The Baupost Group, L.L.C., Baupost Group GP, L.L.C., and Seth A. Klarman jointly filed Amendment No. 2 to a Schedule 13G with the SEC on November 13, 2026, disclosing beneficial ownership of Herbalife Ltd. common stock as of September 30, 2026.

Key Highlights

  • 10,259,844 shares: Each of the three reporting persons disclosed beneficial ownership of 10,259,844 shares of Herbalife Ltd. common stock.
  • 9.8% of class: The aggregate position represents 9.8% of Herbalife's outstanding common stock, according to the filing.
  • Shared voting and dispositive power only: All 10,259,844 shares carry shared voting power and shared dispositive power; sole voting and sole dispositive power are each reported as zero.
  • Purchased on behalf of private partnerships: The filing states the securities "were purchased on behalf of various private investment limited partnerships" managed by Baupost.
  • Event date September 30, 2026: The date of the event requiring the filing is listed as September 30, 2026.
  • Seth A. Klarman as controlling person: The filing identifies Klarman as Managing Member of Baupost Group GP, L.L.C. and "a controlling person of Baupost," whose beneficial ownership is deemed under Section 13 of the Securities Exchange Act of 1934.

Baupost Group Discloses Herbalife Position in Amended 13G Filing

According to the filing, The Baupost Group, L.L.C. is a registered investment adviser that acts as investment adviser and general partner to various private investment limited partnerships. The securities reported are held on behalf of certain of those partnerships. Baupost Group GP, L.L.C. serves as the Manager of Baupost, and Seth A. Klarman is the Managing Member of Baupost Group GP, L.L.C. The filing states that BG GP and Klarman "may be deemed to have beneficial ownership under Section 13 of the Securities Exchange Act of 1934, as amended, of the securities beneficially owned by Baupost."

All three reporting persons disclose the same aggregate amount of 10,259,844 shares, representing 9.8% of Herbalife's common stock class (CUSIP G4412G101). None of the three holds any sole voting or sole dispositive power; all voting and dispositive power over the shares is reported as shared among the reporting persons, the filing states.

The filing includes a declaration pursuant to Rule 13d-4, stating that "Seth A. Klarman and BG GP declare that the filing of this statement on Schedule 13G shall not be deemed an admission by either or both of them that they are, for the purposes of Section 13 of the Securities Exchange Act of 1934, as amended, the beneficial owner of any securities covered by this statement on Schedule 13G." The filing also certifies that the securities "were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer."

What Was Disclosed

Baupost Group, Baupost Group GP, and Seth A. Klarman jointly filed Amendment No. 2 to a Schedule 13G reporting shared beneficial ownership of 10,259,844 shares, or 9.8%, of Herbalife Ltd. common stock as of September 30, 2026.