A complete, verbatim transcript of the entire Q&A session is not available, but summaries from the November 18, 2025 event for Fannie Mae and Freddie Mac detail key questions asked and answered by Bill Ackman:
Key Questions & Answers from the Q&A Session:
Q: Had the administration been briefed on this plan?
A: Yes, Ackman confirmed he had met with President Trump, FHFA Director Bill Pulte, and Treasury Secretary Scott Bessent in the days prior to the presentation and was given the "green light" to present it publicly to get feedback.
Q: What is the proposed alternative to an immediate IPO?
A: Ackman proposed a more deliberate approach, arguing that an immediate Initial Public Offering (IPO) is neither feasible nor desirable due to governance issues and the time needed to get market participants on board. Instead, he recommended relisting the shares to a major exchange as a "baby step" to increase transparency and a mark-to-market value for the Treasury's stake, with an eventual IPO targeted for 2026 or 2027.
Q: What are the long-term plans regarding the structure of Fannie Mae and Freddie Mac?
A: Ackman emphasized that competition between the two entities is healthy and should be preserved, walking back previous suggestions of a potential merger.
Q: What is the status of Pershing Square's investment in the companies?
A: Ackman confirmed that Pershing Square has not sold its stake and remains the largest common shareholder of both entities, holding over 210 million shares combined.
Q: When could a deal be finalized?
A: Ackman stated that the transaction could potentially be completed before the end of the year, meeting the expectations of all stakeholders.
Relist on the NYSE: Relisting the shares on the New York Stock Exchange (NYSE) would be a simpler process than an IPO, increasing transparency and providing liquidity. 💥
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