NEW YORK CITY – Hedge-fund billionaire Bill Ackman has announced plans to fund a mayoral campaign in New York City, aiming to challenge Democratic Socialist frontrunner Zohran Mamdani.
Breaking: Ackman’s Financial Pledge
Ackman expressed deep concern over Mamdani’s policies, which he believes could lead to an exodus of wealthy residents, jeopardizing the city’s tax base and public services. The Pershing Square CEO took to social media to voice his apprehensions, stating, “New York City under Mamdani is about to become much more dangerous and economically unviable.”
Immediate Impact
The billionaire investor is rallying his affluent peers to flood the upcoming election with financial support for any candidate capable of defeating Mamdani in the November 4 election. Ackman, who has previously supported President Trump, acknowledged that his political affiliations might disqualify any candidate he endorses, hence his public appeal for volunteers.
“Importantly, there are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight,” Ackman wrote, emphasizing the urgency of his call to action.
Key Details Emerge
Ackman suggested that even former NYC Mayor Michael Bloomberg might lend his election apparatus to a viable candidate, allowing them to focus on campaigning rather than fundraising. However, the effectiveness of such billionaire interventions remains uncertain, as demonstrated by Elon Musk’s recent experience in Wisconsin’s state supreme court election.
Fortune has reached out to Mamdani’s campaign for a response to Ackman’s initiative.
Exodus of the Tax-Paying Wealthy
Mamdani, a charismatic 33-year-old, recently defeated former Governor Andrew Cuomo in the Democratic Party primary, focusing on the cost-of-living crisis for New Yorkers. Despite being out-fundraised nearly fourfold, Mamdani’s policies, including rent freezes and city-owned supermarkets, have resonated with voters.
“If 100 or so of the highest taxpayers in my industry chose to spend 183 days elsewhere, it could reduce NY state and city tax revenues by ~$5 -$10 billion or more,” Ackman warned, citing the example of Ken Griffin’s move from Chicago to Miami.
Industry Response
Mamdani’s victory over Cuomo has positioned him as the frontrunner against the unpopular incumbent Eric Adams, running as an independent, and Republican nominee Curtis Sliwa. Despite attacks on his limited government experience and Muslim faith, Mamdani remains a strong contender.
By the Numbers
New York mayoral races are unpredictable due to low voter turnout. In 2017, only 14% of registered voters participated, leading to Bill de Blasio’s reelection.
What Comes Next
Ackman argues that the current dynamics favor the emergence of a centrist candidate who could use the mayoral race as a platform for national recognition. He suggests that another businessman, possibly Bloomberg, might step forward, although Ackman himself has indicated he will not run.
According to Ackman, “For the aspiring politician, there is no better way to get name recognition, build relationships with long-term donors, and showcase oneself.” He describes the campaign as a compelling opportunity with significant potential rewards.
As New Yorkers prepare for the November election, the impact of Ackman’s financial backing and Mamdani’s grassroots support will be closely watched, potentially reshaping the city’s political landscape.
