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Ackman says his firm restructured Herbalife position - CNBC

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Ackman says his firm restructured Herbalife position - CNBC

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(Reuters) – Billionaire investor William Ackman, who has been betting for five years that Herbalife’s <HLF.N> stock price would tumble to zero, said on Wednesday that his firm recently restructured its position in the nutrition and supplements maker. “We converted the short position into a put position,” Ackman said in an interview with cable television network CNBC. Ackman’s $10 billion (£7.5 billion) hedge fund Pershing Square Capital has now effectively capped the losses it can suffer on Herbalife to 3 percent of its capital.

(Reporting by Svea Herbst-Bayliss in Boston; Editing by Chizu Nomiyama)
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