Bill Ackman reportedly cashes out of his Nike investment after making about $100 million
Markets Insider
Pershing Square CEO Bill Ackman has cashed out his stake in Nike after making about $100 million, according to Dow Jones.
Ackman recently exited a years-long bet in Herbalife that reportedly cost him hundreds of millions of dollars.
The apparel maker is set to report earnings after the market close on Thursday.
Bill Ackman has dumped his stake in Nike after making about $100 million, The Wall Street Journal's David Benoit reported on Thursday.
Pershing Square, the hedge fund Ackman runs, disclosed a passive stake in a January regulatory filing. The stake totaled 5.836 million shares according to Bloomberg data, and had been acquired during the fourth quarter.
It was an apparent win for the activist investor, who recently exited his $1 billion short position in Herbalife that likely cost his firm hundreds of millions of dollars, according to the Journal.
Nike shares have climbed nearly 4% this year.
Unlike some other investments Ackman has made, the Nike stake was passive, meaning he didn't buy it to push for executive or strategic changes at the firm.
The apparel maker is set to report earnings after the market closes on Thursday.
Check out the Wall Street Journal's story here.
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