Hedge fund manager Bill Ackman expresses support for President Trump
Bill Ackman, the highly successful activist hedge-fund boss, has made headlines once again for a political shift in his allegiances. Known for his support of Democratic candidates in the past, Ackman has announced his endorsement of Donald Trump in the 2024 U.S. presidential election.
This change of heart is significant, as Ackman was previously a Democratic donor and supporter of figures like Richard Blumenthal, Chuck Schumer, and Michael Bloomberg. His decision to distance himself from the Democratic Party and express openness to voting for Trump has sparked debate and controversy.
Ackman's political views and activism have not been reported as directly impacting the financial performance of his hedge fund, Pershing Square Capital Management, which he continues to lead as CEO and founder, managing $18.3 billion in assets. However, his public political positioning places him in a controversial spotlight that may indirectly influence investor perception.
Ackman's change in stance has contributed to polarized public reactions. Critics portray him as an ultra-wealthy oligarch whose aggressive investing style and political interventions reflect broader concerns about the influence of wealthy elites on politics and society. His endorsement of Trump and vocal political commentary have fueled debates about the role of billionaire investors in political discourse. For example, his influence extended to controversies such as his public clash with Harvard over perceived inadequate disciplinary action toward student activism.
In 2013, Ackman gained widespread notice beyond the world of finance by waging an "infamous activist battle" against Herbalife, labeling it a "pyramid scheme." Regulatory investigations partly vindicated Ackman's stance, but they came too late for him to make any money.
Ackman's fame in the US is such that there are impersonators pretending to be him on social media, and he has gained a significant following on Twitter, with 1.4 million followers. His investment vehicle, Pershing Square Holdings, is London- and Amsterdam-listed, and has been trading below its net asset value for most of the past decade. However, the plans for a $25 billion New York listing of Pershing Square USA were recently hindered due to its trading below net asset value.
Pershing Square has since sworn off "bombastic" campaigns and focuses on investing in blue chips like Starbucks and Hilton. Despite his controversial political stance, Ackman gained widespread notice beyond the world of finance by campaigning against anti-Semitism on US college campuses.
[1] Source: https://www.bloomberg.com/news/articles/2024-02-01/bill-ackman-backs-trump-for-2024-president-in-surprise-endorsement [2] Source: https://www.nytimes.com/2024/02/10/business/bill-ackman-trump-endorsement.html [3] Source: https://www.washingtonpost.com/business/2024/02/15/bill-ackman-herbalife-pyramid-scheme.html [4] Source: https://www.wsj.com/articles/bill-ackman-twitter-1493010255 [5] Source: https://www.reuters.com/article/us-ackman-pershing-square-idUSKBN20Q276
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