Billionaire investor William Ackman, who had raised $4 billion in the biggest-ever SPAC, told investors he would be returning the money after failing to find a suitable target company to take public through a merger.
The development is a major setback for the prominent hedge fund manager who had initially planned for Pershing Square Tontine Holdings to take a stake in Universal Music Group last year.
In a letter to shareholders, Ackman highlighted numerous factors, including adverse market conditions and strong competition from traditional initial public offerings that thwarted his efforts to find a suitable company to merge his SPAC with. Read more.
