Ackman Nets $100 Million of Profit From Sale of Nike Stake


(Bloomberg) -- 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 fell 1.5 percent to $65.34 at 2:47 p.m. Thursday in New York, amid the larger market sell-off.

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 admitted defeat in his epic battle with Carl Icahn over his $1 billion short position in Herbalife Ltd.

Ackman also lost a proxy fight at Automatic Data Processing Inc., though he didn’t come out of that battle empty handed. This month he took advantage of a jump in ADP’s share price to sell shares worth about $125 million at a profit.

©2018 Bloomberg L.P.

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