Bill Ackman Threatens to Exit Amsterdam Stock Exchange Following Alarming Antisemitic Violence

Billionaire hedge fund manager Bill Ackman, CEO of Pershing Square Capital Management, announced he is considering delisting his company from the Amsterdam Stock Exchange in response to recent antisemitic attacks against Israelis in the city.

In a statement, Ackman explained, “I am seeking approval from the board of Pershing Square Holdings—where my family and I own 23% of the shares—to remove its listing from the Euronext Amsterdam exchange.”

Ackman went on to explain that the decision to consider the move had been under discussion for some time, as the company’s second listing on the London Stock Exchange (LSE) now accounts for more than 90% of its trading volume. He added that the recent events in Amsterdam, which included disturbing antisemitic violence, provided the final push for the decision.

“Concentrating our listing on a single exchange, the LSE, and leaving a jurisdiction that fails to protect its tourists and minority populations is not only the right thing to do morally but also makes good business sense. It will also help reduce costs and improve liquidity for our shareholders,” Ackman said.

Ackman also revealed that he has begun discussions with Universal Music Group (UMG), on whose board he serves, about moving the company’s domicile and listing from Amsterdam to the United States. UMG, which is currently listed on Euronext Amsterdam, could potentially benefit from a U.S. listing on the New York Stock Exchange (NYSE) or Nasdaq.

“We have a contractual right to cause UMG to be listed in the U.S. and we intend to exercise that right. We expect UMG to be listed in the U.S. by sometime next year,” Ackman stated.

He explained that UMG currently trades at a significant discount to its intrinsic value and faces liquidity challenges, largely due to its listing in Amsterdam and exclusion from major U.S. indices like the S&P 500. Ackman emphasized that moving the listing to the U.S. would not only address these issues but also unlock substantial value for shareholders.

“Now is the right time to make this move, both for business reasons and to reflect our commitment to the protection of fundamental rights,” Ackman concluded.