Ackman to Close $4 Billion SPAC

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Hedge-fund supervisor William Ackman is winding up the largest-ever special-purpose acquisition firm after failing to discover a goal.

In a letter to shareholders in Pershing Sq. Tontine Holdings on Monday, Mr. Ackman mentioned the corporate couldn’t discover a goal that met its funding standards and was returning $4 billion in shareholder capital.

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