Activist Investor Dan Loeb Takes 8% Stake in Herbalife

Third Point's Dan Loeb has taken an eight percent stake in nutritional supplements seller Herbalife, according to a regulatory filing.

This disclosure pits Loeb, who successfully took on Yahoo, against Pershing Square's Bill Ackman who shorted more than 20 million shares of Herbalife, calling it a pyramid scheme and suggesting the stock will go to zero.

Loeb's disclosure comes a day before Herbalife will make big investor presentation in New York to respond to Ackman's allegations, which he made in his own lengthy presentation two weeks ago.

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Related previous post: Bill Ackman on CNBC: Why I Am Shorting Herbalife

UPDATE: Link: Loeb Outlines Bullish Thesis on Herbalife; Pyramid Scheme Accusation Has No Merit

UPDATE: Video: Battle of the Hedge Fund Titans