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> He essentially leveraged the massive pile of money from Spac investors to buyout UMG for his own fund...He keeps making those investors empty promises about s
by WorkerBee28474 2y ago
> He essentially leveraged the massive pile of money from Spac investors to buyout UMG for his own fund...He keeps making those investors empty promises about some future deal to this day years after the Spac folded.
The UMG purchase did not happen. The SPA(R)C money was returned to investors in 2022.
- jarsin 2y agoHe used the SPAC to get UMG to the table then purposely structured the deal in a way that if SEC did not approve he would have to buy it with his fund. Thus leveraging the spac and all the hype around it to get what he really wanted, UMG in his fund. Ackman's fund is now the second largest owner of UMG, and spac investors have worthless sparcs waiting for sec approval years later. If you follow Ackman you will see his m.o. plays out like this over and over on every deal and boardroom he is a part of. Edit: Also a large amount of retailers were in warrants and got $0 back.