Uber's Remarkable Surge

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

Ackman's Commendation

In his commendation, Ackman specifically praised Dara Khosrowshahi, Uber's CEO, for his pivotal role in transforming the company into a "highly profitable and cash-generative growth machine." Ackman expressed his admiration 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."

Market Response

Following Ackman's disclosure, Uber's shares saw an 8.24% jump at 11:35 am ET, reaching $75.76 per share. This notable increase underscores the market's positive reception to Ackman's endorsement and investment in the company.