Shares Of Herbalife Are Surging Right As Bill Ackman Is Talking About How He's Still Shorting It
It's closed to the media.
He's speaking with Bloomberg TV's Stephanie Ruhle right now.
Shares of Herbalife are moving higher today. They were last trading up about 6.8%.
Ackman told Bloomberg that Pershing Square has had $400 to $500 million in mark-to-market losses on his Herbalife short so far.
Herbalife is a multi-level marketing firm that sells nutritional supplements and weightloss shakes.
Late last year, Ackman publicly declared that he's shorting $1 billion worth of the stock with a price target of zero. He believes that the company is a "pyramid scheme" that targets lower income people, particularly from the Hispanic population.
Ackman said that he will take his Herbalife short to "the end of the earth."
A number of hedge fund managers, most notably his arch-nemesis Carl Icahn, have gone long the stock.
George Soros, Richard Perry and Stan Druckenmiller also have long positions. Daniel Loeb was long the company earlier this year, but exited for a $50 million profit. The CEO of Post Holdings Bill Stiritz is the company's biggest individual shareholder.
Ackman told Ruhle that he doesn't know of any other significant investor who is short Herbalife.
