Ackman: Pershing Square 'taking no compensation' for new SPAC investment vehicle

  • 📰 CNBC
  • ⏱ Reading Time:
  • 65 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 29%
  • Publisher: 72%

Business News News

Business Business Latest News,Business Business Headlines

“There’s literally no compensation to the sponsor,” Bill Ackman says about Pershing Square Tontine Holdings, which will be the largest SPAC to date.

This is breaking news. Please check back for updates.

Bill Ackman's Pershing Square Tontine Holdings is poised to become the largest special purpose acquisition company, or SPAC, on record when it begins trading on Wednesday. The fund, announced in June, targeted $4 billion in outside capital, which was higher than the initial target of $3 billion. Ackman's hedge fund, Pershing Square Capital, will invest an additional $1 billion to $3 billion, meaning the vehicle's total value could reach $7 billion.Ackman said Wednesday on CNBC's"What's new in our structure is that we're taking no compensation: no management fees, incentive fees ... we're not buying cheap stock.

SPACs are also known as blank-check companies, since investors fork over money without knowing when, or even what for, their capital will be used. Once the SPAC goes public, the goal is then for it to acquire or merge with a private company, thereby taking it public. Investors then have the option to become shareholders in the newly combined company.

For the private company, it's a less risky way to go public on an often accelerated timeline, and without having to jump through all of the SEC's regulatory hoops.for exclusive insights and analysis, and live business day programming from around the world.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Distress play at its finest. Love BillAckman

Why don't you publish a clip of Ackman explaining how you stitched him up with the 15 second clip 'hell is coming' which was incredibly out of context if you heard the full 28 minutes? Glad he called you out today. Seems JoeSquawk STILL doesn't understand what he meant!!

BOSS

Douche.

That's because already made his fortune by spewing his fear mongering nonsense on 3/18 while shorting the market. The Worst of Wall Street.

Get this MF off the air. We don’t want this pos on the air

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tesla Is a Hit in China but That Doesn’t Mean Chinese EV Stocks Are a BuyHeard on the Street: Chinese electric-vehicle stocks are hot. Actual EV sales in China—not so much. Data from China being manipulated to benefit financial interests? You’re kidding 19年中国电动车销量是亚洲第一也是世界第一 Okeeey
Source: WSJ - 🏆 98. / 63 Read more »