Ackman Calls PSUS Discount 'Absurd,' Pledges Action

Bill Ackman called Pershing Square USA's trading discount "frankly absurd" on a Q2 2026 earnings call and pledged to close the gap between PSUS's share price and its $50.32 NAV (net asset value, or the per-share value of the fund's holdings). He named no mechanism. Sponsors typically use buybacks, tender offers, or structural conversion. IPO investors are down 5.9% while NAV rose 2%.