this post was submitted on 27 Jun 2025
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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.”

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[–] very_well_lost@lemmy.world 24 points 3 days ago* (last edited 3 days ago)

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.

Fake fucking news. Well all know the wealthy don't pay taxes.

[–] melsaskca@lemmy.ca 24 points 1 day ago (1 children)

This won't cause the exodus of the wealthy. It will cause an exodus of the greedy.

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[–] MushuChupacabra@lemmy.world 23 points 3 days ago

Tl;dr: New Yorkers should elect Zohran Mamdani as their mayor, and should re-elect him as long as he chooses to serve.

Got it. Locked in. Never been clearer.

Thanks Bill Ackman!

[–] Fleur_@aussie.zone 23 points 1 day ago (1 children)

This is just blatant corruption

[–] HugeNerd@lemmy.ca 14 points 1 day ago (3 children)

System working as designed. You see, Russia and China are the real problem.

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[–] LordCrom@lemmy.world 22 points 2 days ago (1 children)

Always follow the money. Why are GOP and billionaires afraid and against this man who pledges to help the poor and struggling working class? Because they obviously have an interest in keeping the poor and struggling in the status quo conditions in which they live.

If helping the poor didn't hurt their bottom line, they wouldn't pay to keep it from happening.

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[–] SlartyBartFast@sh.itjust.works 22 points 3 days ago

Guy kinda sounds like a douchebag

[–] MolecularCactus1324@lemmy.world 22 points 2 days ago (1 children)

Billionaires trying to buy elections

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[–] Asafum@feddit.nl 21 points 3 days ago

FOR SALE: NYC MAYOR

Price: Name your price.

Seller information: The putrid scum that a weeks worth of soaking in bleach wouldn't remove the stench from.

[–] skisnow@lemmy.ca 21 points 1 day ago (1 children)

Whenever I see anything like this I remember my days working for large American companies and how difficult it was, even as a senior engineer, to get spending approval for anything. Like, even a $20 replacement headset I had to keep resubmitting applications for for three weeks because the managers had a policy of rejecting every first request on the theory that if it was important enough to spend company money on, it was important enough to fill in the form twice.

The point being, these sorts of people do not hand out a single penny without running the numbers and realising that the cost of rigging an election multiplied by the probability of success, is still lower than what they'll financially gain from it going a certain way.

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[–] michaelmrose@lemmy.world 19 points 2 days ago (1 children)

I remember the last time it was run. It's why we got president Bloomberg. Oh wait. Why would he actually reference Bloomberg himself whilst suggesting this? Did he just forget exactly how badly this worked?

[–] burgerpocalyse@lemmy.world 9 points 2 days ago

bill isnt a thoughtful boy

[–] m3t00@lemmy.world 19 points 1 day ago (3 children)

at what point is it cheaper to just pay taxes than buying politicians? mindless greed from control freaks.

[–] SulaymanF@lemmy.world 11 points 1 day ago (1 children)

It’s such a mild change too. If you make $1.1 million then your NYC taxes go up $2000 under Mamdani’s plan.

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[–] HotsauceHurricane@lemmy.world 19 points 3 days ago

Sounds like he is a frightened douche-canoe. Fuck that guy.

[–] Xande@discuss.tchncs.de 19 points 1 day ago (2 children)

Someone should bankrupt Bill Ackman!

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[–] circuitfarmer@lemmy.sdf.org 19 points 3 days ago

by hollowing out its tax base

As if the wealthy pay taxes. GTFO with that BS.

Ackman wants more Luigi in his NYC I guess

[–] BarneyPiccolo@lemmings.world 16 points 3 days ago

Okay, but Cuomo spent triple what Zohran spent, and got his ass kicked.

Tell you what, just distribute all that money to your employees, and the result of the election will be the same as if you blew it all on a loser.

[–] Feathercrown@lemmy.world 16 points 2 days ago (1 children)

There's really no excuse for this

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[–] RubberElectrons@lemmy.world 15 points 2 days ago* (last edited 2 days ago)

Remember when Bloomberg tried running for president for like 2 weeks?

Somehow I expect similar effect, burning cash without budging almost anyone.

[–] shittydwarf@sh.itjust.works 15 points 3 days ago

I'm gravely concerned that billionaires are allowed to exist

[–] phoenixz@lemmy.ca 14 points 2 days ago

And it's all because he's ~~a dirty democrat~~ ~~a dirty muslim~~ ~a dirty ~socialist~~ will let poor people be less poor and rich people be a little less rich

[–] PugJesus@lemmy.world 13 points 3 days ago

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.

Damn, my hopes for Mamdani just got even higher. Low turnout under ordinary circumstances give high-enthusiasm candidates an advantage, by that enthusiastic base's relative size to the ordinarily voting electorate.

[–] Gates9@sh.itjust.works 13 points 3 days ago (1 children)

Who owns the voting machines? Is the software audited? Are there tabulation servers?

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[–] Saleh@feddit.org 12 points 1 day ago* (last edited 1 day ago)

“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.”

Who wants to suck our dicks? Get to the dick sucking now! The chance never has been greater. We need our dicks sucked and will pay handsomely! If we like it, we'll pass you around to suck even more dicks!

[–] DancingBear@midwest.social 10 points 3 days ago

The wealthy can leave… nobody cares… if they don’t want to live in a nice city they can easily afford to move.

[–] snf@lemmy.world 10 points 3 days ago

Gentlemen, this is plutocracy manifest!

[–] motor_spirit@lemmy.world 10 points 3 days ago

This mother fucker claiming that wealthy are paying their share of taxes is jokes lmao and implying that the money actually is applied properly is also

[–] finitebanjo@lemmy.world 9 points 2 days ago* (last edited 2 days ago) (1 children)

So hes a Trump supporter but doesn't like Sliwa so he's just going to fund an independent? Lmao.

Its good that he's not just funding Sliwa, looks like a rift is forming in the red party.

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[–] Bakkoda@sh.itjust.works 9 points 3 days ago

I mean if money is all you need to win an election is it really an election? These people are fuckin ghouls.

[–] Zenith@lemm.ee 9 points 3 days ago
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