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{{Infobox person | {{Infobox person | ||
| name | | name = Bill Ackman | ||
| full_name | | full_name = William Albert Ackman | ||
| image | | image = Bill_Ackman_2016.jpg | ||
| caption | | caption = | ||
| birth_date | | birth_date = {{Birth date and age|1966|5|11}} | ||
| birth_place | | birth_place = [[Chappaqua, New York]], United States | ||
| nationality | | nationality = {{flag|United States}} American | ||
| education | | education = [[Harvard College]] (B.A., Social Studies, 1988)<br>[[Harvard Business School]] (MBA, 1992) | ||
| alma_mater | | alma_mater = [[Horace Greeley High School]]<br>[[Harvard University]] | ||
| occupation | | occupation = Hedge fund manager, activist investor | ||
| years_active | | years_active = 1992-present | ||
| employer | | employer = [[Pershing Square Capital Management]] | ||
| title | | title = Founder and CEO, [[Pershing Square Capital Management]] | ||
| known_for | | known_for = Activist investing<br>Herbalife short<br>Canadian Pacific turnaround<br>COVID-19 hedge<br>Harvard antisemitism campaign | ||
| spouse | | spouse = {{marriage|Karen Ann Herskovitz|1994|2016|end=div}}<br>{{marriage|Neri Oxman|2019}} | ||
| children | | children = 4 (3 with Karen, 1 with Neri) | ||
| parents | | parents = Lawrence D. Ackman (father)<br>Ronnie I. Ackman (mother) | ||
| net_worth | | net_worth = US$9.2 billion (2025) | ||
| residence | | residence = [[Manhattan]], New York City | ||
| religion | | religion = [[Judaism|Jewish]] | ||
| awards | | awards = The Giving Pledge signatory | ||
}} | }} | ||
'''William Albert "Bill" Ackman''' (born May 11, 1966) is an American billionaire hedge fund manager, activist investor, and philanthropist who is the founder and chief executive officer of [[Pershing Square Capital Management]], a hedge fund managing approximately $19 billion in assets.<ref name="forbes">{{cite web |url=https://www.forbes.com/profile/-ill-ckman/ |title=Bill Ackman |publisher=Forbes |access-date=December 2025}}</ref> Known for taking large, concentrated positions in companies and aggressively pushing for changes in management, strategy, or operations, Ackman has become one of Wall Street's most prominent and controversial figures. | '''William Albert "Bill" Ackman''' (born May 11, 1966) is an American billionaire hedge fund manager, activist investor, and philanthropist who is the founder and chief executive officer of [[Pershing Square Capital Management]], a hedge fund managing approximately $19 billion in assets.<ref name="forbes">{{cite web |url=https://www.forbes.com/profile/-ill-ckman/ |title=Bill Ackman |publisher=Forbes |access-date=December 2025}}</ref> Known for taking large, concentrated positions in companies and aggressively pushing for changes in management, strategy, or operations, Ackman has become one of Wall Street's most prominent and controversial figures. | ||
His career has featured spectacular | His career has featured spectacular successes - including a 2020 trade that turned a $27 million hedge into $2.6 billion during the COVID-19 crash - alongside dramatic failures, most notably his six-year, publicly-waged short battle against [[Herbalife]] that ended in significant losses. In recent years, Ackman has expanded his influence beyond finance, leading a widely-publicized campaign against [[Harvard University]]'s handling of antisemitism that contributed to the resignation of President [[Claudine Gay]] in January 2024. | ||
== Early life and education == | == Early life and education == | ||
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William Albert Ackman was born on May 11, 1966, in Chappaqua, New York, an affluent hamlet in Westchester County approximately thirty miles north of Manhattan. His father, Lawrence D. Ackman, served as chairman of Ackman-Ziff Real Estate Group, a prominent real estate financing firm that exposed the younger Ackman to deal-making and capital markets from childhood. His mother, Ronnie I. Ackman (née Posner), raised Bill and his sibling in a Jewish household. | William Albert Ackman was born on May 11, 1966, in Chappaqua, New York, an affluent hamlet in Westchester County approximately thirty miles north of Manhattan. His father, Lawrence D. Ackman, served as chairman of Ackman-Ziff Real Estate Group, a prominent real estate financing firm that exposed the younger Ackman to deal-making and capital markets from childhood. His mother, Ronnie I. Ackman (née Posner), raised Bill and his sibling in a Jewish household. | ||
Growing up in | Growing up in Chappaqua - the same town that would later become home to [[Bill Clinton]] and [[Hillary Clinton]] - Ackman attended the prestigious [[Horace Greeley High School]], known for its competitive academic environment. He showed early interest in business and investing, traits his father encouraged. | ||
Ackman enrolled at [[Harvard College]], where he rowed for the crew team and pursued an interdisciplinary degree in social studies, a concentration requiring significant independent research. His senior thesis, titled "Scaling the Ivy Wall: The Jewish and Asian American Experience in Harvard Admissions," examined discrimination in elite university | Ackman enrolled at [[Harvard College]], where he rowed for the crew team and pursued an interdisciplinary degree in social studies, a concentration requiring significant independent research. His senior thesis, titled "Scaling the Ivy Wall: The Jewish and Asian American Experience in Harvard Admissions," examined discrimination in elite university admissions - a topic that would ironically resurface decades later during his battles with Harvard over campus antisemitism. He graduated magna cum laude in 1988 as a member of [[Phi Beta Kappa]]. | ||
After graduation, Ackman spent two years working at his father's real estate company, gaining practical experience in property financing and investment. He returned to Harvard for business school, earning his MBA from [[Harvard Business School]] in 1992. | After graduation, Ackman spent two years working at his father's real estate company, gaining practical experience in property financing and investment. He returned to Harvard for business school, earning his MBA from [[Harvard Business School]] in 1992. | ||
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== Career == | == Career == | ||
=== Gotham Partners ( | === Gotham Partners (1992-2003) === | ||
Fresh from business school in 1992, Ackman co-founded Gotham Partners with fellow Harvard MBA David Berkowitz. The investment firm focused on making concentrated investments in publicly traded companies, a strategy that would define Ackman's entire career. Gotham's first full year produced a 27.5 percent return, establishing the young fund managers' reputation. | Fresh from business school in 1992, Ackman co-founded Gotham Partners with fellow Harvard MBA David Berkowitz. The investment firm focused on making concentrated investments in publicly traded companies, a strategy that would define Ackman's entire career. Gotham's first full year produced a 27.5 percent return, establishing the young fund managers' reputation. | ||
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In 1995, Gotham mounted an unsuccessful attempt to acquire Rockefeller Center Properties, demonstrating Ackman's early appetite for high-profile, ambitious deals. Despite this setback, the fund continued growing, reaching approximately $500 million in assets by 1998. | In 1995, Gotham mounted an unsuccessful attempt to acquire Rockefeller Center Properties, demonstrating Ackman's early appetite for high-profile, ambitious deals. Despite this setback, the fund continued growing, reaching approximately $500 million in assets by 1998. | ||
The firm's most significant position proved to be its undoing. Gotham had invested heavily in Pre-Paid Legal Services and other companies, but poor performance and investor redemption demands created a liquidity crisis. | The firm's most significant position proved to be its undoing. Gotham had invested heavily in Pre-Paid Legal Services and other companies, but poor performance and investor redemption demands created a liquidity crisis. The fund faced scrutiny over investments in golf course operator First Union Real Estate Investments (later Gotham Golf Partners), which led to regulatory investigations. By 2003, Gotham Partners had shut down, though Ackman was never charged with wrongdoing. | ||
=== Pershing Square Capital Management ( | === Pershing Square Capital Management (2004-present) === | ||
Ackman founded [[Pershing Square Capital Management]] in January 2004, naming the fund after the historic plaza near Grand Central Terminal in Manhattan. He launched with $54 million in capital, $50 million of which came from Leucadia National, which had backed him during Gotham's difficulties. | Ackman founded [[Pershing Square Capital Management]] in January 2004, naming the fund after the historic plaza near Grand Central Terminal in Manhattan. He launched with $54 million in capital, $50 million of which came from Leucadia National, which had backed him during Gotham's difficulties. | ||
The fund's strategy remained consistent with Ackman's approach at Gotham: take large, concentrated positions in a small number of companies rather than diversifying across many investments. This high-conviction approach produced spectacular results when | The fund's strategy remained consistent with Ackman's approach at Gotham: take large, concentrated positions in a small number of companies rather than diversifying across many investments. This high-conviction approach produced spectacular results when successful - and painful losses when wrong. | ||
==== Early successes ==== | ==== Early successes ==== | ||
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==== Canadian Pacific Railway ==== | ==== Canadian Pacific Railway ==== | ||
In 2011, Pershing Square began acquiring shares in [[Canadian Pacific Railway]], eventually becoming the railway's largest shareholder. Ackman launched a proxy contest seeking to replace CEO Fred Green and multiple board members, arguing that CP's operating | In 2011, Pershing Square began acquiring shares in [[Canadian Pacific Railway]], eventually becoming the railway's largest shareholder. Ackman launched a proxy contest seeking to replace CEO Fred Green and multiple board members, arguing that CP's operating ratio - a key efficiency metric - significantly lagged competitors. | ||
The campaign represented activist investing at its most effective. At CP's May 2012 annual meeting, nearly 90 percent of shareholder votes supported Ackman's dissident slate. New CEO Hunter Harrison implemented operational improvements that transformed the railway, and Ackman's investment reportedly generated over $2.5 billion in profits. | The campaign represented activist investing at its most effective. At CP's May 2012 annual meeting, nearly 90 percent of shareholder votes supported Ackman's dissident slate. New CEO Hunter Harrison implemented operational improvements that transformed the railway, and Ackman's investment reportedly generated over $2.5 billion in profits. | ||
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Fellow billionaire [[Carl Icahn]] took the opposite side, building a large long position and clashing memorably with Ackman during a live CNBC broadcast where both men exchanged personal insults. Other prominent investors, including Daniel Loeb, also bet against Ackman's short. | Fellow billionaire [[Carl Icahn]] took the opposite side, building a large long position and clashing memorably with Ackman during a live CNBC broadcast where both men exchanged personal insults. Other prominent investors, including Daniel Loeb, also bet against Ackman's short. | ||
Pershing Square funded an extensive public relations campaign, including hiring lobbyists, organizing protests, and pressuring regulators to investigate. The Federal Trade Commission did investigate and in 2016 required Herbalife to pay $200 million and restructure certain | Pershing Square funded an extensive public relations campaign, including hiring lobbyists, organizing protests, and pressuring regulators to investigate. The Federal Trade Commission did investigate and in 2016 required Herbalife to pay $200 million and restructure certain practices - but stopped short of labeling it a pyramid scheme or forcing its shutdown. | ||
Ackman held the position for six years, suffering mark-to-market losses as Herbalife's stock rose. He finally closed the short in 2018, converting to put options before eventually exiting entirely, having lost approximately $1 billion. | Ackman held the position for six years, suffering mark-to-market losses as Herbalife's stock rose. He finally closed the short in 2018, converting to put options before eventually exiting entirely, having lost approximately $1 billion. | ||
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Ackman's most celebrated trade came in early 2020 as concerns about [[COVID-19]] began spreading. Sensing that markets were underestimating pandemic risks, he purchased credit default swaps and other hedging instruments for approximately $27 million. | Ackman's most celebrated trade came in early 2020 as concerns about [[COVID-19]] began spreading. Sensing that markets were underestimating pandemic risks, he purchased credit default swaps and other hedging instruments for approximately $27 million. | ||
When global markets crashed in March 2020, these hedges appreciated dramatically. Pershing Square closed the positions within weeks, realizing approximately $2.6 billion in | When global markets crashed in March 2020, these hedges appreciated dramatically. Pershing Square closed the positions within weeks, realizing approximately $2.6 billion in profits - a nearly 100-to-1 return that ranks among the most successful trades in hedge fund history. Ackman then deployed the proceeds into equity positions, benefiting further as markets recovered. | ||
==== Recent performance ==== | ==== Recent performance ==== | ||
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=== First marriage to Karen Herskovitz === | === First marriage to Karen Herskovitz === | ||
Ackman met Karen Ann Herskovitz while both were students at | Ackman met Karen Ann Herskovitz while both were students at Harvard - he at the business school, she pursuing a master's degree in landscape architecture at the Graduate School of Design. They married on July 10, 1994, in a Jewish ceremony at the Plaza Hotel in New York City. | ||
Karen Herskovitz, a Vassar College graduate with an art history degree before her Harvard studies, worked as a landscape architect. Together with Bill, she co-founded the Pershing Square Foundation in 2006. | Karen Herskovitz, a Vassar College graduate with an art history degree before her Harvard studies, worked as a landscape architect. Together with Bill, she co-founded the Pershing Square Foundation in 2006. | ||
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In 2017, Ackman was introduced to [[Neri Oxman]] through two separate connections within months. Former Harvard professor Marty Peretz described her as "the most gorgeous, brilliant, artistic, loving, and talented person he had ever met." Intrigued by the coincidence, Ackman reached out. | In 2017, Ackman was introduced to [[Neri Oxman]] through two separate connections within months. Former Harvard professor Marty Peretz described her as "the most gorgeous, brilliant, artistic, loving, and talented person he had ever met." Intrigued by the coincidence, Ackman reached out. | ||
Neri Oxman is an Israeli-American designer and former MIT professor known for pioneering "material ecology" | Neri Oxman is an Israeli-American designer and former MIT professor known for pioneering "material ecology" - work combining architecture, biology, computing, and materials engineering. Born in Israel, she had previously been married to Argentine composer Osvaldo Golijov from 2011 to 2015. Before meeting Ackman, she was romantically linked to actor [[Brad Pitt]]. | ||
Ackman and Oxman became engaged in 2018 and married in January 2019 at Central Synagogue in Manhattan. They welcomed their first child together in spring 2019, bringing Ackman's total to four children. | Ackman and Oxman became engaged in 2018 and married in January 2019 at Central Synagogue in Manhattan. They welcomed their first child together in spring 2019, bringing Ackman's total to four children. | ||
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=== Donation dispute === | === Donation dispute === | ||
Ackman acknowledged a "serious" dispute with Harvard over a 2017 donation that complicated his relationship with the university before the antisemitism controversy. He had donated Coupang Inc. | Ackman acknowledged a "serious" dispute with Harvard over a 2017 donation that complicated his relationship with the university before the antisemitism controversy. He had donated Coupang Inc. Stock valued at $10 million, with an agreement that if the company went public and the stock exceeded $15 million, he could direct the excess to Harvard initiatives of his choosing. | ||
Harvard Management Company, overseeing the endowment, sold the stock in March | Harvard Management Company, overseeing the endowment, sold the stock in March 2020 - before Coupang's IPO that would have made the shares worth approximately $75 million more. Ackman complained no one contacted him about the sale or apologized afterward. He insisted this dispute was unrelated to his antisemitism campaign. | ||
=== Wife's plagiarism allegations === | === Wife's plagiarism allegations === | ||
In January 2024, Business Insider reported that Neri Oxman had plagiarized sections of her MIT dissertation, including passages from Wikipedia. The | In January 2024, Business Insider reported that Neri Oxman had plagiarized sections of her MIT dissertation, including passages from Wikipedia. The timing - during Ackman's campaign highlighting Claudine Gay's plagiarism - created an ironic parallel that critics highlighted. | ||
Oxman apologized for "citation errors," and MIT subsequently stated it would not open an investigation. Ackman responded combatively, announcing plans to review the academic work of all MIT faculty and threatening to investigate journalists who covered the story. | Oxman apologized for "citation errors," and MIT subsequently stated it would not open an investigation. Ackman responded combatively, announcing plans to review the academic work of all MIT faculty and threatening to investigate journalists who covered the story. | ||
Latest revision as of 07:48, 22 December 2025
William Albert "Bill" Ackman (born May 11, 1966) is an American billionaire hedge fund manager, activist investor, and philanthropist who is the founder and chief executive officer of Pershing Square Capital Management, a hedge fund managing approximately $19 billion in assets.[1] Known for taking large, concentrated positions in companies and aggressively pushing for changes in management, strategy, or operations, Ackman has become one of Wall Street's most prominent and controversial figures.
His career has featured spectacular successes - including a 2020 trade that turned a $27 million hedge into $2.6 billion during the COVID-19 crash - alongside dramatic failures, most notably his six-year, publicly-waged short battle against Herbalife that ended in significant losses. In recent years, Ackman has expanded his influence beyond finance, leading a widely-publicized campaign against Harvard University's handling of antisemitism that contributed to the resignation of President Claudine Gay in January 2024.
Early life and education
William Albert Ackman was born on May 11, 1966, in Chappaqua, New York, an affluent hamlet in Westchester County approximately thirty miles north of Manhattan. His father, Lawrence D. Ackman, served as chairman of Ackman-Ziff Real Estate Group, a prominent real estate financing firm that exposed the younger Ackman to deal-making and capital markets from childhood. His mother, Ronnie I. Ackman (née Posner), raised Bill and his sibling in a Jewish household.
Growing up in Chappaqua - the same town that would later become home to Bill Clinton and Hillary Clinton - Ackman attended the prestigious Horace Greeley High School, known for its competitive academic environment. He showed early interest in business and investing, traits his father encouraged.
Ackman enrolled at Harvard College, where he rowed for the crew team and pursued an interdisciplinary degree in social studies, a concentration requiring significant independent research. His senior thesis, titled "Scaling the Ivy Wall: The Jewish and Asian American Experience in Harvard Admissions," examined discrimination in elite university admissions - a topic that would ironically resurface decades later during his battles with Harvard over campus antisemitism. He graduated magna cum laude in 1988 as a member of Phi Beta Kappa.
After graduation, Ackman spent two years working at his father's real estate company, gaining practical experience in property financing and investment. He returned to Harvard for business school, earning his MBA from Harvard Business School in 1992.
Career
Gotham Partners (1992-2003)
Fresh from business school in 1992, Ackman co-founded Gotham Partners with fellow Harvard MBA David Berkowitz. The investment firm focused on making concentrated investments in publicly traded companies, a strategy that would define Ackman's entire career. Gotham's first full year produced a 27.5 percent return, establishing the young fund managers' reputation.
In 1995, Gotham mounted an unsuccessful attempt to acquire Rockefeller Center Properties, demonstrating Ackman's early appetite for high-profile, ambitious deals. Despite this setback, the fund continued growing, reaching approximately $500 million in assets by 1998.
The firm's most significant position proved to be its undoing. Gotham had invested heavily in Pre-Paid Legal Services and other companies, but poor performance and investor redemption demands created a liquidity crisis. The fund faced scrutiny over investments in golf course operator First Union Real Estate Investments (later Gotham Golf Partners), which led to regulatory investigations. By 2003, Gotham Partners had shut down, though Ackman was never charged with wrongdoing.
Pershing Square Capital Management (2004-present)
Ackman founded Pershing Square Capital Management in January 2004, naming the fund after the historic plaza near Grand Central Terminal in Manhattan. He launched with $54 million in capital, $50 million of which came from Leucadia National, which had backed him during Gotham's difficulties.
The fund's strategy remained consistent with Ackman's approach at Gotham: take large, concentrated positions in a small number of companies rather than diversifying across many investments. This high-conviction approach produced spectacular results when successful - and painful losses when wrong.
Early successes
Pershing Square's early investments validated Ackman's concentrated approach. Positions in Wendy's fast-food chain and mall operator General Growth Properties helped generate a 692 percent return net of fees over the fund's first decade. The General Growth investment proved particularly lucrative: Ackman invested during the company's bankruptcy in 2008 and saw the position appreciate dramatically during the subsequent restructuring.
Canadian Pacific Railway
In 2011, Pershing Square began acquiring shares in Canadian Pacific Railway, eventually becoming the railway's largest shareholder. Ackman launched a proxy contest seeking to replace CEO Fred Green and multiple board members, arguing that CP's operating ratio - a key efficiency metric - significantly lagged competitors.
The campaign represented activist investing at its most effective. At CP's May 2012 annual meeting, nearly 90 percent of shareholder votes supported Ackman's dissident slate. New CEO Hunter Harrison implemented operational improvements that transformed the railway, and Ackman's investment reportedly generated over $2.5 billion in profits.
Valeant Pharmaceuticals disaster
Ackman's investment in Valeant Pharmaceuticals represented one of the most painful chapters in his career. Pershing Square built a massive position in the specialty pharmaceutical company, at one point owning nearly 9 percent of shares outstanding. The investment initially generated billions in paper profits as Valeant's aggressive acquisition strategy and price increases drove the stock higher.
However, the company's business model drew regulatory and media scrutiny, particularly its practice of dramatically raising prices on older drugs. Congressional investigations, a fraud scandal involving distribution partner Philidor, and questions about accounting practices sent Valeant's shares plummeting. Pershing Square reportedly lost approximately $4 billion on the position before exiting in 2017.
Herbalife short
In December 2012, Ackman announced a $1 billion short position against Herbalife, a nutrition company he publicly labeled a "pyramid scheme." The wager initiated one of the most dramatic and prolonged battles in Wall Street history.
Ackman presented a three-hour presentation detailing his thesis that Herbalife's business model was unsustainable because it depended on recruiting new distributors rather than selling products to genuine retail customers. He predicted regulators would shut down the company.
Fellow billionaire Carl Icahn took the opposite side, building a large long position and clashing memorably with Ackman during a live CNBC broadcast where both men exchanged personal insults. Other prominent investors, including Daniel Loeb, also bet against Ackman's short.
Pershing Square funded an extensive public relations campaign, including hiring lobbyists, organizing protests, and pressuring regulators to investigate. The Federal Trade Commission did investigate and in 2016 required Herbalife to pay $200 million and restructure certain practices - but stopped short of labeling it a pyramid scheme or forcing its shutdown.
Ackman held the position for six years, suffering mark-to-market losses as Herbalife's stock rose. He finally closed the short in 2018, converting to put options before eventually exiting entirely, having lost approximately $1 billion.
COVID-19 hedge
Ackman's most celebrated trade came in early 2020 as concerns about COVID-19 began spreading. Sensing that markets were underestimating pandemic risks, he purchased credit default swaps and other hedging instruments for approximately $27 million.
When global markets crashed in March 2020, these hedges appreciated dramatically. Pershing Square closed the positions within weeks, realizing approximately $2.6 billion in profits - a nearly 100-to-1 return that ranks among the most successful trades in hedge fund history. Ackman then deployed the proceeds into equity positions, benefiting further as markets recovered.
Recent performance
As of 2024, Pershing Square manages approximately $19 billion in assets. The fund maintains its concentrated approach, with major positions in Chipotle Mexican Grill (approximately 20% of the portfolio), Alphabet Inc., Uber Technologies, Restaurant Brands International, Brookfield Corporation, and Nike, Inc..
In 2025, the fund generated strong returns driven partly by positions in mortgage companies Fannie Mae and Freddie Mac, earning an estimated $2 billion from these holdings alone.[2] Pershing Square Holdings, the London-listed vehicle, returned 25.3 percent in 2025, outperforming the S&P 500's 11.7 percent return.
Personal life
First marriage to Karen Herskovitz
Ackman met Karen Ann Herskovitz while both were students at Harvard - he at the business school, she pursuing a master's degree in landscape architecture at the Graduate School of Design. They married on July 10, 1994, in a Jewish ceremony at the Plaza Hotel in New York City.
Karen Herskovitz, a Vassar College graduate with an art history degree before her Harvard studies, worked as a landscape architect. Together with Bill, she co-founded the Pershing Square Foundation in 2006.
The couple had three daughters: Eloise, Lucy, and Liza. One daughter followed her father to Harvard, where, by Ackman's own public account, she developed political views sharply different from his own, becoming what he described as "practically a Marxist" who "would freak out at the table" when capitalism was discussed.
After twenty-two years of marriage, the couple separated in December 2016. The divorce was finalized subsequently.
Second marriage to Neri Oxman
In 2017, Ackman was introduced to Neri Oxman through two separate connections within months. Former Harvard professor Marty Peretz described her as "the most gorgeous, brilliant, artistic, loving, and talented person he had ever met." Intrigued by the coincidence, Ackman reached out.
Neri Oxman is an Israeli-American designer and former MIT professor known for pioneering "material ecology" - work combining architecture, biology, computing, and materials engineering. Born in Israel, she had previously been married to Argentine composer Osvaldo Golijov from 2011 to 2015. Before meeting Ackman, she was romantically linked to actor Brad Pitt.
Ackman and Oxman became engaged in 2018 and married in January 2019 at Central Synagogue in Manhattan. They welcomed their first child together in spring 2019, bringing Ackman's total to four children.
The marriage drew Ackman into controversy in January 2024 when, amid his campaign against Harvard, Business Insider reported that Oxman had plagiarized portions of her MIT dissertation. Oxman apologized for "citation errors." Ackman responded by threatening to conduct plagiarism reviews of all MIT faculty, including MIT's president.
Net worth and compensation
Bill Ackman's net worth has fluctuated dramatically with Pershing Square's investment performance. According to the Bloomberg Billionaires Index, his wealth rose from approximately $4.3 billion in 2024 to $9.2 billion in 2025, driven by strong fund returns and gains from housing-related investments.
His wealth derives primarily from his ownership stake in Pershing Square Capital Management and performance fees earned on profitable investments. Unlike public company CEOs with disclosed compensation packages, hedge fund manager compensation depends largely on fund performance and management fee arrangements.
Philanthropy
Ackman is a signatory of The Giving Pledge, the commitment initiated by Warren Buffett and Bill Gates through which billionaires pledge to give at least half their wealth to charitable causes.
In 2006, Ackman and his then-wife Karen founded the Pershing Square Foundation to support organizations focused on economic development, education, healthcare, human rights, arts, and urban development. Since its founding, the foundation has committed more than $750 million in grants to over 100 organizations.
Notable recipients have included educational initiatives, human rights organizations, and medical research. Following his divorce and remarriage, Ackman and Neri Oxman became co-trustees of the foundation as of 2024.
Controversies
Harvard antisemitism campaign
Following the October 7, 2023, Hamas attack on Israel, Ackman emerged as one of the most vocal critics of what he characterized as inadequate responses to antisemitism on college campuses, particularly at his alma mater Harvard.
Shortly after the attack, Ackman called for students who blamed Israel to be identified publicly "so that none of us inadvertently hire" them. He criticized Harvard President Claudine Gay's initial statements as insufficient and launched a sustained campaign demanding her removal.
The controversy intensified after Gay's Congressional testimony in December 2023, where she and other university presidents gave legalistic answers to questions about whether calls for genocide against Jews violated campus conduct policies. Ackman amplified allegations that Gay had committed plagiarism in her academic work.
Gay resigned on January 2, 2024. Ackman subsequently called for the resignation of Harvard Board Chair Penny Pritzker and other board members. He characterized diversity, equity, and inclusion programs as the "root cause of antisemitism at Harvard" and "racism against white people," expanding his critique beyond antisemitism to challenge progressive policies broadly.
Donation dispute
Ackman acknowledged a "serious" dispute with Harvard over a 2017 donation that complicated his relationship with the university before the antisemitism controversy. He had donated Coupang Inc. Stock valued at $10 million, with an agreement that if the company went public and the stock exceeded $15 million, he could direct the excess to Harvard initiatives of his choosing.
Harvard Management Company, overseeing the endowment, sold the stock in March 2020 - before Coupang's IPO that would have made the shares worth approximately $75 million more. Ackman complained no one contacted him about the sale or apologized afterward. He insisted this dispute was unrelated to his antisemitism campaign.
Wife's plagiarism allegations
In January 2024, Business Insider reported that Neri Oxman had plagiarized sections of her MIT dissertation, including passages from Wikipedia. The timing - during Ackman's campaign highlighting Claudine Gay's plagiarism - created an ironic parallel that critics highlighted.
Oxman apologized for "citation errors," and MIT subsequently stated it would not open an investigation. Ackman responded combatively, announcing plans to review the academic work of all MIT faculty and threatening to investigate journalists who covered the story.
Political evolution
Ackman has been a longtime donor to Democratic candidates and organizations, contributing to figures including Senators Chuck Schumer and Richard Blumenthal, as well as the Democratic National Committee.
However, his views shifted publicly beginning in 2024. In April, he announced he would not vote for President Joe Biden a second time. In July 2024, he endorsed Donald Trump, for whom he had also voted in 2016. By May 2025, he was defending the Trump administration's defunding of science research at Harvard on antisemitism grounds.
Herbalife tactics
Ackman's six-year campaign against Herbalife drew criticism for its tactics beyond the investment merits. His hiring of multiple lobbying firms, funding of protests, and orchestrated letter-writing campaigns struck some observers as manipulation rather than investment analysis. When the FTC declined to label Herbalife a pyramid scheme despite requiring reforms, critics suggested Ackman had overreached.
Investment philosophy
Ackman's approach emphasizes several principles:
Concentration over diversification: Rather than spreading investments across dozens of positions, Pershing Square typically holds six to eight large positions representing high-conviction ideas.
Activist engagement: Ackman believes shareholders should actively work to improve companies rather than passively holding stock. This includes seeking board seats, proposing strategic changes, and publicly advocating for management improvements.
Long-term orientation: Despite his high profile, Ackman typically holds positions for years rather than trading frequently. His holding periods often exceed five years for successful investments.
Public advocacy: Unlike many hedge fund managers who operate quietly, Ackman frequently presents his investment theses publicly, believing transparency benefits markets and can accelerate value realization.
See also
References
- ↑ <ref>"Bill Ackman".Forbes.Retrieved December 2025.</ref>
- ↑ <ref>"Real Time Billionaires".Forbes.Retrieved December 2025.</ref>