Uber rises after Ackman discloses stake

Bill Ackman, avid X user and CEO of the hedge fund Perishing Square, disclosed Friday morning that his firm started buying shares of Uber this year and now owns 30.3 million shares, worth about $2.3 billion at the current share price.

Uber stock shot up about 9% on Friday and is up about 17% in the past week. This comes after the company reported earnings and guidance on Wednesday that left investors unimpressed.

Ackman said in his X post that “Uber is one of the best managed and highest quality businesses in the world.” Uber CEO Dara Khosrowshahi responded welcoming Ackman and noting, “Bill has called me many times with observations and suggestions re our service.”

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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