Billionaire Bill Ackman's big housing market bet pays off
The popular hedge fund manager got good news.
Shares of Fannie Mae and Freddie Mac surged after U.S. President Donald Trump said he is working on taking the two government-controlled mortgage giants public, a move that many shareholders hailed.
In a post on his Truth Social platform on May 27, Trump praised the two companies' "vital service" to the American dream of homeownership. The two entities help provide stability and affordability to the U.S. housing market by backing trillions of dollars in home loans.
"I am working on TAKING THESE AMAZING COMPANIES PUBLIC, but I want to be clear, the U.S. Government will keep its implicit GUARANTEES, and I will stay strong in my position on overseeing them as President,” Trump wrote.
