- Calling on former governor Andrew Cuomo to drop out, the billionaire hedge fund manager endorsed incumbent NYC mayor Eric Adams as the only credible alternative to Democratic primary winner Zohran Mamdani. Ackman triggered outrage when he said last week that he was in WhatsApp groups where wealthy donors planned to flood the election with money in order to keep the 33-year-old Democratic Socialist from winning office in November.
Fearing a victory by Zohran Mamdani in November’s New York City mayoral race, Bill Ackman threw the weight of his estimated $9.4 billion personal fortune behind incumbent Eric Adams, calling on Andrew Cuomo to drop out.
The election may be run in a Democratic stronghold known for its multi-ethnic diversity, but it has grabbed headlines nationwide as the charismatic outsider Mamdani represents more than just a generational divide. As a democratic socialist running for office in the financial capital of the world, he threatens to upend the Wall Street–based system.
Pitted against him is a financial class that has found, in Adams and Cuomo, a pair of establishment names they hope to be capable of thwarting a Mamdani victory. After meeting with both for an hour on Tuesday, Ackman said the choice was clear…