Uber Technologies Inc. ( UBER ) shares are trading higher Friday after billionaire investor Bill Ackman revealed a 33.3 million share position in the company and made bullish comments about its management and valuation.

What To Know: Ackman, known for his activist investing approach, announced the stake on X, stating that he began acquiring shares in early January.

Ackman credited Uber ( UBER ) CEO Dara Khosrowshahi for transforming the company into a “highly profitable and cash-generative growth machine” since taking over in 2017. He also called Uber ( UBER ) one of the best-managed and highest-quality businesses in the world, adding that it remains undervalued despite its large-cap status.

The disclosure of Ackman's position fueled investor optimism, driving the stock higher as traders reacted to the endorsement from a high-profile investor. Uber ( UBER ) shares, which had already been on an upward trajectory, saw increased volume following Ackman's announcement. The stock's movement potentially reflects growing confidence in the company's long-term potential under its current leadership.

UBER Price Action: Uber ( UBER ) shares were up 9.44% at $76.56 at the time of writing, according to Benzinga Pro.

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