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Ackman's Valeant bet costs firm roughly $820 million on Wednesday

Published 2015-10-21, 12:58 p/m
© Reuters. Ackman's Valeant bet costs firm roughly $820 million on Wednesday
BHC
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BOSTON, Oct 21 (Reuters) - Billionaire investor William
Ackman's hedge fund Pershing Square Capital Management has lost
roughly $820 million on Wednesday as Valeant Pharmaceutical
International's VRX.TO share price tumbled.
The hedge fund manager owns 19.5 million shares in the
pharmaceutical company, having bought them at the start of the
year when the stock was trading between $160 and $202 a share.
Ackman spent roughly $3.3 billion on the bet and has now lost
roughly $1.8 billion on the position, an investor in his fund
said on Wednesday.
Valeant's stock price was off 29 percent, changing hands at
$103.80 in early afternoon trading. A report from an influential
short-seller that accused Valeant of fraud kicked off the sharp
drop.

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