Uber's Stock Soars Following Bill Ackman's Investment

Uber Technologies Inc. experienced a significant 8% surge in its stock price this Friday. This jump came after the renowned billionaire hedge fund manager, Bill Ackman, revealed a substantial 33.3 million-share stake in the company. Ackman, who began acquiring shares in early January, lauded Uber as one of the "best-managed" businesses globally.

CEO Dara Khosrowshahi's Leadership Praised

In his statement, Ackman highlighted the transformative leadership of CEO Dara Khosrowshahi, crediting him for turning Uber into a "highly profitable and cash-generative growth machine." He expressed his belief in Uber's exceptional management and quality, 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." Ackman also hinted at sharing more insights about his investment strategy in the near future.

Market Reaction

Following Ackman's disclosure, Uber's shares saw an impressive jump, increasing by 8.24% to $75.76 per share at 11:35 am ET. This endorsement from a high-profile investor like Ackman has undoubtedly contributed to the positive momentum in Uber's stock, reflecting growing investor confidence in the company's future prospects.