Bill Ackman's Pershing Square USA withdraws US IPO

Pershing Square USA announced the withdrawal of its initial public offering (IPO), following the disclosure of a $2 billion capital raise by hedge fund manager Bill Ackman’s new portfolio. Ackman stated that he would revisit the IPO once he is ready to launch a revised transaction. The fundraising target for the new fund was significantly lower than the initial expectation of $25 billion.