Uber stock hit its highest level since October after Ackman disclosed his Pershing Square hedge fund accumulated a 1.4% stake in the ride hailer.

The Pershing Square CEO said he's admired the ridesharing giant since actor Edward Norton introduced him to the app in its early days.

By Chibuike Oguh NEW YORK (Reuters) -Shares of Uber Technologies 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.

Shares of the ride-sharing giant Uber Technologies (NYSE: UBER) rose nearly 9%, as of 12:38 p.m. ET today, after billionaire investor Bill Ackman revealed that his fund Pershing Square Capital Management had launched a new stake in the company that is now valued at over $2 billion.

Bill Ackman said his hedge fund Pershing Square Capital Management owns 30.3 million shares of Uber Technologies Inc., citing the strength of the rideshare company’s management and saying that its stock is undervalued.

Pershing Square's Bill Ackman revealed Friday that he has built a significant stake in Uber, saying the stock is still trading at a "massive" discount. In a post on X, the hedge fund manager said he began buying Uber shares in early January and has amassed 30.