Billionaire investor Bill Ackman has stepped down from the board of Universal Music Group, the world’s biggest music company.
Ackman, who is the CEO of Pershing Square Capital Management and Chairman of Pershing Square Holdings, officially left the UMG board on Tuesday, May 13, 2025. His resignation came after the company’s annual general meeting.
He joined the board in 2021 after UMG became a public company.
“Over the last three years, I have greatly enjoyed being a director of UMG as it has transitioned from a private company into a flourishing public enterprise,” Ackman said in a statement.
He added, “The company is extremely well positioned for future growth and profitability under the superb leadership of Sir Lucian Grainge and the entire UMG team.”
Ackman’s decision to step down is linked to his new position as Executive Chairman of Howard Hughes Holdings, a real estate firm. He also plans to focus more on managing investments at Pershing Square.
Ackman bought a 10.25% stake in Universal Music when it split from its former parent company, Vivendi, in 2021. This made him the company’s largest individual shareholder.
He has been one of the biggest supporters of UMG, calling it a strong business that earns money as people around the world listen to more music.
In 2021, Pershing Square described UMG’s model as “a rapidly growing royalty on the greater global consumption and monetization of music.”
Ackman also said music is “the lowest-cost, highest-value form of entertainment” and has great potential for growth in many countries.
Even though UMG is home to global stars like Taylor Swift, Drake, Billie Eilish, and Nigerian acts like Rema and Ayra Starr, the company’s stock has not grown much since it began trading publicly on the Euronext Amsterdam stock exchange.
Ackman once wrote on X (formerly Twitter), “Universal trades at a large discount to its intrinsic value, in significant part due to it not having its primary listing in the U.S.”
There are reports that UMG may move its stock listing from the Netherlands to the U.S., partly due to recent antisemitic incidents in Amsterdam. A move to a U.S. exchange could also give the company more access to big investors and help improve its market value.
Ackman’s departure ends a three-year board role, but his investment in Universal Music remains active through Pershing Square.
