Uber Technologies' stock rose to a three month high, as Bill Ackman acquired a $2.3 billion interest in the company, Reuters reported.
The billionaire hedge fund manager took to X to say that he had begun purchasing a stake in the ride sharing platform in early January. He now owns 30.3 million shares in the company, the newswire noted.
Ackman said that the company had faced erratic management and that since joining the firm in 2017, the CEO Dara Khosrowshahi had done a "superb job in transforming the company into a highly profitable and cash generative growth machine."
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.