Hedge fund manager Bill Ackman can’t be having a good year. He recently abandoned his three-year-old plan for turning around J.C. Penney Co. Inc. – at a cost of hundreds of millions of dollars. And his $1-billion (U.S.) bet against Herbalife Ltd. gets scarier by the day.
Herbalife’s share price rose above $70 (U.S.) on Monday. That is its highest level in about 18 months and comes close to a record high.