Bill Ackman's Pershing Square Holdings (LSE:PSH) USA opened at $42 on its New York Stock Exchange debut, falling 16% below its IPO price of $50, marking a rocky start to a listing that had been years in the making. The stumble comes after Ackman, the billionaire hedge fund manager, had spent years publicly building the case for a closed-end fund modeled on the empire of Warren Buffett, and even after raising $5 billion for the venture.
While the actual fourth-quarter (Q4) 13-f filing is yet to be published, a February 11 Pershing Square (LON: PSH) presentation revealed a massive new technology bet made late last year by the billionaire investor Bill Ackman.