Bill Ackman doubles down, with $350million on Valeant, after the stock tanks

Bill ackmanBrendan McDermidBill Ackman

Hedge fund titan Bill Ackman purchased two million more shares of Valeant Pharmaceuticals today amid the stock’s decline, CNBC’s Scott Wapner reports.

The stock was last down 15.7% at about $US123.69 per share.

The Canadian drug company’s stock cratered after short-selling firm Citron Research published a report comparing it to Enron. Its share price had fallen as low as around $US89 before rebounding.

Ackman told CNBC that he has not sold a single share.

With the increased position, Ackman’s Pershing Square Capital Management now owns 21,473,933 shares of Valeant.

Ackman publicly disclosed his position in Valeant on March 17, when the share price was $US200 per share. At that share price, the position was worth $US3.9 billion.

His stake is now worth about $US2.5 billion with his increased stake.

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