Bill Ackman Is Said to Cede Herbalife Fight, Ending 5-Year Saga

One of the longest and most colorful battles in Wall Street history is over.

Bill Ackman has almost entirely exited his position in Herbalife Ltd., ending a short-selling campaign that lasted more than five years, according to a person familiar with the matter. The move follows a steady rise in the shares of a company that he repeatedly called an illegal pyramid scheme and vowed to destroy.

Ackman had already signaled that he was stepping back from his fight against Herbalife, which sells...

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