Prominent investor Bill Ackman clarified on Saturday that his investment firm’s recent decision to divest from Google’s parent company Alphabet should not be interpreted as a lack of confidence in the tech giant.
On Friday, Ackman announced that his investment company Pershing Square had purchased shares in Microsoft following a recent decline in that company’s stock value, financing the acquisition by liquidating a long-held position in Alphabet.
“To be clear, our sale of Google was not a bet against the company. We are very bullish long term on Alphabet. But at current valuations and in light of our finite capital base, we used as a source of funds for Microsoft,” Ackman explained in a post on X Saturday.
