Bill Ackman's Pershing Square Inc. (NYSE:PS) stock has crashed and moved into a bear market. It initially jumped to a high of $54.90 after its initial public offering in April, and then pulled back by 35% to the current $35.67. This retreat has brought its market capitalization to $14.2 billion. PS stock price has crashed this month | Source: TradingView Pershing Square raised $5 billion in April for PS and for the Pershing Square USA (NYSE:PSUS) as Ackman works to actualize his goal of becoming the next Warren Buffett. PSUS is a closed-end fund, that targets large, high liquid investments. Its top investments are companies like Amazon (NASDAQ:AMZN), Meta Platforms (NASDAQ:META), Restaurant Brands International (NYSE:QSR), and Uber (NASDAQ:UBER). Ackman recently dumped his Alphabet (NASDAQ:GOOG) and bought Microsoft (NASDAQ:MSFT), which he believes is a bargain. Pershing Square Inc., on the other hand, is the parent company that generates fees from managing PSUS. Read Also: Bitcoin Price At Risk As Fed Risk Converge With ETF Outflows And Weak Technicals The PS stock price has dropped as the post-IPO hype fades and some of the initial buyers start booking profits. At the same time, data shows that Ackman's portfolio is underperforming the market this year. Although it has gained 11.8% this quarter, it remains down by 6.4% this year. In contrast, the S&P 500, Nasdaq 100, and Dow Jones indices have jumped to their all-time highs, adding trillions of dollars in value. Several companies have contributed to the underperformance. For example, Uber stock was trading at $71.8, down by 30% from its highest point in September last year. QSR has fallen by 8.20% from the YTD high, while Freddie Mac has plunged by 57%. On the other hand, Amazon has jumped by 35% from the year-to-date low, and is hovering near its lowest point this year. Brookfield (NYSE:BN) has jumped to $45 from the year-to-date low of $37. Still, despite the ongoing PS stock retreat, Ackman's wealth has continued to grow this year. According to Bloomberg, he has grown his wealth by over $2.6 billion this year to $11.2 billion, making him the 313th richest person on earth. His wealth peaked at $14 billion earlier this month. Forbes places his net worth at $9 billion. Read Also: Are Dividend ETFs Like SCHD, DGRO, VYM Appealing As Bond Yields Jump? Image: Shutterstock