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 a billionaire hedge fund manager, the founder, and CEO of Pershing Square Capital Management. Known as an activist investor, he leverages his position to influence company management and strategy. As of July 2025, his estimated net worth stands at $9.4 billion.

Sections (5)

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

1992: Founding of Gotham Partners

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

1995: Partnership with Leucadia National

In 1995, Ackman partnered with Leucadia National, an insurance and real estate firm, to bid for Rockefeller Center.

2002: Litigation Entanglement

By 2002, Gotham Partners was involved in litigation with external shareholders in companies Gotham invested in.

2002: Research on MBIA

In 2002, Ackman researched MBIA and challenged Standard & Poor's AAA rating of its bonds, incurring significant legal costs. He advocated for a division between MBIA's structured finance and municipal bond insurance businesses.

2004: Launch of Pershing Square

Ackman launched Pershing Square in 2004.

2004: Founding of Pershing Square Capital Management

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

2006: Founding of Pershing Square Foundation

In 2006, Bill Ackman and his then-wife Karen founded the Pershing Square Foundation to support organizations focused on various causes.

2008: Shorting MBIA Bonds

During the 2008 financial crisis, Ackman famously shorted MBIA's bonds.

2008: Profiting from Credit Default Swaps

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

January 16, 2009: Covering MBIA Short Position

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

2010: Chairman of Howard Hughes Holdings

In 2010, Bill Ackman became the chairman of Howard Hughes Holdings.

2010: Investment in J. C. Penney

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

2011: Inclusion in 'Philanthropy 50' list

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

2011: Resolution of Lawsuit with Icahn

In 2011, Carl Icahn was forced to pay Ackman $4.5 million plus interest and legal fees, totaling $9 million, to resolve a lawsuit.

December 2012: Short Bet Against Herbalife

In December 2012, Ackman announced that Pershing Square had made a $1 billion short bet against Herbalife, a maker of weight-loss and vitamin supplements, calling the company a "pyramid scheme".

2012: Short Against Herbalife Begins

In 2012, Ackman initiated a US$1 billion short against Herbalife.

January 2013: Icahn Takes Stake in Herbalife

In January 2013, Carl Icahn announced a stake in Herbalife following a challenge to Ackman's comments on CNBC.

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

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

April 2014: FBI Probe into 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: Net Gains for Investors

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

January 2015: Ackman Named a Top Hedge Fund Manager

In January 2015, LCH Investments recognized Ackman as one of the world's top 20 hedge fund managers after Pershing Square's performance in 2014.

March 12, 2015: Federal Probe of Ackman's Actions

On March 12, 2015, reports surfaced that federal prosecutors and the FBI were investigating whether people hired by Ackman made false statements to encourage investigations and lower Herbalife's stock. Neither Ackman nor Pershing Square were subpoenaed.

2015: Period of Weak Performance Begins

Ackman experienced a period of weak performance from 2015 onwards.

April 27, 2016: Testimony Before Senate Committee

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

July 2016: Herbalife Settles with FTC

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

March 2017: Sale of Valeant Shares

In March 2017, Ackman sold his remaining 27.2 million shares in Valeant to Jefferies for approximately $300 million, incurring a substantial loss estimated at $4.6 billion.

November 2017: Ackman Covers Herbalife Short Position

In November 2017, Ackman covered his short-sell position in Herbalife but continued to bet against the company using put options.

February 28, 2018: Ackman Exits Herbalife Bet

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

2018: Period of Weak Performance Ends

Ackman's period of weak performance, started in 2015, came to an end in 2018.

2018: End of Herbalife Short

In 2018, Ackman concluded his US$1 billion short against Herbalife.

2019: Herbalife Pays SEC Settlement

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

2019: Pershing Square's Strong Performance

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

March 3, 2020: Pershing Square Discloses Hedge

On March 3, 2020, Pershing Square first disclosed a $27 million hedge on its portfolio, protecting against steep market losses due to the impending stock market crash.

March 18, 2020: Ackman Calls for Economic Shutdown

On March 18, 2020, Ackman publicly called for a "30-day shutdown" of the American economy to combat the spread of coronavirus, warning of severe economic consequences if action wasn't taken.

2020: Herbalife Pays DOJ and SEC Penalties

In 2020, Herbalife paid over $122 million after the Department of Justice and SEC found it falsified books and records and provided corrupt payments to Chinese government officials.

March 15, 2021: Donation of Coupang Shares

On March 15, 2021, 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: Inclusion in 'Philanthropy 50' list

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

March 1, 2022: Remarks About Sabatini's Treatment

On March 1, 2022, Bill Ackman delivered remarks at a Pershing Square Foundation event regarding what he described as the unfair treatment of David M. Sabatini, a biologist accused of sexual misconduct.

December 2022: Charity Auction with David Lynch Foundation

In December 2022, Ackman partnered with the David Lynch Foundation to auction a lunch with himself for charity, supporting New York's frontline healthcare workers, police, and veterans.

2022: Herbalife Settles RICO Case

In 2022, Herbalife paid $12.5 million to settle a case of alleged RICO violations.

February 2023: Funding for Sabatini's New Research Lab

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

October 8, 2023: Demand for Names of Harvard Students

On October 8, 2023, Bill Ackman demanded the publication of the names of Harvard students who signed a letter condemning Israeli actions, stating he wanted to ensure his company and others would not inadvertently hire them.

August 1, 2024: Withdrawal of Pershing Square IPO

On August 1, 2024, after securing only $2 billion of the targeted $25 billion, Ackman withdrew Pershing Square's IPO and announced plans to relaunch the fund with a new "transaction structure."