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Bill Ackman Net Worth, Biography & Wiki 2017
William Albert Ackman was born on 11 May 1966, in New York City, USA of Jewish descent. Bill is an investor, philanthropist, and hedge fund manager, perhaps best known for being the CEO and founder of Pershing Square Capital Management. His investments have received both criticism and praise, but all of his efforts have helped put his net worth to where it is today.
How rich is Bill Ackman? As of mid-2017, sources estimate a net worth that is at $1.4 billion, mostly earned through success in investments. Some of his notable endeavors include shorting MBIA’s bond during the financial crisis of 2008, stakes in Chipotle Mexican Grill, and stakes in Target Corporation. As he continues his endeavors, it is expected that his wealth will also continue to increase.
Bill Ackman Net Worth $1.4 billion
Ackman attended Harvard College, and graduated with a degree in history as magna cum laude. He continued his studies at the Harvard Business School and received an MBA in 1992.
In the same year, Bill founded the investment firm Gotham Partners alongside David P. Berkowitz, which made small investments in public companies. Three years later, he partnered with the firm Leucadia National to bid for Rockefeller Center. They did not win the deal, but a lot of investors started moving to Gotham Partners, growing its assets and increasing his net worth significantly.
In 2002, Bill started winding down Gotham Partners, which received a lot of litigation with various shareholders, however, investigation revealed that the company was doing nothing wrong with its trading practices. His practice and firm continued to grow, until eventually he was named as one of the top 20 hedge fund managers in 2015.
Some of his notable endeavors throughout his career include challenging MBIA’s AAA rating during the time that a probe of his trading was underway. He bought credit default swaps against MBIA corporate debt, and when the company crashed in the financial crisis of 2008, he sold them for a very large profit. He also had a feud with Carl Icahn over a deal with Hallwood Realty – they had a deal to split proceeds after a profit which led Icahn to owe Bill $4.5 million. He also started Pershing Square Capital Management, plus the firm bought a significant share of Wendy’s International, and would later get a 10% stake in Target Corporation. He also won a shareholder proxy battle for Canadian Pacific Railway.
Ackman then bought JC Penney shares, however, his plans for the department store came to an abrupt end after argument with fellow board members, which led Pershing to lose a lot of money. In 2016, he had a stake with Valeant Pharmaceuticals which he sold for about $300 million the following year. He also has a 9.9% stake in Chipotle Mexican Grill.
For his personal life, it is known that Bill has been married to landscape architect Karen Ann Herskovitz since 1994, and they have three children, but it has been reported that they separated in late-2016. Ackman has done a lot of charity work, including donating to the Center for Jewish History. He also donated $1.1 million to the Innocence Project, and then raised funds for the Challenged Athletes Foundation.