Bill Ackman (Trades, Portfolio) just made a power movehis hedge fund, Pershing Square, has snapped up 33.3 million shares of Uber Technologies (NYSE:UBER), and the market is loving it. Shares jumped 7.7% at 11.46am, as investors took note of Ackman's endorsement, calling Uber a highly profitable and cash-generative growth machine under CEO Dara Khosrowshahi. Ackman's track record for spotting undervalued winners has Wall Street buzzing, and his belief that Uber is still trading at a massive discount to intrinsic value is fueling fresh optimism.
This isn't just a casual betAckman has been watching Uber since the early days and was even a day-one investor through a venture fund. He's seen the company shake off its early chaos and evolve into what he now calls one of the best managed and highest quality businesses in the world. That's a bold statement, but coming from Ackman, it carries weight. Investors know his deep-value plays don't just happen on a whim, and with Uber still flying under the radar in some circles, this could be the kind of catalyst that brings in more big-money buyers.
Uber's stock pop is another case of how a single high-profile investor can shift market sentiment overnight. But the real question now: Does Ackman see this as just the beginning? He's teased that there's more to share about his thinking on Uber, and if Pershing Square keeps adding to its stake, expect even more fireworks. Investors are watching closelybecause when Ackman speaks, the market listens.
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