Is Bill Ackman promoting a financial app?
Openfolio tweeted on Wednesday morning a promotion that featured the hedge fund manager's image and name:
Openfolio, sold on the Apple App Store, is an app and social network for investments that allow you to follow hedge fund managers you admire, and compare their portfolios to your own.
Think of it as fantasy football for Wall Streeters, with the app betting on the competitive nature of traders to see how they stack up against the big guns.
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A spokesman for Ackman's firm, Pershing Square, told CNBC's "PowerLunch" that they did not approve the images nor have prior knowledge ofthe tweet.
CNBC's "Power Lunch" reached out to Openfolio to ask why they used Ackman in their promotions.
"Yes, we do have Bill Ackman's public market filings on our site. No he is not an investor. He is not affiliated with us. We should be clear about that. We simply consider him one of the most well-known hedge fund managers around which is why we tweeted about him. We have Ackman and other prominent hedge fund managers' 13F filings on our site."
At some point after Openfolio was contacted by CNBC, the tweets in question were deleted.
Lambur, a former Goldman Sachs bond trader, along with co-founder Yinon Ravid, hatched the idea for Openfolio during their years working on Wall Street trading floors. "We wanted to share information, for free, with other investors, a social community to share information about personal investing."
To date, Openfolio has raised $1.8 million dollars in seed money.