Bill Ackman panicked about the coronavirus early on, hedging his $5.6 billion investment firm. Then he went on CNBC to tell America 'there is a tsunami coming,' and tanked the stock market.
“Hell is coming,” said Ackman, in a frenzied 28-minute interview. “Shut it down now,” he said of the economy, “There is a tsunami coming.”
“What’s scaring the American people and corporate America now is the gradual roll-out,” said Ackman, of containment and distancing measures.The hedge fund manager, turned amateur health expert, said the contagiousness of the virus may mean millions will die without drastic measures. He nearly cried when talking about the risks of the disease to his elderly father, and revealed some of his employees may have the virus.
“I have enormous respect for KKR and Blackstone,” Ackman added of the two illustrious private equity firms, before predicting their leveraged deals would be toast without quick containment. “Private equity goes bankrupt,” he said.has learned Ackman called Blackstone and said he’s buying the firm’s shares.
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