William Ackman Net Worth
William Ackman Net Worth: William Ackman is an American hedge fund manager and philanthropist who has a net worth of $1.7 billion. William A. "Bill" Ackman was born May 11, 1966. He is best known as the founder and CEO of Pershing Square Capital Management LP (a hedge fund management company). William Ackman is the son of Lawrence David Ackman, the chairman of a New York real estate financing firm, Ackman-Ziff Real Estate Group. William Ackman received a B.A. degree and graduated magna cum laude from Harvard College in 1988. He subsequently earned an MBA from Harvard Business School in 1992. In 1992, Ackman founded the investment firm Gotham Partners, along with a fellow Harvard graduate. Gotham made small investments in public companies. In 2004, Ackman started Pershing Square Capital Management. In 2005, Pershing bought a significant share in the fast food chain, Wendy's, and successfully pressured Wendy's to sell its Tim Hortons doughnut chain. Wendy's spun off Tim Hortons through an IPO in 2006 and raised $670 million for Wendy's investors. After Ackman sold his shares at a substantial profit, the stock price collapsed, raising criticism that the sale of Wendy's fastest-growing unit left the company in a weaker market position. Ackman blamed the poor performance on their new CEO. Ackman's funds went on to own stakes in Target Corporation, Borders Group and others. Ackman's notorious battle with the MBIA (Municipal Bond Insurance Association), which began in 1992, was documented in a book written by Bloomberg News reporter Christine Richard called Confidence Game. The most recent controversy involving William Ackman involves Herbalife and Ackman's stance that Herbalife is a pyramid scheme. Ackman's position on Herbalife led to a discussion on live television with Herbalife supporter Carl Icahn on CNBC in January of 2013. In April 2014, Reuters reported that, according to its sources, the FBI was conducting a probe into Herbalife.