Hedge fund giant Bill Ackman just took a massive blow

(Yahoo Finance) Shares of multi-level marketer Herbalife jumped on Friday following a report from The Wall Street Journal that The Federal Trade Commission will not determine the company to be a pyramid scheme. Instead, the company will pay a $200 million fine and have to improve disclosures about its distributors, the report said. The story was later confirmed.

Initially, shares of Herbalife (HLF) had spiked more than 16% in the pre-market, hitting the $68 range. Those gains have since subsided a bit. The stock was last trading up about 9% at $65.

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