Hedge fund manager Bill Ackman's firm, Pershing Square, has purchased a significant stake in Uber, valuing the investment at $2.3 billion. Ackman expressed confidence in Uber's management and its future prospects, arguing that the company is undervalued.
In a recent post on X, hedge fund manager Bill Ackman disclosed that his firm, Pershing Square, initiated a position in Uber shares in early January. As of now, Pershing Square has accumulated 30.3 million Uber shares, valued at approximately $2.3 billion based on the current stock price around $75 per share. Ackman expressed his strong conviction in Uber , stating, 'We believe that Uber is one of the best managed and highest quality businesses in the world.
' He further emphasized the company's exceptional value proposition, noting, 'Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company.'Uber's stock experienced a significant surge of over 8% on Friday following Ackman's announcement. The stock had previously faced a decline of 7.5% on Wednesday after the ride-hailing company revealed a reduction in its financial guidance. Pershing Square maintains a concentrated portfolio with ten stock holdings, including its newly acquired Uber stake. As of the end of September, Google's parent company, Alphabet, was Pershing Square's largest holding. Ackman revealed that he was an early investor in Uber through a small investment in a venture fund. He lauded CEO Dara Khosrowshahi's leadership in driving the company's growth, stating, 'I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days. Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine.
BILL ACKMAN PERSHING SQUARE UBER INVESTMENT STOCK MARKET
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