Shares of Uber Technologies jumped to a three-month high on Friday after billionaire hedge fund manager Bill Ackman announced that he had taken a position in the ride sharing platform.

In a post on social media platform X, Ackman said he began acquiring a stake in Uber in early January and now owns 30.3 million shares in the company.

"While a great business, Uber suffered from erratic management," said Ackman, who is the founder and chief executive of New York-based Pershing Square Capital Management.

"Since he joined the company in 2017, Dara Khosrowshahi (Uber) CEO has done a superb job in transforming the company into a highly profitable and cash-generative growth machine."

Ackman's stake is worth about USD 2.3 billion.

Uber shares jumped nearly 10% to as high as USD 76.76, the highest level since October 30, giving it a market capitalization of about USD 161 billion. The company's shares have gained nearly 26% so far this year. It lost 2% in 2024.

Earlier this week, Uber beat estimates with a 20% jump in fourth quarter revenue to $11.96 billion. Its adjusted net profit of 23 cents, however, missed analyst expectations of 50 cents, according to LSEG data.