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.

To be clear, our sale of $GOOG 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 $GOOG as a source of funds for $MSFT. https://t.co/0ePZI8p3Bh

@patientinvestor We sold Google and bought Microsoft. Interesting. I have enormous respect for Chris.

An excerpt from my interview with @CNBC on $PSUS and $PS. I bought 500,000 shares of $PSUS and 800,000 shares of $PS yesterday in the open market. PSUS trades at a large discount to its $49 cash per share and PS trades below the price, $26.25, at which we sold a 10% interest

A number of press reports have characterized our and other shareholders’ efforts on behalf of Fannie and Freddie (F2) as seeking a ‘gift’ or ‘handout’ from the government. We, the shareholders of F2, seek no such thing. Hundreds of financial institutions were bailed out during

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.

@AGHP77 @HowardHughesHQ This is an $900m incremental investment from the Pershing Square management company. We have not changed our ownership of the funds.

@GlobalMarkie @HowardHughesHQ We are making and allocating the entire Pershing Square investment and other teams to HHH. Conventional employee compensation does not work in this case so we negotiated a fee on the increase in market cap of 1.5% above inflation.

My short was $IEP Icahn Enterprises. https://t.co/DdM6fZH85k

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.

Maybe I should go back to shorting stocks $UNH! https://t.co/BX3WtYzRJi

We decided to sell a portion of our UMG position today. UMG has substantially outperformed the rest of our portfolio (other than the GSEs) year to date in light of its extremely strong recent results. UMG was our largest position going into the day at more than ~27% of our

When a company, in this case United Healthcare, attacks its critics, the probability that it has committed fraud or is guilty of a crime increases substantially. This morning the DOJ announced an investigation into UNH’s Medicare billing practices. The DOJ did not do this lightly. My psychological short here is paying off and I would avoid this stock. When you find two cockroaches, it is almost a certainty that there are many more. And a half a trillion market cap for a health insurer makes no sense. I expect that there are many whistleblowers who have shared their work with the government and that more will be inspired to do so. And yes, UNH still has not apologized to @EPotterMD.

Pershing Square has submitted a proposal to Howard Hughes Holdings (NYSE: HHH) https://t.co/2CiHxYV59J to acquire 10 million newly issued shares of the company at $90 per share. When combined with the 18.9 million shares that are currently held by the Pershing Square Funds, we

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.

@AsymmetricWins We like $HHH for the long term which is why I and other Pershing Square team members are personally, via our 90% ownership of Pershing Square Holdco, investing $900 million more in HHH at $85 per share. We may sell some of PSH’s shares to strategic investors, but we think the

@AsymmetricWins We like $HHH for the long term which is why I and other Pershing Square team members are personally investing $900 million more in HHH at $85 per share. We may sell some of PSH’s shares to strategic investors, but we think the big opportunity is over the long term with the change

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

I am going to seek approval from the board of Pershing Square Holdings— in which I and my family own 23% of the shares—to eliminate its listing on the @euronext Amsterdam exchange. The board had been considering the move because our second listing on the @LSEplc now represents