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2mo ago

Uber Stock Surges After Bill Ackman Reveals $2.3 Billion Stake

The hedge fund manager praised Uber's management transformation, calling the company undervalued despite recent earnings concerns.

The Uber logo is shown on the building in Los Angeles, California, U.S., February 14, 2024. REUTERS/Mike Blake/File Photo
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Bill Ackman said Pershing Square began building its Uber position in early January.
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Overview

  • Bill Ackman disclosed that his hedge fund, Pershing Square, has acquired 30.3 million shares of Uber, valued at $2.3 billion.
  • Uber's stock rose nearly 10% on Friday, reaching its highest level in three months, following Ackman's announcement.
  • Ackman commended Uber CEO Dara Khosrowshahi for turning the company into a profitable, cash-generating business since taking over in 2017.
  • The announcement comes days after Uber's Q4 earnings report, which showed a 20% revenue increase but fell short of profit expectations.
  • Ackman described Uber as a high-quality business trading at a significant discount to its intrinsic value, signaling long-term confidence in the company.