Bill Ackman’s run of bad luck may have come to an end. The billionaire activist investor has made a profit of about $100 million from selling his stake in Nike after just a few months.
Ackman’s Pershing Square Capital Management disclosed a passive stake in the sportswear maker in January. At the time, Ackman said he bought the stock for an average price of $52 per share. He sold his stake after a 32 percent jump in the share price, according to a person familiar with the matter, who asked not to be identified because the details are private.
Nike shares were little changed at $65.92 at 1:58 p.m. in New York.
A representative for Pershing Square declined to comment. A representative for Beaverton, Oregon-based Nike didn’t immediately respond to a request for comment. The Wall Street Journal first reported the sale of Pershing Square’s stake.
The news comes after a rocky few months for Ackman, as his investment in Chipotle Mexican Grill Inc. continues to lag and he lost a proxy fight at Automatic Data Processing Inc. He didn’t come out of that battle empty handed: Ackman this month took advantage of a jump in ADP’s share price to sell shares worth about $125 million at a profit.
This article was provided by Bloomberg News.