REPORT: George Soros Is Pulling All Of His Money From Bill Ackman's Hedge Fund
This just in from CNBC's Twitter account via Reuters...
Last Wednesday, CNBC's Scott Wapner reported that Soros had amassed a large long position in Herbalife. The stock surged on the news.
Herbalife, a multi-level marketing firm that sells nutrition products, is the stock that Ackman's $12 billion Pershing Square Capital Management is short.
Late last year, Ackman publicly revealed that he's shorting more than 20 million shares with a price target of $0. Ackman believes the company is a "pyramid scheme" and that regulators will be persuaded to investigate it.
Not everyone has agreed with him and Herbalife has become the focal point of an epic clash of hedge fund billionaires.
Ackman's big rival billionaire investor Carl Icahn purchased a massive stake in the company and said that he thinks Ackman will be the victim of the "mother of all short squeezes."
Soros' family office hedge fund is just the most recent investor to snap up a long position.
After the Soros position was revealed, the New York Post's Michelle Celarier reported that Ackman filed a complaint with the SEC last Friday against Soros Fund Management and other unidentified co-conspirators alleging they broke insider trading laws by telling other fund managers Soros was building a position.
Also, Soros works in the same building as Ackman at 888 Seventh Avenue.