Bill Ackman

A big part of it was that we used a different kind of instrument to short it, where we reversed that sort of... We made the investment asymmetric in our favor, meaning... Put up a small amount of money. If it works, we make a fortune. Whereas short selling is you kind of sell something and you have to buy it back at a higher price.

A big part of it was that we used a different kind of instrument to short it, where we reversed that sort of... We made the investment asymmetric in our favor, meaning... Put up a small amount of money. If it works, we make a fortune. Whereas short selling is you kind of sell something and you have to buy it back at a higher price.

Herbalife didn't have the, what's called credit default swaps that you could purchase. Not a big enough company. Didn't have enough debt outstanding to be able to implement. You had to short the stock in order to make it as successful to bet against the company. And the more work I did in the company, the more I was like, oh my God, this thing's an incredible scam.

Herbalife didn't have the, what's called credit default swaps that you could purchase. Not a big enough company. Didn't have enough debt outstanding to be able to implement. You had to short the stock in order to make it as successful to bet against the company. And the more work I did in the company, the more I was like, oh my God, this thing's an incredible scam.

Herbalife didn't have the, what's called credit default swaps that you could purchase. Not a big enough company. Didn't have enough debt outstanding to be able to implement. You had to short the stock in order to make it as successful to bet against the company. And the more work I did in the company, the more I was like, oh my God, this thing's an incredible scam.

You know, they purport to sell weight loss shakes, but in reality, they're selling, you know, kind of a fake business plan. And the people that adopt it lose money and they go after poor people. They go after, actually in many cases, undocumented immigrants. who are pitched on the American dream opportunity.

You know, they purport to sell weight loss shakes, but in reality, they're selling, you know, kind of a fake business plan. And the people that adopt it lose money and they go after poor people. They go after, actually in many cases, undocumented immigrants. who are pitched on the American dream opportunity.

You know, they purport to sell weight loss shakes, but in reality, they're selling, you know, kind of a fake business plan. And the people that adopt it lose money and they go after poor people. They go after, actually in many cases, undocumented immigrants. who are pitched on the American dream opportunity.

And because they have few other options, because they can't get legal employment, they become Herbalife distributors.

And because they have few other options, because they can't get legal employment, they become Herbalife distributors.

And because they have few other options, because they can't get legal employment, they become Herbalife distributors.

And it's a business where you, so-called multi-level marketing, multi-level marketing is sort of the name for a legitimate company like this, or it's a pyramid scheme, where basically your sales are really only coming from people who are, you convince them to buy the product by getting them into the business. That's precisely what this company is.

And it's a business where you, so-called multi-level marketing, multi-level marketing is sort of the name for a legitimate company like this, or it's a pyramid scheme, where basically your sales are really only coming from people who are, you convince them to buy the product by getting them into the business. That's precisely what this company is.

And it's a business where you, so-called multi-level marketing, multi-level marketing is sort of the name for a legitimate company like this, or it's a pyramid scheme, where basically your sales are really only coming from people who are, you convince them to buy the product by getting them into the business. That's precisely what this company is.

And like, okay, shorting a pyramid scheme seems like one, we'll make a bunch of money, but you know, two, the world will be behind us because they're harming poor people. You know, regulators will get interested in a company like this. And we said, you know, the FTC is going to shut this thing down. And we did a ton of work and I gave this sort of epic presentation, laying out all the facts.

And like, okay, shorting a pyramid scheme seems like one, we'll make a bunch of money, but you know, two, the world will be behind us because they're harming poor people. You know, regulators will get interested in a company like this. And we said, you know, the FTC is going to shut this thing down. And we did a ton of work and I gave this sort of epic presentation, laying out all the facts.

And like, okay, shorting a pyramid scheme seems like one, we'll make a bunch of money, but you know, two, the world will be behind us because they're harming poor people. You know, regulators will get interested in a company like this. And we said, you know, the FTC is going to shut this thing down. And we did a ton of work and I gave this sort of epic presentation, laying out all the facts.

Stock got completely crushed. And we were on our way. And the government actually got interested early on, launched an investigation pretty early, SEC and otherwise. But then a guy named Carl Icahn showed up. And we have a little bit of a backstory. But his motivations here were not really principally driven by thinking Herbalife was a good company. He thought it was a good way to... uh, hurt me.

Stock got completely crushed. And we were on our way. And the government actually got interested early on, launched an investigation pretty early, SEC and otherwise. But then a guy named Carl Icahn showed up. And we have a little bit of a backstory. But his motivations here were not really principally driven by thinking Herbalife was a good company. He thought it was a good way to... uh, hurt me.

Stock got completely crushed. And we were on our way. And the government actually got interested early on, launched an investigation pretty early, SEC and otherwise. But then a guy named Carl Icahn showed up. And we have a little bit of a backstory. But his motivations here were not really principally driven by thinking Herbalife was a good company. He thought it was a good way to... uh, hurt me.