Hedge Fund Titan Bill Ackman Profits Down $10 Million from paper profits once $480 Million since billionaire hedge fund titan Carl Icahn’s buy.
Hedge fund hot shot Bill Ackman and his high profile Herbalife short promotion using his public relations has been quite successful until another billionaire hedge fund titan stepped into the game. Although Ackman has not gives up on his huige online PR marketing campaign so easily. Even as far as on Monday, Ackman’s PR team was email blasting a Hispanic Federation letter urging the Federal Trade Commission to conduct an investigation into Herbalife’s alleged targeting of Latinos.
Billionaire hedge fund titan Carl Icahn and his fellow Herbalife bulls have slowly and steadily squeezed the profit out of activist hedge fund honcho Bill Ackman’s $1 billion short bet.
Bill Ackman, who once had a paper profit of $480 million, is now down $10 million, according to NY Post.
Carl Icahn, on the other hand, is up $228 million, calculations show.
Ackman, 47, yesterday slipped into the red for the first time since he launched his Herbalife short — shorting more than 20 million shares at roughly $50 a share.
The $228 million gain for Icahn, 77, is based on the 16.9 million shares of Herbalife regulatory filings show he owns.
Herbalife has slowly crept up more than $15 a share since its auditor KPMG resigned in April after it revealed that a partner leaked client info to a third party.
The company hired PricewaterhouseCoopers to replace KPMG.
Herbalife closed yesterday up 2.7 percent, to $50.54, and is up 53 percent this year.
The stock’s rise has forced other short sellers to cover, leaving justhedge fund hot shots Bill Ackman and Carl Icahn to battle over the distributor of diet and nutritional supplements.
Ackman’s Herbalife a pyramid scheme presentation on Dec. 20
Herbalife has deniedhedge fund manager Bill Ackman’s charge. It said last month it was forced to shelve a stock buyback program after KPMG quit but new accountant should eventually solve that problem.