According to Odaily, billionaire hedge fund manager Bill Ackman is attempting to rejuvenate the IPO of Pershing Square in the United States by offering incentives to early investors. Ackman is addressing a significant hurdle in the project's listing process. Last month, he canceled the IPO plans for his newly established U.S. investment fund due to weak demand. Currently, Ackman is seeking feedback from supporters on a structure that includes additional incentives and shares of Pershing Square's U.S. company. Initially, he set a $25 billion target for listing the closed-end fund on the New York Stock Exchange, which would have made it one of the largest IPOs in history. However, after reducing the fundraising target by over 90% to just $2 billion, Ackman withdrew the listing plans. Two informed sources revealed that Ackman has discussed several options for the new structure. One proposal would grant early investors in Pershing Square the right to purchase additional shares at a fixed price through warrants in the future. For investors in Pershing Square's U.S. company, the real return might be the subscription rights to the eventual IPO of his hedge fund, Pershing Square Capital Management.