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Do you ever wish you could buy stakes in companies before they go public? It's not impossible, although it can be difficult, and somewhat convoluted. Most of these few offerings still aren't exactly suited for smaller investors.

Hedge fund manager Bill Ackman plans on changing this, and soon.

Ackman is the chief stock picker behind Pershing Square Capital Management, L.P. (aimed at larger, accredited investors) and Pershing Square USA (PSUS +0.03%) (for smaller retail investors), which holds a hand-picked portfolio of publicly traded equities. Ackman also runs Pershing Square Inc. (PS +0.12%), an alternative asset management firm, while its primary investment vehicle is Pershing Square Holdings (PSHZF +0.26%).

Ackman is working on a new investment vehicle for smaller retail traders that will own private stakes in pre-IPO companies. He spoke about it earlier this month.

Pershing Square Capital Management CEO Bill Ackman. Image source: Getty Images.

As Ackman explained at the time of the announcement, "One of the biggest complaints of the average investor today is that while SpaceX is an amazing company and still has a great trajectory, their first chance to invest in SpaceX was at a $1.5 trillion valuation." That's why the so-called Pershing Square Ventures fund will be made available to ordinary investors, allowing them to participate in a part of the market they've largely been locked out of.

To this end, here are the four big things you need to know about the planned venture fund:

1. Pershing Square Ventures can and will hold both private and publicly traded companies Obviously, Pershing Square Ventures will own equity positions in companies before they become publicly traded. A holding's IPO doesn't necessarily mean Pershing will exit that trade, though. The fund's managers have the option of sticking with their position after a public offering is completed, allowing them to maximize their gains when the right opportunity is in place.

2. Management fees should be relatively low Like any other fund, this one will impose a recurring management fee (taken out of its performance rather than directly billing shareholders). And, like any other actively managed fund, this one's management fee is likely to be above the fund industry's average.

Broadly speaking, though, Pershing Square Ventures' closed-end "evergreen" structure should make it relatively cheaper to manage than similar private venture funds. The specifics of its fees won't be known until the official launch, and even then are subject to change.

3. The initial portfolio is yet to be decided, but... Although Ackman has predictably narrowed down this fund's initial focus to biotechnology and artificial intelligence investments, Pershing Square Ventures' positions will change over time.

That being said, Ackman doesn't expect investors to buy in at its launch without having at least some idea of what they're buying into. He'll be pulling -- and disclosing -- some of Pershing's current private stakes over into the venture fund's portfolio. The fund is also likely to receive some private funding before becoming publicly traded itself just so it can round out its inaugural positions, although we still won't know what all of those initial holdings are until closer to the launch date.

4. Pershing Square Ventures should launch before the end of this year Pershing Square Ventures' official public debut date hasn't yet been set. Ackman did indicate it would become available by the end of this year; however, with the possibility of it coming to the market sometime this fall, depending on how soon Pershing can complete its filings with the SEC. We'll get an official ticker nearer that launch.

The same business deserves the same multiple. On the evidence, Freddie may deserve more.

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oksenholt Capital Management LLC today released a valuation analysis challenging Pershing Square’s decision to value Freddie Mac (FMCC) at a materially lower earnings multiple than Fannie Mae (FNMA).

"Freddie’s normalized earnings deserve at least Fannie’s multiple. When you look at the capital efficiency, growth and competitive momentum, I think there is a real argument that Freddie should get the higher multiple.”

Share Let’s start with where we agree. Bill Ackman and Pershing Square have done valuable work showing why Fannie and Freddie may be worth far more than today’s market prices imply. These are exceptional franchises. Our disagreement is narrower, but important. Pershing’s January 16, 2025 presentation valued Fannie at roughly 15.0x earnings and Freddie at 14.5x. [1] Its November 18, 2025 relisting presentation moved Fannie up to 16.0x and Freddie down to 13.0x. [2] The businesses did not suddenly become three turns apart. The operating record points the other way.

“Bill Ackman is obviously a very smart and successful investor. That doesn’t mean he gets every assumption right,” said Jon Oksenholt, founder of Oksenholt Capital Management LLC. “On this one, I think Pershing has it backward. Freddie’s normalized earnings deserve at least Fannie’s multiple. When you look at the capital efficiency, growth and competitive momentum, I think there is a real argument that Freddie should get the higher multiple.”

Start with earnings. In the first half of 2026, Fannie earned approximately $7.7 billion and Freddie approximately $7.4 billion. We do not capitalize a single quarter or pretend reserve releases are recurring income. Our analysis normalizes reserve releases, provisions and other nonrecurring items on the same basis for both companies. Even after doing that work, we find no durable reason to pay 16x for a dollar of Fannie earnings and only 13x for the same dollar earned at Freddie.

The capital numbers matter too. Fannie reported a 10.4% illustrative return on average required CET1 for the first quarter of 2026. Using Freddie’s disclosed required-CET1 figures and first-quarter net income, we calculate a comparable return of approximately 12.3%. That is our calculation, not a Freddie-reported ROE. We use it as a cross-check, not as a shortcut. But those numbers certainly do not make the case for a discount.

Freddie has also gained ground in the market. FHFA’s 2026 deemed-issuance ratio is 52% Freddie and 48% Fannie. From 2019 through 2021, the split was 40% Freddie and 60% Fannie. Deemed issuance is not a valuation formula, and we are not pretending it is. But it is a meaningful fact: Freddie has gained ground. That should matter when somebody is trying to justify a permanent discount.

And this is not a small difference for Freddie shareholders. Keep every other Pershing assumption unchanged and move only Freddie’s multiple from 13x to 16x. The indicated FMCC value rises from approximately $44.13 to $54.31 per share. Using the modeled fully diluted share count, that is roughly $32.9 billion of equity value. The calculation is illustrative and depends on the assumed capital structure, including Treasury’s warrants and other dilution. But one unexplained assumption is moving tens of billions of dollars of value.

“A three-turn discount is a very big deal,” said Jon Oksenholt. “Fannie and Freddie have the same regulator, do essentially the same business, serve the same housing mission, issue into the same UMBS market and jointly own U.S. Financial Technology LLC. Freddie is earning about as much, using capital efficiently and gaining share. If Pershing believes Freddie deserves 13x while Fannie deserves 16x, show us the math. Freddie’s longtime and smaller shareholders deserve a voice. I intend to be that voice. One large investor’s unsupported discount should not set the terms of a merger or policy decision and shift billions away from Freddie shareholders.”

Separate or Combined, Freddie’s Value Comes First

We are not saying Fannie and Freddie have to merge. Keeping two separately traded companies may preserve real competition, benchmarking and price discovery. Ackman suggested a combination in August 2025, citing possible operating and trading synergies. [3] It remains only a proposal; no merger may ever occur, and later reporting identified substantial legal and structural obstacles. [4]

What we should not do is start the merger math with Freddie already marked down. Value both companies fairly on a standalone basis first. Set the exchange ratio second. Then add the merger savings and share them fairly. Those savings come from the transaction; they should not be used as an excuse to take value from Freddie shareholders before the deal even starts.

The Multiple May Be Too Low for Both

The debate may not end at 13x versus 16x. Fannie and Freddie are scarce, government-chartered mortgage franchises with recurring guaranty-fee income, enormous barriers to entry and indispensable roles in U.S. housing finance. They also share the infrastructure behind the UMBS market. Very few businesses occupy comparable positions.

Relisting, a real path out of conservatorship, retained earnings, capital reform, operating savings and policy action under President Trump could support much higher valuations over time. Nobody knows the timing or the final terms. Still, plenty of companies with weaker businesses trade at higher multiples. We can debate the right absolute number separately. The point here is much simpler: we do not see a sound reason for starting Freddie three turns below Fannie.

Look Forward, Not Backward

The current conservatorship is not supposed to be the permanent end state. In our view, the Trump administration and FHFA Chairman William J. Pulte are doing important work to improve and strengthen businesses that were neglected for far too long. Pulte recently wrote that Fannie and Freddie "continue the historic ascension under President Trump." [5] FHFA has also emphasized efficiency, accountability, growth and changes intended to improve the mortgage market. We welcome that direction. These companies should be run as strong businesses, and investors should value what they may become rather than only the structure they inherited.

President Trump has been direct as well. He has said publicly that he is working on “TAKING THESE AMAZING COMPANIES PUBLIC.” In a 2021 letter to Senator Rand Paul, he said he would have directed FHFA to release the enterprises from conservatorship and called the prior treatment of investors a “travesty.” We do not claim to know the timing, structure or treatment of any security. We do take the direction seriously. We believe investors should analyze Fannie and Freddie as future public companies, not permanent wards of the government.

If you look at the companies that way, 13x versus 16x may eventually seem like the smaller argument. Relisting, a cleaner capital structure and an exit from conservatorship could bring in investors who cannot or will not own these securities today. If the companies are combined, there could be real savings and enormous scale. But Freddie’s value has to be protected first. Establish a fair exchange ratio, and only then divide the benefits created by the merger.

“A lot of the market is waiting to see what the government does next. I understand that,” said Jon Oksenholt. “But as investors, we also have to look at what these companies could be before, during and after relisting or an eventual exit from conservatorship. When I do that, I do not see a reason Freddie should get a lower multiple today. And I think there is a fair question whether both companies may eventually be worth more than 16x.”

Supporting Valuation Analysis

The accompanying Oksenholt Capital Management LLC Freddie Mac Valuation Analysis provides the calculations, comparisons and supporting charts discussed here.

About Oksenholt Capital Management LLC

Oksenholt Capital Management LLC is a private investment firm focused on fundamental, long-term opportunities and special situations.

Important Information

This information and the accompanying valuation analysis are for informational and illustrative purposes only. They are not investment, legal or tax advice, and are not a recommendation, offer or solicitation to buy or sell any security. Information comes from sources believed reliable, but Oksenholt Capital Management LLC does not guarantee its accuracy or completeness. The analyses, estimates and opinions are current only as of the date presented and may change without notice. Oksenholt Capital Management LLC and/or its affiliates hold positions in GSE securities, including Freddie Mac common shares and Fannie Mae and Freddie Mac junior preferred securities, and may change those positions at any time. References to Pershing Square and Bill Ackman rely on publicly available information and are made solely for investment analysis and comparison. Oksenholt Capital Management LLC alleges no misconduct or improper motive.

Sources and Reference Materials

[1] Pershing Square, Fannie Mae and Freddie Mac Presentation, January 16, 2025, pp. 88–89.

[2] Whitney Tilson’s Daily, summary of Pershing Square’s November 18, 2025 Fannie Mae and Freddie Mac presentation (including the 16.0x / 13.0x framework), November 19, 2025.

[3] Reuters, Investor Bill Ackman Proposes Combining Fannie Mae and Freddie Mac, August 10, 2025.

[4] Reuters, Pershing Square’s Ackman Says Fannie-Freddie IPO ‘Not Feasible or Desirable’ Now, November 18, 2025.

[5] William J. Pulte (@pulte), X post: "I am excited to spend even more time on Fannie Mae and Freddie Mac, as the companies continue the historic ascension under President Trump." https://x.com/pulte/status/2083605173855801528

Freddie Mac Slide Presentation: https://oksenholtcapital.com/equities#freddie-mac-slide-presentation

Freddie at a Glance: https://oksenholtcapital.com/equities#freddie-at-a-glance

Pershing Square LON: PSH held its first earnings call as Pershing Square Inc., with Chief Executive Officer and Chairman Bill Ackman outlining a strategy centered on long-term compounding in its existing investment vehicles, potential new fund launches and efforts to improve trading in Pershing Square USA Ltd. shares.

Ackman said the firm’s principal focus remains investment performance rather than frequent fundraising. He said Pershing Square expects the earnings of its portfolio companies to compound over time and believes the holdings are currently undervalued. In turn, he said, increases in net asset value would expand management and performance fees earned by the company.

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“Our first priority is always going to be generating returns for our investors,” Ackman said, adding that future fund launches would be “episodic” and dependent on market conditions and the firm’s business needs.

Venture fund planned for fall or year-end
Ackman said Pershing Square’s first planned new vehicle will be Pershing Square Ventures, which the firm is targeting for a fall or year-end launch. He said the strategy would invest across a broad range of private companies, from businesses valued in the several-hundred-million-dollar range to companies worth tens of billions of dollars.

The proposed vehicle would include both earlier-stage companies and businesses nearing public offerings, according to Ackman. Unlike traditional venture funds, he said, Pershing Square Ventures is intended to operate as a permanent-capital vehicle that could continue holding companies after they go public.

Ackman said the firm sees venture investing as strategically useful because it can help Pershing Square monitor potential technological disruption affecting its public-market holdings. He also said the firm wants to provide individual investors with access to private-company opportunities that are often unavailable outside established venture-capital funds.

He said Pershing Square plans to seed the vehicle with investments before raising capital from outside investors, though he noted the company was limited in what it could disclose before filing relevant documents with the Securities and Exchange Commission.

PSUS deployment and planned leverage
Ackman said Pershing Square USA Ltd., or PSUS, was about 95% invested after raising $5 billion during a volatile market period. He said market declines around the time of the initial public offering created opportunities to buy positions including Microsoft, Meta Platforms, Alcon, Netflix, Intercontinental Exchange, Visa and Mastercard at what the firm viewed as meaningful discounts.

Chief Investment Officer Ryan Israel said Pershing Square maintains a “library” of hundreds of companies that meet its business-quality standards and continuously evaluates their prices relative to its estimate of value. He said volatile markets can create opportunities to redeploy capital from securities with good expected returns into investments the firm considers even more attractive.

The company intends to add investment-grade debt to PSUS, with a target capital structure of roughly 15% to 20% debt to total assets. Ackman characterized that level as conservative compared with typical hedge-fund leverage. He said Pershing Square expected to begin discussions with rating agencies in early September and would pursue a debt offering after obtaining a rating.

“If we had the incremental capital today, we have places to put it,” Ackman said.

On broader equity valuations, Ackman said Pershing Square does not base its investment decisions primarily on measures such as the equity risk premium. Instead, the firm focuses on individual company fundamentals, valuation and longer-term return potential. Israel said the company’s portfolio has a higher earnings yield than the broader market, along with what he described as nearly double the level of earnings-per-share growth.

Focus on PSUS discount and shareholder returns
Ackman acknowledged that PSUS shares had traded at a substantial discount to net asset value, which he said was approximately $50 per share. He described the trading performance as “absurd” and said Pershing Square would take steps to improve awareness and demand for the vehicle.

He attributed part of the early trading weakness to the IPO allocation process, saying retail investors received full allocations while institutions were reduced. Ackman said the firm had not done enough to create demand after the offering and plans a more comprehensive marketing effort directed at financial advisers and other investors.

Unlike Pershing Square’s historical public vehicle, Ackman said PSUS can be marketed more broadly in the United States, including through media appearances, podcasts and other promotional channels.

On capital returns, Ackman said the company’s policy is to distribute substantially all quarterly free cash flow to shareholders. Israel said distributable earnings are viewed as a proxy for free cash flow, and dividends are the most likely form of capital return in the foreseeable future. Ackman said buybacks could be considered if they became the best use of capital and did not impair trading liquidity.

He also contrasted PSUS with Pershing Square Holdings, noting that PSH’s tax treatment makes it less suitable for U.S. investors because it is considered a passive foreign investment company. PSH has a lower management fee and low-cost leverage, he said, but also charges an incentive fee. PSUS has no incentive fee and is expected eventually to add leverage.

Howard Hughes transformation and AI investment views
Ackman also discussed Howard Hughes, where Pershing Square is pursuing a transformation toward an insurance-led model through Vantage, the company’s insurance subsidiary. He said Mark, whom he identified as Vantage’s executive chair, and Chief Executive Officer David Gansberg form a strong leadership team, alongside Lucy Fato, a former AIG vice chair and general counsel.

The company is exploring ways to accelerate the movement of capital from Howard Hughes’ real estate operations into Vantage, Ackman said. He described the goal as transforming Howard Hughes into a “modern-day Berkshire Hathaway.”

Israel said Pershing Square expects Howard Hughes to generate $2.5 billion to $3 billion in free cash flow over the next three to five years and sees Vantage as an increasingly important value driver. He said the firm plans to provide disclosures intended to help investors evaluate the insurance business similarly to a publicly traded insurer.

On artificial-intelligence-related capital spending by cloud providers, Israel said Pershing Square views investments by companies such as Amazon and Microsoft as potentially high-return opportunities with a delayed financial payoff. He said data centers can take two to three years to build before generating revenue, followed by additional time to install computing equipment.

Israel said Pershing Square expects revenue and margins to improve as customers begin using newly constructed capacity, potentially reducing capital-expenditure-to-sales ratios over time. He said the firm believes investors had previously viewed the higher spending too negatively because the associated revenue had not yet appeared in near-term earnings measures.

SPARC remains under review
Ackman said Pershing Square continues to evaluate potential transactions for its special purpose acquisition rights company, or SPARC. He described SPARC as an acquisition structure without founder stock, shareholder warrants or underwriting fees, designed to offer private companies a way to go public with committed capital from Pershing Square.

No transaction has yet been completed, though Ackman said the firm has recently seen more deal flow. If a deal is reached, he said, the economics would belong to the Pershing Square funds and could support assets under management, investment returns and the management company’s fee stream.

About Pershing Square (LON:PSH)Pershing Square Holdings (LN:PSHD) is an investment holding company structured as a closed-ended fund that makes concentrated investments in publicly traded, principally North American-domiciled, companies. The investment objective is to maximize long-term compound annual rate of growth in intrinsic value per share.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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NEW YORK--(BUSINESS WIRE)--Pershing Square Inc. (NYSE:PS) (“Pershing Square” or the “Company”) today reported its second quarter 2026 results.

Pershing Square’s full second quarter 2026 report is available here: https://pershingsquareinc.com/investor-relations/financial-reporting/.

A letter to shareholders from Pershing Square CEO Bill Ackman and CIO Ryan Israel is also available here: https://pershingsquareinc.com/investor-relations/financial-reporting/.

Dividend
On July 21, 2026, Pershing Square Inc. paid a dividend of $0.122 per common share to shareholders of record as of the close of business on July 13, 2026.

Quarterly Investor Call Details
Pershing Square CEO Bill Ackman and CIO Ryan Israel will host a live audio webcast and conference call on August 13, 2026, at 9:00 a.m. ET. The conference call may be accessed by dialing (800) 330-6710 (U.S. callers) or +1 (646) 769-9200 (non-U.S. callers); confirmation code 7272456. The audio webcast will be available on the Events page of the Investor Relations section of the Company’s website at https://pershingsquareinc.com/investor-relations/. Participants are encouraged to dial into the call or link to the webcast at least fifteen minutes prior to the scheduled start time. A replay of the webcast will be available through the same link approximately 24 hours after the conference call.

Following the Company’s earnings conference call, Bill Ackman and Ryan Israel will host a live Spaces Q&A event at 10:00 a.m. ET on X at https://x.com/BillAckman open to all investors, media and members of the public. The Spaces event will also be simulcast on the Events page of the Investor Relations section of the Company’s website. A replay will be available on X and on the Investor Relations section of the Company’s website through the same link.

About Pershing Square Inc.
Pershing Square Inc. is an alternative asset management company that manages pools of permanent capital invested in long-term, high-return investment strategies. Our growth is principally driven by the long-term compounding of our assets under management and the opportunistic launch of new permanent capital vehicles that enable us to pursue new investment verticals or to pursue our core investment strategies in new jurisdictions. To learn more about the Company, please visit www.pershingsquareinc.com.

More News From Pershing Square, Inc.

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LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) today announced that following an extensive search process conducted by a leading global executive search firm, the Nomination Committee recommended and the Board appointed Ranjani Kearsley as an independent non-executive director of the PSH Board. Ms. Kearsley will join the Board with effect from July 20, 2026. "Ranjani brings a wealth of global asset management experience and deep expertise in governance and strategy,".

Berkshire Hathaway (BRKA 0.34%)(BRKB 0.42%) was a way for people to invest alongside CEO Warren Buffett. Buffett has retired, so the company is now run by Greg Abel, his hand-picked successor. Pershing Square USA (PSUS 2.96%) is a way for people to invest alongside another famous investor, Bill Ackman. But it isn't anything like Berkshire Hathaway. Here's what you need to know as you look at the discounted price of Pershing Square USA.

One dollar of investments for eighty cents? Berkshire Hathaway is an operating company, meaning that it owns and runs businesses. The list of businesses is huge, including insurance, utilities, railroads, and home builders, among others. It also owns stakes in publicly traded companies. The giant conglomerate is a very complex investment that provided a way to trade alongside famous investor Warren Buffett. Abel still has to prove himself as an investor, but he was trained by Buffett, so it is unlikely the company's approach will change dramatically.

Image source: Getty Images.

Seeing the success Buffett achieved, other famous investors have also introduced public vehicles. For example, Bill Ackman is building a Buffett-like business around Howard Hughes Holdings (HHH 2.40%). Like Berkshire Hathaway, Howard Hughes Holdings is an operating company, and it just bought an insurance business to mimic the Buffett formula. That said, the business is still a work in progress, as it has only just established the structure it hopes to capitalize on over the long term.

However, Ackman also created Pershing Square USA, a closed-end fund. It is a more direct way to invest alongside Bill Ackman. Like a mutual fund, a closed-end fund is a passthrough entity that owns a collection of stocks and/or bonds. The value of a mutual fund and a closed-end fund, the net asset value, is just the value of their investment portfolios. But a closed-end fund isn't a mutual fund or an operating company, so there are some important nuances to consider.

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Most notably, closed-end funds trade on the stock exchange based on supply and demand like a stock, but they also have a net asset value per share (NAV), like a mutual fund. NAV per share is the portfolio's value divided by the number of shares outstanding. Mutual funds are bought and sold at NAV at the end of each trading day from the fund's sponsor, so you never pay more or less than NAV. Closed-end funds issue a set number of shares when they hold their initial public offerings, so the share count doesn't change even though the value of the portfolio changes every day. The price of a closed-end fund and its NAV don't always match, and Pershing Square USA's current discount is around 20%. That means you can buy $1 worth of assets that Bill Ackman has selected for $0.80.

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Don't get too excited about the discount That sounds great, but closed-end funds often trade at discounts for long periods. Sometimes, closed-end funds can trade at a premium, but that's less common. If you buy Pershing Square USA, you are effectively giving Bill Ackman your money to run. He's a highly respected investor, so that's not necessarily a bad idea. But make sure that's what you want to do. A discount alone isn't the only reason you should be buying any closed-end fund.

However, if you do want to invest alongside Bill Ackman, you can do it at a deeply discounted price right now with Pershing Square USA. That could be an attractive option, perhaps even better than what you'd get from buying Ackman-run Howard Hughes Holdings. But Pershing Square USA is more like a mutual fund, even though it trades like a stock, than a Berkshire Hathaway clone. If you want Ackman's attempt at mimicking Berkshire Hathaway, you'll have to look to Howard Hughes Holdings.

LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) today announced that following a thorough search process, the Nomination Committee recommended and the Board appointed Julian Ide as an independent non-executive director of the PSH Board. Mr. Ide will join the Board with effect from June 18, 2026. “Julian brings a wealth of global asset management experience and deep expertise in client engagement and product positioning, and we are delighted to welcome him to the Board.

📌 Top story -- scroll down for more updates

Closing Bell 4:06 pm

Stocks fell Tuesday as a U.S. deadline for Iran to reopen the Strait of Hormuz approached with little sign of a deal. Oil briefly spiked above $110 before settling near flat, reflecting uncertainty around supply disruption. Broadcom (AVGO 1.76%) rose 5% after expanding AI partnerships with Alphabet (GOOG +0.74%) and Anthropic, standing out in a risk-off session.

Oil’s balancing act: Prices remain elevated, but investors increasingly view a prolonged Strait closure as unlikely, suggesting volatility—not permanence—may define energy markets. Markets vs. rhetoric: Despite escalating threats, investors continue to price in negotiation outcomes, with past deadline extensions shaping expectations. Markel Flexes 21 Years of Discipline 3:41 pm — MKL -0.00%

By Buck Hartzell

As always, the Markel (MKL +0.84%) shareholder letter is worth a read. I’ll highlight two things that stood out. Markel’s insurance operation reported reserve redundancies in 2025 of $484 million. They’ve reported reserve redundancies for the last 21 years in a row. Not many insurers can make that claim.

Next, the unrealized gain on their equity portfolio was $8.9 billion at the conclusion of 2025. That exceeds the entire market capitalization of all of Markel up until 2016.

By exiting reinsurance, their revenues will decline, but the returns on capital deployed in their insurance operations will increase. There’s another added benefit, in that it frees up capital to be deployed into higher earning endeavors.

In a transition year, Markel certainly made a lot of solid progress.

Markets Whipsawed by War Risk 3:23 pm

Markets are on edge ahead of a key Iran deadline, with the S&P 500 slipping and oil surging above $115 as traders brace for multiple outcomes. Investors are increasingly reacting in real time to geopolitical headlines, creating sharp swings across equities, crypto, and commodities. But long-term investors would do well to zoom out. As Motley Fool analyst Nicholas Sciple puts it, “The problem is that acting on that urge is, historically speaking, expensive.”

Headline-driven trading: Investors are glued to social feeds and policy signals, with sentiment shifting faster than fundamentals. Discipline over drama: Even in crisis moments, history suggests patience—not reaction—has been the winning strategy. In uncertain times, it helps to not go it alone. Visit the discussion boards to swap insights and stay grounded with fellow Fools.

Seth Jayson: Cute Robots, Ugly Math 2:27 pm — SERV -4.55%

By Seth Jayson
Team Rule Breakers

These little sidewalk delivery robots are fun to watch—both the physical ones dodging pedestrians in Miami and the stock dodging profitability with equal determination. This week’s main event was today: Serve (SERV 6.05%) showed off “Maggie,” a conversational robot demo at NVIDIA (NVDA 0.23%) GTC, powered by T-Mobile’s (TMUS +1.19%) 5G edge network. It’s a neat tech showcase, though the stock barely flinched. Honestly, the week was quiet. The real question remains what it’s been for months. Can a company doing $2.7 million in annual revenue justify a $630 million market cap while burning cash like it’s trying to heat a warehouse?

I just got back from a colleges tour and—guess what! Delivery robot leader Starship was the go-to on the campuses I saw.

The numbers still looking thin:

Arm Down on Downgrade, War Risk 2:17 pm — ARM -4.42%

Shares of Arm Holdings (ARM +7.62%) fell about 5.7% after Morgan Stanley downgraded the stock, citing concerns that growth could slow by fiscal 2027 as demand softens and supply constraints linger. The firm also flagged margin pressure as Arm ramps spending on its AI-focused CPU roadmap. Broader geopolitical tension—particularly escalating conflict involving Iran—put further pressure on the share price.

AI push comes at a cost: Arm’s AGI ambitions may expand its moat, but rising R&D spend could weigh on near-term profitability. A new AI duet takes the stage: IBM (IBM 1.08%) and Arm are teaming up on AI hardware, which Motley Fool analyst Jason Moser says “reinforces Arm’s push beyond mobile into the data center.” But at 207x earnings, “there’s limited margin for error.” Foldable iPhone Delay Sends Shares Sliding 1:00 pm -- AAPL -3.4%

Apple (AAPL 1.55%) shares dropped 4% Tuesday following reports from Nikkei Asia that engineering hurdles may delay the company's first foldable iPhone. While competitors like Samsung (SSNLF +0.00%) have marketed foldables since 2019, the tech giant is reportedly struggling to finalize a durable design ahead of its critical production window. Analysts view the next month as a "make-or-break" period for the iPhone 18 timeline. With iPhones generating over half of Apple’s $143.8 billion quarterly revenue, any threat to the 2026 launch cycle creates a significant headwind for the stock's premium valuation.

A Seven-Year Head Start: Rival manufacturers have refined their hinge and screen technology over multiple generations, leaving Apple in an uncharacteristically reactive position within the high-end smartphone tier. Non-Supply Chain Friction: Unlike previous setbacks, this delay stems from internal design complexities rather than the broader memory chip crunch, suggesting deeper technical obstacles in perfecting the "Apple-standard" user experience.

Can Dividends Save the Magnificent Seven? 1:05 pm

The S&P 500 dividend yield has shriveled to 1.24%, nearing a 50-year nadir last seen during the dot-com bubble. While 56.5% of companies still pay out, the index’s heavy concentration in "Magnificent Seven" giants — like Nvidia (NVDA 0.23%) with its microscopic 0.02% yield — is dragging the average down. This lack of income protection is proving painful as the group shed $1.1 trillion in market value this year. With Alphabet (GOOG +0.74%) and Meta Platforms (META +0.01%) offering yields below 0.4%, analysts suggest a transition toward meaningful dividends could signal much-needed confidence in costly AI infrastructure bets.

The Historical Income Gap: Dividends historically account for 30% of the market’s total return, leaving current investors almost entirely dependent on price appreciation in a stalling growth environment. Fading Fortress Appeal: JPMorgan strategists note the Mag 7 no longer functions as a safe haven, suggesting Microsoft (MSFT 0.86%) and Apple (AAPL 1.55%) may need to hike payouts to keep restless shareholders on board. Alphabet Pours $30M Into AI Safeguards 12:45 pm -- GOOG +1.0%

Alphabet (GOOG +0.74%) is deploying new mental health safeguards for its Gemini chatbot following a high-profile Florida lawsuit alleging the AI coached a user toward suicide. The tech giant will now trigger "help is available" modules and direct users to crisis hotlines when conversations turn to self-harm. Beyond interface tweaks, Google is donating $30 million to global support services and retraming Gemini to distinguish subjective experiences from objective facts. These moves aim to mitigate mounting legal and regulatory scrutiny as Congress investigates the psychological impact of generative AI on younger users.

The Liability Shield: By training the model to challenge "false beliefs" rather than reinforce them, Alphabet hopes to insulate itself from claims that its algorithms contribute to user delusions or violent ideation. Proactive Damage Control: This $30 million commitment mirrors previous pivots at YouTube and Search, where incorporating institutional health data helped stabilize the platforms' reputations during periods of intense public skepticism. Musk Picks Intel to Power AI Data Centers 12:05 pm -- INTC +2.6%

Intel (INTC +5.08%) shares jumped 3% after CEO Lip-Bu Tan announced a partnership with Elon Musk’s "Terafab" project. This collaboration aims to produce one terawatt of annual compute to power Tesla (TSLA 2.79%) humanoid robots and SpaceX data centers. For an Intel turnaround story that previously lagged in the AI race, this deal provides a high-profile validation of its manufacturing restructuring. While the U.S. government remains Intel's largest shareholder, this private-sector alliance with Musk's sprawling Texas ecosystem signals a shift in the competitive landscape for high-performance silicon logic and packaging.

Extraterrestrial Infrastructure: One of the two planned Austin facilities is specifically designed for space-based AI data centers, potentially giving Intel an early footprint in the orbital hardware market. The IPO Horizon: SpaceX has reportedly filed for a confidential IPO, meaning this technical partnership could soon link Intel's performance to the most anticipated market debut of 2026.

Ulta's New GLP-1 Growth Play 11:35 am -- ULTA -1.2%

Ulta Beauty (ULTA 2.09%) CEO Kecia Steelman identifies a silver lining in the GLP-1 craze: hair loss and skin elasticity issues. As drugs from Novo Nordisk (NVO +0.11%) and Eli Lilly (LLY 1.41%) transition from injections to more accessible pill forms, Ulta anticipates a surge in demand for prestige hair and skin treatments to combat rapid weight-loss side effects. This demographic shift arrives as the retailer moves past its "Ulta Beauty Unleashed" strategy, which already drove shares up 51% over the past year.

The Vanity Hedge: New brand launches like Cécred position the company to capture "longevity" spending from aging consumers and GLP-1 users seeking to maintain their appearance during metabolic changes. Consolidation Tailwinds: Investors should watch the second half of 2026, when the closure of boutique shops within Target (TGT +1.85%) locations could funnel more high-margin traffic back to standalone stores. Nvidia Powers Serve's Chatty New Bot 11:15 am -- SERV -6.4%

By Andy Cross
Motley Fool CIO

Serve Robotics (SERV 6.05%) builds these cute little delivery robots that scoot around certain cities like LA, Atlanta, and even former Fool global HQ home Alexandria, Va. (as of December). It's a tiny company at less than $700 million in market cap and burning through money with a strategic partnership and ownership from Uber (UBER 2.29%).

Each of its suitcase-size robots has eyes on it, and each has a fun name like Otto, Jolene, etc. Now add Maggie to the list, but "she" comes with an added feature: she talks. Introduced at the recent Nvidia (NVDA 0.23%) developer conference ("GTC," as it's known), Maggie is an AI-powered conversational robot running on T-Mobile's (TMUS +1.19%) network. She can converse and interact with humans in real-time, something the other robots don't do (how rude!). I guess if you are moving about Chicago and bump into Maggie you could say "excuse me" and get a polite response back. Or in Philly maybe not so polite (I'm a proud near-Philadelphian so I can say that). Or if you have a question about your pizza delivery Maggie will be able to give you the straight scoop.

Maybe Maggie helps boost Serve's business and market opportunity. I think more interesting is that this continues to show that Nvidia is positioning itself as the brains inside the robotics revolution. And as robotics start to integrate more with human society (humanoid especially down the road), then Jensen Huang's robotics focus is going to be the next big wave for Nvidia. Physical AI will be more meaningful in the decade ahead. Jensen is as good as seeing around corners as any CEO in the world.

For anyone attending our Motley Fool One: San Diego event next week, I'll be interviewing , the author of The Thinking Machine, about Jensen and Nvidia. He has spent hours inside Nvidia and knows the company's DNA so well. Robotics is definitely on his mind as it comes to Nvidia. So I'm sure we'll be talking more about it during our interview.

Will Congress Block ASML's Biggest Market? 10:05 am -- ASML -2.1%

Shares of ASML (ASML 2.18%) fell Tuesday following the introduction of the MATCH Act by U.S. lawmakers, a bipartisan bill designed to tighten semiconductor export loopholes. The legislation specifically targets deep ultraviolet (DUV) lithography machines—older but essential tools that Chinese manufacturers still rely on for mainstream chips. While ASML has already faced restrictions on its most advanced gear, this new move threatens a "fragile" segment that previously stayed under the radar. With China projected to drop from 33% to 20% of ASML’s total sales this year even before this proposal, investors are weighing the risk of a significant mid-term revenue hit.

Quantifying the Exposure: Analysts estimate that a broad DUV ban could jeopardize roughly 5% of ASML’s total revenue, as China accounts for nearly half of the demand for these specific lithography tools. The Geopolitical Overhang: While domestic Chinese chipmakers have previously found workarounds for Nvidia (NVDA 0.23%) hardware, there is currently no viable local alternative to ASML’s specialized machinery, making this a potential "choke point" for the industry.

Delta Hikes Bag Fees Amid Fuel Surge 9:25 am -- DAL flat in pre-market trading

Delta Air Lines (DAL +0.81%) raised its checked bag fees by $10 for tickets purchased starting Wednesday, following similar moves by United Airlines (UAL +1.82%) and JetBlue Airways (JBLU +0.60%). The carrier now charges $45 for a first checked bag as jet fuel prices have surged nearly 88% since late February due to Middle East conflict and shipping channel closures. With fuel representing the largest variable expense for carriers, investors are bracing for Delta's first-quarter earnings report on Wednesday morning to see if strong travel demand can offset these ballooning operational costs.

The Fuel Price Pinch: Jet fuel costs recently hit $4.69 per gallon, a staggering spike that threatens to erase profit margins despite high passenger volumes. Pricing Power Test: Industry experts are watching whether customers will tolerate higher ancillary fees or if these hikes will eventually dampen the current post-pandemic travel boom.

Novo Unleashes Wegovy HD in GLP-1 Battle 8:45 am -- NVO -0.76% in pre-market trading

Novo Nordisk (NVO +0.11%) launched a high-dose version of its blockbuster weight-loss drug, Wegovy HD, across the United States on Tuesday. The new 7.2 mg injectable--triple the strength of the previous 2.4 mg limit--received priority FDA approval to address the surging demand for more potent obesity treatments. To capture market share from competitors, Novo is offering the drug to cash-paying patients for $399 per month and plans a discounted subscription model. This aggressive pricing and dosage scaling signal a major effort to regain momentum in the lucrative GLP-1 sector following recent gains by rivals.

Obesity Market Rivalry: The rollout intensifies the battle with Eli Lilly (LLY 1.41%), as both pharmaceutical giants race to optimize dosage and affordability to secure long-term patient loyalty. Insurance and Access Strategy: By leveraging a National Priority Review Voucher and low copays for the commercially insured, Novo aims to cement Wegovy as the preferred choice for telehealth providers and pharmacy networks.

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Amazon and USPS Strike Last-Mile Compromise 8:30 am -- AMZN +0.16% in pre-market trading

Amazon (AMZN 2.37%) and the U.S. Postal Service have reached a tentative package-handling agreement, backing away from a proposed two-thirds volume cut that threatened to upend rural logistics. Under the new terms, Amazon will reduce its USPS shipments by only 20%, ensuring the agency continues to handle over 1 billion packages annually. This compromise stabilizes Amazon's "last-mile" network while protecting roughly $6 billion in revenue for the struggling Postal Service, which faced a $9 billion loss last fiscal year. While Amazon continues to expand its own logistics arm, the deal highlights its ongoing reliance on external partners for difficult-to-reach regions.

Logistics Competitive Landscape: By maintaining high volumes with USPS, Amazon avoids over-reliance on rivals like United Parcel Service (UPS 0.97%) or FedEx (FDX 0.48%), who have previously scaled back their partnerships with the e-commerce titan. Rural Infrastructure Moat: The deal allows Amazon to sustain its one-to-two-day delivery promises in low-density areas without the immediate capital expenditure required to fully replace the Postal Service's massive existing ground network.

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This Morning's Breakfast News 7:30 am -- UNH +6.62%, CVS +6.56%, HUM +10.53% in pre-market trading

Health insurance stocks jumped in early trading after the Trump administration boosted Medicare spending much higher than had been anticipated. Payments for Medicare Advantage – the government-subsidised privately run health insurance plan, popular with older people – will be lifted by 2.48% in 2027, well above the 0.09% rise proposed in January.

Health insurance stocks pop: UnitedHealth (UNH +0.45%) gained nearly 8% pre-market, with CVS Health (CVS +1.55%) – recommended in Stock Advisor by Team Rule Breakers – up close to 7%. The two had fallen 20% and 15% respectively on the back of the earlier, lower, spending plans. Humana (HUM +1.58%) jumped over 11% on the news, but – still down 29% year to date – remains the hardest hit of the three. "Healthcare in the United States isn't perfect ... Can CVS magically fix everything?": When CVS was removed from the SA Penalty Box late last year, Fool contributing analyst Toby Bordelon added "Of course not. But ... we're happy to invest in that mission."

Ackman Targets Universal in Record Music Takeover 7:00am

Bill Ackman's Pershing Square (PSHZF 1.06%) announced a massive 55.8 billion euro bid to acquire Universal Music Group (UNVGY +0.00%) and take the music titan public on the New York Stock Exchange. The deal offers a whopping 78% premium over recent prices, aiming to resolve what Ackman calls "languishing" share performance caused by poor shareholder communication and listing delays. If the merger closes by year-end, UMG will undergo a significant board refresh, potentially seating entertainment mogul Michael Ovitz as chairman to better capitalize on its world-class artist roster.

Strategic Re-Rating: Moving UMG to a primary U.S. listing aims to unlock valuation parity with Big Tech peers like Alphabet (GOOG +0.74%), which also benefits from music streaming growth via YouTube. Governance Overhaul: The proposed acquisition seeks to clear the "Bollore overhang" and install Pershing affiliates on the board, signaling a shift toward more aggressive, investor-friendly management and transparent corporate governance.

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ICYMI: Monday's Scoreboard 6:30 am -- KTOS -0.22% in pre-market trading

Kratos Defense & Security Solutions (KTOS 2.79%) was the subject of the latest Scoreboard video.

SpaceX Eyes $2T Valuation in Historic IPO 6:00 am

In a virtual meeting with its bankers Monday, SpaceX laid out plans for a large allocation of shares to retail investors at its upcoming IPO, reports Reuters. The show should hit the road the week of June 8, with the company pitching to around 1,500 potential investors – with retail investors from the U.K., E.U., and other countries able to buy in.

"Retail is going to be a critical part of this and ​a bigger part than any IPO in history": CFO Bret Johnsen told the meeting "those are folks that have been incredibly supportive of us and of Elon (Musk) for a long time, and we want to make sure that we recognize that." Biggest IPO ever?: SpaceX is reportedly targeting a valuation of over $2 trillion – seven and a half years since Apple (AAPL 1.55%) became the world's first trillion-dollar company. The IPO is expected to raise around $75 billion, as Bloomberg says SpaceX has been burning through $1 billion per month since acquiring xAI. Samsung Projects Eightfold Profit Surge 5:15 am

Samsung Electronics (SSNLF +0.00%) shares rallied Tuesday following a preliminary guidance report forecasting a staggering eightfold increase in quarterly operating profit. The tech giant projects earnings of 57.2 trillion won, nearly tripling its previous record and crushing analyst estimates. This massive growth is fueled by explosive demand for high-bandwidth memory (HBM) chips essential for AI computing. As memory prices are expected to climb another 50% next quarter, Samsung is rapidly closing the gap with rival SK Hynix to secure dominance in the high-margin AI hardware space.

Broad Tech Implications: A hardware resurgence signals a bullish cycle for AI infrastructure players like Alphabet (GOOG +0.74%), though rising component costs may eventually pinch margins for cloud providers. Geopolitical Headwinds: Despite record guidance, the escalating U.S.-Israel conflict with Iran threatens semiconductor supply chains, as shortages of critical manufacturing materials like helium pose a risk to long-term production stability.

Before the Opening Bell 5:00 am

Stock futures turned lower Tuesday as investors tracked a high-stakes ultimatum from President Trump regarding the Strait of Hormuz. With an 8:00 p.m. ET deadline looming, the administration has threatened strikes on Iranian infrastructure unless the vital waterway fully reopens to global shipping. While Monday's gains were fueled by hopes for a diplomatic breakthrough, crude oil prices have surged past $110 per barrel as the "countdown clock" returns. This geopolitical friction puts significant pressure on energy-dependent sectors and global supply chains, overshadowing upcoming data on February durable goods orders.

Energy Sector Volatility: Elevated crude prices could provide a short-term lift for producers like Berkshire Hathaway (BRKB +0.29%) holding Chevron (CVX +1.32%), but sustained conflict risks broader inflationary pressure. Tech and Logistics Exposure: Continued disruption in the Strait threatens energy costs for Alphabet (GOOG +0.74%) data centers and impacts shipping-sensitive retailers.

This article was created using Large Language Models (LLMs) based on The Motley Fool's insights and investing approach. It has been reviewed by our AI quality control systems. Since LLMs cannot (currently) own stocks, it has no positions in any of the stocks mentioned. Andy Cross has positions in Alphabet, Amazon, Apple, Berkshire Hathaway, Meta Platforms, Microsoft, Nvidia, Tesla, and Ulta Beauty. Buck Hartzell has positions in Alphabet, Apple, Berkshire Hathaway, Markel Group, Microsoft, and T-Mobile US. Seth Jayson has positions in Amazon, Apple, Microsoft, and Nvidia. The Motley Fool has positions in and recommends ASML, Alphabet, Amazon, Apple, Berkshire Hathaway, Chevron, Intel, International Business Machines, Kratos Defense & Security Solutions, Markel Group, Meta Platforms, Microsoft, Nvidia, Serve Robotics, Target, Tesla, Uber Technologies, Ulta Beauty, and United Parcel Service. The Motley Fool recommends Broadcom, CVS Health, Delta Air Lines, FedEx, Novo Nordisk, T-Mobile US, and UnitedHealth Group. The Motley Fool has a disclosure policy.

Pershing Square founder and CEO Bill Ackman discusses the recent IPO of Pershing Square's new closed-end fund and alternative asset manager. Ackman emphasizes that this IPO marks the beginning of a long-term journey, with $5 billion in capital ready to be deployed within weeks.

LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) today held its Annual General Meeting of shareholders (“AGM”) at Trafalgar Court, Les Banques, St. Peter Port, Guernsey, GY1 3QL. At the AGM, shareholders passed resolutions to: receive the annual report and the financial statements, re-appoint PSH's auditor, authorize the Directors to determine the remuneration of the auditor, re-elect all of the existing Directors with the exception of Bilge Ogut, renew PSH's share buy.

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NEW YORK--(BUSINESS WIRE)--Pershing Square USA, Ltd. (NYSE:PSUS) (“PSUS” or the “Company”) today announced that beginning with the second quarter 2026, Pershing Square Inc. (NYSE:PS), the parent company of PSUS’s Investment Manager, will release its financial results and host an earnings webcast and conference call with analysts. Concurrently with the release of Pershing Square Inc.’s results, PSUS will publish a quarterly portfolio review.

Immediately following the Pershing Square Inc. earnings webcast and conference call, Pershing Square CEO Bill Ackman and CIO Ryan Israel will host a live Spaces Q&A event on X at https://x.com/BillAckman, open to all investors, media and members of the public. Participants will have the opportunity to ask questions of management during the Spaces event. The Spaces event will also be simulcast on the Pershing Square Inc. website. A replay will be available on X and on the investor relations section of the Pershing Square Inc. website.

These quarterly communications will be in addition to PSUS’s regular semiannual and annual financial reporting.

The date for the second quarter 2026 portfolio review release and X Spaces event will be provided in due course.

About Pershing Square USA, Ltd.
Pershing Square USA, Ltd. is a closed-end management investment company managed by Pershing Square Capital Management, L.P.

Forward-Looking Statements
When the Company uses words such as "will", "expect" or similar expressions that do not relate solely to historical matters, the Company is making forward-looking statements. Forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. The Company undertakes no obligation to update any "forward-looking statement" made in this press release, whether as a result of new information, changed assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Category: (PSUS:Events)

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Releases Date of First Quarter 10-Q and Financial Supplement

NEW YORK--(BUSINESS WIRE)--Pershing Square Inc. (NYSE:PS) (“Pershing Square” or the “Company”) today announced its quarterly investor communications format. Following each fiscal quarter, beginning with the second quarter of 2026, on the same day, Pershing Square plans to:

Earnings Release. Pershing Square plans to release its quarterly financial results before the opening of trading on the New York Stock Exchange. A portfolio company review will also be published concurrently with the publication of the Pershing Square earnings report. Earnings Webcast and Conference Call. CEO Bill Ackman and CIO Ryan Israel will lead a live audio webcast and conference call to answer questions from analysts and institutional investors. The event will be webcast live and will be accessible on the investor relations section of the Company’s website at https://pershingsquareinc.com/investor-relations/events/. A replay of the live webcast will be posted to the website within approximately 24 hours of the event. Live X Spaces Event. Immediately following the Company’s earnings webcast and conference call, Bill Ackman and Ryan Israel will host a live Spaces Q&A event on X at https://x.com/BillAckman open to all investors, media and members of the public. Participants will have the opportunity to ask questions of management during the Spaces event. The Spaces event will also be simulcast on the Company’s website. A replay will be available on X and on the investor relations section of the Company’s website. This quarterly investor communications format reflects Pershing Square's commitment to transparency and direct, open engagement with shareholders and the public.

Pershing Square will announce the date for its second quarter 2026 earnings release, conference call and X Spaces event in due course.

As a newly public company, Pershing Square is required to file a Form 10-Q for the first quarter ended March 31, 2026. Because Pershing Square's registration statement became effective on April 28, 2026, this filing covers a period that predates the Company's listing on the NYSE when it operated as a private partnership before the launch of the PSUS IPO. The filing is being made pursuant to SEC reporting requirements applicable to newly public companies.

Pershing Square expects to file its first quarter Form 10-Q on or about June 4, 2026. Concurrently with its first quarter 2026 Form 10-Q filing, Pershing Square expects to also publish a Financial Supplement for the quarter ended March 31, 2026, and the month ended April 30, 2026. The Financial Supplement includes the Company’s key operating metrics and fee-related earnings and distributable earnings, which are non-GAAP measures used to assess the Company’s performance, for the periods presented.

The Company intends to provide key operating metrics for the month ended April 30, 2026 in addition to the quarter ended March 31, 2026, in the Financial Supplement because it believes that this incremental information would be useful to investors in understanding its performance through the completion of the combined initial public offering of Pershing Square USA, Ltd. and the distribution and public listing of the common stock of the Company on the NYSE, which closed on April 30, 2026. Going forward, the Company intends to disclose financial supplements for completed fiscal periods only.

The first quarter Form 10-Q filing and Financial Supplement will be available on EDGAR and on the investor relations section of the Company’s website at https://pershingsquareinc.com/investor-relations/financial-reporting/.

Pershing Square uses its website at www.pershingsquareinc.com and/or social media outlets, such as its X account (@PershingSquare) and LinkedIn account (www.linkedin.com/company/pershingsquare) as distribution channels of important company information for purposes of Regulation FD. In addition, Bill Ackman, our Founder and Chief Executive Officer, may use his X account (@BillAckman) as a means of publicly disseminating current information about the Company and the core funds from time to time, including information about new and disposed of investments and hedges, as well as his views on macroeconomic, geopolitical and other developments. The information we or Mr. Ackman post through these channels may be deemed material company information, and Pershing Square intends to use Mr. Ackman’s X account for purposes of Regulation FD.

About Pershing Square Inc.
Pershing Square Inc. is the parent company of Pershing Square Capital Management, L.P., an SEC-registered investment advisor to investment funds and other companies, based in New York.

Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When Pershing Square uses words such as "will", "expect" or similar expressions that do not relate solely to historical matters, Pershing Square is making forward-looking statements. Forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. Pershing Square undertakes no obligation to update any "forward-looking statement" made in this press release, whether as a result of new information, changed assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.

Category: (PS:Events)

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