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Activist investor Bill Ackman, who runs $11 billion Pershing Square Capital Management, told CNN Money‘s Maureen Farrell that he will go “to the end of the earth” for his a massive short position on Herbalife to play out.Ackman, who is known for being a long only investor that tries to transform businesses, believes Herbalife is a pyramid scheme.
“If the government comes out and determines that this is a legal business then I will lobby congress for them to change the law,” Ackman told CNN Money.
Pershing has been shorting Herbalife for about eight months. The hedge fund is shorting more than 20 million shares and has a price target of zero, Ackman has said.
Since December 18, the trading session before Ackman confirmed his short position, shares of Herbalife are off about 13%. At one point there were down more than 38%.