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Bill Ackman shelves Pershing Square IPO after lack of investor interest made him cut it from $25 billion to $2 billion

Ackman’s pitch for a $25 billion closed-end fund came at a difficult time for the sector.

Bailey Lipschultz

Short sellers that bet against GameStop were up an estimated $400 million from January to April, according to S3 Partners data.

Even with the bounce, the stock has shed some $5.4 billion from last month, with the value of Trump’s position dropping to $2.1 billion.

Shares would need to plunge another 46% for the now $1.3 billion paper payday for the former president and his co-founders to be in doubt.

The Truth Social SPAC generated just $4.1 million in revenue for the full year, results reported in a filing Monday morning show.