A group of Universal Music Group NV shareholders affiliated with billionaire Bill Ackman’s hedge fund Pershing Square raised more than €1.3 billion ($1.4 billion) from the sale of about a 2.7% stake in the world’s largest music company.

Bill Ackman’s Pershing Square expects to raise $1.4 billion from the sale of a 2.7% stake in Universal Music Group.

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Pershing Square CEO Bill Ackman confirmed on Thursday his firm had sold some of its shares in Universal Music Group (UMG). "We decided to sell a portion of our UMG position today," he wrote on X. "UMG was our largest position going into the day at more than around 27% of our capital.

Bill Ackman's Pershing Square (OTCPK:PSHZF) has announced the launch of a secondary offering of 50M ordinary shares in Universal Music Group N.V. (OTCPK:UMGNF), which translates to about 2.7% of UMG’s issued share capital,