Shares of the ride-sharing giant Uber Technologies (NYSE: UBER) rose nearly 9%, as of 12:38 p.m. ET today, after billionaire investor Bill Ackman revealed that his fund Pershing Square Capital Management had launched a new stake in the company that is now valued at over $2 billion.

Shares of Uber Technologies jumped to a three-month high on Friday after billionaire hedge fund manager Bill Ackman announced that he had taken a stake worth about $2.3 billion in the ride-sharing platform.

The Pershing Square CEO said he's admired the ridesharing giant since actor Edward Norton introduced him to the app in its early days.