Hedge fund billionaire Bill Ackman purchased roughly $40 million in shares of Pershing Square USA Ltd. and Pershing Square Inc. in the open market following a mixed debut for the newly public entities.
- Ackman bought 500,000 shares of Pershing Square USA and 800,000 shares of Pershing Square Inc., according to a post on X.
- Pershing Square USA closed at $40.90, about 18% below its IPO price, while Pershing Square Inc. ended slightly above its opening level.
- Shares of the management company rose as much as 16% the following day, while the fund gained up to 4.6%.
- The IPO raised $5 billion, below the $10 billion target and far short of a previously sought $25 billion.
- Ackman said the closed-end fund was trading at a discount to its $49 per share cash value.
- The structure included no performance fees and offered shares in the management company to fund investors.
- Closed-end funds commonly trade at discounts to net asset value, with Pershing Square Holdings also trading below its underlying assets.
Relevant Companies
- None found
Editor’s Note: This is a developing story. This article may be updated as more details become available.
This article contains syndicated content. We have not reviewed, approved, or endorsed the content, and may receive compensation for placement of the content on this site. For more information please view the Barchart Disclosure Policy here.
/PayPal%20Holdings%20Inc%20sign%20on%20building-%20by%20Sundry%20Photography%20via%20Shutterstock.jpg)
/AI%20(artificial%20intelligence)/AI%20technology%20concept%20by%20NMStudio789%20via%20Shutterstock.jpg)
/Apple%20Inc%20logo%20on%20Apple%20store-by%20PhillDanze%20via%20iStock.jpg)