Bill Ackman has had a pretty amazing few months, punctuating what has been a really magical couple of years in which he went from rock bottom to being just about the best-performing hedge fund manager in the land, capable of turning $27 million into $2.6 billion and the confidence to delve back into the restaurant industry now, of all times.
And it’s a good thing, too, because if he weren’t in such a good place right now, this might well have sent him over the edge.
Herbalife Nutrition Ltd will likely pay U.S. authorities $123 million to settle bribery allegations related to the company’s business in China, a regulatory filing showed on Thursday…. The bribes were intended to help Los Angeles-based Herbalife obtain direct selling licenses, reduce government scrutiny of its Chinese operations, and suppress negative coverage by state-controlled media, authorities have said.
That’s right: Two more government agencies have looked into his allegations against the diet shake company and found him to be spot on, fraudulence which have cost it $323 million in fines but which, in their failure to bankrupt the company, cost Ackman $1 billion in losses. One can thankfully only imagine what this news would have done to an early 2018 Ackman, before he found love again and got his groove back.