By George Glover
Universal Music Group stock was falling on Wednesday after billionaire investor Bill Ackman resigned from the record label's board of directors.
UMG's Dutch-listed shares dropped 3.4% to 26 euros and 40 cents ($29.67) in early trading. Europe's flagship STOXX 600 index was down 0.2%.
"Bill Ackman has notified the company of his intention to resign from its board of directors effective today due to new executive and board obligations arising from his recent investments," Universal Music said in a statement. "The board is very grateful for Mr. Ackman's contributions to the company."
Ackman had served as a director at UMG, which counts Taylor Swift and Kendrick Lamar among its signed artists, for three years. In March, Ackman confirmed his hedge fund Pershing Square had sold some of its shares. It remains the largest shareholder, with a 4.7% stake valued at EUR2.59 billion, according to data from FactSet.
Write to George Glover at george.glover@dowjones.com
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(END) Dow Jones Newswires
May 14, 2025 05:46 ET (09:46 GMT)
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