using put options with no more than 3% of Pershing Square's funds. On February 28, 2018, Ackman exited his near billion-dollar bet against Herbalife after the company's stock price continued to rise. COVID-19 response Ahead of the 2020 stock market crash, Ackman hedged Pershing Square's portfolio, investing $27 million to purchase credit protection, insuring the portfolio against steep market losses. Pershing Square first disclosed the hedge on March 3, 2020. According to Reuters, "Ackman said hedging was preferable to selling off his portfolio of companies whose businesses are otherwise strong." The hedge was effective, generating $2.6 billion in less than one month. On March 18, 2020, in an emotional interview with CNBC, Ackman called upon President Trump for a "30-day shutdown" of the American economy to slow the spread of coronavirus and minimize loss of life and ensuing economic destruction resulting from the shutdown. Ackman warned that without intervention, hotel stocks were “going to zero” and said that America could “end as we know it." He also cautioned U.S. companies to stop stock buyback programs because “hell is coming.” Ackman later received criticism for actively buying discounted equity stakes in the very companies he was warning could fail; however, Ackman already had realized roughly half of the gains before appearing during the CNBC interview. In a November 2020 interview, Ackman said that he had grown concerned about COVID-19 because he had seen the film Contagion. Pershing Square Tontine Holdings In June 2020, Ackman's Pershing Square Tontine Holdings, Ltd (PSTH), filed $4 billion for the largest-ever blank-check company IPO. In July 2022, Ackman addressed PSTH shareholders saying that he would return the funds of the SPAC as he was "unable to consummate a transaction that both meets our investment criteria and is executable." Universal Music Group In July 2021, Pershing Square and its affiliates acquired 7.1% of the share capital of Universal Music Group (UMG) from Vivendi for US$2.8billion, corresponding to an enterprise value of €35billion for 100% of UMG's share capital. On September 9, 2021, Pershing Square and its affiliates acquired 2.9% of the share capital of UMG for US$1.15billion, corresponding to an enterprise value of €35billion for 100% of UMG's share capital. Following the transaction Pershing Square held 10% of UMG's share capital. He was appointed as a non-executive director of UMG on May 12, 2022. Netflix position In January 2022, Ackman disclosed that Pershing Square acquired a $1.1