Billionaire hedge fund manager Bill Ackman’s foray into America’s toxic culture wars has puzzled many. Would it be cynical to suggest his motives are now a little clearer, following the announcement that Ackman’s Pershing Square will be launching a new fund on the New York Stock Exchange?
Ackman says the fund “has the potential to be one of the largest, if not the largest” listed closed-end funds, with his “broad retail following” likely to drive “substantial investor interest”.
Indeed. Ackman has 1.2 million followers on X/Twitter, where he details his learned opinions on everything from vaccine safety to war in Ukraine. His high profile should generate much retail interest in his new fund, which will charge a hefty 2 per cent annual fee after the first year of trading.
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