Business

Herbalife stock surges after Icahn grabs stake

Hedge fund manager William Ackman.

Hedge fund manager William Ackman.

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A feud between Wall Street titans is flaring up again over Herbalife Ltd. Shares of the supplement firm rose after investor Carl Icahn said he has taken a 13 percent stake. Pershing Square Capital Management’s William Ackman has called Herbalife a “pyramid scheme” and has bet its stock price will fall. Icahn’s investment, revealed in an SEC filing, comes three weeks after a spat between the pair boiled over on live TV, with each phoning in to CNBC and insulting each other. Icahn said he plans to have talks with Herbalife management about business and strategic alternatives,
including the possibility of going private.

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