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 as an activist investor, Ackman's net worth is approximately $9.4 billion as of July 2025. He's a prominent figure in the world of finance.

Sections (5)

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

1992: Founding of Gotham Partners

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

1995: Partnership with Leucadia National for Rockefeller Center Bid

In 1995, Ackman partnered with Leucadia National to bid for Rockefeller Center, which, although unsuccessful, increased investor interest in Gotham Partners.

2002: Litigation Entanglement for Gotham Partners

By 2002, Gotham Partners was involved in litigation with external shareholders who had interests in the companies Gotham invested in.

2002: Ackman Challenges MBIA's Bond Rating

In 2002, Ackman researched MBIA to challenge Standard & Poor's AAA rating of its bonds, incurring over $100,000 in legal costs to copy 725,000 pages of statements. Ackman advocated for a division between MBIA's structured finance and municipal bond insurance businesses.

2004: Founding of Pershing Square Capital Management

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

2006: Founding of Pershing Square Foundation

In 2006, Bill Ackman and his then wife, Karen, founded the Pershing Square Foundation to fund innovative organizations focused on economic development, education, healthcare, human rights, arts, and urban development. The foundation has committed over $750 million in grants to more than 100 organizations since its inception.

2008: Profit from MBIA Credit Default Swaps

During the 2008 financial crisis, Ackman profited significantly by purchasing and selling credit default swaps against MBIA corporate debt.

2008: Shorting MBIA's Bonds

In 2008, one of Bill Ackman's notable market plays included shorting MBIA's bonds during the financial crisis.

January 16, 2009: Ackman Covers Short Position on MBIA

On January 16, 2009, Ackman reported covering his short position on MBIA, according to the 13D filed with the SEC.

2010: Pershing Square Buys J. C. Penney Shares

In 2010, Pershing Square began purchasing J. C. Penney shares, acquiring 39 million shares (18% of the company's stock) at an average price of $22 per share.

2011: Bill and Karen Ackman on Philanthropy 50 List

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

2011: Icahn Pays Ackman $9 Million in Lawsuit

In 2011, Carl Icahn was forced to pay Bill Ackman $4.5 million plus 10% interest per year and legal fees, totaling $9 million, following a lawsuit.

December 2012: Ackman Announces Short Bet Against Herbalife

In December 2012, Bill Ackman announced that Pershing Square had made a $1 billion short bet against Herbalife, a weight-loss and vitamin supplement maker, labeling it a "pyramid scheme".

2012: Shorting Herbalife

From 2012, Ackman held a US$1 billion short against Herbalife, which he described as a pyramid scheme. His efforts were documented in the film "Betting on Zero".

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January 2013: Icahn Challenges Ackman's Herbalife Comment

In January 2013, Carl Icahn challenged Ackman's comment regarding Herbalife during a CNBC appearance, leading to a contentious exchange and Icahn announcing a stake in Herbalife to counter Ackman's short position.

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.

April 2014: FBI Probes Herbalife

In April 2014, Reuters reported that the FBI conducted a probe into Herbalife and reviewed documents obtained from the company's former distributors.

2014: Pershing Square's Net Gains Reach $4.5 Billion

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

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, bringing the fund's lifetime gains to $11.6 billion since its launch in 2004.

March 12, 2015: FBI and Federal Prosecutors Investigate Ackman's Actions Regarding Herbalife

On March 12, 2015, reports surfaced that federal prosecutors and the FBI were probing whether individuals hired by Ackman made false statements to encourage investigations and lower Herbalife's stock. Ackman affirmed his stance against Herbalife.

2015: Weak Performance of Pershing Square Begins

In 2015, Pershing Square faced a period of weak performance.

April 27, 2016: Testimony Before Senate Committee on Aging

On April 27, 2016, Ackman, J. Michael Pearson, and Howard Schiller testified before the United States Senate Special Committee on Aging regarding Valeant Pharmaceuticals' business model and pricing practices. Ackman acknowledged his investment as an endorsement of Valeant's strategy.

July 2016: Herbalife Settles with FTC for $200 Million

In July 2016, Herbalife settled with the Federal Trade Commission, agreeing to pay $200 million and restructure its business practices to avoid being labeled a pyramid scheme. The FTC found that Herbalife had "deceived consumers."

March 2017: Ackman Sells Valeant Shares at a Substantial Loss

In March 2017, Ackman sold his remaining 27.2 million share position in Valeant to Jefferies for about $300 million, incurring an estimated $4.6 billion loss on the position. This included direct stock purchases and underlying stock options.

November 2017: Ackman Covers Herbalife Short Position

In November 2017, Ackman stated that he had covered his short-sell position against Herbalife, but would continue to bet against the company using put options.

February 28, 2018: Ackman Exits Herbalife Bet at a Loss

On February 28, 2018, Ackman exited his near billion-dollar bet against Herbalife at a loss.

2018: Ackman's Short Against Herbalife Ends

In 2018, Ackman's US$1 billion short against Herbalife, a company he described as a pyramid scheme, came to an end.

2018: Weak Performance of Pershing Square Continues

In 2018, Pershing Square continued to experience weak performance.

2019: Herbalife Pays SEC $20 Million

In 2019, Herbalife paid the SEC $20 million to settle charges of making false and misleading statements about its business model in China.

2019: Pershing Square Returns 58.1%

In 2019, Pershing Square returned 58.1%, making it one of the world's best-performing hedge funds according to Reuters.

March 3, 2020: Pershing Square Discloses Hedge Against Market Losses

On March 3, 2020, Pershing Square disclosed a $27 million investment in credit protection to hedge its portfolio against steep market losses ahead of the 2020 stock market crash. The hedge generated $2.6 billion in less than a month.

March 18, 2020: Ackman Calls for Economic Shutdown

On March 18, 2020, Bill Ackman called for a "30-day shutdown" of the American economy to President Donald Trump during a CNBC interview to slow the spread of coronavirus and minimize loss of life and economic destruction. He also warned about the potential collapse of hotel stocks and urged U.S. companies to halt stock buybacks.

2020: Herbalife Pays Over $122 Million for Corruption

In 2020, Herbalife paid over $122 million after the Department of Justice and SEC found that it falsified books and records and made corrupt payments to Chinese government officials to obtain and retain business in China.

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, including his own foundation.

2021: Ackman and Oxman on Philanthropy 50 List

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

December 2022: Charity Auction with David Lynch Foundation

In December 2022, Bill Ackman auctioned a lunch with himself for charity in partnership with the David Lynch Foundation, with proceeds benefiting frontline healthcare workers, police, and veterans battling mental health issues in New York. Ackman matched the winning bid to further support the foundation.

2022: Herbalife Pays $12.5 Million in RICO Case Settlement

In 2022, Herbalife settled a case of alleged RICO violations for $12.5 million.

February 2023: Funding for Sabatini's new research laboratory

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

August 1, 2024: IPO Withdrawal and Restructuring Announcement

On August 1, 2024, after failing to secure the targeted $25 billion, Ackman withdrew Pershing Square's IPO and announced plans to relaunch the fund with a new "transaction structure".