Bill Ackman Sold The Wrong Restaurant Shares

The Pershing Square founder has that familiar sick-to-his-stomach feeling.
Author:
Updated:
Original:

Last week, Bill Ackman sold off $610 million worth of shares in a fast-food chain. Today, a Chipotle in suburban Virginia closed after allegedly giving norovirus to a lucky 13 customers. Any chance the two are related? Of course not, because Bill Ackman’s luck has long since run out: The shares he sold were of booming Burger King—whose stock price only goes down when Ackman sells $610 million worth of them—and not of Chipotle, whose shares are particularly sensitive to reports of food poisoning for some reason.

AckmanDude

Bill Ackman's Pershing Square is the largest holder of Chipotle Mexican Grill Shares and the holding's lost about $74 million at midday Tuesday….

Shares of the 10% Pershing-owned restaurant chain fell more than 6% Tuesday.

Customers reported symptoms such as vomiting, diarrhea, severe stomach pain, dehydration, and nausea, according to the website iwaspoisoned.com.

Bill Ackman’s Probably Queasy about Chipotle Too, His Stake is off $74M This Afternoon [TheStreet]
Chipotle shares plummet following report of norovirus at Virginia restaurant [CNBC]

Related