{"id":762603,"date":"2026-04-30T01:21:51","date_gmt":"2026-04-30T01:21:51","guid":{"rendered":"https:\/\/www.europesays.com\/us\/762603\/"},"modified":"2026-04-30T01:21:51","modified_gmt":"2026-04-30T01:21:51","slug":"bill-ackmans-pershing-square-plunges-18-in-nyse-debut","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/762603\/","title":{"rendered":"Bill Ackman’s Pershing Square plunges 18% in NYSE debut"},"content":{"rendered":"

Bill Ackman<\/a>\u2018s long-anticipated Wall Street debut flopped on Wednesday, as shares of his new closed-end fund tumbled 18% on the New York Stock Exchange despite the hedge-fund billionaire\u2019s rampant following on social media.<\/p>\n

Pershing Square USA Ltd. (PSUS) \u2014 the flagship vehicle pitched as a way to hand hedge-fund-style returns to mom-and-pop investors \u2014 opened at $42 a share, down 16% from its IPO price of $50 \u2014 and drifted lower to close at $40.90.<\/p>\n

The IPO and an accompanying private placement had raised $5 billion Tuesday night \u2014 the largest-ever for a US closed-end fund.<\/p>\n

\"BillAckman\u2019s new investment vehicle launches after a two-year delay owing to weak initial demand among investors. REUTERS<\/p>\n

Ackman stated that he wanted to model the fund on Warren Buffett\u2019s Berkshire Hathaway, a permanent-capital machine that can ride out storms and compound for decades.<\/p>\n

\u201cThis is the first time someone with $50 could be a long-term shareholder,\u201d Ackman told CNBC\u2019s \u201cSquawk on the Street\u201d on Wednesday. <\/p>\n

\u201cUsually, the retail gets cut massively back, the institutions are favored. We did the opposite,\u201d he added, promising Berkshire-style annual meetings where everyday investors could grill him directly.<\/p>\n

Nevertheless, the market delivered a stinging rebuke.<\/p>\n

Investors who snapped up five PSUS shares at the offering price received one free PS share as a sweetener, a novel twist meant to let them ride Ackman\u2019s lucrative 2% flat management fee. <\/p>\n

\"BillAckman debuted his IPO on Wall Street this morning after aimed to raise an initial $5 billion. REUTERS<\/p>\n

Instead, the giveaway only amplified skepticism about the fund\u2019s ability to avoid the chronic discounts that plague closed-end vehicles.<\/p>\n

\u201cI would expect decent demand, but the structure with shares of the managing company as a sweetener suggests that the closed-end fund alone may not be enough to secure the desired level of investor interest,\u201d IPOX Research Associate Lukas Muehlbauer said.<\/p>\n

\t\t\t\t\t\t\tCharlie Gasparino has his finger on the pulse of where business, politics and finance meet\t\t\t\t\t\t<\/p>\n

\n\t\t\t\t\t\t\tSign up to receive On The Money by Charlie Gasparino in your inbox every Thursday.\t\t\t\t\t\t<\/p>\n

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Closed-end funds frequently trade below the value of their holdings, a discount Ackman tried to sidestep by scrapping performance fees and dangling the management-company shares.<\/p>\n

It was Ackman\u2019s second stab at an IPO for the fund. He yanked a similar launch in 2024 after demand fizzled.<\/p>\n

Ackman rang the NYSE opening bell flanked by his wife, Neri Oxman, and chief investment officer Ryan Israel, drawing roaring cheers from the trading floor. <\/p>\n

Yet the applause faded fast once the quotes appeared. The structure was supposed to solve Wall Street\u2019s oldest headache: the flighty capital that forces managers to sell at the worst moments. <\/p>\n

Unlike open-end mutual funds, which must redeem shares daily, PSUS locks in the money up front. <\/p>\n

Investors who want out must sell to someone else on the exchange to prevent forced liquidations or panic redemptions. <\/p>\n","protected":false},"excerpt":{"rendered":"Bill Ackman\u2018s long-anticipated Wall Street debut flopped on Wednesday, as shares of his new closed-end fund tumbled 18%…\n","protected":false},"author":3,"featured_media":762604,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,16088,64,14169,405,403,5226,5225,5228,5227,16237,67,586,132,5230,68,2969,3642],"class_list":{"0":"post-762603","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-bill-ackman","10":"tag-business","11":"tag-ipo","12":"tag-new-york","13":"tag-new-york-city","14":"tag-newyork","15":"tag-newyorkcity","16":"tag-ny","17":"tag-nyc","18":"tag-pershing-square","19":"tag-united-states","20":"tag-united-states-of-america","21":"tag-unitedstates","22":"tag-unitedstatesofamerica","23":"tag-us","24":"tag-usa","25":"tag-wall-street"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116491043957713803","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/762603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=762603"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/762603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/762604"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=762603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=762603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=762603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}