Nike shares pop as Bill Ackman's Pershing Square discloses a $229 million stake

Shares of Nike Inc (NYSE:NKE ). 5.1% gained in afterhours trading Wednesday after Pershing Square Capital Management LP, the hedge fund led by billionaire investor Bill Ackman, disclosed a new position in the sportswear giant.

The stake, comprising approximately 3 million shares, was valued at around $229 million at the end of the second quarter.

The disclosure was made through a 13F filing, a quarterly report filed by institutional investment managers to the U.S. Securities and Exchange Commission that provides insights into their equity holdings.

The acquisition of shares by Pershing Square adds to its portfolio of investments, which also saw the addition of new stakes in investment management company Brookfield during the same period.

The announcement of these new positions has drawn attention to the investment strategies of Ackman, who is known for his high-profile bets in the market.

Source: Investing.com