Simon Property Group Continues Slide After Ackman Reveals Short Position (SPG)

Simon Property Group, Inc (NYSE: SPG) shares are continuing to slide one day after Pershing Square's Bill Ackman announced he was short the name as a hedge to his position in General Growth Properties (NYSE: GGP).

Ackman said that he did not have any qualms with how Simon Property Group was run as a company, but that it was merely a hedge against his tremendous position in the Chicago-based real estate investment trust.

Ackman, along with Brookfield Asset Management, and others help lead GGP out of bankruptcy in November. When the company had filed for bankruptcy in 2008, it was the largest ever bankruptcy filing for a real estate company.

It has since emerged from bankruptcy, and spun out Howard Hughes Corporation (NYSE: HHC), which Ackman is the Chairman of.

At last check, shares of SPG were off 79 cents to $105.58, a loss of 0.74%.