LIVE: Bill Ackman Is Giving 'The Most Important Presentation' Of His Career
Hundreds of folks have gathered at the AXA Equitable Building in Midtown Manhattan for Ackman's presentation.
To begin with, Ackman's team is showing a live stream of CNBC's interview with Herbalife's CFO John DeSimone.
Ackman's actual presentation will begin at 10 a.m. EDT. The presentation will be simultaneously webcast at www.herbalifepyramidscheme.com and www.factsaboutherbalife.com.
In late December 2012, Ackman publicly declared via a 342-slide presentation that he was short Herbalife-a multi level marketing company that sells nutritional supplements and weight loss shakes.
Ackman believes the company operates as a "pyramid scheme" that targets lower income individuals. It's Ackman's contention that regulators, specifically the Federal Trade Commission, will be persuaded to shut the company down.
Shortly after, a number of fund managers, most notably Carl Icahn, piled on by going long the stock shortly after Ackman revealed his short bet.
Icahn, who seems to have made up with Ackman more than a year after a nasty televised brawl, said last week at a conference that he hasn't sold a single share of Herbalife.
Back in March, the FTC opened an investigation into the company.
Ackman's presentation today is expected to focus on the company's so-called nutrition clubs.
So far, Ackman has racked up millions in paper losses on his bet. He has yet to break-even on his short. He's said that he will take this short to "the end of the earth."
We'll be covering it live. Refresh this post for updates »