Much to Bill Ackman’s dismay, investing guru George Soros apparently has followed Carl Icahn’s initiative by buying a huge stake in Herbalife (HLF).
Business Insider reports that the Hungarian-American hedge fund manager has taken a long position in Herbalife, the nutrition supplements company whose stock has skyrocketed in the past few months.
This news follows an ongoing battle between Icahn and Ackman — the latter shorted $1 billion in Herbalife stock back in December. After Ackman announced his position in Herbalife, hedgie David Loeb and Icahn made large buys in Herbalife. As a result of HLF’s gains, Ackman has lost about $300 million since going short Herbalife stock.
News of Soros’ reported position pushed HLF up almost 9% as of Wednesday afternoon to 52-week highs above $65.