Bill Ackman Is Capping His Losses on Herbalife

Billionaire investor William Ackman, who has been betting for five years that Herbalife Ltd’s stock price would tumble to zero, said on Wednesday that his firm recently restructured its position in the nutrition and supplements maker.

The restructuring removes some of the pressure on Ackman’s $10 billion hedge fund Pershing Square Capital Management after Herbalife’s share price climbed roughly 50 percent this year.

“We covered the shorts and replaced them with outright put...

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