Herbalife Shares Skyrocket on George Soros’ Reported Stake

by Karl Utermohlen | July 31, 2013 2:17 pm

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[1]).

Business Insider reports[2] 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.

Endnotes:

  1. HLF: http://studio-5.financialcontent.com/investplace/quote?Symbol=HLF
  2. Business Insider reports: http://www.businessinsider.com/george-soros-takes-a-stake-in-herbalife-2013-7

Source URL: https://investorplace.com/2013/07/herbalife-shares-skyrocket-on-george-soros-stake/