Ackman Exits Alphabet, Adds to Meta Position in Q2

Bill Ackman's investment firm sold its entire stake in Alphabet during the second quarter and used the proceeds to build up its position in Meta Platforms, a regulatory filing shows. Meta shares are currently trading 15% below their all-time high. The swap signals a bet that Meta offers better value than Alphabet at current prices, though the filing does not disclose Ackman's specific price targets or reasoning beyond the trade itself. Big rotations by high-profile investors often draw follower buying, so the move could add short-term support to Meta shares once the filing becomes widely known. What remains unclear is whether Ackman views Alphabet's business as weaker or simply Meta as cheaper on a relative basis. The filing only shows portfolio positions as of quarter-end, not the fund's current stance.