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Bill Ackman aims to remove companies from Amsterdam following assault on Israelis

November 9, 2024 TruthUSA

Israeli Jewish football fans were targeted by attackers shouting ‘Free Palestine’ slogans.

Billionaire hedge fund manager Bill Ackman is planning to remove Pershing Square Holdings (PSH) and Universal Music Group (UMG) from the Euronext stock exchange in Amsterdam after recent attacks on Israeli sports fans in the city.

On Nov. 7, Israeli soccer fans were targeted in violent attacks after a match in Amsterdam, Netherlands. Videos on social media show chaos, with people shouting “Free Palestine” and checking passports to identify Israeli nationals. In response, Ackman stated that he intends to seek approval from the Pershing Square Holdings board—in which he and his family own 23 percent of the shares—to delist its listing on the @euronext Amsterdam exchange, as reported in a Nov. 8 X post.

PSH, founded in 2012, is an investment holding company with nearly $18 billion in assets under management as of October 2024.

Ackman noted that the board of PSH has been contemplating withdrawing from Amsterdam because the company’s London Stock Exchange (LSE) listing accounts for over 90 percent of its trading. The attack on Israelis in Amsterdam has become the tipping point for this decision.

“By concentrating the listing on one exchange, the LSE, and leaving a jurisdiction that does not protect its tourists and minority populations, we can uphold good business and moral principles. This move can also save money and enhance liquidity for shareholders,” Ackman explained.

The billionaire disclosed that he is also in discussions with UMG to shift its domicile and listing to the United States from the Netherlands.

Ackman, a board member at UMG, believes this change would be highly beneficial. He mentioned that PSH has a “contractual right” to list UMG in the United States.

“UMG is trading below its intrinsic value with limited liquidity primarily because it is not listed on the @NYSE or @NasdaqExchange and is not eligible for S&P 500 or other index inclusion. We plan to address this. Now is the right time to do so,” Ackman stated.

Investor and entrepreneur Eli David expressed support for the decision. “As a Pershing Square Holdings shareholder, I appreciate that your actions are guided by both business acumen and moral values,” he stated in a Nov. 8 X post.

Luca Schnettler, founder of IT company Qumata, questioned Ackman’s decision. He highlighted in an X post that investors and traders are advised against making emotional decisions.

“I understand Ackman’s frustration, but what does this have to do with his listing in Amsterdam?” Schnettler questioned.

Subsequently, approximately 60 individuals were arrested in connection with the Amsterdam attacks. Initially, the Israeli government planned to send a rescue mission led by the Israel Defense Forces to the Netherlands but later decided to bring Israeli citizens back home via commercial flights.

Geert Wilders, leader of the largest party in the Dutch government, expressed shame that such incidents occurred in the Netherlands.

Stance Against Anti-Semitism

In the past, Ackman has taken a strong stand against anti-Semitism. In November last year, he wrote to Harvard President Claudine Gay regarding alleged anti-Semitic incidents at the institution following the Oct. 7, 2023, Hamas attack on Israel.

“Jewish students are facing bullying, physical intimidation, spitting, and documented instances of physical assault,” Ackman wrote.

He accused Harvard of violating Title VI of the Civil Rights Act of 1964, which prohibits discrimination based on race, color, or national origin.

In January this year, the Tel Aviv Stock Exchange announced that Ackman and his wife would acquire a 4.9 percent stake in the exchange, demonstrating confidence in the country’s economy amidst its battle against Hamas terrorists.

A Sept. 30 report from the Anti-Defamation League, a Jewish advocacy group, revealed a surge in global anti-Semitism following the Oct. 7, 2023, attack, particularly in Europe.

The report indicated a 1,000 percent increase in anti-Semitic incidents in France over the three months post-Oct. 7, 2023. In the Netherlands, such incidents rose by 818 percent in the month following the attack.

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