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Pershing Square Capital Management

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Pershing Square Capital Management, L.P.
TypePrivate
Industry
FoundedJanuary 1, 2004; 22 years ago (2004-01-01)
FounderBill Ackman
Headquarters
New York City
,
U.S.
Key people
ProductsInvestment funds
AUMIncrease US$19.7 billion
(as of May 31, 2025)
Number of employees
84 (2025)
Websitepershingsquareholdings.com
Footnotes
[1][2][3][4][5]

Pershing Square Capital Management (Pershing Square) is an American hedge fund based in New York City. It specializes in activist investments, using influence over company management through the purchase of shares and by exerting pressure on management. Pershing Square was founded on January 1, 2004, by Bill Ackman, a hedge fund manager who was a co-founder of the investment firm Gotham Partners in 1992.[6][7][8][9]

Pershing Square was initially capitalized with Ackman's personal funds and $54 million raised from Leucadia National, a prominent investor with whom he had previously collaborated on Gotham Partners projects. This provided the firm with a substantial liquidity reserve at its inception.[10]

In October 2014, Pershing Square Holdings, a closed-end investment fund managed by Ackman, made its initial public offering (IPO) on the Amsterdam Stock Exchange. The listing raised $2.73 billion, exceeding the initially planned $2 billion. Shares were priced at $25 per share during the IPO but closed at $22 on the first trading day, reflecting a 9.9% discount to the fund’s net asset value.[11]

Bill Ackman in 2016

Investment history

[edit]

Pershing Square has launched activist campaigns against McDonald's, Wendy's, and Herbalife.[8][9]

In 2005, Pershing Square 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 restaurant 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.[10] Ackman blamed the poor performance on their new CEO.[10]

In December 2007, his funds owned a 10% stake in Target Corporation, valued at $4.2 billion[12] through the purchase of stock and derivatives.[13] By 2009, their Target holdings had been reduced to 7.8%.[14] In December 2010, his funds held a 38% stake in Borders and on December 6, 2010, Ackman indicated he would finance a buyout of Barnes & Noble for $900 million.[15]

On January 9, 2009, the fund disclosed a 7.4% ownership stake in General Growth Properties (GGP) according to documents filed with the SEC,[16] 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.[17] In November 2010, Pershing Square helped the company emerge from Chapter 11 bankruptcy protection.[18] In August 2012 the fund held beneficial ownership of 7.7 percent of GGP's stock.[19] General Growth Partners repurchased Pershing Square's remaining stake in February 2014.[20]

In 2010, Pershing Square reported having taken large ownership stakes in JCPenney and Canadian Pacific Railway.[21]

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.[22]

In December 2012, Pershing Square launched a new closed-end fund called Pershing Square Holdings (PSH), which raised $3 billion in an October 2014 IPO on Amsterdam's Euronext stock market.[23] 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.[24] PSH reported 17.1% in returns since inception (December 2012–November 2017) under Ackman's management, 80% below the S&P 500.[25]

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 JCPenney at a price of $12.90 per share, resulting in a loss of approximately $500 million.[26]

In 2013, Pershing Square acquired a $2.2 billion stake in Air Products & Chemicals,[27] and nominated Matt Paull to serve on the company's board.[28] Pershing Square sold its stake in 2017. According to a letter cited by Reuters, during Pershing Square’s four-and-half-year investment, APD delivered a 104.7% total shareholder return.[29]

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".[30][31][32] 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.[33]

In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in Chipotle Mexican Grill.[34] As of March 2018, Pershing Square held a 10.3% stake in Chipotle.[35] 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.[36][37]

In March 2020, Pershing Square made $2.6 billion (£2.2 billion) betting that there would be a market crash.[38]

In November 2020, Pershing Square took a position against corporate credit.[39][40]

In April 2022, Pershing Square lost in excess of $430 million on Netflix after a three month–long bet.[41]

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.[42] He closed the position less than three months later citing geopolitical risks surrounding the Gaza war and slowing economy, netting $200 million in the process.[43][44]

Pershing Square Tontine Holdings

[edit]

Pershing Square Tontine Holdings (PSTH) 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.[45] In 2020, PSTH was the largest SPAC to IPO to date.[46]

PSTH had a unique "Tontine" structure where shareholders were incentivized to hold shares through merger once a target was found for acquisition.[46] 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 distributed to shareholders who chose to participate in the proposed merger. The strike price of PSTH warrants were $23.[47]

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."[48]

Universal Music Group

[edit]

Pershing Square acquired a 7.1% stake of Universal Music Group (UMG) from Vivendi in August 2021 for $2.7billion.[49] Later that month, Pershing Square agreed to purchase an additional 2.9% of UMG from Vivendi for $1.149 billion.[50] Following the transaction, Pershing Square held 10% of UMG's share capital.[51] Ackman was nominated to a non-independent director of UMG in March 2022.[52]

On 7 April 2026 it was announced Pershing has proposed a merger with Universal, in a takeover offer reportedly to be worth $64.3bn that would result in the combined company being listed in the United States by the end of 2026, according to its billionaire chief executive, Bill Ackman.[53]

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. The fund lost over $430 million over the three-month investment.[54]

Herbalife

[edit]

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".[55] 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.[56] After a persistent political and grassroots campaign funded by Ackman and the firm,[57][58] 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.[56] 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.[59]

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.[60][61] 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.[62][63] 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.[64][65]

Platform Specialty Products Corporation

[edit]

In June 2014, Pershing Square was the largest institutional holder of the shares of Platform Specialty Products Corporation, owning a 24.28% stake.[66] Pershing Square first disclosed the position in January 2014,[67] shortly after Platform debuted on the New York Stock Exchange.[68][69][70] Subsequently, in April 2014, Platform announced a deal to acquire the agrochemicals business of Chemtura for approximately $1 billion.[71] Agriphar, another agricultural specialty chemicals company, agreed in August 2014 to become the third company to join the Platform umbrella.[72]

In April 2014, Ackman singled out Platform Specialty Products in "The Outsider" presentation,[73] which discusses optimal methods of capital allocation.[74][75][76]

Pershing Square sold its stake in Element Solutions (formerly Platform Specialty Products) in 2019.[77][78]

[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]
  1. ↑ "About Pershing Square Capital Management, L.P." Pershing Square Capital Management, L.P. Archived from the original on December 20, 2019. Retrieved April 8, 2018.
  2. ↑ Li, Leslie Picker, Yun (May 31, 2024). "Bill Ackman selling stake in Pershing Square at $10.5 billion valuation, aiming for IPO one day". CNBC. Retrieved June 30, 2025.{{cite web}}: CS1 maint: multiple names: authors list (link)
  3. ↑ "Pershing Square Capital Management, L.P. | LinkedIn". www.linkedin.com. July 3, 2024. Retrieved July 1, 2025.
  4. ↑ "Pershing-Square-Holdings-Ltd.-2024-Annual-Report" (PDF). pershingsquareholdings.
  5. ↑ "Pershing Square Performance" (PDF). Pershing Square.
  6. ↑ Markus Krebsz (June 15, 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 August 2, 2011.
  7. ↑ Joseph A. McCahery; Erik P. M. Vermeulen (November 19, 2010). Corporate Governance of Non-Listed Companies. Oxford University Press US. pp. 178–. ISBN 978-0-19-959638-6. Retrieved August 2, 2011.
  8. 1 2 Philip Coggan (November 9, 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 August 2, 2011.
  9. 1 2 David Stowell (February 16, 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 August 2, 2011.
  10. 1 2 3 Serres, Chris (January 13, 2008). "William Ackman: Targeting Target". Star Tribune. Minnesota. Archived from the original on May 29, 2012. Retrieved May 16, 2009.
  11. ↑ "Bill Ackman's Pershing Square fizzles on IPO". FT. October 13, 2014. Archived from the original on November 6, 2020. Retrieved June 2, 2017.
  12. ↑ "Ackman Boosts Target State". Bloomberg. December 24, 2007. Archived from the original on January 6, 2008. Retrieved February 27, 2013.
  13. ↑ Andrew Bary (May 26, 2009). "Ackman's Target Campaign Is Off-Target". barrons.com. Archived from the original on December 12, 2013. Retrieved February 27, 2013.
  14. ↑ "Ackman loses in Target proxy contest". Reuters. May 28, 2009. Archived from the original on September 24, 2015. Retrieved July 1, 2017.
  15. ↑ de la Merced, Michael (December 6, 2010). "Ackman Offers to Finance a Borders Bid for Barnes & Noble". The New York Times. No. DealBook. Archived from the original on March 9, 2013. Retrieved February 27, 2013.
  16. ↑ "Pershing Square (Bill Ackman) Files 13D on General Growth Properties (GGP)". Market Folly. Archived from the original on March 5, 2013. Retrieved March 3, 2013.
  17. ↑ TraderMark (January 14, 2009). "The Logic Behind Bill Ackman's Purchase of General Growth Properties". Seeking Alpha. Archived from the original on March 6, 2013. Retrieved March 3, 2013.
  18. ↑ "General Growth cleared to exit bankruptcy". Reuters. October 22, 2010. Archived from the original on September 24, 2015. Retrieved July 1, 2017.
  19. ↑ "Pershing Square Urges Shareholders To Consider Sale Of General Growth Properties". Seeking Alpha. Archived from the original on March 6, 2013. Retrieved March 3, 2013.
  20. ↑ Louis, Brian (February 11, 2014). "Ackman Sells General Growth Shares to Exit Holding in Mall Owner". Bloomberg. Retrieved May 2, 2024.
  21. ↑ "Bill Ackman's Activist Positions in J.C. Penney and Canadian Pacific Railway". Forbes. June 15, 2012. Archived from the original on November 6, 2020. Retrieved September 8, 2017.
  22. ↑ Benoit, David (February 14, 2014). "Pershing Square Slashes Procter & Gamble Stake". No. MoneyBeat. Wall Street Journal. Archived from the original on November 6, 2020. Retrieved March 24, 2014.
  23. ↑ Bray, Chad (October 13, 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 January 26, 2018.
  24. ↑ Sender, Henny; Foley, Stephen (January 4, 2015). "Permanent capital: Perpetual cash machines". Financial Times. Nikkei. Archived from the original on January 27, 2018. Retrieved November 9, 2019.
  25. ↑ "Pershing Square 3Q17 Investor Letter" (PDF). November 15, 2017. Archived (PDF) from the original on January 27, 2018. Retrieved May 13, 2016.
  26. ↑ 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.
  27. ↑ "Ackman's Pershing Square takes $2.2 billion stake in Air Products". Reuters. July 31, 2013.
  28. ↑ "CEO to retire as Air Products strikes deal with Ackman". Reuters. September 26, 2013.
  29. ↑ "Ackman sells Air Products, Nomad Foods positions, makes strong profit". Reuters. November 15, 2017.
  30. ↑ "Bill Ackman Is About to Get Seriously Grilled by Unhappy Investors". Fortune. April 6, 2016. Archived from the original on November 6, 2020. Retrieved April 16, 2016.
  31. ↑ Whitehouse, Kaja (March 6, 2016). "Bill Ackman says he can recoup Valeant losses". USA Today. Archived from the original on April 10, 2016. Retrieved April 16, 2016.
  32. ↑ Gara, Antoine (March 21, 2016). "As Bill Ackman Enters Valeant's Boardroom, The Stakes Rise Above The Billions He May Lose". Forbes. Archived from the original on November 6, 2020. Retrieved April 16, 2016.
  33. ↑ Franck, Thomas (April 5, 2018). "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 November 6, 2020. Retrieved September 26, 2019.
  34. ↑ "Bill Ackman's Pershing Square takes 9.9% stake in Chipotle". CNBC. September 6, 2016. Archived from the original on November 6, 2020. Retrieved September 9, 2016.
  35. ↑ Franck, Thomas (April 5, 2018). "How Bill Ackman's hedge fund empire crumbled in less than three years". CNBC. Archived from the original on November 6, 2020. Retrieved April 5, 2018.
  36. ↑ "Ackman's $500 Million Bet on Ackman Pays Off After Bad Run". Bloomberg. September 6, 2019. Retrieved September 26, 2019.
  37. ↑ 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.
  38. ↑ Jolly, Jasper (November 11, 2020). "US investor Bill Ackman places new bet against corporate credit". The Guardian.
  39. ↑ Jolly, Jasper (March 25, 2020). "Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak". The Guardian.
  40. ↑ "Bill Ackman Is Right to Hedge on Corporate Credit". Bloomberg. November 11, 2020 – via www.bloomberg.com.
  41. ↑ Deveau, Scott; Palmeri, Christopher (April 20, 2022). "Ackman loses more than US$430M on 3-month Netflix bet - BNN Bloomberg". BNN Bloomberg.
  42. ↑ Herbst-Bayliss, Svea (August 2, 2023). "Billionaire investor Ackman says he is shorting 30-year Treasuries". Reuters.
  43. ↑ Mourselas, Costas (October 25, 2023). "Bill Ackman makes $200mn from bet against US Treasuries". Financial Times.
  44. ↑ Diallo, Aysha; Xie, Ye (October 23, 2023). "Bill Ackman Says He Covered His Short Bet on US Treasuries". Bloomberg News.
  45. ↑ "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.
  46. 1 2 "Bill Ackman and Pershing Square Launch Largest SPAC To Date: A Harbinger of Things to Come?". Debevoise. Retrieved February 27, 2021.
  47. ↑ Jasinski, Nicholas. "Bill Ackman's SPAC Splits Today. Here's What That Means". MarketWatch. Retrieved February 27, 2021.
  48. ↑ Hirsch, Lauren (July 11, 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 July 12, 2022.
  49. ↑ "Vivendi sells a 7.1% stake of UMG to Pershing Square for $2.8 billion". Reuters. August 10, 2021.
  50. ↑ "Pershing Square to buy extra 2.9% of Universal Music for $1.15 bln". Reuters. August 31, 2021.
  51. ↑ Bary, Andrew (September 21, 2021). "Bill Ackman's Fund Is a Big Winner From Universal Music's Debut". Barron's. Pershing Square Holdings could be sitting on a pretax profit of about $900 million. In Tuesday trading in Europe, Universal Music shares were at about 25.50 Euros, 37% above Ackman's cost of 18.58 Euros. The big gain in Universal shares vindicates Ackman's bullish take on the company and his willingness to buy roughly 10% of the world's leading music company.
  52. ↑ "Universal Music Group Board Nominates William A. Ackman, Nicole Avant, Cyrille Bollore and Sherry Lansing as Directors and Publishes 2021 Annual Report and Agenda for 2022 Annual General Meeting of Shareholders". Universal Music Group. March 31, 2022.
  53. ↑ Crew, Jemma (April 7, 2026). "Music giant Universal gets $64bn takeover offer". BBC News. Retrieved April 7, 2026.
  54. ↑ "Ackman Loses More Than $430 Million on 3-Month Netflix Bet". Bloomberg.com. April 20, 2022. Retrieved April 21, 2022.
  55. ↑ Stevenson, Alexandra (March 11, 2014). "Herbalife Shares Fall as Ackman Makes New Accusations". The New York Times. Archived from the original on March 16, 2014. Retrieved March 24, 2014.
  56. 1 2 Stanford, Duane (March 24, 2014). "Herbalife Strengthens Ties With Icahn as Ackman War Rages". Bloomberg. Retrieved March 24, 2014.
  57. ↑ Schmidt, Michael (March 9, 2014). "After Big Bet, Hedge Fund Pulls the Levers of Power". The New York Times. Archived from the original on January 14, 2017. Retrieved March 24, 2014.
  58. ↑ DealBook (March 10, 2014). "Ackman vs. Herbalife, a History". The New York Times. No. DealBook. Archived from the original on November 6, 2020. Retrieved March 24, 2014.
  59. ↑ "FBI conducting a probe into Herbalife: sources". April 2014. Archived from the original on April 13, 2014. Retrieved April 11, 2014.
  60. ↑ Lopez, Linette (March 13, 2015). "REPORT: The FBI is investigating Bill Ackman over Herbalife". Business Insider. Archived from the original on June 17, 2015. Retrieved June 16, 2015.
  61. ↑ Holm, Erik (March 13, 2015). "Bill Ackman Not Backing Down On Herbalife". Wall Street Journal. No. MoneyBeat. Archived from the original on June 17, 2015. Retrieved June 16, 2015.
  62. ↑ Stempel, Jonathan (July 29, 2015). "Judge dismisses 'pyramid scheme' lawsuit versus Herbalife, CEO". Reuters. Retrieved May 2, 2024.
  63. ↑ Stempel, Jonathan; Ablan, Jennifer (March 20, 2015). "Herbalife not exonerated by U.S. judge: Pershing Square". Reuters.
  64. ↑ 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.
  65. ↑ Thielman, Sam (July 15, 2016). "Herbalife dodges 'pyramid scheme' label and agrees to pay $200m fine". The Guardian. ISSN 0261-3077. Retrieved May 2, 2024.
  66. ↑ "PAH Major Holders". Yahoo Finance. June 30, 2014. Archived from the original on April 27, 2016. Retrieved January 17, 2017.
  67. ↑ "Why Pershing Initiates Position in Platform Specialty Products". Yahoo Finance. May 19, 2014. Archived from the original on April 9, 2016. Retrieved January 17, 2017.
  68. ↑ "Pershing Square Discloses Platform Specialty Products Stake". Market Folly. January 27, 2014. Archived from the original on August 19, 2014. Retrieved August 16, 2014.
  69. ↑ "Bill Ackman Announces 30.9% Stake in Platform Specialty Products". NASDAQ.com. January 27, 2014. Archived from the original on November 6, 2020. Retrieved August 16, 2014.
  70. ↑ "Platform Lists on NYSE After MacDermid Deal, Pershing Stake". TheStreet. January 25, 2014. Archived from the original on August 14, 2014. Retrieved August 16, 2014.
  71. ↑ "Ackman-Backed Platform to Buy Chemtura Unit for $1 Billion". Bloomberg Businessweek. April 17, 2014. Archived from the original on April 23, 2014. Retrieved August 16, 2014.
  72. ↑ "Ackman Going Public, Should Mega Cap Stocks Worry?". ValueWalk. August 13, 2014. {{cite news}}: |url= suppressed (help)CS1 maint: deprecated archival service (link)
  73. ↑ "The Outsider". SEC. April 22, 2014. Archived from the original on November 6, 2020. Retrieved September 8, 2017.
  74. ↑ "How 'The Outsiders' Became One Of The Most Important Business Books In America". Forbes. May 8, 2014. Archived from the original on November 6, 2020. Retrieved September 8, 2017.
  75. ↑ "Pershing Square's Presentation on Allergan/Valeant: The Outsider". Market Folly. April 23, 2014. Archived from the original on August 19, 2014. Retrieved August 16, 2014.
  76. ↑ "Ruling Puts Crimp in Takeover Alliances". Capital Activist. November 8, 2014. Archived from the original on March 29, 2016. Retrieved November 11, 2014.
  77. ↑ "Schedule 13D: Element Solutions Inc". U.S. Securities and Exchange Commission. February 3, 2019.
  78. ↑ Vincent, John (May 20, 2019). "Tracking Bill Ackman's Pershing Square Portfolio - Q1 2019 Update". Seeking Alpha.
  79. ↑ "Betting On Zero". Betting On Zero. Archived from the original on November 6, 2020. Retrieved September 26, 2019.
  80. ↑ Carroll, Leah. "The Female Short Seller Of Netflix's". www.refinery29.com. Archived from the original on September 26, 2019. Retrieved September 26, 2019.
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