On May 18th, 2017, Bill Ackman, CEO and Portfolio Manager of Pershing Square Capital Management, captivated an audience as he shared his insights at the renowned SALT Conference in Las Vegas
On April 13, 2021, in Ahmedabad, India a stunning display of the Adani Group logo was seen emblazoned on the facade of one of its buildings
On Thursday, billionaire investor Bill Ackman declared that the investigative report released by Hindenburg Research on Adani Group of India was “highly credible and extremely well researched.”
On Wednesday, seven listed Adani group companies in India suffered a staggering loss of $10.73 billion in market capitalization following the U.S short-sellers report that exposed the conglomerate for taking advantage of offshore tax havens improperly.
Hindenburg’s report also stated that it had taken short positions in Adani Group’s bonds traded on the U.S. exchange, as well as non-Indian derivative instruments.
The Adani Group has declared that they are considering “remedial and punitive action” against Hindenburg, describing the report as “maliciously mischievous, (and) unresearched.”
Afterward, Hindenburg declared that if Adani Group initiates a lawsuit in the United States, they will seek documents through legal discovery.
On Thursday, the renowned boss of Pershing Square, Bill Ackman, exclaimed in a tweet: “Adani’s response to Hindenburg is the same as Herbalife’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched.”
He Went on to add, “We are not invested long or short in any of the Adani companies or Herbalife, nor have we done our own independent research.”
Ackman took a substantial gamble in 2012. He wagered $1 billion against Herbalife due to his belief that the company had violated Chinese direct-selling laws and functioned as an unlawful pyramid scheme.
In 2018, he experienced a loss in his short position for Herbalife after the stock of this weight management and nutrition business skyrocketed 150% more than expected.
Despite Reuters’ request for comment, Adani Group is yet to respond.