Activist investor Bill Ackman has taken a stake of more than $2.3bn in the ride-share company Uber, snapping up shares that he said were priced at a “massive discount”.
Ackman announced the new stake after Uber posted weaker than expected fourth-quarter earnings this week, but heralded what it claimed was a more than “$1tn-plus opportunity” that autonomous vehicles could revolutionise rather than disrupt its business.
The company’s shares closed 6.6 per cent higher on Friday, giving the group a market capitalisation of almost $160bn.
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