Ackman donates $400m Pershing Square take to fund new brain institute
Hedge fund billionaire Bill Ackman and his wife, Neri Oxman, are donating 10 million shares in Pershing Square to help establish a major new brain research and rehabilitation centre in New York, according to a report by Bloomberg.
Bill Ackman and his wife, Neri Oxman, are donating $400 million worth of shares from Pershing Square to fund a new brain research and rehabilitation centre in New York, according to a report by Bloomberg. The shares, held by the Pershing Square Foundation, are valued at nearly $400 million based on the company's closing price on Wednesday.
The foundation has secured a 400,000-square-foot building on Manhattan’s Upper West Side for the project, with plans to purchase an additional 130,000-square-foot property nearby. The planned facility, to be named the Ackman Oxman Institute, aims to become a leading centre for brain research, rehabilitation, recovery, and work focused on human performance and longevity.
The institute will collaborate with Mount Sinai and other hospitals and medical schools. Ackman has stated that they intend to make another donation of a comparable or potentially larger value, though this contribution will not be made in Pershing Square shares.
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