Bill Ackman’s Pershing Square plunges 18% in NYSE debut
Bill Ackman's Pershing Square USA Ltd. fell 18% on its New York Stock Exchange debut, closing at $40.90 after opening below its $50 IPO price, despite raising a record $5 billion in funding. The closed-end fund, designed to bring hedge-fund-style returns to retail investors with a structure inspired by Berkshire Hathaway, faced immediate market skepticism. Ackman's strategy to incentivize investment with shares in the management company failed to overcome concerns about the fund's structure and the typical discounts seen in closed-end funds.
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Business Bill Ackman’s Pershing Square plunges 18% in NYSE debut By James Franey Published April 29, 2026, 4:47 p.m. ET Bill Ackman‘s long-anticipated Wall Street debut flopped on Wednesday, as shares of his new closed-end fund tumbled 18% on the New York Stock Exchange despite the hedge-fund billionaire’s rampant following on social media. Pershing Square USA Ltd. (PSUS) — the flagship vehicle pitched as a way to hand hedge-fund-style returns to mom-and-pop investors — opened at $42 a share, down 16% from its IPO price of $50 — and drifted lower to close at $40.90. The IPO and an accompanying private placement had raised $5 billion Tuesday night — the largest-ever for a US closed-end fund.
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