Keep pulling the thread on Bill Ackman.
Pershing Square is launching a new investment company called Pershing Square USA, which will be listed on the New York Stock Exchange.
Shares of Pershing Square USA will be offered at an IPO price of $50 each.
For every five shares of Pershing Square USA purchased in its IPO, investors will receive one free bonus share of Pershing Square Inc.
Bill Ackman predicts the launch of Pershing Square USA will grow Pershing Square's assets under management by approximately 50% overnight.
Pershing Square plans to deploy the capital raised from the Pershing Square USA IPO and be fully invested within a matter of weeks.
During the 2008 financial crisis, a Pershing Square hedge using credit default swaps on bond insurers generated over $1 billion in profit.
In early 2020, Pershing Square purchased a credit hedge for $27 million that became worth $2.6 billion ten days later as the COVID-19 pandemic unfolded.
A Pershing Square hedge against inflation using interest rate options on the two-year Treasury ultimately generated $2 billion in profit.
Bill Ackman predicts a period of massive acceleration in economic growth, driven by an explosion in entrepreneurship and productivity enabled by AI.
Robinhood launched a closed-end fund named Robinhood Ventures Fund One.
Assuming a $10 billion offering for Pershing Square USA, Pershing Square's total assets will increase from approximately $20 billion to $30 billion.
Pershing Square Inc. receives management and incentive fees from Pershing Square Holdings, Howard Hughes Corporation, and will receive them from the new Pershing Square USA fund.