Post Holdings executive chairman Bill Stiritz has added to his stake in Herbalife.
Stiritz, who is Herbalife’s biggest individual shareholder, has added to his 8.2% position in Herbalife during the stock’s recent pullback, according to a report from CNBC’s Scott Wapner.
Wapner, citing sources, also reported that Stiritz hasn’t sold a share of his stake in the company.
Earlier this month, Business Insider’s Julia La Roche reported that Stiritz has likely suffered paper losses upwards of $US200 million on his position in the multi-level marketing company, which fell about 50% during 2014.
Stiritz is on the same side of the Herbalife trade as noted activist investor Carl Icahn, who is the company’s largest shareholder. Hedge fund manager Bill Ackman is famously short shares of Herbalife, and in a December 2012 presentation, Ackman called the company a pyramid scheme.
The FTC opened an investigation into Herbalife in March 2014.
In September 2013, when Stiritz first initiated his position in Herbalife, the stock was trading just below $US60 per share. On Friday, shares of Herbalife were just below $US32.
Following Wapner’s report, shares of Herbalife, which had been lower on Friday, were up as much as 3%.
Here’s the chart of Friday’s pop in Herbalife shares following Wapners report.
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