Cubase 9.5.30 stuck on Initializing: eLC

My Cubase 9.5 won’t start after installing the latest 9.5.41 update. Tried everything mentioned in the forums, installed the latest eLicenser (opened it as admin), did the Maintenance successfully, I even requested a new Activation code and tried to update to 9.5.41 again.
If I uninstall and re-install to 9.5.0 it starts and works fine

Any thoughts?