Bill Ackman, the hedge fund magnate, faced backlash from New York City business figures for his recent congratulations to Zoran Mamdani following Mamdani’s victory. Ackman, known for his hefty financial attempts to sway elections against left-leaning candidates, sent out a message to Mamdani saying, “Congratulations on your win. You now have a great responsibility. If you can help New York City, please let me know what I can do.”
This gesture comes after Ackman funded Mamdani’s main opponents, including the unsuccessful re-election of outgoing Mayor Eric Adams and former Governor Andrew Cuomo, who was recently criticized.
Kathryn Wilde, a notable business broker in New York City, dismissed Ackman’s attempt as “ridiculous,” suggesting it was just a way to make sense of his previous investments going south. “You literally spent months attacking Mamdani and now you’re offering help? Really?” she remarked.
Wilde noted that Ackman had warned of dangers stemming from a Mamdani win, and he had also contributed $1 million towards opposing Mamdani and $750,000 to support Cuomo’s campaign.
“This is just a ploy to attract attention to himself,” she stated.
Another financier, Cliff Asness, criticized Ackman’s move, calling it a “gimp” and questioning his self-awareness given past criticisms aimed at Mamdani for his stance on Hamas following recent conflicts.
In a statement, Asness condemned Mamdani’s proposed rent freeze, likening it to a catastrophic threat to the city’s real estate sector.
Meanwhile, Dan Loeb, CEO of Third Point and worth around $3.8 billion, mocked Ackman’s earlier post, saying, “Guys, please find a man who loves you the way Bill Ackman loves himself.”
After receiving congratulations from Ackman, Mamdani expressed appreciation and emphasized the need for collaboration to tackle living costs in the city. “I believe city leaders should engage with those committed to reducing costs,” he stated in an interview.
This isn’t Ackman’s first political shift; earlier, he encouraged JPMorgan’s Jamie Dimon to challenge Donald Trump, only to later back Trump publicly.
Ackman, who has an estimated net worth of $9.5 billion, has also recently endorsed the administration’s stance on immigration policies, focusing on border controls and opposing more progressive causes.
As a political figure, he has donated substantially through his foundation, even to causes involving undocumented immigrants. “How does Paul Singer start a takeover bid?” quipped a political operative who had worked on the mayor’s campaign, highlighting a common billionaire attitude that they know best about politics.
