Bill Ackman's Bet On Google Pays Off: Up $830 Million Since Q2

Legendary investor Bill Ackman made a big bet on Alphabet Inc (NASDAQ:GOOG)(NASDAQ:GOOGL), picking the company as one of the winners in the artificial intelligence space. The initial stake and increased position size in Alphabet have paid off nicely for Ackman in recent months.GOOGL is having a challenging session today. Find out why here.What Happened: Ackman took an initial stake in Alphabet in 2023 and has added to the position in the Pershing Square portfolio in recent quarters.In the second quarter, Ackman increased the stake in Alphabet Class A (GOOGL) shares by 21% and the Class A and Class C shares made up two of the top 10 positions at the end of the quarter.At the end of the second quarter, Ackman's Pershing Square owned the following stakes: GOOG: 6,324,031 shares GOOGL: 5,362,980 shares Here were the closing prices for the stocks on June 30 at the end of the second quarter: GOOG: $177.39 GOOGL: $176.23 Based on the current prices of $248.56 (GOOG) and $247.20 (GOOGL) for Alphabet stocks today, Ackman is up significantly since the end of the second quarter.Here's a look at how much Ackman and Pershing Square made from their stakes in Alphabet stock. GOOG: stake now worth $1,571,901,145.36, up $450,081,286.27 since the second quarter. GOOGL: stake now worth $1,325,728,656.06, up $380,610,690.60 since the second quarter. Together, the two stakes are now up $830.69 million.Read Also: Bill Ackman Nixes Netflix In 2022: Here’s How Much He Could Have MadeWhy It's Important: Alphabet is one of the biggest bets by Ackman in recent quarters, and adding to the position in the second quarter has paid off.Alphabet hit its 52-week low in April and shares traded lower during the second quarter. The stock is now up over 30% year-to-date.Along with Alphabet, Ackman also took an initial stake in Amazon.com Inc (NASDAQ:AMZN) for Pershing Square in the second quarter.That stock is also up in recent months after hitting its lows in the second quarter.While it is unknown exactly when Ackman bought his Alphabet shares and if Pershing Square still holds the stakes, the positions are up significantly since the end of the second quarter.Investors will be closely monitoring Ackman's third-quarter portfolio, which will be released by mid-November. Bill Ackman Swaps Wall Street For Tennis Court—And He Is Playing To Win: ‘You Never Know’ Image created using artificial intelligence via Midjourney.