Invoice Ackman, CEO of Pershing Sq. Capital Administration, talking on the Delivering Alpha convention in New York Metropolis on Sept. 28, 2023.
Adam Jeffery | CNBC
Pershing Sq.’s Invoice Ackman revealed Friday that he has constructed a major stake in Uber, saying the inventory continues to be buying and selling at a “large” low cost.
In a submit on X, the hedge fund supervisor stated his fund started shopping for Uber shares in early January and has amassed 30.3 million shares, value $2.3 billion primarily based on the inventory’s present stage round $75 per share.
“We imagine that Uber is among the greatest managed and highest high quality companies on the earth,” Ackman stated within the submit. “Remarkably, it may well nonetheless be bought at an enormous low cost to its intrinsic worth. This favorable mixture of attributes is extraordinarily uncommon, notably for a big cap firm.”
Shares of Uber surged greater than 8% Friday. The inventory had taken a success on Wednesday, falling 7.5%, after the ride-sharing firm provided comfortable steerage and posted an earnings miss.
The inventory has rallied about 25% in 2025 after a disappointing 2024 the place shares dipped 2%.
Uber
Pershing Sq.’s hedge fund has a concentrated portfolio with 10 inventory holdings together with the brand new Uber stake. As of the tip of September, Pershing’s greatest holding was Google’s guardian Alphabet. Brookfield, Hilton Accommodations and Chipotle Mexican Grill have been additionally his high holdings.
Ackman stated he was a day-one investor in Uber by a small funding in a enterprise fund, and he praised CEO Dara Khosrowshahi’s efforts to drive progress.
“I’ve been a long-term buyer and admirer of Uber starting when Edward Norton confirmed me the app in its early days,” Ackman stated. “Since he joined the corporate in 2017, Dara Khosrowshahi CEO has executed an outstanding job in remodeling the corporate right into a extremely worthwhile and cash-generative progress machine.”