The shares of Uber Technologies Inc (NYSE: UBER) surged more than 6% on Friday, after billionaire hedge fund manager Bill Ackman disclosed a stake worth nearly $2.3 billion in the company.
Ackman said on social media platform X that he began to acquire a stake in Uber in early January and now owns 30.3 million shares in the firm.
“While a great business, Uber suffered from erratic management,” Bill Ackman was quoted as saying by Reuters.
“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.”
Stock Performance
The shares of Uber Technologies Inc (UBER) closed 6.59% ($4.61) higher at $74.60 in New York on Friday. It has been the highest closing price for the stock since October 30th 2024.
The company’s total market cap now stands at $157.086 billion.
The shares of Uber Technologies Inc (UBER) went down 2.03% in 2024, compared with a 23.30% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 23.67% so far this year.
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