Universal Music Group shares fell nearly 9% this week on Pershing Square's stock sale, while music stocks were down overall amid a market tumble.

Bill Ackman's Pershing Square expects to raise $1.4 billion from the sale of a 2.7% stake in Universal Music Group, according to a report in Bloomberg. Ackman announced the sale on social media, but the numbers are from a Bloomberg source citing knowledge of the deal,

The placement comes as Taylor Swift’s record label plans a U.S. share sale agreed in order to fulfill an agreement with Pershing Square.