From Yahoo Finance: 2025-04-30 13:15:00

Billionaire hedge fund manager Bill Ackman reversed criticism of Commerce Secretary Howard Lutnick after accusing him of profiting from Trump’s tariff push. The White House imposed 10% tariffs on most imports, with exemptions for consumer electronics. The S&P 500 fell nearly 20% from recent highs, impacting companies like Apple and Microsoft.

Ackman, CEO of Pershing Square Capital Management, called for a pause in tariff implementation to avoid a deeper economic downturn. His fund suffered losses after the tariffs, with core holdings like Chipotle Mexican Grill and Alphabet sliding. Ackman clarified his frustration stemmed from fear of economic fallout, not a personal attack on Lutnick.

Read more: Hedge Fund Mogul Bill Ackman Walks Back Tariff Criticism Of Commerce Secretary Howard Lutnick