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Shares of Starbucks jumped nearly 5% on Tuesday after billionaire hedge fund Bill Ackman had acquired a stake in the coffee retailer.
According to CNBC's Leslie Picker, Ackman revealed the participation during his presentation at the Grant & # 39; s Fall 2018 conference in New York. He had previously announced a position of about $ 800 million, or 10% of his hedge fund's portfolio, in an undisclosed company in August.
Pershing Square, Ackman's hedge fund, holds 15.2 million Starbucks shares worth $ 900 million, according to CNBC. The stock has gained 1.5% this year.
Ackman has also increased its stake in United Technologies.
Earlier this year, Ackman ended a five-year battle with Herbalife that he publicly led against Carl Icahn, another billionaire investor, who was optimistic about the company. He also suffered big losses on a position he held at Valeant Pharmaceuticals.
Reuters announced in January that Ackman had sought to trim his profile and correct the three consecutive years of losses for his hedge fund.
As an activist investor, Ackman takes major positions in companies and advocates for changes in their management.
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