- Bill Ackman says he will no longer stand by, while he loses money on Valeant. What took the famously active investor so long? Will it make any difference?
- Ackman’s Pershing fund owned 30.7 million shares of Valeant as of March 8. which has lost an estimated $1 billion on its position this Tuesday, when the stock was down over 50% on the day. Pershing is also facing losses on the options it holds on Valeant stock. So, its losses are mounting. Year-to-date, Valeant’s shares have lost 62% of their value.
- In a letter, investors on Tuesday, from Ackman to Pershing Square, he repeated that he has no plans to sell his stake in the company, but plans to take a “much more proactive role at the company to protect and maximize the value of our investment.”
- He has yet to be more specific about what he means by that.
