Uber Technologies Inc. shares surged 8% on Friday after billionaire hedge fund manager Bill Ackman disclosed a 33.3 million-share stake in the company that started in early January, calling it one of the "best-managed" businesses globally.
Ackman praised CEO Dara Khosrowshahi for transforming Uber into a "highly profitable and cash-generative growth machine." "We believe that Uber is one of the best managed and highest quality businesses in the world. 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. We will have more to share about our thinking on the company shortly," he said on X.
Uber's shares jumped by 8.24% at 11:35 am ET to sell for $75.76 apiece after Ackman's disclosure.