Bill Ackman’s newly listed closed‑end fund Pershing Square USA dropped 18% from its $50 IPO price to $40.90 on Wednesday.
Ackman blamed retail investors for the sell‑off, saying they over‑committed, received shares but lacked cash to fund purchases.
Institutional investors contributed over 80% of the capital raised, questioning the retail‑investor attribution for the decline.
The fund, which has delivered a 25% annualised return over eight years, rebounded >6% on Thursday to $43.54, still below IPO.