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Bill Ackman is trying to cap his Herbalife losses

Bill Ackman is chief executive officer of Pershing Square Capital Management LP.

Bill Ackman has finally bailed out of his disastrous short position on Herbalife.

The billionaire hedgie said he recently converted his notorious $1 billion, money-losing short bet on Herbalife HLF, -2.45% into a put position to prevent his hedge fund from getting squeezed if the stuck price continues to go up.

To do that, Ackman presumably made the costly move to cover his short position, which would require buying back soaring Herbalife shares that he had borrowed and sold on his now-infamous bet they would fall.

Ackman’s hedge fund Pershing Square wasn’t immediately available to comment on how much it spent covering its Herbalife short position.


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