Pershing Square's Bill Ackman bets big on Alphabet with new stake.

Billionaire investor William Ackman's hedge fund, Pershing Square Capital Management, has built a new stake in Alphabet worth $1.1 billion, according to a regulatory filing. The portfolio has gained 3.6% this year through May 9, and Ackman had hinted that the previously unnamed new position had a positive impact on performance. This marks the first prominent new investment Ackman has made since making a bet on streaming service Netflix Inc that he announced in January 2022 and exited a few months later.