Bill Ackman, the founder of Pershing Square, has made profits of about $200m from his bet against thirty year US treasury bonds, according to a report by the Financial Times.

Quoting unnamed sources familiar with the matter, the report said that Ackman made the bet against 30-year bonds using options, derivatives that allow traders to profit from a fall in prices without having to borrow and sell the underlying bonds.

Reportedly, he made about $300m from moves in the market, he also paid out nearly $100m in premiums that allowed him to maintain his position.

Last week, Ackman had announced on social media sight X that he was exiting his short position saying, “there is too much risk in the world to remain short bonds at current long-term rates.”