Bill Ackman’s Pershing Square Capital Management acquired 5.65 million shares of Microsoft during the first quarter of 2026. The investment is valued at approximately $2.09 billion. This new position accounts for roughly 15% of the firm’s public equity portfolio.
Pershing Square funded the move by selling nearly its entire $1.9 billion stake in Alphabet. The firm also reduced its holdings in Uber and Meta Platforms.
Ackman characterized Microsoft’s valuation as highly compelling in mid-May. He cited the resilience of the M365 franchise and underestimated long-term value as primary drivers for the investment.