Bill Ackman @BillAckman

An update on Pershing Square USA, Ltd. $PSUS:   Since its IPO on April 29th, PSUS has deployed nearly 85% of its capital in 12 companies including Amazon, Microsoft, UBER, Meta, Brookfield, Restaurant Brands, Fannie Mae and Freddie Mac at prices we believe to be extremely attractive.   The PSUS portfolio, along with the other Pershing Square funds, also includes four new companies, which we will disclose at the time of our second quarter report.   As a result of our investment activity over the last six weeks, we believe the PSUS portfolio is now invested in a number of the highest quality durable growth companies in the world, which are trading near their all-time lowest valuations.   Furthermore, as of this moment, PSUS is trading at a ~20% discount to the net asset value (NAV) of its underlying holdings so a buyer of the stock at today’s price is acquiring the current portfolio at a double discount. We believe the PSUS discount to NAV has emerged due to short-term technical factors related to the IPO that should moderate over time.   Pershing Square management and affiliates are all-in, having acquired more than ten million shares or $500+ million of PSUS in the IPO and in the market thereafter. In summary, we believe PSUS and its portfolio holdings represent an extremely attractive bargain at today’s share price and we have put our money where our mouth is.

My All-In interview segmented by topic. Interesting to be interviewed by four protagonists. We discuss $PS, $PSUS, $HHH, $SPCX, and more. https://t.co/IcQaSCQ1pb

RT @RezaC1: Hey @GovKathyHochul how do you feel about Corning, one of New York State’s most important industrial companies, opting to buil…

Howard Hughes Holdings ($HHH) Appoints Former Arch Capital CEO Marc Grandisson to its Board https://t.co/PTtBBtARed

I sat down with Robinhood CEO Vlad Tenev to discuss the combined IPO of Pershing Square USA (PSUS) and Pershing Square Inc. (PS) I hope you enjoy the conversation.   https://t.co/xpMnsn9mi1   This communication has been made available to you with the consent of Pershing Square

Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: https://t.co/L9ewPwsud5.   I wrote a letter to explain the combined offering in detail that can be found here:

This is the slide deck for our 10am EDT/4pm CET @UMG presentation. https://t.co/2tGwag3NKd

Today, Pershing Square Inc. (PSI), an alternative asset management company, filed to go public along with Pershing Square USA, Ltd. (PSUS) a new closed ended investment company managed by Pershing Square.    In the combined offering, investors in the IPO of PSUS will receive

RT @LockheedMartin: We have agreed to quadruple critical munitions production. As a result of President @realDonaldTrump's leadership, we b…

.@HiltonHotels is a franchisor of hotels. The problem was with a rogue franchisee. I spoke to the CEO of Hilton who said that the problem is now fixed. https://t.co/TGhOdfg536

@blutomus @CernBasher @Tesla @SpaceX @CathieDWood 1. Yes. The SPARs held by PSTH holders would go live as part of this transaction and become exercisable for SpaceX stock on the same terms as the other holders. 2. Yes, to the extent ARK holds Tesla at the time of the SPAR distribution, it would get its prorata share of SPARs

@InvestITherapy @TeslaBoomerMama @elonmusk @SpaceX @SECGov @Tesla There is room to pay bankers if that is Elon’s preference. Morgan Stanley could advise SpaceX on the transaction. I don’t know of a better way to give Tesla shareholders the right to invest in Space X. SPARC solves a lot of these issues at no cost to SpaceX. The fact that we

RT @dkhos: Another big day for @Uber and @WeRide_ai, as we launch the world’s first fully autonomous robotaxi service outside of the U.S. a…

This court decision is very positive for @UMG whose share price experienced a ~25% decline on fears that Bollore would have to sell its 18% stake in UMG to fund a buyout of minority Vivendi shareholders. The stock decline began this summer on July 28th with Cyrille Bollore’s surprise resignation from UMG’s board in order to increase Bollore’s flexibility to sell UMG stock. With this court decision, the Bollore ‘overhang’ has now been removed. UMG stock is extremely cheap at its current valuation. As of last night’s close, it was trading at its all-time lowest valuation of 20 times next year’s earnings without assigning any value to the company’s 6.49 million shares of @Spotify.

RT @nicosintichakis: ICYMI 🛎️ Deutsche Bank $DB Upgrade Fannie / Freddie to $20 and $25 respectively $FNMA $FMCC https://t.co/DojRdiLxin

RT @onechancefreedm: What you’re seeing is a sharp divergence between listed private credit proxies (a Blackstone BDC and Blue Owl’s stock)…

RT @LindseyGrahamSC: To Norway’s sovereign wealth fund –which is the largest in the world: Your decision to punish Caterpillar, an American…

RT @marcuslemonis: Official statement regarding @BedBathBeyond We will not open retail stores in California. This isn’t about politics —…

@CommunityBnkInv When institutions are this systemically important, competition doesn’t reduce risk. It increases risk. These are monoline insurers of first mortgages made to creditworthy middle class borrowers. Innovation in this space is what caused the financial crisis. The GAMC should be

@Lowes is a great company with superb management. https://t.co/ARNNjJiiLG

Vueling is owned by International Airlines Group whose CEO is Luis Gallego Martin. How can a CEO not take responsibility for the actions of his employees? Where is his accountability? Where is the board of directors? Why are they not holding their CEO accountable? What does US ally Qatar, the 26% shareholder of $IAG LN have to say about this?

@pulte Director @pulte, we share your approach to an owners mentality. When the time is right, we would welcome the opportunity to have a conversation with you as we have some thoughts on how to maximize F2’s shareholder value while minimizing the cost of mortgages for home buyers.

RT @nicksortor: 🚨 JUST IN: General Mills announces they will be removing artificial colors from their ENTIRE U.S. product line, following R…

RT @T_Castelluccio: Fannie Freddie Summary: Trump: "I am working on TAKING THESE AMAZING COMPANIES PUBLIC".. "keep Implicit Guarantee" Let…

Our 13F reflects our sale of @Nike common stock, but does not reflect our purchase of over-the-counter call options in a similar notional amount. In our letter, we previously explained the reasons for the switch.