsServicesInvestment managementAUMUS 18 3 billion 2023 2 Number of employees30Websitepershingsquareholdings wbr com Contents 1 Company history 2 Investment history 2 1 Pershing Square Tontine Holdings 2 2 Universal Music Group 2 3 Netflix position 2 4 Herbalife 2 5 Platform Specialty Products Corporation 3 In popular culture 4 Further reading 5 References 6 External linksCompany history edit nbsp Bill Ackman In 2004 Ackman started Pershing Square Capital Management with 54 million in funding from his personal funds and a seed investment from Leucadia National 7 Ackman has been known to hire people outside of traditional finance backgrounds for instance his professionals have included a former fly fishing guide a former tennis pro and a man whom he met in a cab 8 In October 2014 Ackman launched a UK based closed end fund Pershing Square Holdings on the Amsterdam Stock Exchange 9 Investment history editPershing has launched activist campaigns against McDonald s Wendy s and Herbalife 5 6 In 2005 Pershing bought a significant share in fast food chain Wendy s International and successfully pressured them to sell off its Tim Horton s donut chain Wendy s spun off the Canadian restaurant donut chain through an IPO in 2006 and raised 670 million for Wendy s investors After Ackman sold his shares at a substantial profit after a dispute over executive succession the stock price collapsed raising criticism that the sale of Wendy s fastest growing unit left the company in a weaker market position 7 Ackman blamed the poor performance on their new CEO 7 In December 2007 his funds owned a 10 stake in Target Corporation valued at 4 2 billion 10 through the purchase of stock and derivatives 11 By 2009 their Target holdings had been reduced to 7 8 12 In December 2010 his funds held a 38 stake in Borders Group and on December 6 2010 Ackman indicated he would finance a buyout of Barnes amp Noble for US 900 million 13 On January 9 2009 the fund disclosed a 7 4 ownership stake in General Growth Properties GGP according to documents filed with the SEC 14 becoming the second largest shareholder behind Brookfield Asset Management The fund was betting on the company going bankrupt in such a way as to leave its shareholders intact 15 In November 2010 Pershing Square helped the company emerge from Chapter 11 bankruptcy protection 16 In August 2012 the fund held beneficial ownership of 7 7 percent of General Growth s stock 17 General Growth Partners repurchased PSCM s remaining stake in February 2014 18 In 2010 Pershing Square reported having taken large ownership stakes in JC Penney and Canadian Pacific Railway 19 In July 2012 Ackman acknowledged to CNBC he had acquired shares in Procter amp Gamble worth approximately 1 8 billion a 1 stake in the company with the idea of taking an activist role within the corporation Pershing Square later reduced its stake in Procter amp Gamble which was valued at around 60 million by the end of 2013 20 In December 2012 Pershing Square Capital Management launched a new closed end fund called Pershing Square Holdings which raised 3 billion in an October 2014 IPO on Amsterdam s Euronext stock market 21 As a closed end fund valued at 6 7 billion PSH was designed as a permanent capital vehicle from which investors would not be able to directly withdraw funds 22 PSH reported 17 1 in returns since inception December 2012 November 2017 under Ackman s management 80 below the S amp P 500 23 In a statement dated August 27 2013 Pershing Square reported that it had hired Citigroup to liquidate the 39 1 million shares the firm then owned of J C Penney at a price of 12 90 per share resulting in a loss of approximately 500 million 24 In the first quarter of 2016 the hedge fund experienced its biggest ever quarterly loss of 25 due in part to its 9 stake in Valeant Pharmaceuticals International Ackman who joined Valeant s board in March 2016 commented on the company s 88 loss since August 2015 stating This is going to be a badly scraped knee that may even require stitches but it is not life threatening We should be able to recover the lion s share of our investment if not all of it over time 25 26 27 After the controversial drug prices and operations of Valeant became public Ackman and Valeant s board fired former CEO Mike Pearson and Pershing Square sold all of its stake in Valeant with a total loss of 4 billion 28 In September 2016 Pershing Square continued its investment in fast food by buying a 9 9 stake in Chipotle Mexican Grill 29 As of March 2018 Pershing Square held a 10 3 stake in Chipotle 30 In 2018 Ackman dumped 500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly 15 a share As of September 2019 the fund returned 54 5 with a share price of 19 10 the highest since January 2016 31 32 In March 2020 Pershing Square made 2 6 billion 2 2 billion betting that there would be a market crash 33 In November 2020 Pershing Square took a position against corporate credit 34 35 In April 2022 Pershing Square lost in excess of 430 million on Netflix after a three month long bet 36 In August 2023 Ackman said that Pershing Square took a short position on 30 year Treasury bills through options instead of shorting the bonds outright betting that long term inflation will settle about 100 points higher than Federal Reserve s 2 target 37 He closed the position less than three months later citing geopolitical risks surrounding the Israel Hamas war and slowing economy netting 200 million in the process 38 39 Pershing Square Tontine Holdings edit Pershing Square Tontine Holdings was a blank check company formed by Bill Ackman that went public on July 22 2020 at a value of 4 billion and traded under the ticker symbol PSTH U before the split of its warrants and shares 40 In 2020 PSTH was the largest SPAC to IPO to date 41 PSTH had a unique Tontine structure where shareholders were incentivized to hold shares through merger once a target was found for acquisition 41 The IPO included 200 million units which included a total of 200 million shares and 22 222 222 warrants Another 44 444 444 warrants or two ninths per share were be distributed to shareholders who chose to participate in the proposed merger The strike price of PSTH warrants were 23 42 In July 2022 Ackman addressed PSTH shareholders saying that he would return the funds of the SPAC as he was unable to consummate a transaction that both meets our investment criteria and is executable 43 Universal Music Group edit In July 2021 Pershing Square and its affiliates acquired 7 1 of the share capital of Universal Music Group UMG from Vivendi for US 2 8 billion corresponding to an enterprise value of 35 billion for 100 of UMG s share capital 44 On September 9 2021 Pershing Square and its affiliates acquired 2 9 of the share capital of UMG for US 1 15 billion corresponding to an enterprise value of 35 billion for 100 of UMG s share capital Following the transaction Pershing Square held 10 of UMG s share capital 45 He was appointed as a non executive director of UMG on May 12 2022 46 Netflix position edit In January 2022 Ackman disclosed that Pershing Square acquired a 1 1 billion stake in Netflix Netflix stock had just experienced a precipitous 30 selloff after announcement of a disappointing subscriber growth outlook for Q1 2022 In a letter to its investors Ackman praised Netflix s best in class management team and said he long admired Netflix CEO Reed Hastings and the remarkable company he and his team have built In April Netflix stock fell by 35 and Ackman responded by selling his entire stake in the company 47 Herbalife edit See also Bill Ackman Herbalife short In December 2012 Ackman announced the firm had made a 1 billion short bet against Herbalife a maker of weight loss and vitamin supplements calling the company a pyramid scheme 48 After activist billionaire investor Carl Icahn bought a stake in the company in January 2013 the share price rose nearly 13 and the investment was seen by analysts as the worst investment ever made by the firm 49 After a persistent political and grassroots campaign funded by Ackman and the firm 50 51 the Federal Trade Commission initiated a civil investigation into Herbalife causing its stock to drop enough that by March 2014 Pershing Square was nearly even on their bet 49 In April 2014 Reuters reported that according to its sources the FBI conducted a probe into Herbalife and reviewed documents obtained from the company s former distributors 52 On March 12 2015 it reported that Ackman was under investigation by federal prosecutors and the FBI Ackman was quoted that he would not back down from his claims against Herbalife 53 54 In July 2015 U S District Judge Dale Fischer dismissed a suit filed by Herbalife investors who claimed the company defrauded shareholders by concealing the company s ability to track retail sales 55 56 In July 2016 Herbalife settled with the Federal Trade Commission agreeing to pay 200 million and restructure its business practices in exchange for not being labelled a pyramid scheme 57 58 Platform Specialty Products Corporation edit As of June 2014 Pershing Square is the largest institutional holder of the shares of Platform Specialty Products Corporation NYSE PAH owning a 24 28 stake 59 Pershing first disclosed the position in January 2014 60 shortly after Platform debuted on the New York Stock Exchange 61 62 63 Subsequently in April 2014 Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately 1 billion 64 Agriphar another agricultural specialty chemicals company agreed in August 2014 to become the third company to join the Platform umbrella 65 In April 2014 Ackman singled out Platform Specialty Products in The Outsider presentation 66 which discusses optimal methods of capital allocation 67 68 69 In popular culture editPershing Square s investment ventures are featured in two financial documentaries Betting on Zero features Bill Ackman s economic activism in the 1 billion shorting of Herbalife Nutrition by Pershing in a positive light highlighting the costly lengths to which the fund went in trying to prove the allegation that the multi level marketing company was in fact a pyramid scheme 70 The Drug Short episode of Dirty Money shines a more doubtful light on Ackman s decision to double down on the fund s Valeant investments until the forced departure of former CEO Mike Pearson 71 Further reading editCheffins Brian R 2014 Hedge Fund Activism Canadian Style University of British Columbia Law Review 47 1 1 59 Discussing Pershing Square s activities in Canada and a unique cultural reluctance to support active value creation by ethical intervening shareholders SSRN 2204294 Rojas Claudio R 2014 An Indeterminate Theory of Canadian Corporate Law University of British Columbia Law Review 47 1 59 128 The author s perspective on Berkshire Hathaway s investment philosophy was informed by discussions with Warren Buffett in Omaha Nebraska pp 59 122 124 SSRN 2391775 References edit About Pershing Square Capital Management L P Pershing Square Capital Management L P Archived from the original on 2019 12 20 Retrieved 2018 04 08 Another Banner Year for Bill Ackman Institutional Investor Retrieved April 24 2022 Markus Krebsz 15 June 2011 Securitisation and Structured Finance Post Credit Crunch A Best Practice Deal Lifecycle Guide John Wiley and Sons pp 83 ISBN 978 0 470 71391 4 Retrieved 2 August 2011 Joseph A McCahery Erik P M Vermeulen 19 November 2010 Corporate Governance of Non Listed Companies Oxford University Press US pp 178 ISBN 978 0 19 959638 6 Retrieved 2 August 2011 a b Philip Coggan 9 November 2010 Guide to Hedge Funds What They Are What They Do Their Risks Their Advantages John Wiley and Sons pp 49 ISBN 978 0 470 92655 0 Retrieved 2 August 2011 a b David Stowell 16 February 2010 An Introduction to Investment Banks Hedge Funds and Private Equity The New Paradigm Academic Press pp 49 ISBN 978 0 12 374503 3 Retrieved 2 August 2011 a b c Serres Chris 13 January 2008 William Ackman Targeting Target Star Tribune Minnesota Archived from the original on 29 May 2012 Retrieved 16 May 2009 From Hedge Funds to Bonefishing Forbes Archived 2020 11 06 at the Wayback Machine July 16 2012 Bill Ackman s Pershing Square fizzles on IPO FT 13 October 2014 Archived from the original on 6 November 2020 Retrieved 2 June 2017 Ackman Boosts Target State Bloomberg 24 December 2007 Archived from the original on 6 January 2008 Retrieved 27 February 2013 Andrew Bary 26 May 2009 Ackman s Target Campaign Is Off Target barrons com Archived from the original on 12 December 2013 Retrieved 27 February 2013 Ackman loses in Target proxy contest Reuters 28 May 2009 Archived from the original on 24 September 2015 Retrieved 1 July 2017 de la Merced Michael 6 December 2010 Ackman Offers to Finance a Borders Bid for Barnes amp Noble The New York Times No DealBook Archived from the original on 9 March 2013 Retrieved 27 February 2013 Pershing Square Bill Ackman Files 13D on General Growth Properties GGP Market Folly Archived from the original on 2013 03 05 Retrieved 2013 03 03 TraderMark 14 January 2009 The Logic Behind Bill Ackman s Purchase of General Growth Properties Seeking Alpha Archived from the original on 6 March 2013 Retrieved 3 March 2013 General Growth cleared to exit bankruptcy Reuters 22 October 2010 Archived from the original on 24 September 2015 Retrieved 1 July 2017 Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties Seeking Alpha Archived from the original on 2013 03 06 Retrieved 2013 03 03 Louis Brian 2014 02 11 Ackman Sells General Growth Shares to Exit Holding in Mall Owner Bloomberg Retrieved 2024 05 02 Bill Ackman s Activist Positions in J C Penney and Canadian Pacific Railway Forbes 15 June 2012 Archived from the original on 6 November 2020 Retrieved 8 September 2017 Benoit David 14 February 2014 Pershing Square Slashes Procter amp Gamble Stake No MoneyBeat Wall Street Journal Archived from the original on 6 November 2020 Retrieved 24 March 2014 Bray Chad 13 October 2014 Ackman Fund s I P O Has Rough Debut in Amsterdam The New York Times No DealBook United States The New York Times Company Archived from the original on January 27 2018 Retrieved 26 January 2018 Sender Henny Foley Stephen 4 January 2015 Permanent capital Perpetual cash machines Financial Times Nikkei Archived from the original on January 27 2018 Retrieved 9 November 2019 Pershing Square 3Q17 Investor Letter PDF November 15 2017 Archived PDF from the original on January 27 2018 Retrieved May 13 2016 Townsend Matt August 27 2013 Ackman Takes 500 Million Loss on Penney as Saga Ends Bloomberg News Bloomberg L P Archived from the original on April 6 2017 Retrieved March 21 2017 Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors Fortune 6 April 2016 Archived from the original on 6 November 2020 Retrieved 16 April 2016 Whitehouse Kaja 6 March 2016 Bill Ackman says he can recoup Valeant losses USA Today Archived from the original on 10 April 2016 Retrieved 16 April 2016 Gara Antoine 21 March 2016 As Bill Ackman Enters Valeant s Boardroom The Stakes Rise Above The Billions He May Lose Forbes Archived from the original on 6 November 2020 Retrieved 16 April 2016 Franck Thomas 2018 04 05 Bill Ackman s hedge fund empire crumbles in less than 3 years from public wrong way bets on Herbalife Chipotle CNBC Archived from the original on 2020 11 06 Retrieved 2019 09 26 Bill Ackman s Pershing Square takes 9 9 stake in Chipotle CNBC 6 September 2016 Archived from the original on 6 November 2020 Retrieved 9 September 2016 Franck Thomas 2018 04 05 How Bill Ackman s hedge fund empire crumbled in less than three years CNBC Archived from the original on 2020 11 06 Retrieved 2018 04 05 Ackman s 500 Million Bet on Ackman Pays Off After Bad Run Retrieved 2019 09 26 Franck Thomas July 2 2019 Pershing Square up 45 in the first half of 2019 as Bill Ackman win streak continues CNBC Archived from the original on November 6 2020 Retrieved September 26 2019 Jolly Jasper November 11 2020 US investor Bill Ackman places new bet against corporate credit via The Guardian Jolly Jasper March 25 2020 Bill Ackman claims firm made 2 6bn betting on coronavirus outbreak via The Guardian Bill Ackman Is Right to Hedge on Corporate Credit November 11 2020 via www bloomberg com Deveau Scott Palmeri Christopher April 20 2022 Ackman loses more than US 430M on 3 month Netflix bet BNN Bloomberg BNN Bloomberg Herbst Bayliss Svea August 2 2023 Billionaire investor Ackman says he is shorting 30 year Treasuries Reuters Mourselas Costas October 25 2023 Bill Ackman makes 200mn from bet against US Treasuries Financial Times Diallo Aysha Xie Ye October 23 2023 Bill Ackman Says He Covered His Short Bet on US Treasuries Bloomberg News Pershing Square Tontine Holdings Ltd Announces 4 000 000 000 Initial Public Offering at 20 00 Per Share PDF Pershing Square Tontine Holdings Investor Relations a b Bill Ackman and Pershing Square Launch Largest SPAC To Date A Harbinger of Things to Come Debevoise Retrieved 2021 02 27 Jasinski Nicholas Bill Ackman s SPAC Splits Today Here s What That Means MarketWatch Retrieved 2021 02 27 Hirsch Lauren 11 July 2022 Largest ever SPAC will return 4 billion to investors after failing to complete a deal The New York Times Archived from the original on 12 July 2022 Van Overstraeten Benoit Herbst Bayliss Svea August 10 2021 Vivendi sells a 7 1 stake of UMG to Pershing Square for 2 8 billion Reuters Archived from the original on December 6 2022 GV De Clercq August 31 2021 Pershing Square to buy extra 2 9 of Universal Music for 1 15 bln Reuters Archived from the original on December 5 2022 Universal Music Group N V Announces Results of its 2022 Annual General Meeting of Shareholders Press release UMG May 12 2022 Ackman Loses More Than 430 Million on 3 Month Netflix Bet Bloomberg com 2022 04 20 Retrieved 2022 04 21 Stevenson Alexandra 11 March 2014 Herbalife Shares Fall as Ackman Makes New Accusations The New York Times Archived from the original on 16 March 2014 Retrieved 24 March 2014 a b Stanford Duane 24 March 2014 Herbalife Strengthens Ties With Icahn as Ackman War Rages Bloomberg Retrieved 24 March 2014 Schmidt Michael 9 March 2014 After Big Bet Hedge Fund Pulls the Levers of Power The New York Times Archived from the original on 14 January 2017 Retrieved 24 March 2014 DealBook 10 March 2014 Ackman vs Herbalife a History The New York Times No DealBook Archived from the original on 6 November 2020 Retrieved 24 March 2014 FBI conducting a probe into Herbalife sources April 2014 Archived from the original on 13 April 2014 Retrieved 11 April 2014 Lopez Linette 13 March 2015 REPORT The FBI is investigating Bill Ackman over Herbalife Business Insider Archived from the original on 17 June 2015 Retrieved 16 June 2015 Holm Erik 13 March 2015 Bill Ackman Not Backing Down On Herbalife Wall Street Journal No MoneyBeat Archived from the original on 17 June 2015 Retrieved 16 June 2015 Stempel Jonathan July 29 2015 Judge dismisses pyramid scheme lawsuit versus Herbalife CEO Reuters Retrieved May 2 2024 Stempel Jonathan Ablan Jennifer March 20 2015 Herbalife not exonerated by U S judge Pershing Square Reuters Bartz Diane Flaherty Michael July 15 2016 Herbalife settles pyramid scheme case with regulator in blow to Pershing s Ackman Reuters Retrieved May 2 2024 Thielman Sam 2016 07 15 Herbalife dodges pyramid scheme label and agrees to pay 200m fine The Guardian ISSN 0261 3077 Retrieved 2024 05 02 PAH Major Holders Yahoo Finance 30 June 2014 Archived from the original on 27 April 2016 Retrieved 17 January 2017 Why Pershing Initiates Position in Platform Specialty Products Yahoo Finance 19 May 2014 Archived from the original on 9 April 2016 Retrieved 17 January 2017 Pershing Square Discloses Platform Specialty Products Stake Market Folly 27 January 2014 Archived from the original on 19 August 2014 Retrieved 16 August 2014 Bill Ackman Announces 30 9 Stake in Platform Specialty Products NASDAQ com 27 January 2014 Archived from the original on 6 November 2020 Retrieved 16 August 2014 Platform Lists on NYSE After MacDermid Deal Pershing Stake TheStreet 25 January 2014 Archived from the original on 14 August 2014 Retrieved 16 August 2014 Ackman Backed Platform to Buy Chemtura Unit for 1 Billion Bloomberg Businessweek 17 April 2014 Archived from the original on 2014 04 23 Retrieved 2014 08 16 Ackman Going Public Should Mega Cap Stocks Worry ValueWalk 13 August 2014 Archived from the original on 16 August 2014 The Outsider SEC 22 April 2014 Archived from the original on 6 November 2020 Retrieved 8 September 2017 How The Outsiders Became One Of The Most Important Business Books In America Forbes 8 May 2014 Archived from the original on 6 November 2020 Retrieved 8 September 2017 Pershing Square s Presentation on Allergan Valeant The Outsider Market Folly 23 April 2014 Archived from the original on 19 August 2014 Retrieved 16 August 2014 Ruling Puts Crimp in Takeover Alliances Capital Activist 8 November 2014 Archived from the original on 29 March 2016 Retrieved 11 November 2014 Betting On Zero Betting On Zero Archived from the original on 2020 11 06 Retrieved 2019 09 26 Carroll Leah The Female Short Seller Of Netflix s www refinery29 com Archived from the original on 2019 09 26 Retrieved 2019 09 26 External links editPershing Square Capital Management Pershing Square Challenge Ackman s Pershing Square takes big stakes in Freddie Fannie Ackman s Pershing Square Takes 1 2 Billion Hit 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