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Pershing Square Capital Management CEO Bill Ackman revealed new bets on the Magnificent 7 stocks in the second quarter, taking a new stake in Amazon.com Inc (NASDAQ:AMZN) and increasing a bet on Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL).
After being down in the third quarter, Ackman’s new stake in Amazon is turning out to be a nice bet.
What Happened: Ackman revealed a new position in Amazon stock during the second quarter, making the e-commerce giant the fourth-largest holding in the Pershing Square Holdings portfolio.
The hedge funder disclosed that Pershing Square owned 5,823,316 Amazon shares at the end of the second quarter.
While it’s unknown when Ackman bought the shares or how much he paid, investors will see that the position has appreciated since the end of the second quarter.
Amazon stock closed at $219.39 on June 30. The stock now trades at $239.90.
This means that the Amazon position has grown from $1,277,577,297.24 at the end of the second quarter to $1,397,013,508.40 at the time of writing. This represents a $119.4 million gain for Ackman and Pershing Square since the end of the second quarter.
Read Also: Amazon Q3 Highlights: Double Beat, AWS Growth Hits Fastest Pace Since 2022
Ackman Q2 Gains: Ackman's increased bets in the Magnificent 7 have paid off since the end of the second quarter, with the Alphabet and Amazon positions netting nice gains.
Amazon recently reported a double beat in the third quarter, with revenue and earnings per share both coming in ahead of analyst estimates.
The company also highlighted its AWS cloud segment as experiencing its fastest growth since 2022. Amazon shares soared after earnings, hitting new all-time highs.
Ackman will file a new 13F in mid-November, which will show whether his positions in Amazon.com and Alphabet increased, decreased, or were sold during the third quarter.
The filing will also reveal if Ackman initiated any other new stock positions in the third quarter.
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