Update, April 29 at 2:30 p.m.:
Pershing Square opened down 16% in its IPO on Wednesday. PSUS shares were priced at $50 each, and opened around $42 per share.
Original story:
Bill Ackman has made a lot of noise in recent years. On Wednesday, that noise came in the form of ringing the opening bell on the New York Stock Exchange, in honor of the initial public offering of his hedge fund, Pershing Square.
Here’s what you need to know about Ackman’s latest move and the Pershing Square IPO.
What is Pershing Square?
Pershing Square Inc. is the parent company for Ackman’s hedge fund, Pershing Square Capital Management, and the closed-end management company Pershing Square USA.
What is being offered on the market?
Shares in Pershing Square Inc. and Pershing Square USA are being put on the market in a combined IPO, with two stocks.
