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Billionaire investor Bill Ackman has acquired a new stake in tech giant Microsoft following a recent drop in its stock price and sold his long-held investment in Google parent Alphabet to help fund the purchase.
Writing on social media platform X, Ackman said the investments will be detailed in a regulatory filing that his firm Pershing Square will make later on Friday with the U.S. Securities and Exchange Commission, News.Az reports, citing Reuters.
That filing will show that Pershing Square owned some Alphabet shares at the end of the first quarter, but a person familiar with the portfolio said Ackman no longer owns any stake in Alphabet and fully liquidated the position in the second quarter.
Ackman argued that Microsoft sits at a "highly compelling valuation" after a recent decline in its stock.
The Microsoft bet is the latest in a series of investments in technology companies with attractive valuations and the potential for dominant long-term growth, Ackman said.
He said Microsoft operates two of the most valuable enterprise technology businesses - its Azure cloud division and the M365 Office productivity suite that includes its $30-a-month Copilot AI assistant, placing the company at the center of rising AI adoption by businesses.
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