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Uber shares jump to three-month high after Bill Ackman builds $2 billion stake

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Shares of Uber Technologies jumped to a three-month high on Friday after billionaire hedge fund manager Bill Ackman announced that he had taken a stake worth about $2.3 billion in the ride-sharing platform.
Uber Technologies Inc.'s shares surged to a three-month high after Pershing Square Capital Management, led by billionaire investor Bill Ackman, disclosed a significant investment in the company. Ackman's firm acquired 13.4 million shares of Uber, valued at approximately $775 million, making it one of the largest investments in Pershing Square's portfolio. This investment was revealed in a regulatory filing, which also noted that Ackman had been purchasing Uber shares since November 2023. The news boosted Uber's stock by 11.4% to $79.15, marking its highest level since November 14, 2023. Ackman's involvement is seen as a strong vote of confidence in Uber's future, particularly as the company has been focusing on profitability and expanding its services beyond ride-sharing into areas like food delivery and freight.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/autos-transportation/uber-shares-jump-three-month-high-after-bill-ackman-builds-stake-2025-02-07/ ]