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Warren Buffett's Berkshire Hathaway loses Bill Ackman as an investor, Business Insider - Business Insider Singapore

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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.

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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.