Gates Foundation Exits with $3.2B Microsoft Sale, Ackman Buys $2.1B Stake
MSFT•The Gates Foundation Trust sold its final 7.7 million Microsoft shares, a roughly $3.2 billion exit, ending a decades-long position in the company. Bill Ackman’s Pershing Square acquired about 5.65 million shares worth $2.09 billion at 21x forward earnings, funding the purchase by liquidating Alphabet stock.
1. Gates Foundation Trust Exits Microsoft Position
The Gates Foundation Trust completed its multi-year sale of Microsoft shares by divesting the final 7.7 million shares in Q1 2026, generating about $3.2 billion in proceeds that will accelerate charitable spending ahead of its planned 2045 wind-down.
2. Pershing Square Builds New Microsoft Stake
Pershing Square Capital Management disclosed a new Microsoft position of roughly 5.65 million shares valued at approximately $2.09 billion as of Q1, having begun accumulating in February and funding the purchases through the sale of its Alphabet holdings.
3. Ackman’s Investment Thesis Highlights AI and Franchise Resilience
Bill Ackman bought Microsoft at around 21 times forward earnings, citing 39% Azure revenue growth, a $37 billion annualized AI run rate up 123% year-over-year, and durable M365 profitability, while viewing the $190 billion AI capital expenditure as growth investment rather than a margin headwind.
