Matt Levine’s Money Stuff: Bill Ackman Raised No Money

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Oh PSUS

Generally the way an initial public offering works is that a company decides to sell, say, 10 million shares, representing 10% of the company, and then there is a negotiation about price. “This company is great and worth $5 billion, so you should pay $50 per share,” its bankers will tell investors. “Ehh the company is fine and worth $4 billion, so I’ll ...