Key Facts
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Bill Ackman’s Pershing Square Capital Management does not own Tesla and is not shorting its stock.
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The fund has acquired a substantial stake in Uber, making it its largest holding at 19% of the portfolio.
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Tesla recently launched its first autonomous robotaxis in Austin, Texas, while Uber is also betting on robotaxis and has partnered with various firms.
Investors are closely watching the emerging robotaxi sector, with Tesla beginning its FSD (full-self-driving) pilot in Austin, utilizing geo-fenced vehicles monitored remotely. Meanwhile, Uber’s substantial investment in creating a network of autonomous vehicles positions it as a competitor against Tesla in this market. According to Wedbush analyst Scott Devitt, Tesla’s robotaxi plans pose a long-term threat to Uber’s business model.
As of the end of Q1 2023, Uber consumed 19% of Pershing’s portfolio, highlighting Ackman’s confidence in its transformation under CEO Dara Khosrowshahi. While both Tesla and Uber are focused on the robotaxi future, Ackman’s investment is seen as indirectly betting against Tesla. Currently, investors view Tesla as significantly overvalued compared to Uber, trading at 170 times versus 25 times forward earnings, respectively.
