Uber Technologies Inc. Soars After Bill Ackman's Endorsement

In a significant boost to Uber Technologies Inc., shares surged by 8% on Friday. This leap came after billionaire hedge fund manager Bill Ackman revealed a substantial 33.3 million-share stake in the company, a move initiated in early January. Ackman didn't hold back in his praise, labeling Uber as one of the "best-managed" businesses globally.

He specifically lauded CEO Dara Khosrowshahi for his role in transforming Uber into a "highly profitable and cash-generative growth machine." Ackman shared his insights on X, stating, "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. This favorable combination of attributes is extremely rare, particularly for a large cap company. We will have more to share about our thinking on the company shortly."

Following Ackman's disclosure, Uber's shares experienced an 8.24% jump at 11:35 am ET, reaching $75.76 per share.