Bill Ackman, the CEO of Pershing Square hedge fund, has finally sold Valeant Pharmaceuticals International Inc. The fund lost more than 90 percent of its investment and nearly $3 billion just on the shares it owned at the end of 2016. Ackman, along with Pershing Square’s vice-chairman Steve Fraidin, informed the company of his plans to leave the board. Valeant is currently facing more than $28 billion of debt, which was amassed by the company's former executive chief Michael Pearson. "We elected to sell our investment and realize a large tax loss which will enable us to dedicate more time to our other portfolio companies and new investment opportunities," the company said in a statement.
