Photo: Getty Images Entertainment/ Stephen Lovekin/Staff
Today looks ugly for hedge fund titan Bill Ackman, the founder and CEO of Pershing Square Capital Management.One reason is because Herbalife, the stock he has a massive short position on, is up more than 8 per cent.
Pershing Square is short more than 20 million shares of Herbalife and has a price target of zero for the multi-level marketing firm that sells nutrition products.
Ackman has publicly said that he believes Herbalife is an illegal pyramid scheme.
Meanwhile, JCPenney was last down more than 1.86 per cent trading around $17.92 after hitting a session low of $17.36.
Pershing Square owns 39,075,771 shares, or a 17.82 per cent, in JCP. Ackman, who has taken a bath on the stock so far, has been a big supporter of CEO Ron Johnson to turn the retailer around.
Check out the charts: