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The Business Insider: The Money Game Billionaire investor Bill Ackman turned $27 million into $2.6 billion by betting that coronavirus would tank the market
  • Hedge fund billionaire Bill Ackman turned a $27 million position into a $2.6 billion windfall as the coronavirus dragged stocks to multiyear lows and threatened deep economic recession.
  • Pershing Square Capital Management turned to credit protection on investment-grade and high-yield bond indexes to bet on an increased risk of corporate default.
  • The multibillion-dollar profit offset losses elsewhere in Ackman's portfolio and drove a 7.9% gain in March through Tuesday's close for Pershing Square's public fund, according to The Wall Street Journal.
  • The fund has since used its profits to bolster bets on Berkshire Hathaway, Hilton, Lowe's, Restaurant Brands, and Agilent.
  • Visit the Business Insider homepage for more stories.

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