Hedge fund manager Bill Ackman, who runs Pershing Square Capital, made more than $144 million on his Burger King stake this morning before the opening bell, Business Insider reported.
Burger King is in talks to acquire Canadian coffee and donut chain Tim Hortons. So it turns out being smart enough to buy more of it was really smart.
And the rich get richer team scores again. Yeah…
if the deal happens, Burger King could become a Canadian company, and, gues what, then they would be paying a lower corporate tax rate.
The rich also pay less in taxes. Yeah.
The stock was last trading up about 13.9%, or $3.77 per share, in the pre-market. Ackman’s stake has to be worth more than $1.18 billion, in other words.
In 2012, Ackman He used his cash-shell company Justice Holdings to buy Burger King and then made it a publicly traded company listed on the New York Stock Exchange. Since then, the Burger King have risen more than 71%.
It’s good to be the king.