Activist hedge-fund manager William Ackman is just a little less wealthy this year. His firm, Pershing Square Capital Management LP, watched its assets decline a dizzying $1.2 billion.
Ackman’s most aching setbacks came from his investments in JC Penney (JCP) and Herbalife. JCP alone bled money like a ruptured artery, shaving $600 million from Pershing’s profile. Ackman also suffered losses on Borders Group, Inc. and Target Corp. Pershing currently manages assets that total $11.2 billion in value.
Ackman also surrendered a real insult in addition to financial injury after he was very publicly, even mortifyingly ousted from JCP’s board. In unrelated news, Starbucks CEO Howard Schultz has said some very mean things about him on television,too.