Mike, I think AT is rounding his number slightly. FnF together have close to 2B shares outstanding. IF warrants (80%)were to be exercised then you would have almost 10B SO. $400B divided by 8B shares = $50 per share.
Does anyone have a link to where Ackman actually spoke about FnF...not the other companies he spoke on?
If not, maybe someone that watched/recorded it could give a play be play.