Pershing Square Buys Amazon Stake After 31% Drop in Stock Price

Bill Ackman’s Pershing Square Capital Management built a new stake in Amazon.com Inc., calling it a “fantastic franchise” and noting that the investor acquired shares at an “extremely attractive” price.

Pershing Square bought the stock after it tumbled more than 30% earlier this year, the result of concerns over the generative AI boom and US tariffs, Ryan Israel, the firm’s chief investment officer, said in a call with analysts Thursday.

“This was a uniquely attractive time as we felt that the company would be able to work through any slowdown” in its cloud business, Israel said. He ...