Bill Ackman reveals he’s been building a more than $2 billion stake in Uber

Pershing Square’s Bill Ackman revealed Friday that he has built a significant stake in Uber, saying the stock is still trading at a “massive” discount.

In a post on X, the hedge fund manager said his fund began buying Uber shares in early January and has amassed 30.3 million shares, worth $2.3 billion based on the stock’s current level around $75 per share.

“We believe that Uber is one of the best managed and highest quality businesses in the world,” Ackman said in the post. “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.”

Shares of Uber surged more than 8% on Friday. The stock had taken a hit on Wednesday, falling 7.5%, after the ride-hailing company offered soft guidance and posted an earnings miss.

The stock has rallied about 25% in 2025 after a disappointing 2024 where the shares dipped 2%.

Pershing Square’s hedge fund has a concentrated portfolio with 10 stock holdings including the new Uber stake. As of the end of September, Pershing’s biggest holding was Google’s parent Alphabet. Brookfield, Hilton Hotels and Chipotle Mexican Grill were also his top holdings.

Ackman said he was a day one investor in Uber through a small investment in a venture fund, and he praised CEO Dara Khosrowshahi’s efforts to drive growth.

“I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days,” Ackman said. “Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine.”