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In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. Ackman is walking away from a deal announced last month in which he would take a 10% stake in Universal Music Group through a special-purpose acquisition company. In a letter Monday, July 19 to shareholders of his investment fund, Pershing Square, Ackman cited questions from the Securities and Exchange Commission about whether the structure of the SPAC qualified under the rules of the New York Stock Exchange. (AP Photo/Andrew Harnik, File)

In this Nov. 12, 2019 file photo, billionaire investor William Ackman appears for a speech at the Economic Club of New York at the New York Hilton Midtown in New York. Ackman is walking away from a deal announced last month in which he would take a 10% stake in Universal Music Group through a special-purpose acquisition company. In a letter Monday, July 19 to shareholders of his investment fund, Pershing Square, Ackman cited questions from the Securities and Exchange Commission about whether the structure of the SPAC qualified under the rules of the New York Stock Exchange. (AP Photo/Andrew Harnik, File)

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