Pershing Square USA (PSUS) president buys 350,000 IPO and private shares

Rhea-AI Filing Summary

Pershing Square USA, Ltd. president Hakim Ben reported significant personal purchases of the fund’s Common Shares of Beneficial Interest. On April 30, 2026, he bought a total of 350,000 shares at $50.00 per share, split between the PSUS initial public offering and a concurrent private placement.

Insider Trade Summary

Net Buyer: 350,000 shares ($17,500,000)

Net Buy 2 txns

Insider Hakim Ben

Role President

Bought 350,000 shs ($17.50M)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest	100,000	$50.00	$5.00M
Purchase	Common Shares of Beneficial Interest	250,000	$50.00	$12.50M

Holdings After Transaction: Common Shares of Beneficial Interest — 100,000 shares (Direct, null)

Footnotes (1)

1. On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares"). Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

Key Figures

Total shares purchased: 350,000 shares Purchase price: $50.00 per share IPO purchase: 250,000 shares +2 more

5 metrics

Total shares purchased 350,000 shares aggregate non-derivative purchases on April 30, 2026

Purchase price $50.00 per share for Common Shares of Beneficial Interest

IPO purchase 250,000 shares acquired in PSUS IPO on April 30, 2026

Private placement purchase 100,000 shares acquired in PSUS Private Placement on April 30, 2026

Approximate transaction value $17.5M 350,000 shares at $50.00 per share

Key Terms

Common Shares of Beneficial Interest, initial public offering, private placement, open-market purchase, +1 more

5 terms

Common Shares of Beneficial Interest financial

"the Issuer's Common Shares of Beneficial Interest ("Common Shares")."

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

initial public offering financial

"an initial public offering and a concurrent private placement"

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

private placement financial

"the PSUS IPO and a concurrent private placement (the "PSUS Private Placement")"

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

net-buy financial

""netBuySellDirection": "net-buy""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hakim Ben

(Last) (First) (Middle)

C/O PERSHING SQUARE CAPITAL MGMT., L.P.

787 ELEVENTH AVENUE, 9TH FLOOR

(Street)

NEW YORK NEW YORK 10019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pershing Square USA, Ltd. [ PSUS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	04/30/2026		P(1)(2)		100,000	A	$50	100,000	D
Common Shares of Beneficial Interest	04/30/2026		P(1)(3)		250,000	A	$50	350,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

2. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

3. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

	By: /s/ Jessica Falzone, attorney-in-fact	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider share purchases did PSUS president Hakim Ben report?

Hakim Ben reported buying a total of 350,000 Common Shares of Beneficial Interest in Pershing Square USA, Ltd. on April 30, 2026, at $50.00 per share, tied to the PSUS IPO and a concurrent private placement.

How many Pershing Square USA (PSUS) shares did Hakim Ben buy in the IPO?

He acquired 250,000 Common Shares of Beneficial Interest in the PSUS initial public offering on April 30, 2026. This block formed part of a combined transaction involving Pershing Square Inc. and Pershing Square USA, Ltd. equity offerings.

How many PSUS shares did Hakim Ben buy in the private placement?

He purchased 100,000 Common Shares of Beneficial Interest in the PSUS concurrent private placement on April 30, 2026. This transaction occurred alongside the PSUS IPO as part of a broader combined equity offering structure.

What price did Hakim Ben pay for his PSUS Common Shares of Beneficial Interest?

Both the IPO and private placement purchases were executed at $50.00 per share. This price applied to the 250,000 shares acquired in the PSUS IPO and the 100,000 shares acquired in the PSUS Private Placement on April 30, 2026.

What is the total dollar value of Hakim Ben’s PSUS share purchases?

Based on 350,000 shares purchased at $50.00 per share, the reported transactions represent $17.5 million of Pershing Square USA, Ltd. Common Shares of Beneficial Interest, spread across the PSUS IPO and the concurrent private placement.