Hedge-fund billionaire Bill Ackman plans to bankroll a New York City mayoral campaign, arguing that his affluent associates are poised to flood the election with money in an effort to defeat Democratic Socialist frontrunner Zohran Mamdani.
Ackman said he was “gravely concerned” because he believed the left-wing candidate’s policies would be disastrous, triggering an exodus of the wealthy that would endanger New York’s public services by hollowing out its tax base.
Arguing that his own support of President Trump would automatically disqualify anyone Ackman might put forward, the activist investor said he was making a public appeal: Anyone capable of taking down Mamdani in the Nov. 4 election should step forward and volunteer.
“Importantly, there are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight (believe me, I am in the text strings and the WhatsApp groups) so that a great alternative candidate won’t spend any time,” he wrote.
“So if the right candidate would raise his or her hand tomorrow, the funds will pour in.”
It’s unclear whether New Yorkers would honor such a candidate. The recent intervention by Elon Musk in Wisconsin’s state supreme court election indicated the voting public does not always respond well to billionaires using their money to sway races.
New York mayoral races are notoriously unpredictable due to the city’s chronically low turnout. In 2017, for example, Bill de Blasio won reelection with only 14% of registered voters coming out to support him.
A large influx of New Yorkers heading to the voting booth because they are as concerned as Ackman could easily affect the outcome. If Cuomo can hold on to enough fundraisers, political pundits also point out, it’s possible he could run as an independent like Adams, splitting the left vote and spoiling the race.
Ackman, however, argued all these factors would support the emergence of a centrist candidate looking to position themself on the national stage. It could even be another businessman like Bloomberg, he suggested, although Ackman in an earlier post appeared to indicate he would not seek to run himself.
“For the aspiring politician there is no better way to get name recognition, build relationships with long-term donors, and to showcase oneself,” the hedge fund manager wrote, pitching the campaign like a business deal. “The risk/reward of running for mayor over the next 132 days is extremely compelling as the cost in time and energy is small and the upside is enormous.”
Billionaires are against Mamdani, eh? Something tells me he is the right guy for the job then.
Surely this billionaire Trump supporter cares about the interests of democratic voters
Surely, the billionaires have the common people’s best interests at heart, right?
Right?!?!
I mean, this guy must live in an insane bubble if he doesn’t understand that this will help Mamdami more than if he had endorsed them. I am sure NYC voters will just rally around a guy who, through funding, owns its allegiance to billionaires.
So kind of this guy to give Mamdani an incredible basis for an ad campaign.
Like, for real, does this rich fuck not understanding that the vast majority of the American populace wants to see more blue shells? Honestly, how could it be more clear? All Zohran has to do is something like:
There’s an old proverb that says you should judge a person by the enemies they’ve made. Well, I’ve made an enemy of the billionaire Bill Ackman, and he’s pledged a blank check to whoever runs against me. But, there’s good news: votes decide elections, not money. I’m not listening to the money. I’m listening to the voters. I’m listening to you. Let’s win this together.
Yeah. Mr. Mangione would be the only person who I think of who could be competitive against Mamdani, on a campaign to “deny, defend, depose” corrupt billionaires and corporations from NYC.
Lmao holy shit, could you imagine if the other Mario brother gets acquitted and then Mamdani gets him to sign on as some sort of high-level city official? Honestly, considering the caliber of human that the current regime is appointing at the national level, we could do a damn sight worse than “some random engineer who got thrust into the spotlight, likely framed, and is now the patron saint of Healthcare as a Human Right”
Billionaires should not exist.
A billionaire just causally announcing that he can influence, finance and promote an election using his money in order to get what only interests themselves … rather than in allowing democratic processes elect someone the people actually want and need.
All that money spent against them when they could idk just stop being little shits and pay their fair share. With interest of course
This is the biggest endorsement Mamdani could get. I hope New Yorkers are paying attention.
Ackman said he was “gravely concerned” because he believed the left-wing candidate’s policies would be disastrous, triggering an exodus of the wealthy that would endanger New York’s public services by hollowing out its tax base.
wtf? Is this really the route they’re going to take? I know, pay your fucking share of taxes and then there wouldn’t be a “hollowing out.”
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If it’s a choice between hollowing out the billionaire population or the middle class, I choose the billionaires.
Canoes?
the left-wing candidate’s policies would be disastrous, triggering an exodus of the wealthy
Is that a promise? Look dude I’m already sold on him, you don’t need to keep selling him
That is what they always claim, don’t they? You can’t tax the rich, they’ll leave!!
Cool.
Where?
Where will they leave to? Europe? Good luck, taxes are way higher there (not enough , though) either way, you’ll be gone from what made you rich in the first place. You’re not going anywhere
Florida. We have no income tax, an increasing population of millionaires, mosquitos, alligators and homeless people.
Ohh! What’s not to like? 😵💫
Huh. I wonder why he just doesn’t vote for the other person. Isn’t that how it’s supposed to work? Isn’t that what poor people do? I was told voting was important… /s
That got tossed overboard by Citizens United. Money is free speech, and for most cases money is a big bag of votes.
So they are ok with spending hundreds of millions of dollars, just not in any way that actually improves the city for the people that live in it?
It’s not about the money, it’s just misanthropy.
Exactly. The ‘public services’ he wants to save is bribery to avoid paying his fair share. This guy is offering a ‘powerful people’ club membership so he can avoid giving back to a society that enabled his mindblowing fortune. Our system has gotten so used to it he’s totally good with saying it all out loud as if he’s some sort of victim.
Society’s cancer.
“It’s not to make sure that I have a lot; it’s to make sure that I have a lot more than everyone else. Forever.”
People of NYC: your vote is far more powerful than this dude throwing his lunch money at the opposition.
Ackman is also a part owner of X, and that platform will also definitely be a big part of an effort to defeat Mamdani.
Edit: a family member just asked me what I think of Mamdani wanting to put a tax on all hiring, saying he proposed a 35% tax on the salary of all new hires. I googled this, and the only results are on X. The fix is in.
Somebody more left-wing than Mamdani has the chance to do something hilarious
You joke but he might like that just fine. Two progressive candidates splitting the progressive vote could hand an easier victory to a right winger.
Gotta run a hard right campaign, backed with the money. Either the money works and you win, then expose yourself as a secret leftist, or the money doesn’t work and it doesn’t matter
So let me get this straight. Current tax law favors billionaires. He’s concerned that progressive policies will target taxing billionaires forcing a mass exodus of billionaires thereby undercutting the tax base. In other words they’re already not paying taxes but taxing them more will make them leave. Make it make sense.
You leaving NYC Ackman? Gonna take Wall St. with you?
Fuck off to Ireland, see if I care.
Leave Ireland out of this.
Stop being a tax haven?
