Bill Ackman ’s Pershing Square Capital Management released a short, scathing documentary on the nutritional supplement company Friday that detailed the stories of frustrated former Herbalife. 25 million to help buy more than a dozen ambulances for Ukraine as it defends itself against Russia's invasion. 1h 44min. The founder of. Gotham Partners had made profits from $3 million to $300 million. Bill Ackman: A Masterful Investor with a Controversial Edge. . 1 billion stake in Google parent Alphabet. From ‘Darfur Now’ writer/director Ted Braun comes a riveting docu-thriller following controversial hedge fund titan Bill Ackman as he puts a billion dollars on the line in his. He has. April 20 (Reuters) - Billionaire investor William Ackman liquidated a $1. Investments in publicly traded companies were made in tiny amounts by Gotham. S. The documentary follows this extraordinary man’s journey through little snippets from his childhood, education, experiences at Microsoft, and his family. Bill Ackman and a fellow Harvard graduate launched Gotham Partners in 1992. Billionaire hedge fund manager Bill Ackman is taking a vocal stance against Visa, saying the credit card giant has. Bill Ackman, chief executive officer of Pershing Square Capital Management LP, speaks during a Bloomberg Television interview in New York, U. The letter F. He called for suspensions and disciplinary action to curb anti-Israel and antisemitic activity. Production country . Steve Jobs: One Last Thing (2011) The PBS documentary Steve Jobs: One Last Thing is a tribute to the visionary entrepreneur who was the co-founder and CEO of Apple. (Sean Zanni/Patrick. ”. Watch Now Or Download To Watch Later! Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Brilliant investors like Ackman can watch their returns skyrocket by holding onto. 2016-02-09T16:31:43Z A bookmark. William Ackman Forbes 400 Rank: #368 Net Worth: $3. The new documentary is #1 on itunes. BY Christiaan Hetzner. January 19 2023. Since then the 30-year yield had risen about 28. short-seller released the. This billionaire documentary not only provides a glimpse into the life of a successful hedge fund manager, but also delves into the world of multilevel marketing and begs the question – what exactly is the difference between. Ackman said in a tweet that his foundation was looking to secure funding partners to support a new Sabatini lab, linking to the Spotlight team’s story that Ackman called an accurate and balanced. 2%, net of fees, since its December 2012 launch vs. It indicates the ability to send an email. ABC World News, and CBS 60 Minutes, the documentary film, Betting on Zero and the podcast, The Dream. Betting on Zero revolves around hedge fund titan Bill Ackman who is on a mission to expose Herbalife, a nutritional giant. 95, up 0. Bill Ackman is defending Elon Musk amid the X owner's antisemitism controversy. The battle between Ackman and Herbalife plays out in the media, in board rooms, and on the streets in Braun's stirring picture of the. 13%. Meanwhile, Ackman wrote Pershing Square 3. Bill Ackman doesn't think Elon Musk is an antisemite. com was launched, ran by Pershing, and eventually, a documentary, Betting On Zero, was produced about Herbalife and Ackman’s short. ”. 8 billion as of September. The documentary follows hedge fund billionaire Bill Ackman as he tries to push multi-level marketing company Herbalife to bankruptcy. The letter F. Bill Ackman, 55, is an American citizen and the CEO of Pershing Square Capital Management, L. By Paulina Cachero. Patrick T. Hence the title, Betting on Zero. Unlike some of his fellow billionaire investors, Ackman's portfolio isn't very big. in 2010 and gained a seat on the company’s board. United States. Bill Ackman talks about his experience shorting stocks. Bill Ackman, discusses starting his own hedge fund at 26. Happy summer! The documentary film Betting on Zero, directed by Ted Braun, examines Ackman's crusade to expose Herbalife as the largest illegal pyramid scheme in history. Bill Ackman doesn't think Elon Musk is an antisemite. Market just hasn't realized it yet. "Hell is coming. April 20 (Reuters) - Billionaire investor William Ackman liquidated a $1. Bill Ackman explains why he embraced RFK Jr. 8% decline as stocks suffered their. Ackman first disclosed hit bet against Treasurys in August, as he expected interest rates to keep moving higher. His efforts were reported in the documentary film Betting on Zero. 5 billion. 46B this quarter. On episode 11 we talk about hedge fund billionaire and star of the documentary Betting on Zero, Bill Ackman. ” In early 2018, Ackman opted to retract his nearly $1 billion bet against Herbalife as the company’s stock price continued to rise. Most of his income has been earned as a portfolio manager. Turns out Ackman’s fund had a short bet on the. It could be a mistake. 3 billion. ”. Ackman retweeted a video clip of Kennedy appearing on the Joe Rogan podcast, hinting at his admiration for the presidential hopeful. Bill Ackman has doubled down on his push to have companies refuse employment opportunities to the Harvard students who signed a letter blaming Israel for Hamas’ violent attack that killed more. Dear Pershing Square Investor, Beginning on Friday and over the last several days, we acquired more than 3. MegaloMedia. Bill Ackman. 08:09. Documentary. From 'Darfur Now' writer/director Ted Braun comes a riveting docu-thriller following controversial hedge fund titan Bill Ackman as he puts a billion dollars on the. In his tweet, Ackman even applauded US authorities' intervention, saying the government "did the right thing for the country" by protecting depositors. 2% in 2020. Penney, another failure, cost Pershing Square $473 million in 2013. Ackman was a wealthy investor manipulating the market to his advantage. “12 floors of people” and delights in openly sparring with fellow billionaire investors like Pershing Square’s Bill Ackman. Bill Ackman is defending Elon Musk amid the X owner's antisemitism controversy. Movie Info. Listen. 1 billion 2020 Net Worth: $2. 18, 2022, 10:28 a. The acquisition of a 10 per. 0:52. “Often, we are not capable of predicting a business’ earnings power over an extended period of time. m. Last week, he and his investors in funds run by Pershing Square Capital Management swallowed a $4 billion loss on Valeant Pharmaceuticals International. 4:01. Below is the current Pershing Square Capital Management LLC Holdings in 2022 after his update at the end of Q2 as of 6/30/22. 2 million times in their first five hours online. According to writer-director Ted Braun’s fascinating documentary “Betting on Zero,” there’s been a. speech matters because it is a fundamental pillar of our American democracy — the first right granted to us in the Bill of Rights. Pershing Square Capital Management CEO Bill Ackman joins CNBC's Delivering Alpha 2023 conference to discuss his meeting with Ukrainian President Volodymyr Zelenskyy, Treasury yields, and more. " Shares in seven listed group companies of Adani lost $10. P. Ackman bought the 13-room penthouse at 6-16 West 77th Street in 2018 for roughly $22. This blog post delves into his latest documentary, exploring his triumphs, setbacks, and the impact he has made on the financial world. Runtime. Bill Ackman. Pershing Square’s results last year could be the perfect example of why Ackman advocates for a wider lens perspective. Carl Icahn is a made-in-New York bear who famously called Bill Ackman “ a crybaby in the schoolyard " during a 2013 live TV debate over their opposing stakes in Herbalife. Among his endeavors, Mr. The settlement. £3. Pershing Square currently manages a total portfolio value of. , on Wednesday, Nov. Ackman said Netflix benefits from highly recurring revenues, adding the company has pricing power and delivers industry. hlf. 26 announced he purchased more than 3. In 2012 he took a $1 billion dollar short on. Billionaire activist investor Bill Ackman, the CEO of $13. Some seven weeks ago, hedge fund investor Bill Ackman laid out his rationale for shorting long-term US bonds, and I took exception. November 10, 2023 at 12:04 PM EST. After extensive wrangling over the precise wording of jury instructions on Friday, the trial picks up on Monday morning with closing arguments by. Gotham Partners had made profits from $3 million to $300 million. (Sean Zanni/Patrick. El alto y bien presentado multimillonario fundador. The supremely confident billionaire hedge-fund manager Bill Ackman has never been afraid to bet the farm that he’s right. Ackman’s efforts were documented in the documentary film Betting on Zero. Bill Ackman is taking notice of a short seller going after his old rival Carl Icahn. S. S. “Ryan is the right choice, and importantly. (Pershing Square) One of the participants in the film says she lost more than $100,000 on Herbalife. Ackman revealed he had taken a short position in the the 30-year bond on August 3rd, shortly after Fitch Ratings downgraded the U. 5 billion. Enjoy. “Ryan is unafraid to challenge anyone including yours truly, and that is an extremely important quality in a CIO,” Ackman wrote. The documentary follows billionaire hedge fund manager Bill Ackman as he sets out to prove that mega-corporation Herbalife is a deceptive pyramid scheme. Billionaire hedge fund manager Bill Ackman is predicting an economic meltdown following the collapse of Silicon Valley Bank. Self - Professor, MIT: Joanna Xu. He became more famous when featured in the Netflix documentary “Betting on Zero,” explaining his public short bet on Herbalife. . The current Bill Ackman net worth in 2022 is over $3. Controversial hedge fund titan Bill Ackman is on a crusade to expose global nutritional giant Herbalife as the largest pyramid scheme in history while Herbalife execs claim Ackman is a. July 11, 2022. Bill Ackman's Battle to Bring Down Herbalife Hits Big Screen in New Documentary. Controversial hedge fund titan Bill Ackman is on a crusade to expose global nutritional giant Herbalife as the largest pyramid scheme in history while Herbalife execs claim Ackman is a. Ackman's net worth is estimated to be around $3. short-seller released the report. In Ted Braun's new documentary, "Betting On Zero," hedge fund titan Bill Ackman doubles down on a surprising adversary: Herbalife. 30-year Treasuries, calling it both a hedge on the impact of. Billionaire U. Valeant, the troubled Canadian drugmaker, was. Ackman’s friends and enemies call him Bill; I know him as Billy. With an estimated net worth of $2. His hedge fund Pershing Square has notched up compounded net annual returns of over 16 per cent since 2004. Icahn: The Restless Billionaire (2022) Is A Documentary English Film Starring Carl Icahn,Bill Ackman,Brett Icahn In The Lead Roles, Directed By . Bill Newsom was so close with the family that he helped deliver the ransom money after the 1973 kidnapping of J. Subscribe Now for More Exclusive Videos! Free Music back to back only on Eros Now - signature Bhan. The film allows the audience to get a rare close look at an activist investor plying his trade, as well as at. Pershing Square’s Bill Ackman found the Hindenburg Research’s report on Adani Group companies “highly credible and extremely well researched,” he said in a Twitter post, less than two days. Ackman endowed an ethics program at Harvard Business School and funded a documentary series to teach business ethics, produced by the New York public television station WNET. Bill Ackman Net Worth: Bill Ackman is an American hedge fund manager and philanthropist who has a net worth of $3. The Wall Street movie documenting Bill Ackman ( Trades, Portfolio )'s crusade against multi-level marketing company Herbalife ( HLF) and Carl Icahn. 1 billion bet on Netflix on Wednesday, locking in a loss of more than $400 million as the streaming service's stock plunged. Bill Ackman isn’t afraid to say he got his Netflix Inc. 8 billion as of September 30. In 2017, Bill Ackman had no choice but to cover his short position, losing billions of dollars in the process. 1h 44min. ) To his critics, Mr. . The hedge fund billionaire tells CNBC. . Ackman is urging the US government to take action to protect customersNew York Jewish Week via JTA — Neighbors are objecting to the two-story glass pavilion that hedge fund manager Bill Ackman and his wife, the Israeli-born architect and designer Neri Oxman, want. Most of his income has been earned as a portfolio manager. ”. Bill Ackman is a self-made billionaire through operating the hedge fund he founded in 2004, Pershing Square Capital Management. 's skepticism on Covid vaccines Published Wed, Jul 5 2023 3:37 PM EDT Updated Mon, Jul 10 2023 9:54 AM EDT Brian Schwartz @schwartzbCNBCEverything You Need to Know About Finance and Investing in Under an HourWatch the newest video from Big Think: Big Think Edge. Now he has doubts about the U. The documentary film “Betting on Zero” chronicles investor Bill Ackman’s billion-dollar bet against the nutrition and weight management company Herbalife. “Ryan is unafraid to challenge anyone including yours truly, and that is an extremely important quality in a CIO,” Ackman wrote. Back in January, Bill Ackman’s Pershing Square Holdings sent this letter to investors:. 1 billion bet on Netflix on Wednesday, locking in a loss of more than $400 million as the streaming service's stock. Production country . Billionaire investor Bill Ackman urges Harvard suspensions to tackle ‘dire’ antisemitism on campus that’s ‘much worse’ than he realized. From ‘Darfur Now’ writer/director Ted Braun comes a riveting docu-thriller following controversial hedge fund titan Bill Ackman as he puts a billion dollars on the line in his crusade to. 72 Metascore. About this movie. Bill Ackman, the activist investor, has long had an. Seeing an opportunity open up, Pershing Square Capital Management, a massive hedge fund headed by Bill Ackman, purchased 3. Ackman discussed his. We’ve all read stories about those rare individuals who saw the financial crisis coming and profited handsomely from their contrarian insights. S. Hedge fund billionaire Bill Ackman, who has been critical of how Harvard and other universities have handled antisemitism on campus, said over the weekend that Musk is “not an antisemite. The neo-Renaissance-style property was designed by Nathan Koran in 1927 and sits within the Upper. 4:01. Ackm. Many people on Wall Street think that Bobby is based on billionaire Bill Ackman of Pershing Square Capital Management, a hedge fund management company, due to the same initials, but Damian has said that's. Jobs died in 2011. Charlie Rose (1991–2017) Episode: Episode dated 24 April 2009 (2009) 54 min | News, Talk-Show. P. $3. By Steve Burns. 99 HD . Bill Ackman’s trade in March of 2020 made him one of the first traders. And the stock continued to go up. Bill Ackman - The Next Warren Buffett | Full Documentary. ) To his critics, Mr. , Ackman — who is CEO of Pershing Square Capital — called for a 30-day national lockdown and warned that. Written and directed by Ted Braun. Hedge fund billionaire Bill Ackman goes for the jugular with archrival Carl Icahn on the ropes, comparing his firm to the infamous implosion of Archegos. The boss of Pershing Square, a hedge fund, is on the lookout for “large private growth companies” which are seeking to raise $1. Ackman’s thesis was “Scaling the Ivy Wall: the Jewish and Asian American Experience in Harvard Admissions. Ackman and the filmmaker, Theodore Braun, have said he was not involved in financing the documentary. Bill Ackman and Herbalife go head-to-head in a new promotional video for the upcoming documentary “Betting on Zero. 39B to $7. Table of Contents. Ackman and Icahn have been sworn enemies for years, since a 2004 deal over a real-estate company that resulted in lawsuits and threats. ET. By Steve Burns. Bill Ackman saw his hedge fund’s crusade against Herbalife as a moral battle with a billion-dollar payday. " He said the banking crisis is beyond what the private sector can solve on its own. Bill Ackman told Pershing Square shareholders that a 10% stake in UMG was an easy call, comparing music to food and water as a necessity. “Betting On Zero,” the documentary that has D. Again we have Bill Ackman, Billionaire hedge fund manager, as a proponent of Valeant Pharmaceuticals with a large long position and Australia’s […] Betting on Zero is a great business documentary that profiles billionaire Bill Ackman as he makes a billion dollar bet against nutritional supplement giant Herbalife. The battle between Ackman and Herbalife plays out in the media, in board rooms, and on the streets in Braun's stirring. Updated June 25, 2019. It cost Ackman some $100 million in premiums to maintain his position, per the outlet, though he made about $300 million from his moves in the market, meaning Pershing Square’s $13 billion. He has. The 10-year yield, the. hlf. 46B this quarter. He joins to discuss. Summary. The investor has since added to his position. 25. Read an excerpt here—the full story will be released next week. Official Trailer. S. As of last Tuesday, it was down 3 percent for the year. ” ~ Bill Ackman (on — The Knowledge Project #82 podcast, at 21:29) Bill Ackman initially considered selling his hedge fund’s stock holdings when news. Brooks Julie Contreras William Cohan Erin Criss. (Source: Bloomberg data) Long-dated government bonds are going through a rough patch. Hear not only of. 99 HD . Fallon—Bloomberg via Getty Images. Bill Ackman says Visa has the power to force Pornhub to remove child pornography. Watch Bill Ackman's new mini-documentary for his infamous Herbalife short. Pershing has made billions from well-timed bets, including. S. 26 , when the stock was in the $351. A good documentary is informative and educational without skimping on the entertainment value. Self - Former Factory Worker: Patrick DanielBillionaire Bill Ackman stated in a March 11 tweet that the U. Pershing Square sold Netflix in April and isn't looking back. The influential hedge-fund manager Bill Ackman, one of Valeant’s largest shareholders, compared Pearson to Warren Buffett, citing his genius at capital allocation. Bill Ackman winced as he watched the line of selfie-seekers form. Still, he told me, he. This documentary follows controversial hedge fund titan Bill Ackman in his crusade to try and expose Herbalife as history's largest pyramid scheme. As CEO of Pershing Square, Ackman is still very much involved in running his firm, which has its own struggles with the market downturn. Ackman was a wealthy investor manipulating the market to his advantage. "WWIII has likely started, but we have been slow to recognize it," the billionaire hedge-fund manager said in a tweet thread. 5 million. Here’s what they are. S. The neo-Renaissance-style property was designed by Nathan Koran in 1927 and sits within the Upper. lobbyists. Billionaire activist investor Bill Ackman, the CEO of $13. 2 million times in their first five hours online. A billionaire’s plans for his prewar penthouse spark fears of slippery slope scenarios on the Upper West Side of Manhattan. Round two has brought about enormous success, as Pershing boasts an annualized return rate. The film’s ostensible if unlikely hero is Bill Ackman, the CEO of the hedge fund Pershing Square Capital Management. At least a dozen business executives have endorsed Bill Ackman’s call to refuse to hire members of student groups at Harvard that signed on to a letter blaming Israel for Hamas’ deadly attack. In fact, the billionaire activist said he's willing to pursue his mission "to the end of the earth" in a new big-screen documentary, which debuted Thursday at the Tribeca. 2016. Add to that list of contrarians hedge fund manager Bill Ackman (MBA ’92), whose six-year crusade to expose the financial weakness of the nation’s leading municipal bond insurer. Bill Ackman, the billionaire founder of Pershing Square Capital Management, claimed he was contacted by the media to ask if his Twitter account had been "hacked" after he. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. May 25, 2023, 6:25. 5bn or more, but are wary of. Now he has doubts about the U. ABC World News, and CBS 60 Minutes, the documentary film, Betting on Zero and the podcast, The Dream. The US billionaire Bill Ackman has told investors he will return the $4bn (£3. Product Description. Betting on Zero. Bill Ackman. Icahn power this deft documentary portrait. Self - Governor, Federal Reserve: Simon Johnson. PG. S. Power Players, a Bloomberg Originals documentary talk show hosted by Jason Kelly, dives into the stories of influential sports figures who have translated their success from the high-octane world. One of Valeant’s biggest investors, hedge-fund billionaire Bill Ackman, is trying to salvage both the multi-billion-dollar investment his fund, Pershing Square, made in the company and—with. Movie Info. S. economy risks heading for a “train wreck,” following Wednesday’s interest rate hike and. Year Award Ceremony Nomination Movie; 2011: Emmy:1. This “noble” pursuit isn’t without personal gain though because Ackman has taken a massive short position on Herbalife…literally banking on it going bankrupt. The controversial film explores activist investor Bill Ackman's crusade against Herbalife, which he says is a pyramid scheme. 46 to. Pershing Square’s Bill Ackman said Monday that he has closed his bet against 30-year Treasury bonds, saying in a series of posts on X, the social-media platform formerly known as Twitter, that. 13 Best Entrepreneurs Documentaries for Entrepreneurs – 1. Documentary. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright. . . United States. News Reporter. S. 75 and 7. Ackman, in the same hearing, revealed at the time that. Pershing has made billions from well-timed bets, including. Controversial hedge fund titan Bill Ackman is on a crusade to expose global nutritional giant Herbalife as the largest pyramid scheme in history while Herbalife execs claim Ackman is a market manipulator out. Billionaire William 'Bill' Ackman is the founder of Pershing Square Capital Management, otherwise known as Pershing Square, a hedge fund with a 13F portfolio of over $7. (NYSE:PSTH), a special purpose. On one side is Ackman, who took a $1. Zelenskyy said the businessmen, who included Michael Bloomberg, Larry Fink and Bill Ackman, were prepared to make major investments in rebuilding Ukraine after its war with Russia Betting on Zero. Ackman said he broke all his investment rules with Valeant, initially striking up a partnership with the Canadian drugmaker in 2014 to try to buy Botox-maker. Bill Ackman wants to demolish the penthouse atop a 1927 building and erect two modernist glass boxes. P. Betting on Zero. Bill Ackman has doubled down on his push to have companies refuse employment opportunities to the Harvard students who signed a letter blaming Israel for Hamas’ violent attack that killed more. 7. Bill Ackman joined fellow billionaire Elon Musk in calling on Ukraine to cede Crimea to Russia as part of an overall peace package that would satisfy Moscow. — Bill Ackman (@BillAckman) October 23, 2023. Ackman, in the same hearing, revealed at the time that his. In 2022, the hedge fund posted an 8. Controversial hedge fund titan Bill Ackman is on a crusade to expose global nutritional giant Herbalife as the largest pyramid scheme in history while Herbalife execs claim Ackman is a market. Shares fall 13 per cent in pre-market trading, down $1. 05. The website FactsAboutHerbalife. Ted Braun . A few years ago, the hedge-fund billionaire Bill Ackman paid $100,000 to play in a charity doubles tennis match against John. The Herbalife documentary about hedge fund manager Bill Ackman taking a huge short position against the nutrition company Herbalife under the notion that the. How old is William Ackman? Bill Ackman was born on May 11, 1966 and is 56 years of age as of. as well as his past tangles with the Transport Workers Union and the hedge fund manager Bill Ackman. Unlike some of his fellow billionaire investors, Ackman's portfolio isn't very big. Pershing Square CEO Bill Ackman joins 'Squawk Box' to discuss the rise of antisemitism on college campuses in the wake of the Israel-Hamas war, the lack of a clear strategy from university leaders. Ackman's net worth is estimated to be around $3. It is toast but Mr. "There is too much risk in the world to remain short bonds at current long-term. ” The important thing about intrinsic value is that you only need to be approximately right, rather than precisely wrong. investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research's report on India's Adani Group "highly credible and extremely well researched. 2 billion (assets) hedge fund Pershing Square, which he founded in 2004. m. 1 billion, according to a regulatory filing on Monday. The billionaire hedge fund manager Bill Ackman has been told to revise his plan for a penthouse apartment on top of a historic Manhattan building after his neighbours complained that it looked. Harvard University President Claudine Gay responded to criticism by students and alumni including Bill Ackman that the school. Twitter/ 'Betting On Zero'Hedge fund titan Bill Ackman's years-long crusade against Herbalife is heading to the silver screen in April. Read More:Young Thug Net Worth: Career, Awards, Music & Personal Life. He currently owns only six stocks. Ken Squire, 13-D Monitor founder and CNBC contributor, joins ‘Closing Bell: Overtime’ to discuss the billionaire brawl between Carl Icahn and Bill Ackman about 10 years later. 1 million bet on Netflix stocks - despite the recent drop in stock of the streaming giant from $701 to just over $400. 's skepticism on Covid vaccines Published Wed, Jul 5 2023 3:37 PM EDT Updated Mon, Jul 10 2023 9:54 AM EDT Brian Schwartz @schwartzbCNBC Controversial hedge fund titan Bill Ackman is on a crusade to expose global nutritional giant Herbalife as the largest pyramid scheme in history while Herbalife execs claim Ackman is a market. Billionaire hedge fund manager Bill Ackman made a profit of about $200mn from his high-profile bet against US 30-year Treasury bonds, according to people familiar with the trade. 38. Listen. Self - Former Managing Director, Moody's Rating Agency: Frederic Mishkin. Bill Ackman, a renowned hedge fund manager and activist investor, is renowned for his bold investment strategies and controversial tactics. 5. Why did Ackman sell Netflix? Bill Ackman, the head of a billion-dollar hedge fund, sold all of his shares in Netflix during a major sell-off of the stock that followed the streamer’s Q1 failure, citing new doubts about Netflix’s long-term prospects. By Bill Ackman/Getty Images. DOCUMENTARY. Pershing Square dropped Netflix at a loss in April after holding it for just two months. February 9, 2016 at 11:31 AM. Originally released 4/15/2018. To Ackman’s point, new data from the Treasury Department shows the national deficit rose almost 25% year over year to $1. By William D.