Ackman: Pershing Square ‘taking no compensation’ for new SPAC investment vehicle

Bill Ackman, founder and CEO of Pershing Square Capital Management.

Adam Jeffery | CNBC

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Bill Ackman’s Pershing Square Tontine Holdings is poised to become the largest special purpose acquisition company, or SPAC, on record when it begins trading on Wednesday.

The fund, announced in June, targeted $4 billion in outside capital, which was higher than the initial target of $3 billion. Ackman’s hedge fund, Pershing Square Capital, will invest an additional $1 billion to $3 billion, meaning the vehicle’s total value could reach $7 billion.

Shares will trade on the New York Stock Exchange, under the ticker PSTH.U.

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Originally published on CNBC

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