Activist investor Bill Ackman — now almost $300 million in the hole on his $1 billion short bet against Herbalife — is digging in.

Ackman told investors in his second quarter letter, which The Post has obtained, that he has made “material progress” in attracting federal, state and international regulatory interest in the company he believes is a pyramid scheme.

“We are not at liberty to disclose the nature of those developments, but we believe that the probability of timely aggressive regulatory intervention has increased materially.”

Ackman noted that the Securities and Exchange Commission, which the company has said has opened an inquiry into Herbalife, has prosecuted pyramid schemes, including one of the seminal pyramid cases.

The letter, written after an ugly public battle with another big investment, JCPenney, led Ackman to resign from its board last week, started with the admission, “We are going to make mistakes.”

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