Shares of Herbalife are soaring today.
The multi-level marketing company that sells nutrition products is up more than 8%.
Herbalife is the stock hedge fund fund titan Bill Ackman has been shorting. Ackman, who runs Pershing Square Capital Management, is short more than 20 million shares of HLF. He believes the company is a “pyramid scheme” and has a price target of zero.
Not everyone agrees with Ackman, though. A number of hedge fund managers, most notably Daniel Loeb of Third Point LLC, have gone long the stock.
Shares of Herbalife are still down more than 5% since December 18, the trading session before Ackman confirmed his short position. At one point the stock tumbled more than 38%, but has pared losses in recent weeks.