Bill Ackman is USD 2.3 billion in Uber

Switch off the editor’s digest free of charge

Roula Khalaf, editor of the FT, selects her favorite stories in this weekly newsletter.

Activist investor Bill Ackman has adhered to a participation of more than $ 2.3 billion in the ride -in company Uber and sunk the shares that he said of had a “massive discount”.

Ackman announced the new participation after this week had achieved weaker than expected in the fourth quarter, but it was bought what they claimed was a more than $ 1 -plus opportunity that autonomous vehicles could revolutionize their business rather than interfere.

The company’s shares made 6.6 percent higher on Friday, which increased the group of almost $ 160 billion.

“We believe that Uber is one of the best managed and high -quality companies in the world,” wrote Ackman, who heads Pershing Square Capital Management, on Friday via X.

“Remarkably, it can still be bought on its inner value with a massive discount. This favorable combination of attributes is extremely rare, especially for a company with a large cap. “

Pershing Square and Uber did not immediately answer inquiries about comments.

While Ackman said in the post on X in the course of the years “suffered from unpredictable management,” he praised the managing director Dara Khosrowshahi that he had finally made the group profitable.

In 2017, Khosrowshahi replaced the co -founder of Uber, Travis Kalanick, after being committed to a series of scandals, including allegations that led an organization, sexual harassment in the workplace.

Ackman said his hedge fund started buying Ubers shares in early January and the group now had more than 30 million stocks. In 2009 he made his first investment in the company around his foundation, with a small participation easier for a risk capital fund.

Uber reported his first annual business profit last February, a turning point for the Silicon Valley Company.

It had a difficult time around the initial IPO in 2019, which did not meet the expectations of $ 120 billion. When it listed, Uber’s debut was the worst loss on the first day for a US company that went to the stock exchange.

Last February, Khosrowshahi said that the results were “a turning point for Uber, which proves that we can continue to achieve strong profitable growth on a scale”.

The company again reported annual profitability last year and aims to integrate autonomous vehicles into its fleet. It signed a contract with Alphabet subsidiary Waymo last year, and this week opened a waiting list for its self-driving vehicles this week in Austin, Texas.