The market is embracing Bill Ackman's acquired stake in Uber Technologies through Pershing Square, driving gains for both the billionaire's investment fund and the ride-sharing app. Shares of the San Francisco-based company are currently trading up around 9.2% at $76.45, making Ackman's 30.3-million-share position worth $2.32 billion. The executive believes Uber is highly undervalued and says it will share more about its plans for the company shortly. "We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value," he said in a post on X.(sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
February 07, 2025 13:22 ET (18:22 GMT)
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