The record label behind Taylor Swift plans to launch a U.S. offering of some shares owned Bill Ackman’s Pershing Square, as the hedge-fund billionaire pushes for a U.S. listing.

Universal Music Group said on Wednesday that billionaire Bill Ackman-led Pershing Square has exercised its right to request an offering and secondary listing of the record label in the United States.

Born into a wealthy New York family, Bill Ackman has amassed a fortune estimated at more than $9 billion, according to Forbes. As he tries to buy The Woodlands-based Howard Hughes Holdings, here's what you should know about the creator of Pershing Square Capital Management.

Shares of Howard Hughes Holdings jumped after hedge-fund manager Bill Ackman's firm offered to buy 11.8 million Howard Hughes shares at $85 apiece to own a majority stake in the company. The stock jumped about 9.

Pershing Square Capital Management is pushing for a merger after the spinoff of some of Howard Hughes’ other entities.

Howard Hughes Holdings Inc. (NYSE: HHH) has received a $1 billion offer from the firm run by The Woodlands-based developer’s former chairman. Pershing Square Capital Management

Pershing Square's potential majority stake could influence Howard Hughes' future, but risks remain. See my recommendation on HHH stock.