Bill Ackman blames retail investors for Pershing Square USA's 18% stock drop

12 articles · Updated · Reuters · Apr 30

The $5bn New York IPO fell from $50 to $40.90 on Wednesday, before rebounding more than 6% to $43.54 on Thursday.
Ackman said retail buyers overcommitted, then sold because they lacked cash, though institutions supplied more than 80% of the capital. He and employees invested about $500m.
Marc Lasry and ICONIQ Capital also invested. The new closed-end fund largely mirrors London-listed Pershing Square Holdings, whose 2015-2025 annualised return trailed the S&P 500.

Can Ackman's new fund avoid the deep discount that plagues his similar London vehicle?

Why did Bill Ackman blame retail investors when institutions dominated his fund’s IPO?