Soros takes stake in Herbalife

Billionaire investor George Soros has taken a large long position in the stock of nutritional supplement company and hedge fund target Herbalife, a source familiar with the matter said yesterday. Shares of Herbalife spiked eight per cent following the first report of Soros’ stake. William Ackman, the founder of Pershing Square Capital Management, has been Herbalife’s most vocal opponent, calling the company a pyramid scheme. On the other side of the bet, Soros joins billionaire investor Carl Icahn and Daniel Loeb, the founder of Third Point.