November 1, 2017 / 1:12 PM / a year ago

Ackman says his firm restructured Herbalife position-CNBC

Nov 1 (Reuters) - Billionaire investor William Ackman, who has been betting for five years that Herbalife’s 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 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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