Billionaires Unloaded These 24 Stocks In Q2

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1. Howard Hughes (HHC, $55.74)

Houston Chronicle

Pershing Square Capital billionaire investor Bill Ackman divested 1,279,381 shares or 10% of his holdings in Howard Hughes over several sales. Howard Hughes is a real estate company known for master-planned residential communities in Texas, Nevada, and Maryland. Prior to selling shares in the second quarter, HHC represented 9.4% of the entire Pershing Square investment portfolio. While it still owns 10.9 million shares, which equates to nearly 20% ownership stake, the divestment was a significant one. Ackman, HHC’s chairman, must know something we don’t — the company has been through a rough patch as they booted CEO David Weinreb and President Grant Herlitz in October of 2019, and have seen their shares dip to less than half their value in the wake of the global pandemic. Ackman first acquired HHC shares in 2010 after it had spun off from General Growth Properties. Once again, the old rule of thumb of markets is proven: the long game is still the best bet.