Bill Ackman

An update on Pershing Square USA, Ltd. $PSUS:   Since its IPO on April 29th, PSUS has deployed nearly 85% of its capital in 12 companies including Amazon, Microsoft, UBER, Meta, Brookfield, Restaurant Brands, Fannie Mae and Freddie Mac at prices we believe to be extremely attractive.   The PSUS portfolio, along with the other Pershing Square funds, also includes four new companies, which we will disclose at the time of our second quarter report.   As a result of our investment activity over the last six weeks, we believe the PSUS portfolio is now invested in a number of the highest quality durable growth companies in the world, which are trading near their all-time lowest valuations.   Furthermore, as of this moment, PSUS is trading at a ~20% discount to the net asset value (NAV) of its underlying holdings so a buyer of the stock at today’s price is acquiring the current portfolio at a double discount. We believe the PSUS discount to NAV has emerged due to short-term technical factors related to the IPO that should moderate over time.   Pershing Square management and affiliates are all-in, having acquired more than ten million shares or $500+ million of PSUS in the IPO and in the market thereafter. 
In summary, we believe PSUS and its portfolio holdings represent an extremely attractive bargain at today’s share price and we have put our money where our mouth is.

Good piece on $UBER https://t.co/1KtD6HmxcX

An excellent piece on @Uber https://t.co/sHUdDWQUfn

We agree on @Uber. A well articulated bull thesis on the key issues. https://t.co/m4P3C8qqlJ

I am very confident that @Uber and @dkhos will handle this incident appropriately. https://t.co/j4fmvlDVLS

@oguzerkan All of these arguments are supportive of @Uber. You should buy some.

@dkhos @Uber Excellent. I am impressed with your responsiveness. You could increase the cancellation penalty or make it automatic if someone cancels one or more of the multiple rides.

You are most welcome. We are also super excited to be along for the Uber ride. Some more ideas: If I want to order Ubers for mom, the kids and me as we leave an event, I haven’t found functionality to do so. I have to use three separate accounts on different phones. A customer should be able to order an unlimited number of simultaneous Ubers and track each trip to make sure each guest makes it home. This will of course drive more volume. Tipping doesn’t work well. The tip is decided the next time one books a trip and by then, you don’t remember the ride. Instead, why not give the customer the opportunity to have a standard tip for every trip which can be modified after the fact for the rare case where you want to tip more or less?

Beginning in early January, we began acquiring a position in @Uber. Today, we own 30.3 million shares. I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days. I was also fortunate to be a day-one investor in the company through a small investment in a venture fund. While a great business, Uber suffered from erratic management. Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine. We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company. We will have more to share about our thinking on the company shortly.

Beginning in early January, we began acquiring a position in @Uber. Today, we own 33.3 million shares. I have been a long-term customer and admirer of Uber beginning when Edward Norton showed me the app in its early days. I was also fortunate to be a day-one investor in the company through a small investment in a venture fund. While a great business, Uber suffered from erratic management. Since he joined the company in 2017, Dara Khosrowshahi CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine. We believe that Uber is one of the best managed and highest quality businesses in the world. Remarkably, it can still be purchased at a massive discount to its intrinsic value. This favorable combination of attributes is extremely rare, particularly for a large cap company. We will have more to share about our thinking on the company shortly.