Ackman's Pershing Square sells Valeant stake, takes $3 bln loss: Reuters
Billionaire investor William Ackman walked away from Valeant Pharmaceuticals International Inc on Monday with a loss of more than US$3 billion as he sold his entire stake in the struggling drug company after trying to rescue it for some 18 months, Reuters reported. The abrupt and unexpected move by the powerful activist investor sent Valeant shares tumbling almost 10 percent in after-hours trading. They have lost 95 percent of their value since mid-2015. Ackman's Pershing Square Capital Management became one of Valeant's biggest investors in 2015 when it sunk some US$3.2 billion into the company. At its peak the Valeant stake was worth roughly US$4 billion.
14 March 2017•3 mins read
