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 an American billionaire hedge fund manager, the founder, and CEO of Pershing Square Capital Management. Known as an activist investor, Ackman's strategies often involve taking significant stakes in companies and then publicly advocating for changes in their management or business strategies. As of July 2025, his estimated net worth is $9.4 billion, highlighting his success and influence in the financial world.

Sections (5)

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

2002: Litigation with External Shareholders

By 2002, Gotham Partners was involved in litigation with various external shareholders who also held an interest in the companies in which Gotham invested.

2002: Research into MBIA

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. He also called for a division between MBIA's structured finance and municipal bond insurance businesses.

December 2012: Short Bet Against Herbalife

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

2012: Shorting Herbalife

From 2012 to 2018, Bill Ackman held a US$1 billion short against Herbalife, describing the company as a pyramid scheme.

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

In August 2013, Bill Ackman stepped down from the board of J. C. Penney 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 following Bill Ackman's campaign.

March 12, 2015: Federal Probes into Herbalife and Ackman's Activities

On March 12, 2015, it was reported that federal prosecutors and the FBI were probing whether some people hired by Bill Ackman made false statements in an attempt to encourage investigations and lower Herbalife's stock. Bill Ackman stated he would not back down from his claims against Herbalife. Neither Ackman nor Pershing Square were subpoenaed.

2015: Weak Performance

Bill Ackman's Pershing Square had a weak performance in 2015–2018.

March 2017: Sale of Valeant Shares

In March 2017, Bill Ackman sold his remaining 27.2 million share position in Valeant for approximately $300 million, resulting in a substantial loss.

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

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

2018: Weak Performance

Bill Ackman's Pershing Square had a weak performance in 2015–2018.

2018: Shorting Herbalife

From 2012 to 2018, Bill Ackman held a US$1 billion short against Herbalife, describing the company as a pyramid scheme.

August 1, 2024: Withdrawal of Pershing Square USA IPO

On August 1, 2024, after only securing $2 billion, Bill Ackman decided to withdraw the IPO for the new fund known as Pershing Square USA. He announced plans to relaunch a version of the fund with a new transaction structure.