Bill Ackman's Pershing Square Sinks 4.7% In July, Dashing 2024 Gains - Universal Music Group (OTC:UMGNF)

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Bill Ackman‘s primary hedge fund wiped out most of its 2024 gains during late July, adding to the billionaire’s troubles after he withdrew his IPO for a US-traded closed-end fund this week due to weak demand. Pershing Square Holdings had gained 8.7% by mid-July but lost 4.7% in the latter half of the month, leaving it with a year-to-date gain of just 0.7%, reported Bloomberg. A major factor in the decline was Pershing Square’s investment in Universal Music Group UMGNF, whose shares fell 24% following disappointing earnings last week. Meanwhile, Ackman’s ambitious plan to launch a new investment fund on the New York Stock Exchange has faltered, added Bloomberg. Also Read: As Bill Ackman’s Pershing Square Struggles To Reach IPO Stage, Major Hedge Fund Opts Out Investing In Upcoming Fund: Report Ackman spent recent weeks promoting his U.S.-traded closed-end fund, initially projected to raise $25 billion, but withdrew the deal on July 31 after only $2 billion in interest. Earlier this week, Pershing Square decided to withdraw the IPO entirely. Ackman acknowledged that a key concern was whether investors would be better off waiting to invest in the aftermarket rather than during the IPO. This led to a decision to reevaluate the IPO’s structure, with plans to return with a revised proposal according to CNBC. Through July, the S&P 500 Index had risen by 15.8% for the year. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Read Next: Image created using artificial intelligence via Midjourney.