Bill Ackman Calls Out Coca-Cola, Pepsi Over Obesity Crisis — Ross Gerber Notes 'He Owns Several Crap Food Companies'

Pershing Square Capital CEO Bill Ackman sparked controversy on social media platform X by criticizing the Coca-Cola Co. KO and PepsiCo Inc. PEP over their marketing practices, comparing them to tobacco companies and linking them to obesity and diabetes concerns.

What Happened: Ackman’s comments came in response to Cindy Crawford‘s iconic 1992 Pepsi commercial, where he stated, “This is why we have an obesity crisis in America. She wouldn’t look like that if she actually drank Pepsi.”

He questioned why class action lawyers haven’t pursued legal action against the beverage giants for what he considers misleading advertising.

Critics quickly pointed out potential contradictions in Ackman’s stance. Restaurant Brands International Inc. QSR, the parent company of Burger King, represents Pershing Square’s third-largest position.

The firm also holds a significant stake in Chipotle Mexican Grill Inc. CMG. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, highlighted this apparent disconnect, noting that “He owns several crap food companies.”

He owns several crap food companies.

— Ross Gerber (@GerberKawasaki) February 10, 2025

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What Happened: The billionaire investor’s broader critique extends beyond advertising. Ackman previously argued that both companies have failed to adequately disclose health impacts and have suppressed criticism. He contends that their reported profitability doesn’t account for societal costs, particularly affecting lower-income communities and children.

In 2023, Christopher Bloomstran, CIO of Semper Augustus Investments, noted that Pershing’s top four holdings, which include Lowe’s Companies Inc. LOW and Hilton Worldwide Holdings Inc. HLT, all distribute Coca-Cola and PepsiCo products.

This observation further fueled debate about the consistency of Ackman’s position on beverage industry practices while maintaining investments in their distribution channels.

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