Ackman's hedge fund Pershing Square made Amazon investment, executive says
Billionaire investor Bill Ackman's hedge fund, Pershing Square Capital Management, has made a new investment in Amazon.com following a decline in the company's stock price due to tariffs announced by the Trump administration. Chief Investment Officer Ryan Israel expressed admiration for Amazon, while also noting the firm's regret in selling its position in Canadian Pacific, emphasizing respect for its management team.
NEW YORK, May 22 (Reuters) - Billionaire investor Bill Ackman's hedge fund Pershing Square Capital Management recently established a new position in technology company Amazon.com AMZN.O, an executive at the firm said on Thursday.
Chief Investment Officer Ryan Israel told Pershing Square investors that the firm has long admired Amazon and established the position after the company's stock price took a dive after the Trump administration announced tariffs in April.
The firm also sold out of railroad Canadian Pacific CP.TO, Ackman said, noting that it is a position the firm sold "with regret" while stressing that he thinks highly of the company's management team.
