Bill Ackman, CEO of Pershing Square Capital Management, speaking at the Delivering Alpha conference in New York City on Sept. 28, 2023.
Adam Jeffery | CNBC
Pershing Square’s Bill Ackman revealed Friday that he has built a significant stake in Uber, saying the stock is still trading at a “massive” discount.
In a post on X, the hedge fund manager said he began buying Uber shares in early January and has amassed 30.3 million shares, worth $2.3 billion based on the stock’s current level around $75 per share.
“We believe that Uber is one of the best managed and highest quality businesses in the world,” Ackman said in the post. “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.”
Shares of Uber surged more than 8% Friday. The stock had taken a hit on Wednesday, falling 7.5%, after the ride-sharing company offered soft guidance.
This is breaking news. Please refresh for updates.
