Move over, Broadway. The must-see show in town right now is on Wall Street, where the War of the Hedge Fund Moguls has just erupted over nutritional supplements seller Herbalife.
Pershing Square’s Bill Ackman asserts that the $4bn company is an illegal pyramid scheme; he has shorted Herbalife to the tune of around $800m.
Third Point’s Daniel Loeb obviously disagrees – he has bought an 8 per cent stake; reports suggest that activist investor Carl Icahn may also be buying. They cannot all be right.
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