Key Takeaways
- • Bill Ackman, CEO of Pershing Square Capital Management (a $20 billion hedge fund), publicly endorsed Donald Trump on July 13, 2024, via social media platform X, marking a significant shift from his 2021 position calling for Trump's resignation following the January 6 Capitol attack.
- • Ackman stated he made the endorsement decision "carefully, rationally, and by relying on as much empirical data as possible," though he did not provide detailed reasoning in his initial announcement, indicating he plans a longer-form explanation at a later date.
- • The endorsement joins a growing list of billionaire and business leader support for Trump in the 2024 election cycle, including Tesla CEO Elon Musk, signaling potential Wall Street warming toward the former president ahead of the November election.
- • Ackman, a longtime Democratic donor and activist who has been vocal on Israel support and critical of pro-Palestinian campus protests, represents a notable defection from traditional Democratic-aligned financial leadership.
- • The timing of Ackman's endorsement announcement came shortly after Trump sustained a shooting injury at a campaign rally on July 13, though Ackman did not explicitly reference this incident in his initial endorsement post.
Summary
Billionaire hedge fund manager Bill Ackman formally endorsed former President Donald Trump on July 13, 2024, in a significant political move signaling potential realignment within financial leadership ahead of the November presidential election. Ackman, who serves as CEO and portfolio manager of Pershing Square Capital Management—a hedge fund managing approximately $20 billion in assets—posted his endorsement on social media platform X to his 1.3 million followers, stating: "I am going to formally endorse @realDonaldTrump" and asserting that he had made the decision "carefully, rationally, and by relying on as much empirical data as possible."
The endorsement represents a dramatic reversal from Ackman's 2021 position on Trump. Following the January 6 Capitol attack, Ackman had publicly called for Trump to "resign and apologize to all Americans." According to Reuters, Ackman had been considering an endorsement as recently as May 2024 and had planned to announce his support earlier. In his July 13 announcement, Ackman noted that he had "come to this decision some time ago as many X followers have already understood from my supportive posts of Trump and my criticisms of Biden," suggesting his shift has been gradual and observable to his social media audience.
Ackman declined to provide comprehensive reasoning for his endorsement in his initial posts, stating: "I just haven't had the time nor felt the urgency to write the post as we are still a few months from the election." He indicated he would publish a longer-form explanation addressing his decision-making process at a future date. The hedge fund manager did reference broader political concerns in a subsequent post, alluding to "a perilous moment for our democracy," though he did not explicitly connect this statement to the shooting incident involving Trump that occurred on July 13.
Ackman's endorsement adds momentum to growing business and billionaire support for Trump in 2024. Tesla CEO Elon Musk had similarly endorsed Trump and expressed hope for "his rapid recovery" following the shooting incident. The timing and pattern of high-profile financial and business leader endorsements suggest potential broader Wall Street positioning ahead of the election. Ackman's shift is particularly notable given his historical alignment with Democratic candidates and causes, as well as his established advocacy on Israel policy and campus activism issues.
The endorsement represents a dramatic reversal from Ackman's 2021 position on Trump. Following the January 6 Capitol attack, Ackman had publicly called for Trump to "resign and apologize to all Americans." According to Reuters, Ackman had been considering an endorsement as recently as May 2024 and had planned to announce his support earlier. In his July 13 announcement, Ackman noted that he had "come to this decision some time ago as many X followers have already understood from my supportive posts of Trump and my criticisms of Biden," suggesting his shift has been gradual and observable to his social media audience.
Ackman declined to provide comprehensive reasoning for his endorsement in his initial posts, stating: "I just haven't had the time nor felt the urgency to write the post as we are still a few months from the election." He indicated he would publish a longer-form explanation addressing his decision-making process at a future date. The hedge fund manager did reference broader political concerns in a subsequent post, alluding to "a perilous moment for our democracy," though he did not explicitly connect this statement to the shooting incident involving Trump that occurred on July 13.
Ackman's endorsement adds momentum to growing business and billionaire support for Trump in 2024. Tesla CEO Elon Musk had similarly endorsed Trump and expressed hope for "his rapid recovery" following the shooting incident. The timing and pattern of high-profile financial and business leader endorsements suggest potential broader Wall Street positioning ahead of the election. Ackman's shift is particularly notable given his historical alignment with Democratic candidates and causes, as well as his established advocacy on Israel policy and campus activism issues.
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