Fund boss buys $25m stake in Israeli stock exchange
THE hedge fund tycoon who led a crusade against Harvard over antisemitism claims has snapped up a major stake in the Israeli stock exchange.
Bill Ackman and his Israeli-american wife Neri Oxman have acquired 4.9pc of the Tel Aviv Stock Exchange (Tase) in a deal worth around $25m (£20m).
The purchase is part of wider share sale by existing investors, who are offloading their stakes in the market.
Mr Ackman, worth an estimated $4.1bn, has defended Israel since the Oct 7 attack by Hamas. Backing Tase marks his first investment into Israel and a ratcheting up of his support for the country’s financial sector.
Israel has been left reeling from the Gaza conflict, with the economy forecast to grow less quickly than forecast at 2pc this year, down from an initial 3pc projection. Shares in Tase have also suffered, falling 20pc in the wake of the attack before rebounding.
It is understood that bankers pitched the investment to Mr Ackman during a roadshow in New York and the investment has been made in a personal capacity rather than through his hedge fund Pershing Square.
Other investors from the UK, US and Australia have also bought shares, but none of them was named by the exchange. The exchange said the share sale reflected “a strong vote of confidence in both the Tel Aviv Stock Exchange and the Israeli economy at large”. The deal, which was orchestrated by the investment bank Jefferies, will raise $95m. Tel Aviv said it would use the proceeds for investment in technology infrastructure.
The hedge fund boss launched a campaign against Harvard and Claudine Gay, its former president, last year after claiming the university had fostered anti-semitism among students. Ms Gay resigned last month after posts from Mr Ackman on X piled the pressure on her.
Mr Ackman made his name as an activist investor, buying stakes in companies including JC Penny. He later morphed into a Warren Buffett-style investor, buying and holding a small selection of quality companies over a long period. Pershing Square owns major stakes in Google-owner Alphabet and Hilton Hotels.