Hedge fund billionaire Bill Ackman plans to bankroll a New York City mayoral campaign, arguing his affluent associates are poised to flood the election with money in an effort to defeat Democratic Socialist frontrunner Zohran Mamdani.<\/p>\n
Ackman<\/a>\u00a0said he was \u201cgravely concerned\u201d because he believed the left-wing candidate\u2019s policies would be disastrous, triggering an exodus of the wealthy that would endanger New York\u2019s public services by hollowing out its tax base.<\/p>\n \u201cNew York City under Mamdani is about to become much more dangerous and economically unviable,\u201d the Pershing Square CEO\u00a0posted<\/a>\u00a0to social media on Wednesday.<\/p>\n Arguing his\u00a0own support<\/a>\u00a0of\u00a0President Trump<\/a>\u00a0would 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.\u00a0<\/p>\n \u2018Funds will pour in\u2019<\/p>\n \u201cImportantly, 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\u2019t spend any time,\u201d he wrote.<\/p>\n \u201cSo if the right candidate would raise his or her hand tomorrow, the funds will pour in.\u201d<\/p>\n I awoke this morning gravely concerned about New York City. I thought \u201cWhat has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn\u2019t understand that freezing rents will only\u2026\u2014 Bill Ackman (@BillAckman) June 26, 2025<\/a><\/p>\n<\/blockquote>\n Ackman even alleged Michael Bloomberg, former NYC mayor and billionaire founder of the eponymous financial media company, would lend his entire election apparatus to any aspiring candidate to free them up to campaign rather than organize and fundraise.<\/p>\n It\u2019s unclear whether New Yorkers would honor such a candidate. The recent intervention by Elon Musk in Wisconsin\u2019s state supreme court election indicated the voting public does not always respond well to billionaires using their money to sway races.<\/p>\n Fortune\u00a0has reached out to the Mamdani campaign for a response.<\/p>\n Exodus of the tax-paying wealthy <\/p>\n In a\u00a0political earthquake<\/a>, the charismatic 33-year old outsider thumped the state\u2019s scandal-shrouded former governor, Andrew Cuomo, in the Democratic Party primary on Tuesday after applying a laser-like focus on the cost-of-living crisis for everyday New Yorkers.<\/p>\n While Cuomo relied on name recognition and an extensive political network to\u00a0out-fundraise<\/a>\u00a0his rival nearly four times over, the largely unknown state assemblyman pushed for rent freezes, subsidized city-owned supermarkets and free public transit\u2014all funded by taxes on local corporations and the wealthy.\u00a0<\/p>\n \u201cIf 100 or so of the highest taxpayers in my industry chose to spend 183 days elsewhere, it could reduce NY state and city tax revenues by ~$5 -$10 billion or more,\u201d Ackman warned, drawing a comparison to a fellow hedge fund founder. \u201cThink Ken Griffin leaving Chicago for Miami\u2014on steroids.\u201d<\/p>\n Mamdani overcame repeated attacks about his limited experience in government and his Muslim faith to become the undisputed frontrunner with a convincing victory over establishment-backed Cuomo. The Democratic Socialist is currently a heavy favorite in the November election against unpopular incumbent Eric Adams and Curtis Sliwa, the Republican nominee and founder of the Guardian Angels.<\/p>\n Chronically low voter turnout in mayoral races could prove a key advantage <\/p>\n New York mayoral races are notoriously unpredictable due to the city\u2019s\u00a0chronically low turnout<\/a>. In 2017, for example, Bill de Blasio won re-election with\u00a0only 14% of registered voters<\/a>\u00a0coming out to support him.\u00a0<\/p>\n 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\u00a0hold onto enough fundraisers<\/a>, political pundits also point out it\u2019s possible he could run as an independent like Adams, splitting the left vote and spoiling the race.<\/p>\n Ackman however argued all these factors would support the emergence of a centrist candidate looking to position themselves 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.<\/p>\n \u201cFor the aspiring politician there is no better way to get name recognition, build relationships with long-term donors and to showcase oneself,\u201d the hedge fund manager wrote, pitching the campaign like a business deal. \u201cThe 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.\u201d<\/p>\n\n