Bill Ackman Is Short Herbalife And The Stock Is Diving

Bill Ackman

[credit provider=”CNBC”]

CNBC’s Kate Kelly reports that hedge fund titan Bill Ackman, the founder of Pershing Square Capital Management, is short Herbalife. The hedge fund manager considers Herbalife to be a pyramid scheme, according to CNBC.

Shares of Herbalife were last trading down around 8.9%. 

UPDATE: Ackman will give his short thesis at a special Ira Sohn Investment Conference tomorrow morning. 

Back in June, Ackman told investors in Pershing’s Q1 letter that he had new short position. 

Ackman is known for being a long-only investor.