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Hedge fund titan Bill Ackman, the founder of Pershing Square Capital Management, is giving a huge presentation right now on his new short position -- Herbalife.
The activist investor considers Herbalife, a multi-level marketing company that sells weight management and nutritional supplements, to be a "pyramid scheme."
Ackman has spent the last year doing research on Herbalife and has been short for seven or eight months now.
Back in June, Ackman told investors in Pershing's Q1 letter that he had new short position, but didn't reveal it at the time. Ackman is known for being a long-only investor.
Following the news that Ackman is short, shares of Herbalife fell $5.16 yesterday, or 12.14%, to close at $37.34 a share. The stock opened lower today.
What's more is Herbalife's CEO Michael Johnson told CNBC in a telephone interview that Ackman's "pyramid scheme" claim is a "bogus accusation" and that it's "blatant market manipulation."
Today Ackman will present his short thesis at a special Sohn Conference in Midtown Manhattan. We're live blogging his presentation. Refresh this page for updates.
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