Warren Buffett's Berkshire Hathaway loses Bill Ackman as an investor, Business Insider - Business Insider Singapore
by Theron Mohamed, Business Insider US- Warren Buffett’s Berkshire Hathaway has lost Bill Ackman as an investor.
- The hedge fund manager revealed the sale of his Pershing Square fund’s $1 billion Berkshire stake in a conference call on Wednesday.
- The move is surprising as Ackman boosted his Berkshire holdings by more than a third in the first quarter.
- Pershing Square also sold its stakes in Blackstone and Park Hotels & Resorts.
- Visit Business Insider’s homepage for more stories.
Warren Buffett’s Berkshire Hathaway has lost billionaire hedge-fund manager Bill Ackman as an investor.
Ackman revealed the exit from Berkshire, as well as from Blackstone and Park Hotels & Resorts, in a conference call on Wednesday.
Ackman’s Pershing Square fund confirmed the sale to Business Insider. Bloomberg first reported the news.
The news is surprising as Ackman’s fund boosted its stake in Buffett’s company by more than a third to about 5.5 million shares in the first quarter. Those shares were valued at almost $1 billion at the end of March.
Ackman famously turned $27 million into $2.6 billion by hedging his fund against the coronavirus sell-off, offsetting the damage to its equity portfolio. He used the windfall in March to boost Pershing’s stakes in Berkshire as well as Hilton, Lowe’s, and Burger King-parent Restaurant Brands, and to reinvest in Starbucks.