In a surprising turn of events, billionaire hedge fund manager Bill Ackman is reportedly expected to support former President Donald Trump in his upcoming rematch with President Joe Biden, according to a report from The Financial Times. Ackman, known for his history of supporting Democrats and backing ex-Trump rival Nikki Haley for the GOP nomination, is expected to make the endorsement on Elon Musk’s social media platform X. This endorsement would add Ackman to a list of Wall Street executives throwing their weight behind Trump, including Miriam Adelson, Steve Schwarzman, and Robert Bigelow. This marks a reversal for Ackman, who earlier this year supported Democratic challenger Dean Phillips and named Haley and Chris Christie as better options than Biden.
Ackman, the founder of hedge fund Pershing Square Capital Management, has an estimated net worth of $4.3 billion, making him the 743rd richest person in the world as of Thursday. He founded Pershing Square in 2004, with a consolidated stock portfolio that includes companies like Google parent Alphabet, Chipotle, and Hilton. While Ackman has been a prominent voice on Wall Street for years, his recent public comments have focused on his alma mater, Harvard University, and increasing pro-Palestinian protests on campus that he decried as antisemitic. He called on Harvard to release the names of students who blamed Israel for Hamas’ attack on southern Israel and targeted the university’s then-president Claudine Gay, who resigned in January amid controversy.
Elon Musk, who owns the social media platform X, has been rumored to be in consideration for a possible cabinet spot in a Trump administration if he wins in November. Sources told The Wall Street Journal that Trump has offered Musk an advisory role focused on economics and border security, two areas Musk has been outspoken about. However, Musk denied these rumors on X, stating that there have not been any discussions about such a role and expressing frustration with media coverage. This adds another dimension to Ackman’s expected endorsement of Trump and highlights the influence of high-profile billionaires in politics.
The endorsement of Trump by Ackman and other Wall Street executives marks a shift in their political affiliations and support. While Ackman previously supported Democrats and backed potential GOP candidates like Haley, his decision to support Trump now shows a change in his political outlook. The growing list of business leaders endorsing Trump, including Musk and others, could signal a broader trend of support for the former president ahead of the upcoming election. This shift in support raises questions about the role of billionaires in politics and the impact they can have on shaping political outcomes.
It remains to be seen how Ackman’s endorsement of Trump will impact the upcoming election and the broader political landscape. As one of the wealthiest individuals in the world, Ackman’s endorsement carries weight and could influence other business leaders to follow suit. With the election approaching, the support of high-profile billionaires like Ackman and Musk could shape the narrative of the campaign and potentially sway voters. The unexpected alliance between Ackman and Trump reflects the complexity of politics and the influence of money and power in shaping the direction of the country.
