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Pershing Square Raises $5B, Shares Fall 18%, Targets Uber, Meta

5/1/2026

50 3 Full Breakdown

Summary

Story summary

Pershing Square raised $5 billion in an IPO on April 29 2026.
PSUS shares opened at $42 and closed at $40.90, an 18% drop, while PS shares rose about 1% from $24 to $24.20.
Cornerstone investors contributed $2.8 billion, locked for six months and received 1.5 PS shares per five PSUS shares.
Bill Ackman (Pershing Square founder) said the $5 billion will be used within weeks to buy U.S. firms such as Uber and Meta.

History

Historical Context

Bill Ackman founded Pershing Square in 2004, building a reputation for activist deals and large capital vehicles. His 2020 Pershing Square Tontine Holdings SPAC raised $4 billion—the biggest IPO of its kind—demonstrating the appeal of massive blank-check offerings. That model underpins the 2026 $5 billion Pershing Square IPO tied to a proposed merger with Universal Music Group.

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Story summary

Pershing Square raised $5 billion in an IPO on April 29 2026.
PSUS shares opened at $42 and closed at $40.90, an 18% drop, while PS shares rose about 1% from $24 to $24.20.
Cornerstone investors contributed $2.8 billion, locked for six months and received 1.5 PS shares per five PSUS shares.
Bill Ackman (Pershing Square founder) said the $5 billion will be used within weeks to buy U.S. firms such as Uber and Meta.

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