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.
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Editor’s Note: This is a developing story. This article may be updated as more details become available.
