Pershing Square Holding will sell $1.5 billion worth of Universal Music Group shares on the Euronext Amsterdam exchange.

Pershing Square CEO Bill Ackman confirmed on Thursday his firm had sold some of its shares in Universal Music Group (UMG). "We decided to sell a portion of our UMG position today," he wrote on X. "UMG was our largest position going into the day at more than around 27% of our capital.

The placement comes as Taylor Swift’s record label plans a U.S. share sale agreed in order to fulfill an agreement with Pershing Square.