Ackman's Valeant bet costs firm roughly $820 million on Wednesday
BOSTON Oct 21 (Reuters) - 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.
Valeant's stock price was off 29 percent, changing hands at $103.80 in early afternoon trading. A report from an influential short-seller that accused Valeant of fraud kicked off the sharp drop.
(Reporting by Svea Herbst-Bayliss; editing by Richard Valdmanis)
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