Bill Ackman Abruptly Withdraws Planned I.P.O.

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The billionaire investor William Ackman won’t be ringing the opening bell at the New York Stock Exchange anytime soon. His firm, Pershing Square, will withdraw its plans for an initial public offering that would have allowed investors to buy into a portfolio of roughly a dozen stocks of his choosing, Mr. Ackman told his 1.3 million followers on the platform X on Wednesday. The abrupt withdrawal came after he had spent the last seven weeks and more than 150 meetings pitching the deal to potential investors. Mr. Ackman said in a statement that he would reconsider how to structure an offering and “report back once we are ready to launch a revised transaction.” A day earlier, Pershing Square had revealed plans for a much smaller offering — $2 billion — than the one he originally predicted. Mr. Ackman said in February that he would look to raise $10 billion or more in a U.S. publicly traded vehicle, Pershing Square USA. More recently in investor meetings, he floated $25 billion as a possible size.