Activation manager does not start

Hello everyone,
I bought an update from pro 8.5 to pro 12. Unfortunately I can’t open the activation manager. It gets stuck in “loading, please wait,…” Is there anyone who can help and solve this for me?

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Have you restarted the computer?

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Do you have a symbolic link /Library/Application Support/Steinberg if so reinstall the Activation Manager again after removing that and only use it for content. It will install /Library/Application Support/Steinberg/Activation Manager and then should work if you are on Mac. This took me over an hour for me but fixed my problem. https://helpcenter.steinberg.de/hc/en-us/articles/360017126320-Steinberg-Download-Assistant-fails-to-install-or-update-components-on-startup