New York – Bill Ackman, head of hedge fund firm Pershing Square, said Friday that his firm has lost $400 million to $500 million on his short bet against weight-loss company Herbalife.
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Ackman, who revealed his bet against the company nearly a year ago, also told Bloomberg Television that his firm does not support Bruce Berkowitz of Fairholme’s plans for mortgage financiers Fannie Mae and Freddie Mac.
Ackman, whose Pershing oversees about $12 billion, said that he sees greater opportunity in the common shares of Fannie Mae and Freddie Mac than he does in the preferred shares.
An Herbalife spokesman said in an emailed statement to Reuters Friday that Ackman “presented nothing new today” and that he can add his Herbalife short bet to his list of “sizeable” investment losses.