William Albert Ackman is an American billionaire hedge fund manager and activist investor. He is the founder and CEO of Pershing Square Capital Management. Ackman's investment approach, which involves taking large stakes in companies and advocating for changes, has earned him both praise and criticism. As of January 2024, Forbes estimated his net worth at $4 billion.
May 11, 1966: Birth of Bill Ackman
On May 11, 1966, William Albert Ackman was born. He would become a prominent figure in the world of finance as a hedge fund manager and activist investor.
1988: Ackman Graduates Harvard College Magna Cum Laude
In 1988, Bill Ackman graduated magna cum laude from Harvard College with a Bachelor of Arts degree in social studies. His thesis focused on the experiences of Jewish and Asian American students in Harvard admissions.
1992: Founding of Gotham Partners
Bill Ackman, alongside Harvard graduate David P. Berkowitz, established the investment firm Gotham Partners in 1992. The firm focused on making small investments in public companies.
1992: Ackman Earns MBA from Harvard Business School
Furthering his education, Bill Ackman received a Master of Business Administration degree from Harvard Business School in 1992, equipping him with the knowledge and skills to excel in the business world.
July 10, 1994: Ackman Marries Karen Ann Herskovitz
Bill Ackman married Karen Ann Herskovitz, a landscape architect, on July 10, 1994.
1995: Gotham Partners' Bid for Rockefeller Center
In 1995, Gotham Partners, in partnership with Leucadia National, submitted a bid to acquire Rockefeller Center. Despite losing the deal, the bid significantly increased investor interest in Gotham.
2002: Legal Challenges at Gotham Partners
By 2002, Gotham Partners faced significant legal issues with external shareholders who held stakes in the companies Gotham invested in. The litigation ultimately led to the closure of the firm.
2002: Ackman's Research on MBIA
In 2002, Bill Ackman conducted extensive research on MBIA, a financial services company. His findings led him to challenge Standard & Poor's AAA rating of MBIA's bonds, questioning the company's financial stability.
2003: Feud with Carl Icahn over Hallwood Realty
In 2003, a public disagreement, or feud, arose between Bill Ackman and fellow investor Carl Icahn concerning a deal involving Hallwood Realty. The disagreement centered around a "shmuck insurance" agreement that resulted in a legal battle.
April 2004: Resolution of the Hallwood Realty Dispute
In April 2004, HRPT Property Trust acquired Hallwood Realty, leading to a payout that triggered the "shmuck insurance" agreement between Ackman and Icahn. Icahn initially resisted paying his share, leading Ackman to file a lawsuit. After eight years, Icahn was ordered by the court to pay the agreed-upon amount with interest.
2004: Launch of Pershing Square Capital Management
Using $54 million from his personal funds and former business partner Leucadia National, Bill Ackman founded Pershing Square Capital Management in 2004. The hedge fund would go on to make significant investments and become a major player in the industry.
2004: Launch of Pershing Square Capital Management
Using $54 million from his personal funds and former business partner Leucadia National, Bill Ackman founded Pershing Square Capital Management in 2004. The hedge fund would go on to make significant investments and become a major player in the industry.
2005: Pershing Square Capital Releases 2005 Herbalife Distributor Training Session
In December 2014, Pershing Square Capital, led by Bill Ackman, made public a 2005 Herbalife distributor training session video. The video, from 2005, revealed information about high turnover rates, potentially suggesting an unsustainable business model.
2006: Ackman and Wife Establish Pershing Square Foundation
In 2006, Ackman, alongside his then-wife Karen, founded the Pershing Square Foundation, a philanthropic organization dedicated to supporting various causes.
2007: Start of the Financial Crisis
The financial crisis that began in 2007 had a significant impact on the global economy and led to a period of significant market volatility and uncertainty.
2007: Ackman Shorts MBIA Bonds During Financial Crisis
During the financial crisis of 2007-2008, Ackman made a notable investment decision by shorting bonds issued by MBIA, a major bond insurer.
2008: Peak of the Financial Crisis
The financial crisis reached its peak in 2008, leading to the collapse of major financial institutions and a global recession.
2008: Ackman Shorts MBIA Bonds During Financial Crisis
During the financial crisis of 2007-2008, Ackman made a notable investment decision by shorting bonds issued by MBIA, a major bond insurer.
January 16, 2009: Ackman Covers Short Position on MBIA
On January 16, 2009, Bill Ackman reported covering his short position on MBIA, according to SEC filings. This move came after he profited from buying credit default swaps against MBIA corporate debt during the 2007-2008 financial crisis.
2010: Pershing Square Invests in J.C. Penney
In 2010, Pershing Square Capital Management began acquiring shares of J.C. Penney, ultimately accumulating a significant stake in the department store chain. Ackman's goal was to revitalize the struggling retailer.
2011: Ackmans Recognized for Philanthropic Giving
The Ackmans were acknowledged for their substantial philanthropic contributions in 2011, reflecting their commitment to social causes.
May 2012: Pershing Square Shorts Herbalife
In May 2012, Ackman's hedge fund, Pershing Square Capital Management, began short-selling Herbalife's shares. This move signaled Ackman's belief that the company's stock price was significantly overvalued and would decline.
December 2012: Ackman Publicly Criticizes Herbalife
Bill Ackman publicly criticized Herbalife's business model in December 2012, alleging it was a pyramid scheme. This public declaration set off a high-profile battle with Carl Icahn, who took the opposite stance on Herbalife.
2012: Ackman Launches Billion-Dollar Short Against Herbalife
Ackman initiated a significant short position against Herbalife in 2012, a move that would span several years and involve various legal and public battles.
January 25, 2013: Ackman and Icahn Clash on CNBC Over Herbalife
Ackman's public stance against Herbalife led to a heated debate with Carl Icahn on live television in January 2013. Icahn, a supporter of Herbalife, criticized Ackman's short position.
April 2013: Ackman Donates to Democratic Senatorial Campaign Committee
In April 2013, Bill Ackman made a political donation to the Democratic Senatorial Campaign Committee. This donation drew scrutiny due to its timing, coinciding with Senator Ed Markey's involvement in raising concerns about Herbalife.
May 2013: Carl Icahn Acquires Significant Stake in Herbalife
In a direct challenge to Bill Ackman's short position, Carl Icahn acquired a substantial stake in Herbalife, publicly disagreeing with Ackman's assessment of the company. This move intensified the conflict between the two investors.
August 2013: Ackman Resigns from J.C. Penney Board
After a two-year effort to transform J.C. Penney, Bill Ackman stepped down from the company's board in August 2013. His departure followed disagreements with fellow board members about the company's direction and strategy.
November 2013: Icahn Reduces Herbalife Holdings
Carl Icahn reduced his stake in Herbalife in November 2013 while maintaining his belief in the company's prospects. Despite the reduction, Icahn remained a significant shareholder in Herbalife.
November 22, 2013: Ackman Admits Losses but Remains Committed to Herbalife Short
Despite facing significant losses on his Herbalife short position, Ackman publicly stated in November 2013 his intention to hold the position.
March 2014: The New York Times Reports Ackman's Tactics Against Herbalife
In March 2014, The New York Times published an article detailing Ackman's aggressive tactics to undermine Herbalife, including lobbying regulators and funding rallies against the company.
July 2014: Ackman Honored by Challenged Athletes Foundation
In July 2014, Ackman received recognition for his support of the Challenged Athletes Foundation, a testament to his philanthropic endeavors.
December 2, 2014: Herbalife Stock Falls, Ackman Predicts "Implosion"
On December 2, 2014, Herbalife's stock price had significantly declined, and Ackman publicly predicted the company's downfall due to regulatory scrutiny and debt.
2014: Scrutiny Over Ackman's Activism and Political Donations
Bill Ackman's aggressive tactics in his battle against Herbalife, including his public relations campaign and political donations, drew criticism and scrutiny from various individuals, including former government officials. Some questioned whether Ackman's actions were motivated by a desire to manipulate the market rather than expose wrongdoing.
2014: Ackman Launches PR Campaign Against Herbalife
In 2014, Bill Ackman further escalated his battle against Herbalife by investing $50 million in a public relations campaign to raise awareness about the company's business practices, which Ackman viewed as unethical and unsustainable.
2014: Pershing Square Delivers Strong Returns
Pershing Square Capital Management, under Ackman's leadership, delivered impressive net gains for its investors in 2014, further strengthening Ackman's track record in the highly competitive hedge fund industry.
January 2015: Ackman Ranked Among Top Hedge Fund Managers
In January 2015, Bill Ackman was recognized as one of the world's top 20 hedge fund managers by LCH Investments. This accolade came after Pershing Square generated substantial returns for investors, solidifying Ackman's reputation as a leading figure in the hedge fund industry.
March 12, 2015: Wall Street Journal Reports FBI Investigation into Ackman's Tactics
On March 12, 2015, The Wall Street Journal reported that federal authorities were investigating whether individuals associated with Ackman had made false statements to manipulate Herbalife's stock price.
March 2015: Court Dismisses Herbalife Lawsuit, Stock Rises
In March 2015, a lawsuit alleging Herbalife operated as a pyramid scheme was dismissed, leading to a surge in Herbalife's stock price.
2015: Pershing Square Experiences Weak Performance
Pershing Square, under Ackman's leadership, faced a period of weak performance between 2015 and 2018, leading to strategic changes within the firm.
April 27, 2016: Ackman Testifies Before Senate Committee
On April 27, 2016, Bill Ackman, alongside Valeant Pharmaceuticals executives, testified before a U.S. Senate committee. The hearing focused on Valeant's pricing practices and business model, which had drawn significant scrutiny and criticism. Ackman's investment in Valeant had come under fire due to the company's controversial strategies.
July 2016: Herbalife Settles with FTC, Ackman Estimated to Have Lost Millions
Herbalife and the Federal Trade Commission (FTC) reached a settlement in July 2016, concluding the investigation into the company. Ackman was estimated to have lost a significant amount of money from his short position.
December 22, 2016: Ackman and Herskovitz Separate
On December 22, 2016, it was reported that Bill Ackman and Karen Ann Herskovitz had separated.
2016: Ackman Endorses Michael Bloomberg for President
In the 2016 presidential election, Bill Ackman endorsed Michael Bloomberg as a potential candidate for President of the United States.
March 2017: Ackman Sells Remaining Valeant Shares
In March 2017, Bill Ackman sold his remaining shares of Valeant Pharmaceuticals to Jefferies, an investment bank, incurring a significant loss on his investment. Ackman's decision to divest from Valeant marked a setback for the prominent investor and highlighted the risks associated with activist investing.
November 2017: Ackman Covers Short Position but Continues to Bet Against Herbalife with Put Options
In November 2017, Ackman adjusted his position against Herbalife, covering his short-sell position while maintaining a bet against the company using put options.
2017: Ackman Owns a Gulfstream G550 Business Jet
As of 2017, Bill Ackman was known to own a Gulfstream G550 business jet.
January 2018: Ackman Announces Strategic Shift for Pershing Square
In January 2018, following a period of weak performance, Ackman announced a strategic shift for Pershing Square, aiming to refocus the firm's investment approach and improve its returns.
February 28, 2018: Ackman Exits Herbalife Bet
After years of maintaining a short position, Ackman exited his bet against Herbalife on February 28, 2018, following the company's continued stock price increase.
2018: Ackman's Multi-Year Short Position Against Herbalife Ends
Ackman concluded his long-standing short position against Herbalife in 2018.
2018: Ackman and Oxman Become Engaged
Bill Ackman and Neri Oxman became engaged in 2018.
January 2019: Ackman Marries Neri Oxman
Bill Ackman married Neri Oxman in January 2019 at the Central Synagogue in Manhattan.
August 2019: Ackman Contacts MIT Regarding Jeffrey Epstein
In August 2019, Bill Ackman contacted MIT Media Lab director Joi Ito, requesting that he refrain from mentioning Neri Oxman when discussing Jeffrey Epstein, a convicted sex offender who had donated to Oxman's lab.
2019: Pershing Square Rebounds with Strong Performance
After a period of underperformance, Pershing Square, helmed by Ackman, achieved significant returns in 2019, ranking it among the top-performing hedge funds globally.
March 3, 2020: Ackman Hedges Pershing Square's Portfolio Amid Market Crash
Anticipating the 2020 stock market crash, Ackman made a strategic move to protect Pershing Square's portfolio by purchasing credit protection, a decision that proved profitable.
March 18, 2020: Ackman Calls for Economic Shutdown in CNBC Interview
During a televised interview on March 18, 2020, Ackman made an impassioned plea for a temporary shutdown of the American economy to combat the spread of the coronavirus.
November 2020: Ackman Reveals Concern for COVID-19 Stemmed from Film "Contagion"
In November 2020, Ackman shared that his early concerns about the COVID-19 pandemic were influenced by the film "Contagion," highlighting the impact of media on his perspective.
2020: Ackman Makes Controversial Tennis Comment
In 2020, during a Bloomberg News interview, Bill Ackman sparked controversy with a comment about potentially playing a close tennis match against John McEnroe.
March 15, 2021: Ackman Donates Coupang Shares to Charity
Ackman made a significant charitable donation in March 2021, giving away a substantial portion of his shares in the e-commerce company Coupang.
March 1, 2022: Ackman Defends David M. Sabatini at Pershing Square Foundation Event
Ackman publicly defended biologist David M. Sabatini, who faced allegations of misconduct, at a Pershing Square Foundation event in March 2022.
December 2022: Ackman Auctions Charity Luncheon to Support Frontline Workers
Demonstrating his philanthropic commitment, Ackman participated in a charity auction in December 2022, offering a luncheon with himself to raise funds for frontline workers.
February 2023: Ackman Announces Funding for Sabatini's New Research Laboratory
In February 2023, Ackman announced that his foundation, along with an anonymous donor, would provide substantial funding to support the establishment of a new research laboratory led by David M. Sabatini.
October 8, 2023: Harvard Student Groups Condemn Israel
On October 8, 2023, in the wake of the Hamas attacks on Israel, several student groups at Harvard University issued a statement condemning Israel for the escalating violence in the region. The statement characterized Israel's actions as responsible for the situation and called for Harvard to take action to stop the violence.
November 2023: Ackman Defends Elon Musk's Comments
In November 2023, Bill Ackman publicly defended Elon Musk regarding comments Musk made that were perceived as anti-Semitic. Ackman downplayed the comments as impulsive remarks.
January 3, 2024: Ackman's Wife Accused of Plagiarism
On January 3, 2024, a Business Insider article alleged that Neri Oxman, Bill Ackman's wife, had plagiarized content in her dissertation. Oxman subsequently apologized for citation errors. Ackman responded to the allegations by pledging to initiate a plagiarism review of all MIT faculty.
January 2024: Bill Ackman's Net Worth Estimated at $4 Billion
By January 2024, Forbes estimated Bill Ackman's net worth to be $4 billion, a testament to his successful career in finance.
April 2024: Ackman Allegedly Participates in Call with Mayor Adams Regarding Columbia Protests
In April 2024, Bill Ackman was reportedly involved in a video call with New York City Mayor Eric Adams and other members of a pro-Israel WhatsApp group. The call aimed to pressure Columbia University to suppress criticism of Israel's actions in Gaza. Ackman's spokesperson denied his involvement in the call or any donations to Adams' campaign.
April 2024: Ackman Expresses Openness to Voting for Trump
In April 2024, Bill Ackman announced on social media platform X that he would not support Joe Biden for reelection and expressed a willingness to consider voting for former President Donald Trump.
May 2024: Ackman's Pro-Israel Efforts Continue
Through early May 2024, Bill Ackman remained involved in a WhatsApp group dedicated to influencing public opinion in favor of Israel following the Hamas attacks. The group, which included other prominent individuals, worked to promote a pro-Israel stance.
May 16, 2024: Ackman's Involvement in Pro-Israel WhatsApp Group Revealed
On May 16, 2024, The Washington Post revealed the existence of a WhatsApp group chat involving Bill Ackman and other prominent business leaders. The group, active from October 2023, aimed to sway public opinion in favor of Israel following the Hamas attacks. Members coordinated with the Israeli government to screen a film depicting the aftermath of the attacks.
2024: Ackman Supports Dean Phillips for President
During the 2024 presidential primaries, Bill Ackman, a known supporter of the Democratic Party, endorsed Dean Phillips.