George Soros Yanks Hundreds of Millions From Bill Ackman
Legendary hedge fund manager George Soros has reportedly asked to withdraw a lot of money from Bill Ackman's Pershing Square Capital Management.
This news was buried in Juliet Chung's piece on the hedge fund war over Herbalife that appeared in the Wall Street Journal on Monday:
A win in Herbalife also would come as Mr. Ackman is trying to raise billions in permanent investor money, which would give him more control over his investments, and as Soros Fund Management within the past several months has asked to withdraw several hundred million dollars from the $12.5 billion firm. A Soros spokesman declined to comment.
Ackman has publicly declared that he's shorting more than 20 million shares of Herbalife, a multi-level marketing firm that sells nutrition products. He believes Herbalife is a pyramid scheme and has a price target of $0.
[Hat Tip: ValueWalk]
This post originally appeared in Business Insider.