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Investing.com -- Billionaire investor Bill Ackman has expressed alarm over Zohran Mamdani’s victory in the NYC Democratic mayoral primary and offered to help fundraise for a centrist candidate to challenge him in the general election.
In a detailed post on social media platform X, the Pershing Square CEO criticized Mamdani’s socialist policies, including proposals to defund police, freeze rents, and create city-owned supermarkets. Ackman suggested these policies would be "disastrous for NYC" and could drive away businesses and wealthy taxpayers.
"Socialism has no place in the economic capital of our country," Ackman wrote, adding that New York City’s ability to provide services depends on maintaining a business-friendly environment.
While acknowledging Mamdani’s campaign skills, Ackman attributed the primary win to the candidate’s political abilities rather than support for his policies. He also noted the primary featured weak competition.
The hedge fund manager expressed concern that Mamdani’s leadership would make the city "more dangerous and economically unviable," comparing potential outcomes to other Democratic-led cities.
Ackman offered to handle fundraising for a suitable centrist challenger, stating there are "hundreds of millions of dollars of capital available" that could be assembled "overnight" to back an alternative candidate.
With the general election scheduled for 11/05/2025, Ackman suggested the 132-day timeline presents a unique opportunity for a write-in candidate to mount a successful campaign. He called for recommendations of potential candidates who could "go toe-to-toe with Mamdani on the campaign trail and on the debate stage."
"This is a once-in-a-lifetime opportunity for the right candidate. More importantly, it is an opportunity to save our City and be a superhero," Ackman concluded.
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