Ackman attributes fund price decline to retail traders
Bill Ackman expects his new closed-end fund to rebound after a price drop he attributed to retail traders. He and his team invested hundreds of millions.
Pershing Square Capital Management founder Bill Ackman attributed the Wednesday price decline of his newly listed closed-end fund to retail trading activity. Ackman told journalists on late Thursday afternoon that he expects the vehicle's share price to recover. The volatility follows a high-profile launch involving several billion-dollar institutional backers.
### Institutional Backing and Personal Capital Ackman and his employees committed hundreds of millions in capital to the new investment vehicle. High-profile institutional participants include Marc Lasry and the family office of META PLATFORMS INC-CLASS A CEO Mark Zuckerberg. These anchors provided the foundational liquidity for the fund's entry into the public market.
