Billionaire investor Bill Ackman said on Saturday that the sale of Google parent Alphabet's shares was not a bet against the company.
Ackman on Friday said his firm Pershing Square had built a new position in tech giant Microsoft after its stock price dropped recently, and sold his long-owned investment in Alphabet to help pay for it.
"To be clear, our sale of Google was not a bet against the company. We are very bullish long term on Alphabet. But at current valuations and in light of our finite capital base, we used it as a source of funds for Microsoft," Ackman wrote on X on Saturday.
