Bill Ackman to back NYC Mayor Eric Adams’ – Business News
Bill Ackman is making ready to back Eric Adams’ bid for reelection as New York City mayor — and is hoping that rival candidates will drop out to bolster the present mayor’s possibilities towards Democratic nominee Zohran Mamdani, The Post has realized.
The billionaire hedge fund titan — who had given $500,000 to Andrew Cuomo’s fizzled run towards Mamdani within the Democratic main — is now gearing up to throw his weight behind Adams, in accordance to a source close to the billionaire investor.
Ackman, who’s reported to be price a cool $9 billion in accordance to Forbes, is set to throw his weight behind incumbent Eric Adams, who’s working as an impartial. AFP through Getty Images
Likewise, Ackman is hoping that Cuomo and Republican mayoral candidate Curtis Sliwa will bow out of the November election to enable Adams a clearer run towards the 33-year-old hard-left firebrand Mamdani, who’s backed by AOC and Sen. Bernie Sanders.
“Bill thinks the only thing that works is for Adams to run and everyone else to drop out,” the source mentioned.
The insider, talking to The Post on situation of anonymity, added that if Cuomo and Sliwa fail to finish their campaigns it might create a “difficult” path for Adams — doubtlessly splitting average voters and handing victory to the Israel-bashing, Uganda-born Mamdani, who solely grew to become a US citizen in 2018.
A spokesperson for Ackman declined to remark when contacted by The Post.
After the story was revealed, Ackman, a prolific social media person, posted on X: “I like (Eric Adams) and may ultimately support and endorse him, but I have not yet made any decision about whom to support for mayor of NYC.”
Other New York City business magnates who had backed Cuomo’s failed main run embrace former Mayor Michael Bloomberg, media mogul Barry Diller, hedge fund tycoon Daniel Loeb, cosmetics magnate William Lauder and Netflix founder Reed Hastings.
Fellow hedge fund titan Boaz Weinstein informed The Post that he anticipated voters to flock to the polls in droves in a bid to block the hard-left Democratic nominee. REUTERS
Boaz Weinstein, the billionaire boss of New York hedge fund Saba Capital, voiced optimism that Mamdani’s “shock” victory may lead to voters turning up in droves this November to guarantee he’s roundly defeated.
“I bet you that we get a record turnout,” mentioned Weinstein, who made a fortune betting on JPMorgan trading losses in 2012. He pointed to the truth that Mamdani solely secured 430,000 votes in a metropolis the place there are 4.7 million people who’re eligible to forged ballots.
Wall Street investor Whitney Tilson, who ran towards Mamdani and Cuomo within the main and picked up slightly below 1% of the vote, warned that New York’s uber-rich might flee for tax-friendlier climes corresponding to Florida if the self-styled Democratic Socialist wins in November, main to a drop in investment.
“It would poison the business environment,” mentioned the previous Kase Capital supremo and longtime Dem donor. “There are a lot of people on the edge right now. This would push them over.”
Whitney Tilson, the previous candidate for the Democrat nomination, warned Mamdani would “poison the business environment” within the Big Apple. AP
Dan Loeb, the 63-year-old CEO of the Third Point hedge fund, wrote on X as New York sweltered amid report temperatures: “It’s officially hot commie summer.”
Adams, elected as a Democrat in 2021, is now working as an impartial bid after federal corruption expenses had been dropped by the DOJ in April 2025.
Cuomo’s plans on whether or not he would possibly re-enter the race as an impartial stay unclear, though The Post’s Charlie Gasparino reported business leaders are hoping he’ll drop out. Guardian Angels founder Sliwa, in the meantime, informed Gasparino he won’t go away the Republican ticket.
“The only way I drop out is if I’m in a pine casket six feet under,” Sliwa mentioned.
GOP candidate Curtis Sliwa, the founder of the Guardian Angels, mentioned he would solely stand down “if he was six feet under.” Michael McWeeney
Shares of New York regional bank Flagstar, which is closely uncovered to the town’s real estate industry,. dropped by 6% in Wednesday trading on fears about Mamdani’s vow to freeze rent will increase in stabilized models during his marketing campaign.
Flagstar was previously often known as New York Community Bancorp and got here below stress in 2024 partly due to its real estate publicity.
Deutsche Bank analyst Bernard von-Gizycki wrote in a word to purchasers that between $16 billion and $18 billion of the bank’s multi-family loan portfolio can be uncovered to New York rent laws.
He added that the determine represents roughly a quarter of the bank’s whole loan e-book.
Mamdani, a state assemblyman from Queens, galvanized younger, white, Asian, and Latino voters with a platform targeted on affordability.
Former Governor Andrew Cuomo might nonetheless re-enter the race as an impartial, additional splitting the Democratic vote within the election. Luiz C. Ribeiro for New York Post
His signature pledges additionally embrace free metropolis buses, common youngster care, and city-owned grocery shops, funded by taxing the rich that may immediate fears of capital flight from the Big Apple to tax-friendly states corresponding to Florida.
Mamdani’s marketing campaign amassed over 50,000 volunteers and leveraged ranked-choice voting to secure 43.5% of first-round main votes. If elected, he can be the town’s first Muslim and South Asian mayor.
