Bill Ackman Jumps To Musk's Defense Over Anti-Semitism Controversy, Pledges To Stay Invested In X: 'Earth Is Fortunate...'
Portfolio Pulse from Shanthi Rexaline
Bill Ackman defended Elon Musk's commitment to free speech amid criticism over anti-Semitic comments and advertisers pulling out from Musk's social media platform, X. Ackman's firm, The Pershing Square Foundation, remains invested in X and supports companies advertising there. Ackman criticized Disney (DIS) for suspending ads on X and suggested Nelson Peltz could influence Disney's decision once on the board. Despite a potential $75 million loss in ad revenue for X, Ackman praised Musk's ownership of X but proposed a trust as a better long-term owner. Pershing Square Holdings (PSHZF) shares fell 1.55%.
December 01, 2023 | 9:09 am
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NEUTRAL IMPACT
Disney suspended ads on Musk's social media platform X, which Ackman criticized, suggesting that Nelson Peltz could change this once on Disney's board.
While Ackman's comments could influence investor sentiment, Disney's decision to suspend ads on X is likely based on broader public pressure and not solely on Ackman's views. The impact on Disney's stock is neutral short term as the ad spend on X is a small part of Disney's overall marketing budget.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
Pershing Square Holdings, Ackman's firm, remains invested in X and supports companies advertising on the platform, despite a potential $75 million ad revenue loss for X.
The negative sentiment around the ad revenue loss for X and the decline in Pershing Square Holdings' share price suggests a short-term negative impact. Ackman's support may not be enough to counteract the broader market's reaction to the controversy.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80