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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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      "text": "We believe Meta's current share price underappreciates the company's long-term upside potential from AI and represents a deeply discounted valuation for one of the world's greatest businesses",
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      "text": "Ticker: META\nStock Price: $677\nMarket Cap: $1.7tn",
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      "text": "Dominant leader in the secularly fast-growing digital advertising space\nEntrenched global user base of more than 3.5 billion daily active users\n$200 billion in 2025 revenue, reflecting a 22% annual growth rate\nExperienced leadership team led by founder and CEO, Mark Zuckerberg\nOperates in two segments: Core Family of Apps and Reality Labs\nCurrently trading at 22x NTM P/E due to concerns around magnitude of spending plans on AI initiatives",
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      "text": "Source: Company filings and Pershing Square estimates. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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