Hold Bill Ackman's Calls

The hedge fund manager is having A DAY.

Today would be a great day for someone to reveal evidence that Herbalife's diet shakes are made from the ashes of baby seals; short of such a revelation, there's probably little one can do to turn the Pershing Square founder's frown upside down.

Billionaire investor William Ackman's hedge fund Pershing Square Capital Management has lost roughly $820 million on Wednesday as Valeant Pharmaceutical International's share price tumbled. The hedge fund manager owns 19.5 million shares in the pharmaceutical company, having bought them at the start of the year when the stock was trading between $160 and $202 a share. Ackman spent roughly $3.3 billion on the bet and has now lost roughly $1.8 billion on the position, an investor in his fund said on Wednesday.

Ackman's Valeant bet costs firm roughly $820 million on Wednesday [Reuters]