Fannie Mae-No Politics (FNMA)

[MannSinger]

Ackman might have sold 67M@$3.29 to 529 investor

Assume Ackman sold 67M shares @$3.29 to the 529 investor.

Remaining shares 115M-67M=48M

Now his cost for 48M will be 115Mx$2.29 - 67Mx$3.29 = $43M

FNMA pps for Ackman = $43M/48M = $0.90/share

He might be slowly adding now to increase # of shares at this lower pps.

That's why he never updated # of shares after 2013 in any presentation or news release. He gives only his initial cost value.