Bill Ackman’s Herbalife short has made a big surge this week — putting him well atop the leaderboard in his high-profile battle with rival hedgie Dan Loeb.
Ackman has scored a gross profit of about $260 million on his $1 billion short bet against the nutritional supplements company, based on an estimated 20 million shares shorted at an average price of $50. Loeb, who bought 8.9 million shares at an average price of $32, is up $44.5 million.
Ackman has widened his lead considerably. Just two weeks ago, his gross gain stood closer to $120 million while Loeb had made an estimated $108 million.
Shares are off 15 percent this week, closing yesterday at $37.09, down 4.1 percent. The week started with news that the Federal Trade Commission and three state attorneys general were shutting down a Kentucky-based multilevel-marketing company, Fortune High-Tech Marketing, calling it a pyramid scheme.
The charges against that company are similar to those Ackman has leveled against Herbalife.