ACKMAN'S BILLION DOLLAR GRUDGE MATCH

Bill Ackman spent five years and $760 million trying to prove Herbalife was a pyramid scheme — and lost. In December 2012, Ackman held a one-billion-dollar short position and delivered an eight-hour public presentation accusing the company of fraud. Carl Icahn took the opposite side, buying 25 million shares in January 2014, and turned Ackman's crusade into a $1 billion profit for himself. The FTC fined Herbalife $200 million in 2017 but never declared it a pyramid scheme — meaning Ackman was arguably right about the damage, and still lost everything on the trade.🎧 Part of the Sleepy Stock Market series — financial history told as documentary audio.━━━━━━━━━━━━━━━━━━━━━━━━━━━━━SLEEPY STOCK MARKETFall asleep to the greatest stories in financial history.━━━━━━━━━━━━━━━━━━━━━━━━━━━━━#BillAckman #Herbalife #CarlIcahn #HedgeFund #WallStreet #ShortSelling #FinanceHistory #Investing