Billionaire Bill Ackman Has Been a 7-Year Seller of Chipotle, and He's Made a Stock Whose Addressable Market Can 10X by 2033 His Fund's No. 1 Holding

Group 1: Chipotle Mexican Grill - Activist investor Bill Ackman has been steadily reducing his stake in Chipotle Mexican Grill, selling approximately 85% of his position over the last seven years, from a peak of 144,123,150 shares to 21,541,177 shares by the midpoint of 2025 [9][11] - Chipotle's comparable-restaurant sales have declined by 4% in the June-ended quarter compared to the previous year, indicating a nearly 5% drop in total transactions despite a 0.9% increase in the average check [12] - The trailing-12-month price-to-earnings (P/E) ratio for Chipotle stands at 34, which is considered high given the stagnation in organic sales growth [14] Group 2: Uber Technologies - Ackman has built a significant stake in Uber Technologies, amounting to 30,301,161 shares, which represents approximately 21% of Pershing Square's invested assets by the midpoint of 2025 [16] - The global ride-sharing market is projected to grow from $87.7 billion this year to $918.2 billion by 2033, reflecting a compound annual growth rate of 34.1% [17] - Uber holds a dominant market share in the U.S. ride-sharing sector, accounting for 76% as of March 2024, with a consistent share in the high-60% to mid-70% range since 2017 [20]