Ackman Clarifies Sale of Google Stake, Denies Short Position

Deep News05-16 15:51

Prominent US hedge fund manager Bill Ackman stated on Saturday that the sale of shares in Google's parent company, Alphabet, does not constitute a short bet against the firm. Ackman revealed on Friday that his firm, Pershing Square, had established a new position in Microsoft following its recent price decline and had sold its long-held Alphabet stake to raise capital for this move. "To be clear, our sale of Google shares is not a short position. We remain very positive on Alphabet for the long term. However, given current valuations and our limited capital base, we used it as a funding source for our investment in Microsoft," Ackman wrote on the social media platform X on Saturday.

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