stake in Procter & Gamble, which was valued at around $60 million by the end of 2013. In the first quarter of 2016, the hedge fund experienced its "biggest-ever quarterly loss" of 25%, due in part to its 9% stake in Valeant Pharmaceuticals International. Ackman, who joined Valeant's board in March 2016, commented on the company's 88% loss since August 2015 stating, “This is going to be a badly scraped knee that may even require stitches but it is not life threatening... We should be able to recover the lion's share of our investment—if not all of it—over time". After the controversial drug prices and operations of Valeant became public, Ackman and Valeant's board fired former CEO Mike Pearson, and Pershing Square sold all of its stake in Valeant with a total loss of $4bn. In September 2016, Pershing Square continued its investment in fast food by buying a 9.9% stake in Chipotle Mexican Grill. As of March 2018, Pershing Square held a 10.3% stake in Chipotle. In 2018, Ackman dumped $500 million into the publicly traded arm of Pershing Square Capital Management stating it was significantly undervalued at roughly $15 a share. As of September 2019, the fund returned 54.5% with a share price of $19.10, the highest since January 2016. In March 2020, Pershing Square made $2.6bn (£2.2bn) betting that there would be a market crash. In November 2020, Pershing Square took a position against corporate credit. In April 2022, Pershing Square lost in excess of $430mn on Netflix after a three month long bet. Herbalife In December 2012, Ackman announced the firm had made a $1 billion short bet against Herbalife, a maker of weight-loss and vitamin supplements, calling the company a "pyramid scheme". After activist billionaire investor Carl Icahn bought a stake in the company in January 2013, the share price rose nearly 13% and the investment was seen by analysts as the worst investment ever made by the firm. After a persistent political and grassroots campaign funded by Ackman and the firm, the Federal Trade Commission initiated a civil investigation into Herbalife, causing its stock to drop enough that by March 2014, Pershing Square was nearly even on their bet. In April 2014, Reuters reported that, according to its sources, the FBI conducted a probe into Herbalife and reviewed documents obtained from the company's former distributors. In March 2015, U.S. District Judge Dale Fischer dismissed