Challenges Faced by Bill Ackman: Obstacles and Turning Points

Resilience and perseverance in the journey of Bill Ackman. A timeline of obstacles and growth.

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

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.

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.

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.

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.

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.

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."