Bill Ackman @BillAckman

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.

Our 13F reflects our sale of @Nike common stock, but does not reflect our purchase of over-the-counter call options in a similar notional amount. In our letter, we previously explained the reasons for the switch.

We began accumulating shares in @Hertz late last year, and as of today, we have a 19.8% stake in the company comprised of outright share ownership and total return swaps. Hertz can be thought of as an operating company combined with a highly leveraged portfolio of automobiles.

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

To clarify today's $UMG press release posted below, Pershing Square exercised its registration rights in UMG in order to catalyze a U.S. listing of the company. Our reg rights agreement requires that Pershing Square sell $500 million of UMG shares (of its current $3.3 billion investment in the company) in connection with the U.S. listing, a sale we will complete in order for the listing to occur. We exercised our right to cause UMG to list in the U.S. because we believe it will substantially increase demand for (and the valuation of) UMG shares from investors who by mandate are limited to investing in securities listed on U.S. exchanges, and likely attract additional analyst coverage for the company. We also believe the U.S. listing will greatly improve trading liquidity for the shares. We waived the 120-day filing requirement and extended the date to mid-September in order for UMG to have an appropriate amount of time to complete the listing and offering in a manner best for the company and its shareholders. We remain excited about UMG's long-term growth prospects and opportunities for shareholder value creation.

@nicosintichakis To clarify, my short for the contest is $IEP. We don’t short stocks at Pershing Square.