Reginal Thomas
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Reginal Thomas in reginal thomas,

Bill Ackman Threatens To Sell His Stake In JC Penny

Billionaire and majority stake holder in JC Penny (NYSE: JCP); Bill Ackman is ready to sell his stake in the retailer if the board does not appoint a new CEO by the time they release their second quarter financial reports on August 20. JC Penny replied to Ackman's open letter stating his "latest actions have been disruptive and counterproductive."

Ackman's Pershing Square holds a 17.7% stake in the company, and since they opened their position with the company back in 2010 the stock has dropped 47%. So I can understand why Billy wants to get his house in order when it comes to this situation. He didn't become so wealthy by taking baths like this his whole career, even though he has been taking it in the face recently, lets not forget his $1 billion short position on Herbalife which he has reportedly taken a $300 million dollar lost so far.