Career Timeline of Bill Ackman: Major Achievements and Milestones

How Bill Ackman built a successful career. Explore key moments that defined the journey.

Bill Ackman is an American billionaire hedge fund manager and the founder and CEO of Pershing Square Capital Management. Known for his activist investment style, Ackman's strategic moves in the financial world have garnered him significant attention and wealth, with a net worth estimated at $9.3 billion as of June 2024. He is a prominent figure in the world of finance and investment.

Sections (5)

Full Timeline Early Life & Education Career & Achievements Challenges & Struggles Controversies & Scandals

1988: Ackman Receives Bachelor of Arts Degree from Harvard

In 1988, Bill Ackman received a Bachelor of Arts degree magna cum laude in social studies from Harvard College. His thesis was titled "Scaling the Ivy Wall: The Jewish and Asian American Experience in Harvard Admissions".

1992: Ackman Co-Founds Gotham Partners

In 1992, Bill Ackman co-founded the investment firm Gotham Partners with David P. Berkowitz, focusing on small investments in public companies.

1992: Ackman Receives MBA from Harvard Business School

In 1992, Bill Ackman received a Master of Business Administration degree from Harvard Business School.

1995: Gotham Partners Bids for Rockefeller Center

In 1995, Ackman's Gotham Partners partnered with Leucadia National to bid for Rockefeller Center, generating investor interest.

2002: Gotham Partners Faces Litigation

By 2002, Gotham Partners became embroiled in litigation with various external shareholders who also owned an interest in the companies in which Gotham invested.

2002: Ackman Challenges MBIA's Rating

In 2002, Bill Ackman researched MBIA to challenge Standard & Poor's AAA rating of its bonds. His law firm copied 725,000 pages of statements at a cost of over $100,000, and he called for a division between MBIA's structured finance and municipal bond insurance businesses.

2003: Feud Develops Between Ackman and Icahn Over Hallwood Realty

In 2003, a feud developed between Bill Ackman and Carl Icahn over a deal involving Hallwood Realty. They agreed to a "shmuck insurance" arrangement.

April 2004: HRPT Property Trust Acquires Hallwood, Icahn Refuses to Pay Ackman

In April 2004, HRPT Property Trust acquired Hallwood, requiring Carl Icahn to pay Bill Ackman and his investors about $4.5 million under their agreement. Icahn refused to pay, leading to a lawsuit.

2004: Ackman Starts Pershing Square Capital Management

In 2004, Bill Ackman started Pershing Square Capital Management with $54 million from his personal funds and Leucadia National.

2004: Pershing Square's Launch

In 2004, Pershing Square Capital Management was launched.

2005: Herbalife Distributor Training Session Released

In December 2, 2014, Pershing Square Capital released a 2005 Herbalife distributor training session, in which an employee described high turnover rates and implied that the company's business model was not sustainable.

2006: Pershing Square Foundation Founded

In 2006, Bill Ackman and his then-wife Karen founded the Pershing Square Foundation to fund innovative organizations.

2007: Ackman Profits from MBIA Credit Default Swaps During the Financial Crisis

During the financial crisis of 2007–2008, Bill Ackman bought credit default swaps against MBIA corporate debt and sold them for a large profit.

2007: Shorting MBIA's bonds

In 2007, Bill Ackman began shorting MBIA's bonds during the financial crisis.

2008: Ackman Profits from MBIA Credit Default Swaps During the Financial Crisis

During the financial crisis of 2007–2008, Bill Ackman bought credit default swaps against MBIA corporate debt and sold them for a large profit.

2008: Shorting MBIA's bonds

In 2008, Bill Ackman continued shorting MBIA's bonds during the financial crisis.

January 16, 2009: Ackman Covers Short Position on MBIA

On January 16, 2009, Bill Ackman reported covering his short position on MBIA.

2010: Ackman Becomes Chairman of Howard Hughes Holdings

In 2010, Bill Ackman became chairman of Howard Hughes Holdings, one of Pershing's longest-held investments.

2010: Pershing Buys J.C. Penney Shares

In 2010, Pershing Square started buying J. C. Penney shares, acquiring 18% of the company's stock.

2011: Philanthropy 50

In 2011, Bill and Karen Ackman were on The Chronicle of Philanthropy's "Philanthropy 50" list of the most generous donors.

May 2012: Pershing Square Shorts Herbalife Shares

In May 2012, Bill Ackman's hedge fund, Pershing Square Capital Management, sold short Herbalife's shares directly, causing its stock price to drop.

December 2012: Ackman Criticizes Herbalife's Business Model

In December 2012, Bill Ackman issued a research report criticizing Herbalife's multi-level marketing business model, calling it a pyramid scheme.

2012: US$1 billion short against Herbalife

In 2012, Bill Ackman held a US$1 billion short against the nutrition company Herbalife, which he described as a pyramid scheme.

January 25, 2013: Ackman and Icahn Clash on CNBC

On January 25, 2013, Bill Ackman and Carl Icahn had a public spat on CNBC regarding Ackman's short position on Herbalife.

April 30, 2013: Ackman Donates to Democratic Senatorial Campaign Committee

On April 30, 2013, Bill Ackman donated $32,000 to the Democratic Senatorial Campaign Committee on the same day Ed Markey won the Democratic primary for the Senate special election in Massachusetts.

May 2013: Icahn Buys Shares of Herbalife International

In May 2013, Carl Icahn owned 16.5% of the Herbalife International company.

August 2013: Ackman Steps Down from J. C. Penney Board

In August 2013, Bill Ackman stepped down from the J. C. Penney board following a disagreement with fellow board members, ending a two-year campaign to transform the department store.

November 2013: Icahn Reduces Stake in Herbalife

By November 2013, Carl Icahn's ownership in Herbalife declined to 6.4%.

November 22, 2013: Ackman Admits Losses on Herbalife Short Position

On November 22, 2013, Bill Ackman admitted that Pershing Square's open short position in Herbalife was "$400 million to $500 million" in the red, but that he would hold the short "to the end of the earth".

March 2014: Ackman's Tactics to Undermine Herbalife Reported

In March 2014, The New York Times reported that Bill Ackman had employed tactics to undermine public confidence in Herbalife, including pressuring regulators, paying individuals to participate in rallies, and increasing donations to nonprofit Latino organizations.

December 2, 2014: Herbalife Stock Prices Fall

By December 2, 2014, Herbalife stock prices had fallen nearly 50% to $42.08 from their January 8 high of $83.48.

2014: Ackman Launches PR Campaign Against Herbalife

In 2014, Bill Ackman spent $50 million on a public relations campaign against Herbalife.

2014: Pershing Square Delivers $4.5 Billion in Net Gains

In 2014, Pershing Square delivered $4.5 billion in net gains for investors.

2014: Call for Investigation into Ackman's Herbalife Campaign

In 2014, former Representative Bob Barr called on Congress to investigate Bill Ackman's use of public relations and regulatory pressure in his short campaign against Herbalife.

January 2015: Ackman Named Top Hedge Fund Manager

In January 2015, LCH Investments named Bill Ackman one of the world's top 20 hedge fund managers after Pershing Square delivered $4.5 billion in net gains for investors in 2014.

March 12, 2015: Investigation into Ackman's Herbalife Campaign

On March 12, 2015, The Wall Street Journal reported that prosecutors and the FBI were investigating whether people hired by Bill Ackman "made false statements about Herbalife's business model to regulators and others in order to spur investigations into the company and lower its stock price".

March 2015: Herbalife Lawsuit Dismissed; Stock Rises

In March 2015, a suit filed by Herbalife investors alleging an illegal pyramid scheme was dismissed, causing Herbalife stock to rise approximately 13%.

2015: Weak Performance

Bill Ackman's performance was weak from 2015.

2015: Ackman Predicts Herbalife Implosion

In December 2, 2014, Bill Ackman predicted that Herbalife would experience an "implosion" in 2015 or early 2016, citing federal scrutiny and debt.

April 27, 2016: Ackman Testifies Before Senate Committee on Aging

On April 27, 2016, Bill Ackman testified before the United States Senate Special Committee on Aging regarding Valeant Pharmaceuticals' business model and pricing practices.

July 2016: Herbalife and FTC Reach Settlement

In July 2016, Herbalife and the FTC reached a settlement agreement, ending the agency's investigation into the company. Fortune estimated that Bill Ackman lost $500 million on the day of the settlement.

2016: Ackman Predicts Herbalife Implosion

In December 2, 2014, Bill Ackman predicted that Herbalife would experience an "implosion" in 2015 or early 2016, citing federal scrutiny and debt.

March 2017: Ackman Sells Valeant Position at a Loss

In March 2017, Bill Ackman sold his remaining share position in Valeant Pharmaceuticals to Jefferies for about $300 million, incurring a substantial loss estimated at $4.6 billion.

November 2017: Ackman Covers Herbalife Short Position, Uses Put Options

In November 2017, Bill Ackman told Reuters that he had covered his short-sell position in Herbalife, but would continue to bet against the company using put options with no more than 3% of Pershing Square's funds.

January 2018: Back to basics

In January 2018, Bill Ackman announced that he was going back to basics by cutting staff and focusing on research after weak performance.

February 28, 2018: Ackman Exits Bet Against Herbalife

On February 28, 2018, Bill Ackman exited his near billion-dollar bet against Herbalife after the company's stock price continued to rise.

2018: US$1 billion short against Herbalife

In 2018, Bill Ackman ended his US$1 billion short against the nutrition company Herbalife, which he described as a pyramid scheme.

2019: Pershing Square returns 58.1%

In 2019, Pershing Square returned 58.1%, qualifying it as one of the world's best performing hedge funds.

March 3, 2020: Pershing Square Discloses Market Hedge

On March 3, 2020, Pershing Square first disclosed its portfolio hedge. Bill Ackman hedged Pershing Square's portfolio ahead of the 2020 stock market crash, investing $27 million to purchase credit protection against market losses, generating $2.6 billion in less than a month.

March 18, 2020: Ackman Calls for Economic Shutdown

On March 18, 2020, in a phone interview with CNBC, Bill Ackman called upon President Donald Trump for a "30-day shutdown" of the American economy to slow the spread of coronavirus. He warned of potential economic destruction.

March 15, 2021: Donation of Coupang shares

On March 15, 2021, Bill Ackman donated 26.5 million shares in South Korean e-commerce company Coupang, valued at $1.36 billion, to three entities, one of them his own foundation.

2021: Philanthropy 50

In 2021, Bill Ackman and Neri Oxman were on The Chronicle of Philanthropy's "Philanthropy 50" list of the most generous donors.

December 2022: Charity auction for lunch with Ackman

In December 2022, Bill Ackman auctioned a lunch with himself for charity in partnership with the David Lynch Foundation to benefit New York's frontline healthcare workers, police, and veterans.

February 2023: Funding for Sabatini's research laboratory

In February 2023, Bill Ackman announced that his foundation and an anonymous donor would together fund David M. Sabatini US$25 million over five years to establish and run a new research laboratory.

June 2024: Ackman's Net Worth Estimated at $9.3 Billion

In June 2024, Forbes estimated Bill Ackman's net worth to be $9.3 billion.

August 1, 2024: Ackman Withdraws Pershing Square IPO

On August 1, 2024, Bill Ackman withdrew the IPO to take Pershing Square public after only securing $2 billion of the aimed $25 billion. He announced plans to relaunch a version of the fund with a new "transaction structure."