Ackman’s Fast Food Bet
Bill Ackman’s foray into the restaurant industry has brought a mixed bag. The billionaire’s hedge fund, Pershing Square Capital Management, is the largest shareholder in both Chipotle Mexican Grill Inc. and Restaurant Brands International Inc., the parent company of Burger King. After a dismal earnings report on Wednesday, shares of Chipotle touched their lowest level since 2013 and pushed Ackman’s losses to about $386 million. Restaurant Brands, meanwhile, has surged this year to boost profits for Pershing’s stake to more than $1.1 billion.