Thus ends one of the worst trades of all time
The Valeant/Bill Ackman saga ends
There is justice in all the money Bill Ackman lost in drugmaker Valeant. He reportedly sold all his holdings at $11 per share.
His 5% stake in the company valued at $3.3 billion was first reported when shares were trading near $200. He later doubled his stake and continued to tout the stock as it was in a 96% nosedive.
The justice is because he made $2.6 billion in a trade so slimy it should have been made illegal. He loaded up on shares of Allergan and then teamed up with Valeant to finance a takeover of the company. Actavis was forced to buy the company.
He was investigated for insider trading but cleared but by losing nearly his entire investment in Valeant and tarnishing his reputation, it puts the world back into balance.
His feud with Carl Icahn over Herbalife continues but Icahn is old friends with Donald Trump, so I don't like Ackman's chances.