Hedge-fund billionaire Bill Ackman plans to bankroll a New York City mayoral campaign, arguing that his affluent associates are poised to flood the election with money in an effort to defeat Democratic Socialist frontrunner Zohran Mamdani.
Ackman said he was “gravely concerned” because he believed the left-wing candidate’s policies would be disastrous, triggering an exodus of the wealthy that would endanger New York’s public services by hollowing out its tax base.
Arguing that his own support of President Trump would automatically disqualify anyone Ackman might put forward, the activist investor said he was making a public appeal: Anyone capable of taking down Mamdani in the Nov. 4 election should step forward and volunteer.
“Importantly, there are hundreds of millions of dollars of capital available to back a competitor to Mamdani that can be put together overnight (believe me, I am in the text strings and the WhatsApp groups) so that a great alternative candidate won’t spend any time,” he wrote.
“So if the right candidate would raise his or her hand tomorrow, the funds will pour in.”
It’s unclear whether New Yorkers would honor such a candidate. The recent intervention by Elon Musk in Wisconsin’s state supreme court election indicated the voting public does not always respond well to billionaires using their money to sway races.
New York mayoral races are notoriously unpredictable due to the city’s chronically low turnout. In 2017, for example, Bill de Blasio won reelection with only 14% of registered voters coming out to support him.
A large influx of New Yorkers heading to the voting booth because they are as concerned as Ackman could easily affect the outcome. If Cuomo can hold on to enough fundraisers, political pundits also point out, it’s possible he could run as an independent like Adams, splitting the left vote and spoiling the race.
Ackman, however, argued all these factors would support the emergence of a centrist candidate looking to position themself on the national stage. It could even be another businessman like Bloomberg, he suggested, although Ackman in an earlier post appeared to indicate he would not seek to run himself.
“For the aspiring politician there is no better way to get name recognition, build relationships with long-term donors, and to showcase oneself,” the hedge fund manager wrote, pitching the campaign like a business deal. “The risk/reward of running for mayor over the next 132 days is extremely compelling as the cost in time and energy is small and the upside is enormous.”