Education
Bill Ackman Slams Harvard Endowment, Forms Think Tank to Probe Higher Education
- Billionaire helped lead calls for Harvard president to resign
- New team will be ‘very aggressive,’ Ackman tells CNBC
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Bill Ackman slammed the performance of Harvard University’s endowment and said he’s forming a think tank to continue his scrutiny of US education in a wide-ranging interview Friday on CNBC.
The billionaire investor, who helped lead a public charge to remove former Harvard President Claudine Gay, criticized the returns of the college’s endowment, which he says has trailed the market. Harvard’s annualized 10-year return as of June 30 was 8.2%. It was the second-lowest performance of the eight Ivy League schools, according to data compiled by Bloomberg.