Two of the biggest names in the hedge fund world locked horns yesterday when Dan Loeb’s Third Point disclosed an 8 per cent stake in Herbalife, the direct seller that is under attack from Bill Ackman’s Pershing Square.
The contest between the rival billionaires centres on the business model of the company, which distributes nutritional supplements in 84 countries and is a prominent sponsor of sports clubs, including the LA Galaxy and FC Barcelona football teams.
In what he has characterised as a $1bn “patriotic short”, Mr Ackman has sold about 20m shares of Herbalife, almost a fifth of the $4.3bn market capitalisation of the direct seller, which he alleges is an illegal “pyramid scheme”.
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