Activist investor Bill Ackman announced his firm has purchased around $2 billion worth of Uber shares, significantly impacting the ride-share company's stock. Ackman commended CEO Dara Khosrowshahi for enhancing Uber's profitability since taking over in 2017, while criticizing the previous chaotic management. Mentioning that Uber's stock is still undervalued compared to its intrinsic worth, Ackman believes it represents a rare opportunity for investment in a well-run large cap company. The firm's stake coincided with a notable rise in Uber's stock, which reflects increasing investor confidence.
Beginning in early January, we began acquiring a position in @Uber. Today, we own 30.3 million shares.
Since he joined the company in 2017, CEO Dara Khosrowshahi has done a superb job in transforming the company 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.
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