2024-11-08 21:43:00
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The American fund manager assures that it will seek to delist Pershing Square Holdings and Universal Music Group from listing in Amsterdam after the anti-Semitic violence on Thursday evening.
The violence against Israeli supporters that occurred Thursday evening in Amsterdam after a Europa League match between Ajax and Maccabi Tel-Aviv has repercussions even on the financial markets. The day after this night of horror, Bill Ackman announced that he would seek to remove the investment fund Pershing Square Holdings from the Amsterdam Stock Exchange.
In a post addressed to his 1.5 million subscribers on the X platform this Friday, the American billionaire assures that he will ask the board of directors of the fund, of which he holds 23% with his family, to approve the deletion of its listing. “The board had considered this decision because our second listing on the London Stock Exchange now accounts for over 90% of our trading, he explains. The events that occurred in Amsterdam over the last 24 hours definitively support this decision.”
“Good business” and “moral principles”
After last night’s violence, described as“explosion of anti-Semitism” by the city’s mayor, Dutch police reported five people briefly hospitalized and 62 arrests. Israel dispatched planes to repatriate supporters. “Leaving a jurisdiction that does not protect its tourists and minority populations means both doing good business and respecting moral principles”says Bill Ackman, according to whom the fund will benefit from “save money and improve liquidity for shareholders”.
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The 57-year-old billionaire says he has also started discussions with the record company Universal Music Group (UMG), a company listed in Amsterdam and of which he is also a director, to transfer its listing and head office to the United States. “Pershing Square has the right to have UMG listed in the United States. We will exercise this right and obtain the listing of UMG in the United States later next year at the latest.”says Bill Ackman.
The fund manager, whose fortune was estimated at $9.3 billion in 2024 by the magazine Forbesmade himself famous in the United States through several speculative stunts, including a billion-dollar bet against Herbalife stock in 2012. Bill Ackman also campaigns against policies of inclusion and diversity in companies and universities in the United States. He would be partly responsible for the resignation of Harvard President Claudine Gay, accused of allowing an anti-Semitic campaign to flourish on campus.
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**Interview with Bill Ackman on Delisting Pershing Square Holdings and UMG from Amsterdam**
**Interviewer:** Thank you for joining us today, Bill. You’ve made a significant decision to seek the delisting of Pershing Square Holdings and Universal Music Group from Amsterdam. Can you explain what led to this choice?
**Bill Ackman:** Thank you for having me. The recent surge in anti-Semitic violence in Amsterdam, which was alarming and unfortunate, has prompted us to reevaluate our position in the market. The incidents that occurred following the Europa League match between Ajax and Maccabi Tel-Aviv highlighted serious concerns about the safety and security of individuals in the city.
**Interviewer:** You mentioned in your post that this decision is not just about business but also about moral principles. Can you expand on that?
**Bill Ackman:** Absolutely. I believe that a business should operate in an environment that protects its investors and visitors. Moving out of Amsterdam not only aligns with good business practices—given that over 90% of our trading is now done on the London Stock Exchange—but it also reflects our commitment to moral principles. We want our investment firms to be associated with places that uphold the values of safety and inclusivity.
**Interviewer:** What do you anticipate the impact of this move will be for your shareholders?
**Bill Ackman:** I expect that delisting from Amsterdam will actually benefit our shareholders in multiple ways. It will reduce costs associated with maintaining a secondary listing and enhance liquidity. The lessening of regulatory and operational burdens should allow us to focus more on creating value for our investors.
**Interviewer:** How do you see this decision impacting your reputation and relationships in Europe?
**Bill Ackman:** While any decision to withdraw can have short-term implications, I believe it’s crucial to prioritize the safety of our investors and the social responsibility of our firms. We will continue to engage in Europe and seek opportunities to invest and grow, but we’ll do so in a way that reflects our values—ensuring that the environments we are involved in are conducive to both business and ethical practices.
**Interviewer:** Thank you for sharing your insights, Bill. It’s a challenging time, and we appreciate your commitment to both your shareholders and moral values.
**Bill Ackman:** Thank you. It’s essential that we stay true to both in these unprecedented times.