Ackman Makes Good On Promise, Donates $10M To Charity

Jan 12 2015 | 10:42am ET

U.S. hedge fund manager Bill Ackman's conviction that Herbalife is a pyramid scheme may not be good for the nutritional company, but it has proved a windfall for a U.S. charity.

Two years ago, Ackman promised to donate any personal earnings from his $1 billion Herbalife short bet to charity and on Friday, he announced that he's doing just that.

Ackman pledged $10 million to TheDream.US, a charity which provides college scholarships to immigrant youth. The money will be allocated over three years.

Ackman's Pershing Square Capital Management led the league in 2014, posting returns of 40%.

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