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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minuteFannie Mae and Freddie Mac shares jumped sharply intraday on March 30, 2026, after investor Bill Ackman urged investors to buy the mortgage-finance companies. The move followed his bullish post on X the night before. The figures reported that day describe intraday gains—not verified closing returns—and the possible policy changes behind Ackman’s optimism remained uncertain.
Why did Fannie Mae and Freddie Mac stocks surge?
Ackman posted on X late Sunday, March 29, urging investors to look past the Iran war. Fortune quoted him as saying: “Fannie and Freddie are stupidly cheap. Asymmetry at its best. They could be a 10X and it could happen soon.” The next day, both stocks rose sharply during trading.
Reports published March 30 gave different intraday figures. Forbes reported gains of 37% for Fannie Mae and 33% for Freddie Mac. Fortune reported that they reached maximum intraday gains of 41% and 34%, respectively. These are publisher-attributed intraday measures, not closing returns. The reports do not establish exact March 30 closing prices or close-to-close percentage changes.
What does “stupidly cheap” mean in Ackman’s view?
“Stupidly cheap” is Ackman’s opinion, not an established measure of fair value. His statement presented the shares as having a potentially large upside relative to their downside—what he called “asymmetry”—if events went favorably. Fortune also reported that Fannie Mae earned $14.4 billion in 2025 and Freddie Mac earned $10.7 billion, while their combined market capitalization before the March 30 move was roughly $10 billion. Those reported figures provide context, but they do not by themselves establish what common shares are worth or what shareholders will ultimately receive.
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Ackman’s financial interest matters when weighing his public view. Fortune reported that Pershing Square was the largest common shareholder in both companies, holding more than 210 million shares combined. The comment came on the final trading day of the first quarter. That context does not establish why Ackman posted, but it means he was speaking as an investor with a substantial stake, not as a disinterested observer.
What are FNMA and FMCC, and what does conservatorship mean for shareholders?
Fannie Mae is the Federal National Mortgage Association, whose common stock trades under ticker FNMA. Freddie Mac is the Federal Home Loan Mortgage Corporation, ticker FMCC. Forbes reported that both entered federal conservatorship in 2008 and were delisted from the New York Stock Exchange in 2010; as of its March 30, 2026 report, their shares traded over the counter.
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Conservatorship is central to the investment case because the companies’ future status, capital structure and relationship with the government affect what might happen to existing common shares. A sharp market move does not settle those questions. The cited coverage described an end to conservatorship and a possible relisting or IPO as uncertain possibilities, not completed or guaranteed events.
Are Fannie Mae and Freddie Mac going public?
The March 30 reporting did not establish that either company was about to go public. Forbes said the Trump administration had not provided specifics on IPO plans as of that date. A relisting or other route out of conservatorship was part of the bullish thesis, but the available reporting did not confirm a timetable or outcome.
Forbes also reported Pershing Square’s claim that an exit from conservatorship within two years could generate up to $300 billion for taxpayers. That is the firm’s stated potential, not an independently established forecast, and it should not be read as a projection of value for common shareholders.
How to read the reported stock moves
| Company | Ticker | Forbes: intraday gain reported March 30, 2026 | Fortune: maximum intraday gain reported March 30, 2026 | Reported 2025 net income (Fortune) |
|---|---|---|---|---|
| Fannie Mae | FNMA | 37% | 41% | $14.4 billion |
| Freddie Mac | FMCC | 33% | 34% | $10.7 billion |
The percentages are not interchangeable: each is the figure reported by that publisher for an intraday move, and neither column gives a verified closing return. The earnings figures are Fortune’s reported 2025 net income for each company; they do not resolve how conservatorship, capital requirements or future policy decisions could affect common shareholders.
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What the rally does—and does not—show
The March 30 surge shows that Ackman’s public bullish call coincided with a large intraday repricing of both OTC-traded shares. It does not establish that the companies will be relisted, that conservatorship will end on a particular schedule, or that existing common shareholders will benefit in a predictable way. Anyone evaluating FNMA or FMCC should distinguish the market reaction from the unresolved policy and capital questions at the heart of the thesis.
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