Bill Ackman American financier and entrepreneur, billionaire Date of Birth: 11.05.1966 Country: USA

1. Bill Ackman: Billionaire Financier and Hedge Fund Mogul
2. Early Life and Education
3. Career at Gotham Partners
4. Departure from Gotham Partners
5. Pershing Square Capital Management
6. Unconventional Staffing Practices
7. Investment in Coupang
8. Shorting Herbalife

Bill Ackman: Billionaire Financier and Hedge Fund Mogul

Bill Ackman is an American billionaire financier and entrepreneur who founded and serves as CEO of the hedge fund Pershing Square Capital Management.

Early Life and Education

Ackman was born into a Jewish family in Chappaqua, New York. His father, Lawrence Ackman, was the chairman of real estate financing firm Ackman-Ziff Real Estate Group. After completing high school, Ackman earned a Bachelor of Arts degree with honors from Harvard College in 1988 and an MBA from Harvard Business School in 1992.

Career at Gotham Partners

In 1992, Ackman co-founded Gotham Partners, an investment firm that made small investments in public companies. In 1995, he gained recognition for his work with Leucadia National and Rockefeller Center in the insurance and real estate sectors. Gotham Partners' asset base grew to $500 million by 1998 through successful equity management.

Departure from Gotham Partners

In 2002, Ackman left Gotham Partners after a series of lawsuits from company shareholders stalled its growth. A 2003 investigation into Gotham Partners' operations by New York Attorney General Eliot Spitzer cleared the company of any wrongdoing.

Pershing Square Capital Management

Ackman founded Pershing Square Capital Management in 2003. In December 2007, his fund owned 10% of Target Corporation, worth $4.2 billion. In December 2010, his fund held a 38% stake in Borders Group, and Ackman announced his agreement to acquire Barnes & Noble for $900 million. He also successfully led a proxy battle for control of Canadian Pacific Railway.

Unconventional Staffing Practices

Ackman is known for his unconventional approach to hiring, having hired a former fishing guide, a professional tennis player, and "a guy in the cab" to work at his company.

Investment in Coupang

Ackman was an early investor in Coupang, founded in 2010. In 2021, he donated over $1.3 billion worth of shares in the South Korean online retailer to charity after the company's IPO. The funds were distributed to three organizations, including his own Pershing Square Foundation.

Shorting Herbalife

In December 2012, Ackman declared after extensive research that Herbalife was "the most egregious pyramid scheme in history." Herbalife's stock dropped 21% in two days, and the SEC opened an investigation. Ackman vowed to "drive Herbalife out of business" and launched an aggressive campaign to short its stock. Despite support from regulators and celebrities, the FTC declined to designate Herbalife as a pyramid scheme, and Ackman lost over a billion dollars in a major setback. The investigation culminated in a settlement in 2018, which Ackman publicly declared as his defeat.