Universal Music Group rejects Bill Ackman’s offer
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His hedge fund, Pershing Square Capital Management, bought large quantities of Amazon and Microsoft shares in the first quarter.
The stock, which trades under the ticker PS, debuted alongside closed-end fund Pershing Square USA, or PSUS, on the New York Stock Exchange.
Despite the IPO's horrific first-day performance, Ackman is confident that "it's going to be a very good long-term ride" for his new shareholders.
Microsoft looks like an absolute bargain.
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This artificial intelligence company offers compelling value, but Ackman says there are even better opportunities.