One of Wall Street's highest-profile hedge fund managers held a major technology position for barely three months before selling it. Bill Ackman, Founder and Chief Executive Officer of Pershing Square Capital Management, bought Alphabet shares in the first quarter and sold all by June 2026. The more revealing move is where Ackman sent the money, as Pershing Square used its Alphabet proceeds to increase its stake in a direct competitor. The fund increased its Meta Platforms position by roughly 20% during the second quarter of 2026, according to Pershing Square's 13F filing, reported by Seeking Alpha. That swap has looked increasingly well-timed, as the two stocks have moved in opposite directions so far in the third quarter.
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