Uber's Remarkable Turnaround Earns Ackman's Confidence

In a significant endorsement, billionaire hedge fund manager Bill Ackman has revealed a substantial 33.3 million-share stake in Uber Technologies Inc., acquired starting in early January. Ackman lauded the company as one of the "best-managed" businesses globally, attributing much of its success to CEO Dara Khosrowshahi's leadership.

Transformation into a Profit Powerhouse

Under Khosrowshahi's guidance, Uber has evolved into a "highly profitable and cash-generative growth machine," according to Ackman. This transformation has not only solidified Uber's position in the market but also attracted significant investor interest, as evidenced by Ackman's investment.

Market Reaction to Ackman's Endorsement

Following the disclosure of Ackman's stake, Uber's shares experienced an 8.24% surge, reaching $75.76 per share by mid-morning ET. This reaction underscores the market's positive reception to Ackman's confidence in Uber's future prospects.