Key insights
- Ackman attributes the price drop of his new closed-end fund to retail investors, anticipating a rebound. While notable, this event has limited direct influence on the broader US equity market. The involvement of prominent investors like Zuckerberg's family office offers a degree of stability, but the fund's specific dynamics are unlikely to trigger widespread market movements.
LONDON, April 30 (Reuters) - Billionaire Bill Ackman on Thursday blamed retail investors for the sudden drop in his newly listed closed-end fund’s stock price on Wednesday and said he expects the price to rebound.
The hedge fund manager also told journalists that he and his employees put hundreds of millions in capital into the new vehicle.
Fellow hedge fund manager Marc Lasry and other prominent investors including the family office of the CEO of Meta Mark Zuckerberg were among institutional investors.