Bill Ackman just announced that he has sold out of his hedge fund's Valeant stock holding, a position that has cost the fund dearly.
Ackman's firm, Pershing Square Capital, invested in Valeant two years ago. Later that year, the drugmaker started to run into a spate of problems that wiped more than 90% off of its market value. Reuters estimated that the investment caused Ackman to suffer roughly $3 billion in losses.
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