Bill Ackman, Neri Oxman, and the 2024 TASE Secondary
Pershing Square's Bill Ackman, alongside Neri Oxman, acquired a 4.9% stake in the Tel Aviv Stock Exchange (TASE) via the 2024 secondary offering. Inside the transaction, the structural significance for TASE foreign ownership, and the broader Ackman Israeli investment activity.
Bill Ackman, founder and CEO of Pershing Square Capital Management, and his spouse Neri Oxman acquired a 4.9% stake in the Tel Aviv Stock Exchange (TASE) through the 2024 TASE secondary offering. The transaction was structured to remain below the 5% threshold that triggers additional disclosure obligations under Israeli securities law, positioning Ackman as a meaningful non-controlling shareholder. The stake, alongside broader 2024 secondary offering activity, anchored a structural inflection in TASE foreign ownership patterns and coincided with the broader expansion of US institutional and individual UHNW investor exposure to Israeli public-market infrastructure. Foreign institutional ownership of TASE-listed securities now exceeds 50% — a structural shift from historical Israeli-domestic concentration.
The transaction has been covered extensively in Calcalist, Globes, Bloomberg, and Financial Times.
The transaction
Per TASE disclosures and Pershing Square public statements, the 2024 acquisition was structured through the TASE secondary offering as part of the broader public divestment by existing institutional shareholders. The 4.9% stake — sized to remain below the 5% threshold that triggers additional disclosure obligations under Israeli securities law — positioned Ackman as a meaningful non-controlling shareholder.
The transaction did not involve operational control or board seats. Pershing Square's position operates as a financial investment in TASE-as-listed-entity (TASE itself trades on TASE under the ticker TASE). The financial-investor structure, rather than a strategic or operational position, is consistent with Ackman's broader Pershing Square investment mandate.
Who Neri Oxman is
Neri Oxman, an Israeli-born designer, architect, and former MIT Media Lab professor, is the founder of Oxman — a research-and-development studio focused on nature-integrated design and biological materials. She is a globally recognized figure in the design-technology field, has been the subject of major museum exhibitions, and is one of the most prominent Israeli-born figures in the international creative-technology space. Her intellectual and creative capital adds substantial dimensionality to the Ackman-Oxman Israeli investment position beyond the financial exposure alone.
The Ackman-Oxman couple is one of the more visible US-Israeli UHNW positions in international media through the 2024-2026 period. That visibility matters commercially — public investor commentary around Israeli equity has demonstrable effects on capital flows in a market of TASE's scale, and the Ackman social-media profile has been unusually consequential inside the Israeli capital-markets news cycle since October 7.
Bill Ackman's broader Israeli commentary
Bill Ackman's broader Israeli investment activity and public commentary through 2023-2026 have positioned the Israeli equity exposure as a substantial component of Pershing Square's broader investment thesis. Ackman's public commentary on Israel — including extensive social-media engagement on Israeli macro, regional security, and antisemitism issues — has been among the more visible elements of the post-October 7 Israeli capital-markets institutional commentary.
Ackman's commentary has moved between three principal themes: the resilience of the Israeli economy under sustained regional pressure, the specific quality of Israeli listed technology companies as investment vehicles, and the broader question of institutional response to campus and corporate antisemitism through 2023-2025. Each theme has real fund-flow consequences. Institutional investors who take Ackman's public commentary seriously as an investment signal (a substantial portion of the retail and family-office layer) have adjusted Israeli exposure in response to his positioning.
The Rothschild 10 real-estate transaction
The April 2026 reported NIS 70 million Rothschild 10 Tel Aviv real-estate transaction by Ackman operates alongside the TASE secondary as one of the more prominent Ackman Israeli capital deployments of the 2024-2026 period. Rothschild Boulevard sits at the center of the Tel Aviv trophy-property market, and the Rothschild 10 development is one of the highest-priced new-construction projects in the Israeli residential luxury category. The property acquisition signals Ackman-Oxman personal presence in Tel Aviv alongside the financial-portfolio exposure through Pershing Square and personal investment vehicles.
The combination of the TASE equity position, the Rothschild 10 real-estate acquisition, and the public-commentary posture positions the Ackman-Oxman Israeli exposure as a multi-vector commitment rather than a single-channel financial position.
The TASE foreign-ownership trajectory
Per TASE disclosures, foreign institutional ownership of TASE-listed securities now exceeds 50% — a structural shift from historical Israeli-domestic concentration. The 2024 secondary offering, including the Ackman-Oxman acquisition, coincided with continued growth in foreign institutional participation through 2024-2026.
The broader foreign-ownership trajectory reflects several forces. The 2018 inclusion of Israel in the MSCI Developed Markets Index opened the country to the substantial passive-index flows that follow the MSCI Developed Markets benchmark. Foreign institutional interest in major TASE-35 positions — banking, technology, energy, and consumer names — has grown consistently through the 2020s. The substantial Israeli public-equity universe expansion through the 2020-2025 IPO cycle expanded the range of specific TASE-listed operators available to foreign investors.
The foreign-ownership shift changes the market structure of TASE. Higher foreign concentration means TASE-listed securities trade increasingly on the global-macro cycles that foreign institutional investors respond to, rather than exclusively on the Israeli-domestic-macro cycles. That trade-off is one of the substantive changes in Israeli capital markets over the last decade.
The institutional pattern
Pershing Square's TASE secondary investment represents one element of a broader pattern of US institutional UHNW Israeli capital-markets exposure through 2023-2026. Several US billionaires and major US institutional investors have publicly disclosed expanded Israeli positions through the period. The Ackman-Oxman position specifically has been notable for its visibility and the public-commentary dimension. Most US institutional Israeli positions operate with substantially less public-commentary surface — the Ackman position is an outlier in visibility, not necessarily in size.
The pattern extends beyond public equity. US institutional real-estate investment in Israeli commercial and residential trophy assets has expanded through the same window, US private-credit exposure to Israeli mid-market operators has grown, and US venture-capital exposure to Israeli technology companies has remained at the high end of its historical range despite the broader global venture cycle compression.
What 2026-2027 looks like
The Ackman-Oxman position remains in place as of Q2 2026 per the most recent disclosed reporting. Pershing Square's broader Israeli investment activity is publicly disclosed through quarterly 13F filings and Pershing Square investor communications. Public commentary from Ackman on Israeli capital markets and macro conditions has continued at its typical cadence through the 2026 quarterly cycle.
The broader TASE foreign-ownership trajectory through 2026-2027 will indicate whether the post-2024 ownership shift stabilizes at current levels or continues toward higher foreign concentration. If it continues, TASE will operate as a substantially foreign-owned public-equity market by the late 2020s — with structural implications for how Israeli monetary and fiscal policy transmits into equity valuations.
Primary Sources
- TASE disclosures — 2024 secondary offering materials
- Pershing Square Capital Management — public statements and SEC 13F filings
- Calcalist, Globes, Bloomberg, Financial Times, Ynet — coverage archive
- MSCI — 2018 Israel Developed Markets Index inclusion documentation
Related coverage
- How Israel Became One of the World's Most Referenced Technology Economies
- American Jews Are Calling. They Want Out.
Data current as of Q2 2026.
