Business
Ackman Calls Pershing Square USA’s Trailing Stock Price ‘Absurd’
Billionaire investor Bill Ackman held his first earnings call Thursday since he staged a simultaneous public listing of a new fund, Pershing Square USA, known by its ticker PSUS, and his management company, Pershing Square. Ackman told analysts that he was unhappy with the “frankly absurd” way in which shares in PSUS are trading. Most closed-end funds trade at a discount to the value of their underlying positions, but PSUS is an outlier. Its 22% discount was one of the widest of any U.S. closed-end fund that invested in public securities, according to the fund’s semiannual report.
Ackman said an active marketing program for PSUS would begin shortly with the goal of generating demand for the fund, especially among financial advisers, and narrowing the discount. Ackman told shareholders they could help by spreading the word. He also said he plans to launch a fund focused on venture investments. Read more:
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The company, led by Cameron and Tyler Winklevoss, said total revenue for the three months ended June 30 increased 37% to $45.5 million from $33.3 million during the same period a year ago. Its net loss decreased 19% year over year to $107.7 million, compared with $133.2 million in the second quarter of 2025. Shares of Gemini fell 6% in after-hours trading.
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Sandisk (SNDK) stock jumped on Thursday after the memory-chip maker gave an upbeat presentation at an analyst meeting in New York City. The company’s rosy outlook drove memory and data storage stocks higher. Speaking at the webcast event, Chief Executive David Goeckeler said Sandisk has “finally gotten to the starting line” for where value creation and earnings power begin for…
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