The company has been criticized by, among others, hedge fund manager Bill Ackman of Pershing Square Capital, who claimed that Herbalife operates a "sophisticated pyramid scheme" after taking a $1 billion short position in Herbalife stock. Herbalife agreed to "fundamentally restructure" its business, in the US but not worldwide, and pay a $200 million fine as part of a 2016 settlement with the U.S. Federal Trade Commission (FTC) following accusations of it being a pyramid scheme. In November 2017, Ackman's hedge fund closed out its short position in Herbalife.