Investing titan George Soros joins Herbalife battle: report

NEW YORK -- Another Wall Street tycoon has reportedly joined the battle over Herbalife Ltd., the Los Angeles nutritional products maker.

George Soros, the legendary investor known for his support of liberal causes, has taken a big bet on Herbalife, according to the financial news network CNBC.

Soros has purchased a significant chunk of Herbalife shares, wagering that the company’s fortunes will rise, according to the the television station, which cited anonymous sources.

A spokesman for Soros declined to comment.

Whatever Soros’ position, it hasn’t resulted in a regulatory filing with the U.S. Securities and Exchange Commission. Rules require anyone with a stake in a company’s shares of 5% or more to notify the regulator within 10 days of the purchase.

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Herbalife shares shot up in midday trading on Wall Street. Herbalife shares added $5.14, or 8.6%, to $65.18.

Hedge fund manager Bill Ackman made waves late last year when he announced, with great fanfare, a $1-billion short position, or bet against, Herbalife. Ackman accused the company, a multilevel marketing firm, of being a pyramid scheme.

Ackman’s short position invited his rivals on Wall Street to join the fray. Activist investor Carl Icahn took a major bet against Ackman’s, and the two sparred in an unusually vitriolic exchange on national television.

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