CEO & Founder, Pershing Square
Ackman discussing SPARC
Ackman discussing SPARC.
About Bill Ackman
Bill Ackman, CEO of Pershing Square, has been active in media appearances discussing his investment strategy, the launch of a new U.S.-listed closed-end fund, and his views on the market. In April 2026, Pershing Square raised $5 billion through the IPO of Pershing Square USA (PSUS), a closed-end investment company, and also listed Pershing Square Inc. (PS), an alternative asset management company. Ackman described the IPO as "the beginning of a journey" and stated that the capital would be deployed within weeks, as he believes it is a good time to invest. He also discussed his ambition to transform Howard Hughes into a "modern-day Berkshire Hathaway." Ackman has stated that he is finding "a lot of really cheap stocks in a market that's hitting new highs," attributing this to investor focus on AI and semiconductor stocks, which he said has led to companies like Meta, Microsoft, and Amazon being overlooked and trading at attractive valuations. He described his firm as "high quality durable growth investors" and noted that while Pershing Square has underperformed the S&P 500 in the short term, it has compounded at a higher rate over longer periods. Ackman has also commented on geopolitical risks, predicting the Iran conflict would be resolved in "weeks," and has advocated for policies that give more Americans access to retirement savings and ownership in capitalism.
Transcript (39 segments)
✨ AI-enhanced transcript with speaker attribution
I
Interviewer0:00
Pershing Square Capital Management floating the possibility of maybe trying to take X, formerly Twitter, public with Elon Musk. What's going on?
B
Bill Ackman0:09
Only good things.
I
Interviewer0:10
Only good things. Let's talk about this fund and some of the headlines you made over the weekend, because this structure was approved and one of the names that's been floated, I believe by you, was the possibility that you might want to take X public via this fund.
B
Bill Ackman0:30
So maybe we should back up a little. In a typical IPO, you expose yourself to the world with a prospectus well before knowing whether you can raise any money, and then you're subject to the market. If the market is there and investors like you, stars align and you raise your money, but you don't know the price or if it gets done. We've reversed that whole process. Imagine sitting down with an investor who does due diligence, likes your business and management, and says, 'I'll invest a billion and a half dollars at $25 a share regardless of what the market does between filing with the SEC and prospectus approval.' Every IPO investor would say that sounds like a good deal. We'll guarantee you a fixed price and, if you need more, we have other investors who invest alongside us at the same price. That's what we call Pershing Square Spark Holdings.
I
Interviewer1:37
That's what this new fund effectively is.
B
Bill Ackman1:40
It's not a fund, it's a structure.
I
Interviewer1:42
Called a structure. Yes.
And let's talk about the history of the structure, because it came out of a SPAC, dare I say a challenged or failed SPAC, which was an effort to buy Universal Music, effectively blocked by the SEC. You ended up still buying that stake in your fund itself, which has been a successful investment.
B
Bill Ackman2:04
It has been. Yes.
I
Interviewer2:04
But explain the SPAC to Spark piece, because SPACs have a bad name.
B
Bill Ackman2:13
Sure. We set out to create a much better version of a SPAC, called Pershing Square Tontine Holdings. People liked it and we had $12 billion of demand for a $4 billion IPO, with a who's who of investors. Two years later, we couldn't deliver because the SEC didn't approve the structure for the Universal Music transaction. We apologized and gave investors a ticket to a new party, saying we had a much better idea for how these entities should work.
I
Interviewer2:47
You returned all the money though.
B
Bill Ackman2:48
Returned all the money.
I
Interviewer2:49
But you returned the money and gave them a ticket, saying when we get Spark approved, you get to be first in line. The approval on Friday enables us to distribute these rights to shareholders. They won't trade until we find a great business, negotiate a deal at a fixed price, and commit Pershing Square funds. For example, if a company wants to raise $5 billion, we commit a billion, set the rights price—there are 61 million rights, each buying two shares, so 122 million shares. We set the price at $35 a share. The company knows they're going public at a known price with a known minimum capital. Then we file with the SEC, get the prospectus approved, do a roadshow, and the rights trade. People invest at the same price, with no underwriting fees and none of the typical IPO risk.
So enter this idea of X. You told the Wall Street Journal over the weekend that you would be open to using this vehicle to take X, Elon Musk's formerly Twitter, public. The history is they were writing an article about my tweets for weeks, and when they saw this filing, they asked me the question.
B
Bill Ackman4:18
How interested are you in taking X public? You invested in Twitter when Elon Musk bought it, correct?
Yes, the Pershing Square Foundation made a very small investment, $10 million in a $40 billion deal.
I
Interviewer4:37
And would you like to buy it?
B
Bill Ackman4:38
I have a lot of respect for Musk. I think Twitter is a really important platform. He's made tremendous improvements, and it's a unique, difficult-to-disrupt asset that could grow through different lines of business. So I think it's quite interesting, but I don't have information on how the business is doing or whether he has any interest in doing something.
I
Interviewer5:05
Have you spoken to him about it?
B
Bill Ackman5:06
I have not.
I
Interviewer5:07
So this is just...
B
Bill Ackman5:08
They asked me a question. Would I consider it? Absolutely, because I like the business and Musk, and I think it's important.
I
Interviewer5:14
He's got a lot of debt on that company.
B
Bill Ackman5:16
Yes, and that's where this structure is interesting. It would be hard to do a $13 billion IPO to pay down debt. We could commit Pershing Square $2 billion, set the rights price at $100 a share, and announce a transaction. He knows he's going public and raising $2 billion. Then rights holders decide whether to invest. If rights have positive value, they get exercised, and the IPO raises $13 billion. The investors would be a who's who, like the list from Pershing Square Tontine Holdings.
I
Interviewer6:09
Retail paid $44 billion for the asset. What do you think it's worth today?
B
Bill Ackman6:14
I don't know. I have no information.
I
Interviewer6:16
But would you buy it at $22 billion? $10 billion? $5 billion? You're a user with a Peter Lynch approach, liking the product. The product is vastly better, the cost structure is improved, and the rate of innovation is much better. They've been harmed by losing advertisers, but I think advertisers are likely to return. I've actually bought things I've seen advertised on Twitter. It's a unique way to reach a difficult audience.
B
Bill Ackman6:57
Sure.
I
Interviewer7:00
And where do you think we're headed? You've made provocative statements about the 10-year yield. I'm curious what that means for equities. We were speaking about mortgage rates at 7-8% and whether things start to break.
B
Bill Ackman7:33
Sure. Two things. First, I think the Fed is probably done. The economy is starting to slow, and real interest rates are high enough to slow things down. High mortgage, car, and credit card rates are impacting the economy. It's still solid but weakening. We had a bet when the two-year Treasury was 12 basis points that it would go to 5%, but we no longer have that. Our only bet now is that long-term rates, like the 30-year Treasury, will go higher, into the mid-5% range. I don't think the 10-year has to go meaningfully above 5% due to economic weakness, but long-term, structural inflation will be persistently higher. The government shouldn't borrow at 4.75% fixed for 30 years. So long-term rates go higher. The spread between the 10-year and mortgage rates is wide, so mortgage rates might not rise much more.
I
Interviewer8:47
When does it break the consumer? Seven and 10-year ARMs will roll over, people will have problems, and what happens to regional banks?
B
Bill Ackman8:56
Most people have fixed-rate mortgages at 3.5% or less. Many businesses and big companies have extended fixed-rate debt. So, yes, those who borrowed short-term at low rates will get repriced, and commercial real estate investors will face a challenging period. That's the targeted threat from rates.
I
Interviewer9:28
Two quick issues. Presidential election: you've talked about wanting Jamie Dimon to run, but he's not running. You've given up on that. You're giving money to Vivek Ramaswamy and Chris Christie, but not Biden. So what do you want?
B
Bill Ackman9:46
I want an alternative to the choices we have now. A Biden-Trump election is not good for the country. I'd love a candidate the whole country can get behind.
I
Interviewer10:02
Who do you like most of the options?
B
Bill Ackman10:08
I haven't met Nikki Haley but will soon. I met Chris Christie recently and was really impressed. He's a solid governor who handled New Jersey well and got elected in a Democratic state. I could see him bringing the country together, but an early test will be New Hampshire.
I
Interviewer10:34
Final question. You met with Zelensky. You're a big supporter of Ukraine. Would you have liked the US government to fund Ukraine this weekend? How does that square with Elon Musk, who has a different opinion?
B
Bill Ackman10:48
I don't know that Musk has a negative opinion of Zelensky. I think his view is that a forever war in Ukraine is not good for America, Ukraine, or anyone. I agree. I'd like to see the war end sooner rather than later. It's a black swan risk for the world, with thousands of innocent people dying.