(Bloomberg) -- “The idea that my appearance pushed the market down an additional 4% that day is absurd,” activist investor Bill Ackman said in a letter to Pershing Square investors about his CNBC TV appearance last Wednesday.
Ackman was responding to questions whether his CNBC TV appearance was intended to drive down markets so the company could profit on previous hedges.
Ackman said the hedge already paid off prior to his going on CNBC.
Company sold more than half the hedge prior to the show and the balance over the next three trading days, Ackman said.
“By selling the hedge, we generated $2.6 billion of proceeds, the substantial majority of which we invested in both new and existing investments, which we believe will payoff as markets recover,” Ackman wrote.
