Bill Ackman Bet $1 Billion Herbalife Was "Going to Zero." He Lost $1 Billion.

Bill Ackman gave a legendary 3-hour presentation titled "Who Wants to Be a Millionaire?" declaring Herbalife a pyramid scheme destined for collapse. He put his money where his mouth was—$1 billion short. The trade became personal when fellow billionaire Carl Icahn took the opposite side, leading to an unforgettable live TV screaming match where Icahn called Ackman a "crybaby" and "liar." The result? Ackman fought this losing battle for five excruciating years before finally surrendering in 2018. His losses: nearly $1 billion. Icahn's profit from betting against Ackman: nearly $1 billion. Herbalife, the company supposedly "going to zero"? Still very much in business. The only thing that went to zero was Ackman's pride.