Carl Icahn just dunked on Bill Ackman to end one of the most high-profile hedge fund spats in recent memory
- Pershing Square exited from its $1 billion short position on Herbalife.
- The firm's Bill Ackman got into a public spat with famed investor Carl Ichan, who's bullish on the stock.
- Icahn is now gloating for being right.
Billionaire investor Carl Icahn is reveling in his victory over Pershing Square's Bill Ackman.
Five years ago, the two investors publicly butted heads over the future of supplment maker Herbalife. Ichan was long on Herbalife, whereas Ackman was short, predicting the stock would hit zero. But it didn't. In fact, the stock is up more than 120% over the last five years.
On Wednesday, Pershing Square gave up, exciting from its $1 billion Herbalife short position. As reported by the Wall Street Journal, the failed bet likely cost the firm hundreds of millions of dollars.
In an interview with CNBC Thursday, Icahn took the opportunity to gloat, saying, "I enjoy a good fight, especially when I win it."
Icahn says he made $1 billion in Herbalife.
"I honestly in a strange way I thank Bill...I wish him well," Ichan said. "He called me yesterday and congratulated me."
Ackman was a noted anti-Herbalife crusader, alleging the company had all the characteristics of a pyramid scheme.
In 2013, Icahn called Ackman "a liar" in response to those claims during the an on-air spat.
"I've really about had it with this guy," Icahn said in 2013. "He's like a crybaby in the schoolyard."