Ackman announces that Universal Music Group will list on the U.S. stock exchange in 2025.

• By the end of 2025, Billionaire Bill Ackman will transfer Universal Music Group from its stock market listing in Amsterdam to either the New York Stock Exchange or the Nasdaq.
• UMG grants Ackman's Pershing Square unique advantages, such as the contractual power to compel the company to re-list its primary stock exchange listing, even as a top shareholder.
• Ackman stated that he would relocate the primary listing of his publicly-traded Pershing Square Holdings to the London Stock Exchange after a surge of anti-Semitic incidents in Amsterdam.

Bill Ackman announced on Friday that his company, which is home to stars such as Taylor Swift, Billie Eilish, and Drake, will move its primary stock exchange listing from the Netherlands to the United States following anti-Semitic attacks in Amsterdam this week.

Ackman stated that Universal, valued at approximately $46 billion, is trading at a significant discount to its intrinsic value due to limited liquidity, which is partly due to not having its primary listing on either the NASDAQ or New York Stock Exchange.

The founder of Pershing Square and former shareholder activist stated that he would attempt to relist his publicly-traded company from the Euronext exchange in Amsterdam to the London Stock Exchange.

"This conclusion is supported by events that occurred in Amsterdam over the past 24 hours," Ackman stated.

On Friday, officials in Amsterdam prohibited demonstrations for three days following attacks on Israeli soccer supporters by "antisemitic hit-and-run squads," as reported by Reuters. Israel announced that it would fly many fans back home.

At least five people were injured and 64 arrested after Israeli soccer fans were attacked, abused, and pelted with fireworks around the city, according to Mayor Femke Halsema.

UMG was spun off from Sony in 2021, and Ackman acquired a 10% stake in the company as part of that spinoff. He remains the largest shareholder and has unusual privileges at UMG that allow him to force a relisting, according to documents.

Since the spinoff, UMG shares have seen little change, which Ackman attributes to the company's ineligibility for the S&P 500 and other U.S. market indexes.

According to UMG's prospectus, Pershing Square has a contractual right to force a relisting, and the company has 120 days to file a formal registration with the Securities and Exchange Commission from the date of Pershing's re-listing demand. However, Ackman's social media post indicates that Pershing Square has not yet exercised that right.

Neither Ackman's representative nor Universal Music Group responded to requests for comment.