Hedge fund manager Bill Ackman gave what he called "the most important" presentation of his career on Tuesday.

Over the course of three hours, he delivered a presentation that he had billed as a "death blow" to Herbalife–a maker of nutrition shakes that Ackman believes is a "pyramid scheme."

He said his team spent $50 million on investigating the company and its so-called "nutrition clubs."

The market didn't buy his argument. Shares of Herbalife surged ending the day up 25%.

Ackman has been crusading against Herbalife for nearly 20 months. He believes the company operates as a "pyramid scheme" that targets poor people. It's Ackman's contention that regulators, specifically the Federal Trade Commission, will shut the company down.

Back in March, the FTC opened an investigation into the company.

We've included his slide deck from his latest presentation.