The initial public offering target for Bill Ackman‘s U.S. investment fund, Pershing Square USA, has been drastically reduced by as much as 90%. This comes as the CEO’s comments are disavowed by the fund.

What Happened: Ackman, a prominent billionaire hedge fund manager, has cut the fundraising goal for the IPO of his U.S. investment fund, Pershing Square USA, by up to 90%, the Financial Times reported on Thursday. The initial target of $25 billion has been significantly reduced.