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Amazon (NASDAQ:AMZN) gained in afternoon trading after Pershing Square Holdings (OTCPK:PSHZF) disclosed during an investor event that it holds a new position in the e-commerce stock.
Pershing Square Chief Investment Officer Ryan Israel pointed to the strategic value of Amazon’s (NASDAQ:AMZN) dual business model, particularly AWS with its high-growth potential. Overall, the firm sees the valuation of Amazon (AMZN) as attractive and thinks CEO Andy Jassy is doing an “incredible job” in managing macroeconomic headwinds.
The size of the Bill Ackman-led company’s position in Amazon (AMZN) was not disclosed.
Shares of Amazon (AMZN) were up 1.6% in afternoon trading and are now up almost 20% over the last six weeks.