GO
Loading...

Herbalife stock spikes as Soros said to be betting big

Wednesday, 31 Jul 2013 | 1:48 PM ET
Getty Images

The hedge fund battle over Herbalife intensified on Wednesday, with George Soros taking a large long position in the nutritional supplements maker, according to sources.

Soros' position in Herbalife is now one of his top three holdings, these sources added.

The hedge fund manager had no comment on the position.

This puts Soros in the same camp as billionaire investor Carl Icahn, who is also long the stock. Bill Ackman of Pershing Square Capital, meanwhile, is short the stock, telling CNBC earlier on Wednesday that he has not covered a single share of his $1 billion bet against the company.

(Read more: Ackman to CNBC: I haven't covered Herbalife short)

The stock has increased about 60 percent since Ackman's Dec. 20, 2012, presentation in which he called the company a pyramid scheme—an accusation Herbalife has vehemently denied. Ackman's campaign against Herbalife culminated in a heated on-air confrontation earlier this year between he and Icahn.

George Soros takes large position in Herbalife: Source
The acquisition is said to be one of the billionaire's top three holdings, reports CNBC's Scott Wapner.

(Read more: Icahn, Ackman in Epic Showdown of Billionaires)

"I like Bill Ackman know," Icahn joked at the CNBC Delivering Alpha conference earlier this month. "Anyone who makes me a quarter billion dollars, I like."

(Read more: Icahn rips into Dell board...and slams Ackman, too)

The stock which was up 4.5 percent before the news, briefly spiked 10 percent immediately afterwards.

What are the shares doing now? (Click here for the latest Herbalife quote)

—Reporting by CNBC's Scott Wapner.

  Price   Change %Change
HLF
---

Featured

Contact Hedge Funds

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

NetNet