Bill Ackman's Pershing Square discloses $2B Meta position, betting on AI-driven ad upside
Feb 12, 2026
Key Points
- Bill Ackman's Pershing Square disclosed a $2 billion Meta position, roughly 10% of the firm's capital, betting AI will drive advertising efficiency and unlock optionality in wearables and business assistants.
- Meta Ray-Ban smart glasses sales tripled to 7 million units in 2025, with Meta and Luxottica discussing doubling production to 20 million units by year-end to meet demand.
- Ackman runs a concentrated 13-position portfolio and attributes Meta's recent 13% stock decline to investor anxiety over AI infrastructure spending, positioning the bet as conviction-driven exposure to a proven winner.
Summary
Bill Ackman's Pershing Square disclosed a $2 billion position in Meta, representing roughly 10% of the firm's capital deployed at year-end 2025. Ackman's thesis centers on AI boosting Meta's content recommendation and ad personalization, with additional upside potential in wearables and AI digital assistants for businesses.
Meta shares have declined about 13% over the past six months, driven partly by investor anxiety over the company's substantial AI infrastructure spending. Ackman sees those near-term efficiency gains as only part of the opportunity.
Ackman runs a concentrated portfolio with just 13 positions in 2025 and charges a standard 2-and-20 fee structure. The Meta bet sits alongside major holdings in Alphabet and Amazon. This approach of holding large, conviction-driven stakes in proven winners appeals to limited partners who lack the conviction to hold such positions independently and are willing to pay a premium for someone else's staying power.
Meta's wearables opportunity appears to be materializing faster than expected. Luxottica reported that Meta AI Ray-Bans sales more than tripled in 2025, reaching 7 million units sold for the year alone, compared to 2 million combined in 2023 and 2024. Bloomberg reported Meta and Luxottica are discussing doubling production to at least 20 million units by year-end to meet demand.