(FILES) Bill Ackman, Founder and CEO, Pershing Square Capital Management speaks about higher education and Harvard University during at the 28th annual Milken Institute Global Conference at the Beverly Hilton in Beverly Hills, California on May 6, 2025. American hedge fund Pershing Square, led by the activist investor Bill Ackman, announced on April 7, 2026 that it had offered to buy Universal Music Group in a merger, saying it believed the music giant was undervalued by stock markets. (Photo by Patrick T. Fallon / AFP via Getty Images)