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Bill Ackman‘s primary hedge fund wiped out most of its 2024 gains during late July, adding to the billionaire’s troubles after he withdrew his IPO for a US-traded closed-end fund this week due to weak demand. Pershing Square Holdings had gained 8.7% by mid-July but lost 4.7% in the latter half of the month, leaving it with a year-to-date gain of just 0.7%, reported Bloomberg. A major factor in the decline was Pershing Square’s investment in Universal Music Group (OTC:UMGNF), whose shares fell 24% following disappointing earnings last week. Meanwhile, Ackman’s ambitious plan to launch a new inv…

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