Billionaire investor Bill Ackman said Saturday that his firm, Pershing Square, sold its stake in Alphabet not because he's bearish on Google, but to raise funds for a new position in Microsoft.
Ackman announced Friday that Pershing Square had built a position in Microsoft after its stock price dropped. To finance the purchase, he sold his long-held Alphabet shares.
"To be clear, our sale of Google was not a bet against the company. We are very bullish long term on Alphabet," Ackman wrote on X. "But at current valuations and in light of our finite capital base, we used it as a source of funds for Microsoft."