The Big Short-fame Bill Ackman seeks to build a modern-day Berkshire with Howard Hughes bid
Bill Ackman, known for his prescient market bets, has raised his takeover bid for Howard Hughes Holdings in a bold push to transform the company into a “modern-day” Berkshire Hathaway, drawing inspiration from Warren Buffett’s legendary investment empire.
In a series of posts on microblogging platform X, formerly known as Twitter, the founder of hedge fund Pershing Square Capital Management announced a revised proposal to acquire 10 million newly issued shares of Howard Hughes at $90 per share. If the deal proceeds, Pershing Square will own 48% of the Texas-based real estate developer.
“At 4 pm, we are going to announce a potential transaction which, if completed, will provide me and my firm with the opportunity to create our own, you might say, modern-day version of Berkshire,” Ackman wrote on X before unveiling the bid.
Ackman’s vision for Howard Hughes mirrors the transformation Buffett engineered at Berkshire Hathaway. While Buffett’s empire started with a struggling textile business in the 1960s, Ackman said he would leverage Howard Hughes’ portfolio of “master planned communities” in key pro-business markets.
Howard Hughes’ key assets include The Woodlands in Houston, Summerlin in Las Vegas, Teravalis in Phoenix, and a 60-acre luxury condominium development in Honolulu called Ward Village. The company’s real estate holdings, Ackman argues, provide a strong long-term growth engine—unlike Buffett’s Berkshire, which had to pivot away from a failing industry.
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