He has dug himself a very deep financial whole. Will he remain a billionaire after this and the JCP debacle?
A short squeeze could finish the job JCP started.
Ackman can hedge his gains by buying calls on the way down. As you can figured by now, he is no dummy.
Since he owns the majority of the short position I think it's up to him to start the squeeze. My guess is he will do something start of next year before the HLF presentation.