Bill Ackman's Pershing Square USA Underperforms on First Day of Trading
Bill Ackman's Pershing Square USA, a newly listed closed-end fund, fell 18.2% on its first day of trading, closing at $40.90 after opening at $50. Pershing Square Inc. also declined slightly, closing at $24.20. The IPO structure included a promotional offer of one share of Pershing Square Inc. for every five shares of the fund purchased.
Topics: Bill Ackman IPO Pershing Square USA retail investors stock performance