Universal Music Group (UMG) will move its primary stock exchange listing to the U.S. from the Netherlands in 2025.
Universal Music, which publishes music by artists such as Taylor Swift and Drake, will shift its primary listing to either the Nasdaq or New York Stock Exchange in the New Year.
The announcement was made by Bill Ackman whose Pershing Square hedge fund holds a 10% stake in Universal Music, and who has the ability through a contract to force the stock’s relisting.
Ackman said he is moving the stock’s primary listing to the U.S. following antisemitic attacks in Amsterdam over the past week.
Ackman further said on social media that he plans to move his publicly traded Pershing Square Holdings stock from the Euronext exchange in Amsterdam to the London Stock Exchange.
Pershing Square has 120 days to file a formal registration with the U.S. Securities and Exchange Commission (SEC) to relist the stock in New York, according to media reports.
The stock of Universal Music has remained largely unchanged since it was spun-off from Vivendi (VIV) in 2021.
Ackman has blamed the poor performance of Universal Music’s stock on the company’s lack of exposure to U.S. markets.