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Bill Ackman says Alphabet stake sale not a bet against the company
May 16 (Reuters) - Billionaire investor Bill Ackman said on Saturday that the sale of Google parent Alphabet's shares was not a bet against the company.
Ackman on Friday said his firm Pershing Square had built a new position in tech giant Microsoft after its stock price dropped recently, and sold his long-owned investment in Alphabet to help pay for it.
"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 wrote on X on Saturday. (Reporting by Mihika Sharma in Bengaluru, Editing by Louise Heavens)
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Ackman's Pershing Square takes Microsoft stake, exits Google parent Alphabet
* Ackman swaps Microsoft for Google parent Alphabet
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