Activation Manager stuck on "loading, please wait..."

Has anyone experienced this? It won’t do anything else.

on PC Win11, I had to reboot first before it would work - Mac, no idea.

I figured it out. I had moved the entire Steinberg folder from Library > Application Support to an external drive with a symbolic link pointing to it.

Apparently that works for vst library content but not for licences. So I am now only using a symbolic link for vst content.