By Mackenzie Tatananni
Uber Technologies stock is trading at a "massive discount," Bill Ackman said Friday as he revealed that his hedge fund had established a significant stake in the ride-hailing company.
In a post on X, the CEO of Pershing Square Capital Management said his hedge fund began buying stock of Uber in January and accumulated a total of 30.3 million shares.
Uber stock jumped 8.3% to $75.76 on Friday. Based on current levels, Pershing Square's stake would be worth around $2.3 billion.
Ackman described Uber as "one of the best managed and highest quality businesses in the world," arguing that its stock could be purchased at a lofty discount to its intrinsic value. "This favorable combination of attributes is extremely rare, particularly for a large cap company," he wrote.
Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com
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(END) Dow Jones Newswires
February 07, 2025 12:31 ET (17:31 GMT)
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