Pershing Square USA had a tough first day of trading, falling double digits during Wednesday’s session.
The IPO marked Bill Ackman’s public trading trading debut. The hedge fund legend has been vocal about his aspirations to operate a fund like Warren Buffett‘s Berkshire Hathaway.
Pershing Square USA, the firm’s close-end fund, trades under the ticker PSUS while Pershing Square, the firm’s asset management arm, is listed as PS.
PSUS stock closed at $40.93, down 18% from its IPO price of $50. It was down as much as 19% to $40.33 in intraday trading.
Ackman said the dual New York Stock Exchange listing reflects the firm’s efforts to make asset management accessible to retail traders without typical performance fees.
“Hedge funds are sort of known for managing money for rich people. And now we have the opportunity for someone with $50, could be a long-term shareholder,” he told CNBC. “Usually, the retail gets cut massively back, the institutions are favored. We did the opposite.”
Pershing Square saw a 2,644% net return from 2004 to the end of 2025 compared to 836% return from the S&P 500, according to investor materials.
The portfolio includes tech giants like Alphabet, Amazon, and Meta, according to the Pershing Square site. Other holdings include Freddie Mac, Fannie Mae, Hertz, and Uber.
PS stock, which represents the asset management company itself, saw less dramatic moves, down nearly 6% at $22.67 after opening at $25.