Quick Read – Ackman built a $2 billion Microsoft position at 21x forward earnings by slashing Pershing Square’s Alphabet stake nearly 95%. – Ackman sold GOOG up nearly 100% over the trailing year while peers Loeb, Tepper, and Hohn were simultaneously cutting Microsoft. -…
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Bill Ackman’s Pershing Square Capital Management opened a new Microsoft (NASDAQ:MSFT) position of 5,654,078 shares valued at $2,092,970,053, disclosed in the 13F for the quarter ended March 31, 2026, and filed on May 15, 2026. The stake landed at roughly 15.26% of the disclosed portfolio, an instant top holding. In the same filing, Pershing Square cut its Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) exposure to almost nothing, trimming the GOOG share class by 5,852,145 shares, about -94.94%, and reducing the GOOGL class by roughly -95.2%.
A Swap Funded by Alphabet Proceeds Ackman funded the Microsoft purchase by dumping roughly $1,844,801,000 worth of last cycle’s AI winner, a name that has returned 98.05% over the trailing year. Selling something up nearly 100% to buy something down is the entire trade in one sentence. Alphabet’s Q2 numbers, reported later on July 22, 2026, were extraordinary.