Bill Ackman's Pershing Square USA withdrew plans for an initial public offering on Wednesday. The hedge fund titan intends to return with a revised offering for the closed-end fund.
Ackman wrote in a statement: "While we have received enormous investor interest in PSUS, one principal question has remained: Would investors be better served waiting to invest in the aftermarket than in the IPO? This question has inspired us to reevaluate PSUS's structure to make the IPO investment decision a straightforward one. We will report back once we are ready to launch a revised transaction."
Many investors expected the new vehicle to list on the New York Stock Exchange as early as this week.
The withdrawal announcement followed a difficult week. The firm's fundraising goal dropped from an initial $25 billion to $2 billion on Tuesday, and a key investor retreated from the IPO.
Ackman's move to publicly list Pershing Square came amid his rising popularity on social media. On Tesla chief Elon Musk's platform X, the billionaire investor has given his take on everything from the U.S. presidential election to antisemitism.
