Billionaire philanthropist Bill Ackman announced a $1 million donation to support Rep. Dean Phillips' (D-MN) campaign against incumbent Joe Biden on Saturday's X-Post. .
Long post from hedge fund manager Ackman. net worth According to more than $4 billion forbesargued that Phillips would make a “truly good president of the United States” and that he had a “credible path” to the Democratic nomination.
My best and favorite investments come from a deep understanding of the importance of asymmetry – understanding the potential risks and rewards and ensuring that the overwhelming rewards compensate for the risks. I've made some great asymmetric investments…
— Bill Ackman (@BillAckman) January 14, 2024
Mr. Ackman likened the United States to a company with “a great brand, great resources, albeit a bit damaged, but mismanaged for a long time.”
He went on to compare President Biden to an incompetent CEO.
“The problem is that the incumbent CEO has a large base of support and a significant incumbency advantage because the CEO we want to hire is unknown to almost all shareholders,” Ackman wrote. Ta. “The current CEO is long past his prime and would have no chance of getting a job, let alone being hired to run a business of this size and quality, even if there were other opportunities in the market.”
“In case you haven't guessed it yet, this business is the United States of America,” the billionaire said before endorsing Phillips as the country's top next “CEO.”
“This is not a joke. I'm completely serious,” he declared, before announcing his generous donation.
I met Dean two months ago. I've been in pretty close contact with him over the past two months, and he spent 90 minutes with him yesterday when he gave a presentation to almost all of his employees. That motivated me to top up his initial $3,300 contribution to his campaign.
On Tuesday, I plan to wire $1 million to wedeserve.org, a political action committee supporting Dean's candidacy. This is by far the biggest investment I've ever made in a candidate for office, and I'm making this investment at high risk, but it's a very important moment for his campaign.
The rest of the more than 2,000-word post details why Ackman trusts Phillips, from her experience as an “entrepreneur and successful business leader” to her “character, trustworthiness and competency” in Congress. ing.
Democratic presidential candidate Congressman Dean Phillips (D-Minnesota) during a campaign stop in Manchester, New Hampshire, on October 31, 2023. (AP Photo/Charles Krupa)
Ackman is participating in Several Recent heading The university, which has accused Harvard University of anti-Semitism amid the Diversity, Equity, and Inclusion (DEI) controversy, has previously signaled support for Phillips' bid for the White House.
of hill report The billionaire said last year that he was “impressed” with the congressman and also claimed it was time for Biden to “stand back” in the primary.
“I think Mr. Biden did a lot of good things. But I don't think his legacy is [be] If he's the candidate, that's good,” Ackman told the magazine in November. interview with bloomberg tv The David Rubenstein Show: Peer-to-peer conversations. “I think the right thing for Biden to do is stand back and say he's not running and create some competitive opportunity.”
