Activist investor William Ackman revealed Tuesday that his Pershing Square Capital Management now has a 1.1 percent stake in Starbucks Corp.
The New York-based hedge fund’s stake is worth about $900 million, which was built over the past few months, according to The Wall Street Journal.
Starbucks (NASDAQ: SBUX) shares were up 3.3 percent to $58.41 after the reveal before settling near $58.02.
“This is one of the most dominant companies in the industry we’ve ever seen,” Ackman said, while…
