Bill Ackman made an awkward comment about Korean people and why pyramid schemes work so well with them
(Bloomberg, screenshot)
Bill Ackman.
Hedge fund manager Bill Ackman just made an awkward comment about Korean people in a quarterly conference call for Pershing Square Holdings.
The Pershing Square founder was speaking about multilevel marketing company Herbalife — which Ackman believes is a pyramid scheme and has been short for nearly three years.
Referring to the company's expansion into South Korea, Ackman said:
"The reason why Korea is a great market to launch a pyramid scheme is because it's a very tight culture. Everyone speaks the same language. Everyone looks the same."
Ackman quickly backtracked: "Maybe not all Koreans look the same, but to the Caucasians they look the same."
The fund manager is betting Herbalife's stock will go to $0. It hasn't worked in his favor this year, with the stock soaring more than 50%.
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