When Tucker Carlson decides to take shots at you on a podcast, you've got two choices: ignore it or fire back. Bill Ackman, the billionaire CEO of Pershing Square, chose option two.

What Sparked This Latest Round

On a recent episode of the Theo Von podcast, Carlson didn't exactly mince words about Ackman. "Bill Ackman is worth 8 billion... but I know Bill Ackman, he is kinda dumb. He has not ever created anything. He is totally non-creative," Carlson said, before adding, "How do these people wind up running our biggest institutions?"

Ackman wasn't about to let that slide. The billionaire investor pushed back hard, noting that he and Carlson have only spoken twice since a defamation case came up. According to Ackman, Carlson defamed him on his show even after being presented with facts and receiving a legal letter. Despite never correcting those false claims, Ackman says Carlson continued badmouthing him while simultaneously and repeatedly asking him to appear on his show to discuss various topics.

Ackman didn't pull punches in his response, calling Carlson "ignorant" and declaring that he's "lost his soul."

The Backstory Gets Messier

This isn't their first rodeo. The tension between these two escalated back in July when Ackman publicly criticized Carlson for interviewing Trevor Milton, the former CEO of electric vehicle maker Nikola Corp. (NKLAQ). Ackman labeled Milton a "convicted corporate stock market fraudster" and condemned Carlson for giving him airtime.

Things have gotten more complicated recently as Carlson has ramped up his criticism of Israel, sparking backlash even among some supporters of President Donald Trump. Carlson has made controversial claims, including alleging that late financier Jeffrey Epstein was an Israeli agent blackmailing U.S. politicians. In November, he expressed shock over U.S. ambassador to Israel Mike Huckabee's covert meeting with convicted spy Jonathan Pollard, questioning whether Huckabee would provide an explanation.

For Ackman, who has been vocal about Israel-related issues, Carlson's recent commentary appears to be another flashpoint in their ongoing feud.