Ackman takes stand against antisemitism, seeking to delist Pershing Square from Amsterdam
Ackman takes stand against antisemitism, seeking to delist Pershing Square from Amsterdam
Billionaire blames recent antisemitic violence for his decision and eyes US listing for Universal Music as he doubles down on moral and business principles.
Billionaire Bill Ackman said on Friday he would seek to delist investment firm Pershing Square Holdings and move record label Universal Music Group away from Amsterdam, following attacks on Israeli soccer fans.
In a statement on X, Ackman said Pershing Square's board had already been considering the move and "events in Amsterdam during the last 24 hours provide an appropriate tipping point" to follow through.
In the attacks, supporters of Israeli football club Maccabi Tel Aviv were targeted after a match, by what Amsterdam's mayor described as "antisemitic hit and run squads".
Pershing Square, an investment holding company in which Ackman and his family own a 23% stake, is also listed on the London Stock Exchange and most trading takes place in London.
"Concentrating the listing on one exchange, the LSE, and leaving a jurisdiction that fails to protect its tourists and minority populations combines both good business and moral principles," Ackman wrote in a message on X.
"We can also save money and improve liquidity for shareholders to boot."
Ackman said he had separately begun talks with United Music Group, on whose board he sits, to move its listing and headquarters to the United States.
It is of little surprise Ackman is taking a stand after becoming a vocal voice in the fight against antisemitism over the past couple of years, notably surrounding the rise in anti-Israel protests in Ivy League universities.
Ackman has also increased his exposure to Israel’s economy, purchasing 4.9% of the Tel Aviv Stock Sxchange’s shares with his Israeli wife Neri Oxman, stating, "We wanted to buy more, but that's all that was available for sale." In the 11 months since the share sale was announced, Ackman has already registered an 80% return.
