CNBC’s Scott Wapner breaks the news that legendary hedge fund manager George Soros has taken a long position in Herbalife, according to sources familiar.
The stock is ripping on the news.
Herbalife, a multi-level marketing firm that sells nutrition products, has been at the centre of an epic clash of hedge fund titans.
Back in December, Bill Ackman, who runs $12 billion Pershing Square Capital Management, publicly revealed that he’s shorting $1 billion worth of Herbalife stock. He has publicly slammed the company calling it a “pyramid scheme.”
Ackman and Soros actually work in the same building at 888 Seventh Avenue.
Shortly after making his presentation, rival Daniel Loeb of Third Point amassed a sizeable position, which he exited later for a nice profit.
Ackman’s arch-nemesis billionaire investor Carl Icahn bought a massive stake in Herbalife. Icahn said he thinks Ackman will be the victim of the “mother of all short squeezes.”