Billionaire investor Bill Ackaman claims to have multiplied by 100 a $ 27 million investment in a portfolio that was committed to protecting credit in global and high-yield investments, several local economic media reported Wednesday.
His firm, “Pershing Square Capital Management”, announced earlier this month the new portfolio of stocks “against coronavirus volatility”, which it developed throughout February.
According to his statements, the bet was worth it since today he has assured that the value of those shares has reached 2.6 billion dollars.
“The gains from the hedges have allowed us to become a substantially larger shareholder of several of the companies in our portfolio and to add some new investments, all at greatly reduced prices,” Ackman said in a letter to shareholders, according to the economic website. MarketWatch.
The slowdown in economic activity worldwide has unleashed a serious economic crisis that different governments and multilateral institutions are trying to face with different financial measures.
In the last few hours, the White House and the United States Senate reached an agreement of 2 trillion dollars to stimulate the United States economy, severely affected by the coronavirus pandemic, which is advancing rapidly in the country, where they are counted until the Currently more than 54,000 infected and 775 dead, local media reported.
It is the largest economic stimulus package in modern United States history, reached after lengthy negotiations, according to the same sources.
Under the terms of the agreement, which must now be approved by Congress, direct payments and unemployment benefits are expected to be made to citizens, as well as to states and companies affected by the public health crisis unleashed by Covid-19.