Aug 15, 2024 - Business
Charted: Nike jumps
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Nike shares got a much-needed jolt today after Bill Ackman's hedge fund disclosed a stake in the apparel giant.
Why it matters: Ackman rose to prominence as an activist investor but said in 2022 that he was pivoting to a "quieter approach."
Driving the news: Pershing Square Capital Management yesterday disclosed ownership of 3 million shares of Nike stock at the end of June, worth about $229 million. (That's about 0.25% of Nike's outstanding Class B shares).
State of play: Nike's stock jumped 5% today, but is still down about 23% on the year as the company struggles to regain its footing.
- Its direct-to-consumer strategy has backfired, and the company has lost ground on running shoes, Hope reported in June.
