Bill Ackman

Author: Published: June 19, 2025

Investigative Report

Key Points

William Albert “Bill” Ackman, born May 11, 1966, is a billionaire hedge fund manager and CEO of Pershing Square Capital Management, founded in 2004 with an activist investing approach, though he reportedly moved away from activism in 2022 (Britannica). His net worth is estimated at $9.1 billion as of May 2025 (Forbes). Ackman’s career includes high-profile successes like shorting MBIA during the 2008 financial crisis and rescuing General Growth Properties, but also significant losses with Herbalife and Valeant Pharmaceuticals (Investopedia). Historically a Democratic donor, he endorsed Donald Trump in 2024, citing policy disagreements with Democrats, which has drawn mixed reactions (Reuters). Controversies include his Herbalife short, Valeant investment, and campaign against Harvard’s leadership in 2023–2024 (New York Times). In 2025, he invested in Amazon and advocated for privatizing Fannie Mae and Freddie Mac, aligning with Trump administration goals (The Street).

Background

Bill Ackman was born in Chappaqua, New York, to Lawrence D. Ackman, chairman of Ackman-Ziff Real Estate Group, and Ronnie I. Ackman (née Posner), a homemaker. Raised in an affluent Jewish family, he graduated from Horace Greeley High School in 1984 and attended Harvard College, earning a Bachelor of Arts in social studies magna cum laude in 1988. His senior thesis examined admissions policies for Jewish and Asian American students at Harvard (Wikipedia). He later obtained an MBA from Harvard Business School in 1992.

After graduating, Ackman worked briefly at Ackman Brothers & Singer, his father’s real estate firm, before co-founding Gotham Partners in 1992 with David P. Berkowitz. Gotham focused on small public company investments and grew to $500 million in assets by 1998 after an unsuccessful bid for Rockefeller Center with Leucadia National in 1995 (Wikipedia). Gotham faced litigation over an investment in First Union Real Estate in 2002, leading to its dissolution in 2003. In 2004, Ackman founded Pershing Square Capital Management with $54 million from personal funds and Leucadia National, establishing himself as an activist investor (Forbes).

Ackman’s personal life includes his marriage to Neri Oxman, an MIT professor, in 2019, with whom he has one child. He was previously married to Karen Ann Herskovitz from 1994 to 2017, with three children. He resides in New York City and is a signatory of the Giving Pledge, committing over $750 million through the Pershing Square Foundation to education, human rights, and health initiatives (Wikipedia).

Timeline

Year Event Details
1992 Co-Founds Gotham Partners Partnered with David P. Berkowitz to invest in small public companies (Wikipedia).
1995 Bids for Rockefeller Center Collaborated with Leucadia National, raising Gotham’s profile (Wikipedia).
2002 Challenges MBIA’s Rating Researched MBIA’s credit rating, faced litigation, contributing to Gotham’s closure (Wikipedia).
2004 Founds Pershing Square Launched with $54 million, focusing on activist investing (Forbes).
2007-2008 MBIA Short Profit Profited from credit default swaps against MBIA during financial crisis (Wikipedia).
2009 General Growth Properties Led restructuring, saving company from bankruptcy (Forbes).
2010 Invests in J.C. Penney, Howard Hughes Acquired 18% of J.C. Penney, became chairman of Howard Hughes Holdings (Popular Timelines).
2011 Canadian Pacific Proxy Fight Led campaign for new CEO, boosting stock value (Business Insider India).
2012 Shorts Herbalife $1 billion short, alleging pyramid scheme (Investopedia).
2013 Feuds with Carl Icahn Public dispute on CNBC over Herbalife (Popular Timelines).
2014 Herbalife PR Campaign Spent $50 million to promote pyramid scheme narrative (Popular Timelines).
2015 Invests in Valeant Acquired $3.3 billion stake, became second-largest shareholder (Benzinga).
2016 Valeant Testimony, Herbalife Settlement Testified on Valeant pricing; Herbalife settled with FTC (Benzinga, Popular Timelines).
2017 Exits Valeant Sold 27.2 million shares at $4 billion loss (Benzinga).
2018 Exits Herbalife Closed $1 billion short, incurring losses (Investopedia).
2019 Pershing Square Rebound Achieved 58.1% return, ranking among top hedge funds (Wikipedia).
2020 COVID-19 Shutdown Call Urged 30-day U.S. shutdown, profited $2.6 billion from hedge (Vanity Fair).
2023 Targets Harvard Leadership Criticized response to Israel protests, demanded student names (New York Times).
2024 Endorses Trump Backed Trump after assassination attempt (Reuters).
2025 Amazon Investment, Housing Bet Invested in Amazon, pushed for Fannie Mae/Freddie Mac privatization (Reuters, The Street).

Political Influence

Ackman’s political engagement spans decades, primarily as a Democratic donor. Federal Election Commission records show contributions to the Democratic National Committee ($66,200 in 2014–2020), Democratic Senatorial Campaign Committee ($25,000 in 2018), and senators like Cory Booker ($5,600 in 2019), Michael Bennet ($5,600 in 2020), Jon Tester ($5,600 in 2018), and Mark Kelly ($5,800 in 2020) (Fox Business). In January 2024, he donated $1 million to a super PAC supporting Rep. Dean Phillips’ Democratic primary challenge against Joe Biden, aiming to counter progressive policies (Fox Business).

Ackman also supported Republican and independent candidates, including $25,000 to a PAC backing Nikki Haley in 2023, $5,600 to Vivek Ramaswamy’s campaign, and $3,300 to Robert F. Kennedy Jr.’s independent run in 2023 (CNBC). His most significant shift came in July 2024, when he endorsed Donald Trump after an assassination attempt, citing 33 reasons, including concerns over vaccine mandates, U.S. support for Israel, and Democratic economic policies. He formalized his support with a 4,000-word X post, which drew 27.3 million views (Reuters, India Today).

In April 2025, Ackman donated $250,000 to a super PAC supporting Andrew Cuomo’s New York City mayoral bid, signaling continued political diversification (POLITICO). Critics, including some Wikipedia editors, label him an oligarch for leveraging wealth to influence policy, particularly on Israel-related issues, though supporters argue he exercises free speech (Wikipedia). His 1.2 million X followers amplify his political voice, with posts often shaping public and investor sentiment (New York Times).

Controversies

Herbalife Short (2012–2018)

In December 2012, Ackman announced a $1 billion short against Herbalife, alleging it operated as a pyramid scheme. His 342-slide presentation at the Sohn Conference detailed claims of deceptive practices targeting Latino communities. The position sparked a public feud with investor Carl Icahn, who took a $600 million long position and debated Ackman on CNBC in January 2013, calling him a “crybaby” (Investopedia, Popular Timelines).

Ackman spent $50 million on a PR campaign, hiring lobbyists and producing documentaries to pressure regulators. In 2016, the FTC settled with Herbalife for $200 million, requiring operational changes but not labeling it a pyramid scheme, causing Ackman’s fund to lose $500 million that day. He converted the short to put options in 2017 and exited in 2018, with total losses estimated at $700–$900 million (Popular Timelines, Investopedia).

Valeant Pharmaceuticals (2015–2017)

In March 2015, Pershing Square invested $3.3 billion in Valeant Pharmaceuticals, acquiring a 9.9% stake and becoming its second-largest shareholder. Ackman praised Valeant’s acquisition-driven model but faced scrutiny when its drug pricing practices, including a 525% price hike on Syprine, drew congressional attention. By October 2015, Valeant’s stock fell 45% amid allegations of channel stuffing via Philidor Rx (Benzinga).

Ackman joined Valeant’s board in March 2016 and testified before the Senate in April, defending its practices while distancing himself from pricing decisions. By March 2017, Pershing sold its 27.2 million shares at a $4 billion loss, with Ackman citing the investment as a “huge mistake” in his annual letter (Benzinga).

Harvard University Campaign (2023–2024)

In October 2023, Ackman criticized Harvard University’s response to a student letter from 34 organizations blaming Israeli officials for Hamas attacks. He demanded the release of signatories’ names to avoid hiring them, arguing their stance was antisemitic. His campaign escalated against President Claudine Gay, accusing her of mishandling antisemitism and, later, plagiarism in her academic work (New York Times).

Ackman’s X posts, including a 4,000-word critique of Gay, drew 37 million views. Gay resigned in January 2024, citing personal threats. Critics, including Rev. Al Sharpton, accused Ackman of racial bias, noting Gay was Harvard’s first Black president, while supporters praised his fight against antisemitism. The controversy sparked debates over donor influence in academia, with Ackman defending his actions as protecting Jewish students (The Guardian, New York Times).

COVID-19 Statements (2020)

On March 18, 2020, Ackman appeared on CNBC, urging a 30-day U.S. economic shutdown to curb COVID-19, warning “hell is coming” if action wasn’t taken. Concurrently, Pershing Square’s $27 million market hedge yielded $2.6 billion as stocks plummeted. Critics, including Vanity Fair, accused him of fear-mongering to profit, noting his emotional delivery. Ackman denied profiteering, claiming his intent was to save lives, and reinvested the profits into Starbucks and Hilton (Vanity Fair, CNBC).

Policy Impact

Ackman’s activist investing has reshaped corporate governance. His 2011 proxy fight with Canadian Pacific Railway ousted CEO Fred Green, installed Hunter Harrison, and secured six board seats, boosting the stock by 105% by 2014 (Business Insider India). His 2009–2010 restructuring of General Growth Properties, involving a $6.5 billion recapitalization, saved it from bankruptcy and created Howard Hughes Corporation, where he became chairman (Forbes).

His 2012–2016 Herbalife campaign prompted an FTC investigation, resulting in a $200 million settlement and operational reforms, though it fell short of proving a pyramid scheme (Popular Timelines). His 2020 COVID-19 shutdown call amplified public pressure for lockdowns, though its direct policy impact is debated. Some credit his CNBC appearance with spurring federal action, while others view it as market-driven advocacy (Vanity Fair).

In 2025, Ackman’s advocacy for privatizing Fannie Mae and Freddie Mac aligns with Trump administration goals to reduce government involvement in housing finance. His $2 billion stake in these entities, held since 2013, positions him to influence policy, with potential impacts on mortgage accessibility and federal liabilities (The Street). His Harvard campaign indirectly influenced university policies, with interim president Alan Garber announcing antisemitism task forces in 2024 (New York Times).

Recent Developments

In May 2025, Pershing Square disclosed a $1 billion investment in Amazon, citing growth in Amazon Web Services, and took stakes in Hertz ($200 million) and Uber ($300 million). To fund these, it exited a $1.5 billion position in Canadian Pacific and reduced holdings in Chipotle (by 10%), Hilton (by 15%), and Universal Music Group (by 20%), managing $16 billion in assets (Reuters).

Ackman intensified his push for privatizing Fannie Mae and Freddie Mac, arguing it would eliminate $300 billion in government liabilities. His fund’s 10% stake in each, valued at $2 billion, has risen 50% since Trump’s 2024 election, reflecting market confidence in privatization (The Street). In April 2025, he donated $250,000 to a super PAC supporting Andrew Cuomo’s New York City mayoral bid, expanding his political footprint (POLITICO).

Politically, Ackman remains a Trump supporter but briefly criticized Trump’s proposed 25% tariffs on Canadian imports in April 2025, warning of inflation. He later praised Trump’s decision to delay tariffs, posting on X to his 1.2 million followers, “Smart move by @realDonaldTrump” (CNN). His X activity, including 50 posts in May 2025 on topics from housing to geopolitics, continues to drive public discourse, with one Amazon investment post garnering 10 million views (New York Times).

Key Citations

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