How Bill Ackman's Stock Tip Turned A New York Taxi Driver's $50 Thousand Into A $3 Million Retirement Fund

Bill Ackman, a prominent hedge fund manager, once shared a remarkable story of a New York City taxi driver who turned a $50,000 investment into nearly a $3 million retirement fund.

What Happened: Ackman, the CEO of Pershing Square Capital Management, recounted the story in episode 413 of the Lex Fridman Podcast about a year ago.

A New York City taxi driver whom Ackman recalled had a Jamaican accent called him to express his gratitude for a tip he’d given on CNBC about General Growth Properties stock.

 "I saw you on CNBC a couple of years ago and you were talking about this general growth and the stock,” stated Ackman quoting the caller.

The taxi driver had invested his entire savings in the stock when it was valued at 60 cents per share. Years later, the stock had multiplied 50 times, allowing the driver to retire comfortably with nearly a $3 million nest egg.

Ackman, renowned for his successful investments, was touched by the driver’s story, stating that such moments make him feel “pretty good about investing.”

General Growth Properties was the largest retail real estate company and the second-largest shopping mall operator in the U.S.

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Why It Matters: This anecdote is particularly poignant in light of Ackman’s investment journey. In May 2025, Ackman reflected on the Valeant disaster, a $4 billion investment that nearly wrecked his firm, finances, and personal life.

Earlier in January 2025, Ackman had expressed his intention to create “a modern-day Berkshire Hathaway” by increasing his stake in real estate company Howard Hughes Holdings HHH.

Howard Hughes Corporation was spun off from the real estate investment trust General Growth Properties in 2010, becoming an independent entity. It owns and manages a diverse portfolio of U.S. real estate, including commercial, residential, and mixed-use properties, with a market value of $3.6 billion.

One of the key milestones in Ackman’s investing journey was the rescue of mall operator General Growth Properties, which ultimately led to his involvement in the formation of Howard Hughes Corporation.

The stock of Howard Hughes Holdings declined over 9% on a year-to-date basis.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.