Uber shares surge to three-month high as Bill Ackman buys $2B stake

Uber shares surge to three-month high as Bill Ackman buys $2B stake Image/Reuters

VoM News Desk | February 8, 2025 | 01:04 AM IST | Breaking News | Tags: Bill Ackman, Uber shares surge | Follow on Google News

Uber shares surge to three-month high as Bill Ackman buys $2B stake

NEW YORK, Feb 7 (Reuters) – Shares of Uber Technologies (UBER.N), opens new tab 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.

In a post on social media platform X, Ackman said he began acquiring a stake in Uber in early January and now owns 30.3 million shares in the company.

“While a great business, Uber suffered from erratic management,” said Ackman, who is the founder and chief executive of New York-based Pershing Square Capital Management.

“Since he joined the company in 2017, Dara Khosrowshahi (Uber) CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine.”

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Uber shares jumped nearly 10% to as high as $76.76, the highest level since October 30, giving it a market capitalization of about $161 billion. The company’s shares have gained nearly 26% so far this year. It lost 2% in 2024.

Earlier this week, Uber beat estimates with a 20% jump in fourth quarter revenue to $11.96 billion. Its adjusted net profit of 23 cents, however, missed analyst expectations of 50 cents, according to LSEG data.

(Except for the headline, this story has not been edited by VoM News staff and is published from the syndicated feed)

VoM News Desk

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