Billionaire investor Bill Ackman canceled the launch of Pershing Square USA, days before its planned debut on the New York Stock Exchange. Ackman had downsized the initial public offering (IPO) twice in a week due to a prominent investor backing out and new regulatory scrutiny.
Ackman announced the cancellation on social media platform X, where he has 1.3 million followers, stating his team had reevaluated the fund’s structure. He promised to report back once ready to launch a revised transaction.
Closed-end funds have lost popularity, often trading at a discount. Ackman had planned a cheaper fund mimicking his hedge fund’s investments for U.S.-based retail customers, aiming to raise $25 billion. However, concerns about the fund’s structure and timing led Ackman to withdraw the IPO, despite significant investor interest.