Bill Ackman is gearing up to support Eric Adams in his re-election campaign as New York City’s mayor. There’s some hope that other candidates might step aside to boost Adams’ chances against Democratic contender Zoran Mamdani.
According to insiders, there’s momentum from wealthy investors, including Andrew Cuomo’s involvement in the race and an infusion of $500,000 to aid Mamdani—now there’s talk of them backing Adams.
Ackman also hopes Cuomo and Republican candidate Curtis Sliwa will withdraw from the November race. If they do, it could make things easier for Adams in dealing with the left-leaning Mamdani, who has the backing of figures like AOC and Bernie Sanders.
“Bill thinks it’s best if Adams runs unopposed,” the source shared. However, if Cuomo and Sliwa continue in the race, it could create a tricky situation for Adams.
This message reached out to an Ackman spokesperson for comments.
Other prominent New Yorkers who backed Cuomo include former mayor Michael Bloomberg, media mogul Barry Diller, hedge fund manager Daniel Loeb, and Netflix co-founder Reed Hastings.
Billionaire Boaz Weinstein from hedge fund Saba Capital expressed optimism that Mamdani’s unexpected win might draw large voter turnout this November, potentially averting his success. “I think we’ll see record participation,” Weinstein remarked, reminding everyone that Mamdani’s just garnered 430,000 votes in places where he can vote.
Whitney Tilson, a Wall Street investor who engaged in the primary against Mamdani and Cuomo, warned that if the self-identified democratic socialists succeed in November, it could discourage investment, prompting New York’s wealthy to flee to places with friendlier tax climates like Florida. “It would sour the business environment,” he stated, noting how many people are already on the verge of leaving.
Dan Loeb, CEO of Third Point, tweeted about the intense summer in New York as temperatures soar.
Adams, a Democrat elected in 2021, is now running as an independent after federal corruption charges were dropped by the DOJ in April 2025.
Reports indicate that while business leaders would prefer Cuomo withdraw, it remains uncertain if he might re-enter the race. Sliwa, meanwhile, made clear he won’t step back from the Republican ticket, stating, “I’ll only drop out if I’m six feet under.”
Shares of Flagstar, a bank heavily tied to New York real estate, traded down by 6% recently, driven by concerns over Mamdani’s promise to freeze rent increases during his campaign.
Deutsche Bank analyst Bernard Von-Gizycki noted that the banks’ multi-family loan portfolios, estimated between $16 billion and $18 billion, would likely be affected by New York’s rent regulations, constituting about a quarter of the bank’s total lending.
Mamdani, a state legislator from Queens, has energized young voters from various backgrounds with a campaign focused on affordability, featuring commitments like free city buses and universal childcare.
If elected, he would make history as the first Muslim mayor and the first of South Asian descent in the city.
