Bill Ackman's Endorsement Boosts Uber Shares

In a significant endorsement, billionaire hedge fund manager Bill Ackman has revealed a substantial 33.3 million-share stake in Uber Technologies Inc., acquired in early January. Ackman lauded Uber as one of the "best-managed" companies globally, highlighting its transformation under CEO Dara Khosrowshahi into a profitable and cash-generative entity.

Uber's Transformation Praised

"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," Ackman stated on X.

Market Reaction

Following this disclosure, Uber's shares experienced an 8.24% surge, reaching $75.76 per share by 11:35 am ET on Friday. This significant uptick underscores the market's positive reception to Ackman's investment and confidence in Uber's management and future prospects.