PSTH - Bill Ackman: Reddit investors didn't like PSTH/Universal deal and NYSE ultimately killed it

Bryan Bedder/Getty Images Entertainment Billionaire Bill Ackman said Monday that Reddit investors didn't like his Pershing Square Tontine's SPAC deal to buy 10% of Universal Music from Vivendi (VIVHY) because many were looking for a short-term pop instead of long-term gains. But Ackmen, the founder and CEO of Pershing Square Capital Management (PSHZF) and Pershing Square Tontine (PSTH), told CNBC that it was the New York Stock Exchange that ultimately tanked the deal. He said the NYSE decided the merger didn't conform to the organization's rules on SPACs, although exchange officials initially blessed the agreement. "The New York Stock Exchange, I would say, up until Thursday, was extremely supportive of this transaction," he said. Ackman's comments followed news that PSTH will not acquire the stake in Universal. The famed investor's Pershing Square Capital Management hedge fund will make the investment instead. Commenting on the Reddit interest in the PSTH, Ackman explained

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Bill Ackman: Reddit investors didn't like PSTH/Universal deal, and NYSE ultimately killed it