Uber Technologies stock is trading at a “massive discount,” Bill Ackman said Friday as he revealed that his hedge fund had established a significant stake in the ride-hailing company. In a post on X,

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 position in the ride sharing platform.

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.

Uber’s stock extends its surge as hedge funder Ackman says he’s amassed a 30.3-million-share stake since early January.

Uber Technologies (UBER) rose 8% at least party after Bill Ackman disclosed a stake in the ride-sharing company.

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

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.