Bill Ackman Takes a Stake in Microsoft After Shares Decline (1)

Pershing Square Chief Executive Officer Bill Ackman said he’s taken a new stake in Microsoft Corp. after the shares declined, saying investors have underestimated the durability of the company’s software.

The hedge fund has made Microsoft a core holding, Ackman said in a post on X on Friday, calling it an opportunity to buy into the owner of “two of the most valuable franchises in enterprise technology” at a compelling valuation. Pershing Square will disclose the stake in a regulatory filing later on Friday, he said.

Shares of Microsoft, the world’s largest software company, declined 15% this year through Thursday’s ...