The activist investor is ending his crusade against Herbalife Ltd., in what amounts to a bruising defeat in one of Wall Street’s longest-running, most expensive and nastiest fights.
I came across the article "Bill Ackman Surrenders in His Five-Year War Against Herbalife" in the Wall Street Journal. The hedge fund Pershing Square Capital Management led by Bill Ackman short sold the multi-level marketing and dietary supplement corporation Herbalife.
Bill Ackman argued that Herbalife was a pyramid scheme, and its stock price would go to zero. Activist investor Carl Icahn of Icahn Enterprises invested in Herbalife –– becoming its biggest shareholder. Short seller versus activist investor. A live television shouting match between Ackman and Icahn.
Netflix produced a full-length documentary against Herbalife. And GameStop inspired multiple films –– notably including Dumb Money (for the bulls) and and This Is Financial Advice (for the bears).