Bill Ackman on Herbalife, Valeant and more

Billionaire hedge fund manager Bill Ackman discussed his views on Herbalife, Valeant Pharmaceuticals and Mondelez in an extensive 24-minute interview with CNBC's Scott Wapner on Thursday.

On the FTC investigation of Herbalife: "The only way this thing gets resolved in my opinion is if Herbalife makes material changes to their incentive structure to stop the incentives to recruit," Ackman said. "My guess is that is what the government is pushing for."

Ahead of Ackman's Thursday appearance, Herbalife told CNBC that "it has been three years and [Ackman] has lost hundreds of millions of dollars. He admitted in the Fortune piece that it as costing him more than 100 million a year in carrying cost. When is it time to just say he gave it a valiant try but like Borders, JC Penney, Target, he was just misinformed?"

Ackman is founder and CEO of Pershing Square Capital.

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.