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Bill Ackman has cut the amount he is seeking to raise in the initial public offering of his US investment fund Pershing Square USA to $2bn, a fraction of the $25bn the billionaire hedge fund manager had initially targeted.
The cut in the fundraising target is the second in a matter of days for Ackman, one of the highest-profile investors on Wall Street.
The New York Stock Exchange-listed closed-end fund will sell the shares “as soon as practicable”, according to an SEC filing published on Tuesday.
Ackman has become a prominent figure on social media, with more than 1mn followers on X. Earlier this year, he endorsed Republican presidential nominee Donald Trump on the platform.
In investor pitches this month, Ackman pointed to his social media following as a potential benefit to the US fund’s shares once it had listed.
Last week, Ackman said he anticipated launching the fund with $2.5bn to $4bn. The banks leading the deal include Citigroup, UBS, Bank of America and Jefferies.
This is a developing story