By John Kell and Alan Murray
September 9, 2015

In his nearly three-year battle against Herbalife, activist Bill Ackman has done something entirely new. His goal has not been to improve the company but to annihilate it. And he has used every tool at his disposal – his wealth, his connections, his cozy relations with the press – to try and achieve his goal.

 

Conventional wisdom holds hedge fund billionaires are driven by greed. Something else moves Ackman. If motivated by greed alone, he would have taken his profits and bolted long ago. Herbalife is his holy war, his white whale. He must kill it, whatever it takes.

 

In the upcoming issue of Fortune, our Roger Parloff unpacks this bizarre corporate saga. Roger’s account is deeply reported, scrupulously fair, and beautifully told. I also found it deeply disturbing. Activist investing plays an important role in our system. But Ackman’s campaign against Herbalife seems a step too far. Read it here, and draw your own conclusions.

 

Out tomorrow, our new list of the Most Powerful Women in business. There’s an activist angle here, too: Three of our top ten have tangled with investor Nelson Peltz in the last few years – and are still standing.

 

More news below.

 

 

 

Alan Murray
@alansmurray
alan.murray@fortune.com

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