Stock hits record high. : Five years was long enough for Bill Ackman to decide that Herbalife may not go to zero as he expected. The head of hedge fund Pershing Square Capital Management told CNBC Wednesday afternoon that he unwound his entire bruising bet against the nutritional products company. In response, shares ticked up 7% to an all-time high. NEW YORK, NY - NOVEMBER 10: CEO and Portfolio Manager Pershing Square Capital Management L.P. William Ackman exited his Herbalife position, which once totaled $1 billion and represented about 5% of the company's assets under management.