[Asia Economy Reporter Yoojin Cho] Bill Ackman, a Wall Street hedge fund titan known as the "Little Buffett," announced on the 26th (local time) through major foreign media that he will donate $3.25 million (approximately 4 billion KRW) to Ukraine.
Whitney Tilson, an advisory board member of the Pershing Square Foundation, a charity established by Ackman, stated, "This morning, Chairman Ackman committed to investing in Ukraine." Tilson is active at the Migrant Offshore Aid Station (MOAS), headquartered in Malta.
According to reports, Ackman's donation will be used to purchase 15 ambulances equipped with special equipment, as well as to cover costs for relief activities for the battlefield and refugees.
Forbes reports that Ackman's net worth amounts to $3.5 billion (approximately 4.6 trillion KRW). Previously, Ackman announced that he would donate all 26.5 million shares (1.55% stake) of Coupang stock he owns to two relief foundations, including the Pershing Square Foundation. He has also continued various humanitarian activities, such as donating part of his assets as earthquake recovery funds to Haiti, which suffered a major earthquake.
Ackman is called the "Little Buffett" because his investment insight and outstanding track record remind people of Warren Buffett, the legendary Wall Street investor and chairman of Berkshire Hathaway. Pershing Square, which he operates, invested $27 million in March 2020, early in the COVID-19 pandemic, to purchase credit default swaps (CDS?a credit derivative product used to hedge against the risk of default on bonds or loans), generating nearly 100 times the investment return.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
