Investor & hedge fund manager Bill Ackman has made and lost billions making bold bets on the market. Now he's closing in on a 10% stake in Universal Music Group
Bill Ackman, CEO and Portfolio Manager, Pershing Square Capital Management, at Delivering Alpha on July 15, 2015
On Thursday, the Wall Street Journal reported Ackman's Pershing Square SPAC is closing in on a deal for 10% of the leading music company. has made and lost billions making bold risk.
Four Pershing Square directors own a total of about 314,000 shares. Michael Ovitz, CAA co-founder and former president of The Walt Disney Company, owns 250,000 shares. Jacqueline Reses, former executive chairman of Square Financial Services, owns 50,000 shares. Michael Gonnella, Pershing Square Capital’s chief financial officer and Joseph Steinberg, chairman of Jeffries Financial Group, own 14,000 shares between them.
While most SPAC investors have focused on finding the rare “unicorn” investment that can disrupt an industry and skyrocket in value, Ackman has promised to find what he calls a “mature unicorn,” meaning an undervalued legacy company with room for growth. In April he sold his 1% state in Starbucks to fund his SPAC ambitions and has been dropping hints about his intended target on earnings calls and during investor summits.
podcast in April 2020. “If you deal with failure well and you persist, you have a high probability of being successful.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Universal Music's New US Investor: Bill Ackman SPAC Closing In on 10% StakeUniversal Music is landing another anchor investor through a new deal nearing completion with Bill Ackman's Pershing Square Capital Management company's SPAC.
Read more »
Billionaire Bill Ackman In Talks To Take Universal Music Public At $40 Billion-Plus ValuationUniversal Music, the largest publisher of music in the world, may be listed on public stock markets through a massive deal with billionaire investor Bill Ackman’s special purpose acquisition company, Pershing Square Tontine Holdings.
Read more »
Bill Gates vaccine adviser was 'seriously worried' about Fauci's health, emails showDr. Anthony Fauci admitted in correspondence that he was not getting 'much sleep' during the first wave of the COVID-19 pandemic.
Read more »
Texas gov eyes retaliation after Dems derail voter-suppression bill.MaddowBlog: The good news for democracy is that Texas Democrats derailed an odious voter-suppression bill. The bad news is, the victory may be fleeting.
Read more »
Joy thanks Texas Democratic caucus chair who organized voting bill walkout for ‘fighting for our democracy’Texas Democrats on Sunday stirred up some 'good trouble' in the iconic words of the late Rep. John Lewis, staging a last ditch walkout in order to prevent a vote from being held on a Draconian, new voting bill in the state legislature. Texas State Rep. Chris Turner, the Democratic caucus chair who organized the walkout, joins Joy Reid on some of what is needed next in the voting rights fight.
Read more »
As Texas GOP moves to revive bill to limit voting, Democrats plot next moveTexas Republicans are pressing ahead with their push to restrict voting options after Democrats' weekend walkout stopped one of the nation's most aggressive efforts to limit voting.
Read more »