Pershing Square USA rallies after Ackman buys 500,000 shares

Shares of Pershing Square USA (PSUS) are rallying after Bill Ackman said he bought 500,000 shares of the company and 800,000 shares of Pershing Square Inc. (PS). Ackman wrote on X earlier today: “I bought 500,000 shares of $PSUS and 800,000 shares of $PS yesterday in the open market. PSUS trades at a large discount to its $49 cash per share and PS trades below the price, $26.25, at which we sold a 10% interest in the business to strategic investors two years ago when we had approximately half our current fee-paying assets.” In afternoon trading, Pershing Square USA is up 7% to $43.74 while Pershing Square Inc. is up 21% to $29.32. Both stocks began trading yesterday, instantly falling below their initial public offering prices.