Listing puts record label’s British-born boss in line for one of biggest corporate payouts in history
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Universal Music Group’s shares surged by more than a third in its stock market debut on Tuesday, putting its chairman and chief executive, Sir Lucian Grainge, in line for a potential bonus of almost $150m (£110m).
Shares in the world’s largest music company, the label behind artists including Taylor Swift and Bob Dylan, closed up more than 35% at €25.10 on its first day of trading, giving the business a market value of €45bn (£38bn).