Pershing Square USA, Ltd. (PSUS) fell sharply during its New York Stock Exchange debut on April 29, 2026.
The stock opened at $42 and closed near $40.90. This represents an 18% drop from its $50 initial public offering price.
The fund raised $5 billion, marking the largest-ever launch for a closed-end fund. This total hit the low end of Bill Ackman’s $5 billion to $10 billion target.
Investor skepticism and the tendency for closed-end funds to trade at discounts drove the decline. Ackman eliminated performance fees to attract retail investors. The fund also offered bonus shares in his management company, Pershing Square Inc. (PS).