Bill Ackman’s $5 billion Pershing Square IPO almost flopped on day one last week, but the billionaire is already deploying the cash into an AI trade led by Meta, Alphabet and Uber.
Pershing Square USA (NYSE:PSUS) closed 18% below its $50 IPO price on April 29. Ackman blamed the drop on his decision to give retail investors their full requested allocation, leaving many holding more shares than they could afford to settle.
He said those forced sales drove the day-one slump, and bought 500,000 PSUS shares plus 800,000 of asset manager Pershing Square Inc. (NYSE:PS) himself the next day.
The Financial Times attributed the slump to weak investor demand, with the combined listing raising $5 billion against an initial $10 billion target and well below the $25 billion Ackman sought in a pulled 2024 attempt.
Ackman told CNBC this morning that the closed-end fund …
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