Pershing Square's Ackman shorts Herbalife; stock skids

Ackman's presentation will also be streamed live at 9:30am today, HERE. 

(Reuters) - Activist investor William Ackman confirmed on Wednesday that he is betting against the stock of Herbalife Ltd (HLF.N) in a move that sent shares of the weight management product company reeling and sparked a caustic rebuke from its chief executive officer. 

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On Thursday, the fund manager is scheduled to lay out his argument for the move at a hastily arranged investment presentation in New York. But Wall Street was already abuzz with the move on Wednesday afternoon when his position became public. 

The move is particularly noteworthy because Pershing Square became the first hedge fund to publicly acknowledge its short position in Herbalife, with some investors beginning to question its business strategy.