UnitedHealth's stock is experiencing downward pressure following a controversial statement by billionaire investor Bill Ackman. In a since-deleted post on the social media platform X, Ackman suggested that if he were still shorting stocks, he would target UnitedHealth. He alleged that the company's profitability might be overstated due to its denial of medically necessary procedures and patient care. This assertion has raised concerns among investors, despite UnitedHealth's response labeling Ackman's claims as "grossly uninformed" and highlighting the strong regulatory oversight in the health insurance sector. The company has also reached out to the Securities and Exchange Commission regarding the tweet.
The market's reaction to Ackman's comments has been swift, with UnitedHealth's shares falling as investors digest the potential implications of his allegations. The stock opened at $530.73 and has seen a low of $521.91, reflecting the volatility sparked by the controversy. UnitedHealth's current price is $536.845, down 1.58% from its previous close of $545.45 on February 4th.