Wednesday, 6 May 2015
Last updated 20 hours ago
Mar 24 2014 | 1:27pm ET
Pershing Square Capital Management’s Herbalife short has been a roller-coaster, but after months underwater—sometimes to the tune of half a billion dollars—the hedge fund is nearly break-even on its investment.
Herbalife shares hit an eight-month low on Friday, nine days after it announced a Federal Trade Commission probe. Pershing Square’s William Ackman has argued that the company is a pyramid scheme that will be shut down by the FTC.
On Friday, Herbalife shares fell to $49.54. Ackman built his short during a period when the company’s shares traded at an average price of $48.58.
But Herbalife shares soared last year, costing Ackman hundreds of millions of dollars on paper, after Ackman rival Carl Icahn announced a huge investment in the company. Indeed, Ackman is now a good deal farther away from break-even than he was on Friday, as Herbalife shares have rallied following Icahn’s announcement that Herbalife would add three more of his representatives to its board.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…