Billionaire investor Bill Ackman denies sounding the coronavirus alarm to tank markets and help his hedges
- Bill Ackman addressed claims that he fanned fears of the novel coronavirus to benefit his hedge fund in a letter to investors on Thursday.
- The billionaire boss of Pershing Square Capital Management — which turned $27 million in hedges into $2.6 billion during the recent market sell-off — warned of mass casualties, industries collapsing, and a deep recession in an emotional CNBC interview last week.
- However, Ackman said in the letter that the hedges didn’t post further gains from the interview.
- He also argued that he disclosed his bullish turn in sentiment and Pershing Square’s purchases of Hilton, Starbucks, and other stocks.
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Billionaire Bill Ackman defended himself in a letter to investors on Thursday, dismissing accusations that he turned $27 million in hedges into $2.6 billion by cynically stoking fears about the novel coronavirus last week in order to tank financial markets.
The Pershing Square Capital Management chief addressed the claims by detailing when and why the hedge fund made its moves. In February, it purchased credit default swaps — which insure the buyer against …continued .
[Source: Business Insider]