Starbucks shares rose 5.5% after the announcement of one of its shareholders, Pershing Square hedge fund

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Bill Ackman, founder and manager of the American hedge fund management company Pershing Square Capital Management, said that Starbucks, the largest coffee chain in the world, would be able to overcome the stagnation in the US market amid increased competition from fast-food chains and expensive coffee shops. He noted that Pershing Square was the holder of about 900 million dollars in Starbucks. Thanks to this statement, Starbucks shares rose by 5.5%, and at the close of the session amounted to 57 dollars 71 cents per share, an increase of 2.1%. Ackman predicts that Starbucks shares will more than double over the next 3 years.

 

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