This just in from CNBC’s Twitter account via Reuters.
After getting publicly accused of a crime by hedge-fund manager Bill Ackman last week, George Soros is yanking all of his money out of Bill Ackman’s hedge fund.
— CNBC (@CNBC) August 8, 2013
This news follows last week’s shocking reports that Bill Ackman had filed a complaint with the SEC accusing George Soros of violating securities laws by illegally colluding with other investors and ganging up on him.
Herbalife, a multi-level marketing firm that sells nutrition products, is the stock that Ackman’s $US12 billion Pershing Square Capital Management is short.
Late last year, Ackman publicly revealed that he’s shorting more than 20 million shares with a price target of $US0. Ackman believes the company is a “pyramid scheme” and that regulators will be persuaded to investigate it.
Not everyone has agreed with him and Herbalife has become the focal point of an epic clash of hedge fund billionaires.
Ackman’s big rival, billionaire investor Carl Icahn, purchased a massive stake in the company and said that he thinks Ackman will be the victim of the “mother of all short squeezes.”
Soros’ family office hedge fund is just the most recent investor to snap up a long position.
Also, Soros works in the same building as Ackman at 888 Seventh Avenue.