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A Fake Bill Ackman Is Scamming Investors Out of Millions on Facebook

Livemint · 1y ago

Medial

Bill Ackman, billionaire hedge-fund manager, is facing challenges with impostors on Facebook who are scamming investors using his name. Pershing Square Capital Management has identified over 90 different ads impersonating Ackman, with some promising high returns and enticing victims to join WhatsApp groups for stock tips. Similar scams have targeted other billionaires like Cathie Wood and Ray Dalio. Regulators have raised concerns about the increasing prevalence of such scams, and victims have reported losses totaling billions of dollars. While companies like Meta, the parent company of Facebook, claim to have measures in place to tackle scams, critics argue that more needs to be done.