UnitedHealth Group (UNH) shares declined in premarket trading Wednesday following a now-deleted post from investor Bill Ackman on X, saying that he would short the health insurer's stock, while questioning the company's profitability, according to Bloomberg.
Ackman, the founder of Pershing Square Capital, said he would not be surprised to find that the insurer's profitability is "massively overstated" due to its denial of medically necessary procedures and patient care, Bloomberg reported.
UnitedHealth Group did not immediately respond to MT Newswires' request for comment.
UnitedHealth shares were down 2.5% in recent trading.
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