Bill Ackman's Pershing Square holds about 13% of its $19 billion fund in Uber, a stock trading 31% below its 52‑week high, with analysts citing low valuation, strong earnings growth and autonomous‑vehicle risk.
Bill Ackman began building a stake in Uber in January 2025; the position now represents roughly 12.7% of Pershing Square Capital Management’s $19 billion portfolio, making it the fund’s largest holding and trading about 31% below its 52‑week high as of Sept. 17.
Uber reported $56.5 billion in gross bookings for Q2 (ended June 30) and has 208 million monthly active users. Pershing Square’s research estimates Uber’s earnings per share will grow at a compound annual rate of about 25% over the next three to five years, and the stock’s forward price‑to‑earnings ratio is currently 16.2, well below the broader market. The analysis projects that if EPS grows 25% annually through 2030 and the forward P/E expands to 20, the share price could increase roughly 277% over five years.
A noted risk is the development of autonomous‑vehicle (AV) technology. AV rides currently account for only 0.1% of global ride‑hailing trips; Waymo completed more than 500,000 unsupervised rides per week in March, while Uber averaged 297 million trips per week last quarter. The timeline and extent of AV adoption, and its potential impact on Uber’s business model, remain uncertain.
The available reporting focuses on the size of Ackman’s Uber position, valuation metrics, projected earnings growth, and the AV‑related risk, but does not provide definitive conclusions about how AV developments will affect Uber’s future performance.