Late on Friday, another bizarre twist emerged in Bill Ackman’s chaotic attempt to take public Pershing Square USA, his closed-end fund that will mirror the investments in his Pershing Square hedge fund and is open to any retail investor with 50 bucks and a dream—and that might elevate Ackman into the position of meme stock lord. As you’ll recall, some leaks emerged several weeks ago suggesting that Pershing Square USA was on track to raise as much as $25 billion—which would have made it the largest-ever closed-end fund by a factor of five. Last week, it was revealed that the hoped-for war chest had shrunk to around $10 billion, and more likely to between $5 billion and $10 billion. Strange days. And then on Friday, Bill did not file the “final” prospectus, as he said he would in a letter sent Thursday to accredited, high-net-worth investors in Pershing Square, whom he was encouraging to invest in Pershing Square USA. Per Ackman’s letter, the new fund seemed to have lowered its targeted haul again: to a now-promised $2.5 billion to $4 billion.