Uber Technologies Inc. Shares Soar

In an exciting turn of events, Uber Technologies Inc. witnessed an 8% surge in its shares this Friday. This significant boost came after billionaire hedge fund manager Bill Ackman revealed his substantial stake in the company, amassing 33.3 million shares since early January. Ackman didn't hold back his admiration, labeling Uber as one of the "best-managed" businesses on the global stage.

Leadership and Growth Praised

Bill Ackman specifically commended CEO Dara Khosrowshahi for his visionary leadership, which has transformed Uber into a "highly profitable and cash-generative growth machine." Ackman's confidence in Uber's management and its potential for growth is evident. He expressed his belief in the company's exceptional quality and management, stating, "We believe that Uber is one of the best managed and highest quality businesses in the world." Ackman also hinted at sharing more insights into his investment rationale soon.

Market Reaction

The market responded positively to Ackman's endorsement, with Uber's shares climbing by 8.24% to reach $75.76 per share at 11:35 am ET on the day of the announcement. This reaction underscores the impact of influential investors' confidence on stock performance and highlights the market's optimistic outlook on Uber's future trajectory.