Bill Ackman to back NYC Mayor Eric Adams' reelection bid: source

New York Post

16 hours ago

Bill Ackman is preparing to back Eric Adams' bid for reelection as New York City mayor — and is hoping that rival candidates will drop out to bolster the current mayor's chances against Democratic nominee Zohran Mamdani, The Post has learned.
The billionaire hedge fund titan — who had given $500,000 to Andrew Cuomo's fizzled run against Mamdani in the Democratic primary — is now gearing up to throw his weight behind Adams, according to a source close to the billionaire investor.
5 Ackman, who is reported to be worth a cool $9 billion according to Forbes, is set to throw his weight behind incumbent Eric Adams, who is running as an independent.
AFP via Getty Images
Likewise, Ackman is hoping that Cuomo and Republican mayoral candidate Curtis Sliwa will bow out of the November election to allow Adams a clearer run against the 33-year-old hard-left firebrand Mamdani, who is backed by AOC and Sen. Bernie Sanders.
'Bill thinks the only thing that works is for Adams to run and everyone else to drop out,' the source said.
The insider, speaking to The Post on condition of anonymity, added that if Cuomo and Sliwa fail to end their campaigns it could create a 'difficult' path for Adams — potentially splitting moderate voters and handing victory to the Israel-bashing, Uganda-born Mamdani, who only became a US citizen in 2018.
The Post has approached a spokesman for Ackman for comment.
Other New York City business magnates who had backed Cuomo's failed primary run include former Mayor Michael Bloomberg, media mogul Barry Diller, hedge fund tycoon Daniel Loeb, cosmetics magnate William Lauder and Netflix founder Reed Hastings.
5 Fellow hedge fund titan Boaz Weinstein told The Post that he expected voters to flock to the polls in droves in a bid to block the hard-left Democratic nominee.
REUTERS
Boaz Weinstein, the billionaire boss of New York hedge fund Saba Capital, voiced optimism that Mamdani's 'shock' victory could lead to voters turning up in droves this November to ensure he is roundly defeated.
'I bet you that we get a record turnout,' said Weinstein, who made a fortune betting on JPMorgan trading losses in 2012. He pointed to the fact that Mamdani only secured 430,000 votes in a city where there are 4.7 million people who are eligible to cast ballots.
Wall Street investor Whitney Tilson, who ran against Mamdani and Cuomo in the primary and picked up just under 1% of the vote, warned that New York's uber-rich could flee for tax-friendlier climes such as Florida if the self-styled Democratic Socialist wins in November, leading to a drop in investment.
'It would poison the business environment,' said the former Kase Capital supremo and longtime Dem donor. 'There are a lot of people on the edge right now. This would push them over.'
5 Whitney Tilson, the former candidate for the Democrat nomination, warned Mamdani would 'poison the business environment' in the Big Apple.
AP
Dan Loeb, the 63-year-old CEO of the Third Point hedge fund, wrote on X as New York sweltered amid record temperatures: 'It's officially hot commie summer.'
Adams, elected as a Democrat in 2021, is now running as an independent bid after federal corruption charges were dropped by the DOJ in April 2025.
Cuomo's plans on whether he might re-enter the race as an independent remain unclear, although The Post's Charlie Gasparino reported business leaders are hoping he will drop out. Guardian Angels founder Sliwa, meanwhile, told Gasparino he will not leave the Republican ticket.
'The only way I drop out is if I'm in a pine casket six feet under,' Sliwa said.
5 GOP candidate Curtis Sliwa, the founder of the Guardian Angels, said he would only stand down 'if he was six feet under.'
Michael McWeeney
Shares of New York regional bank Flagstar, which is heavily exposed to the city's real estate industry,. dropped by 6% in Wednesday trading on fears about Mamdani's vow to freeze rent increases in stabilized units during his campaign.
Flagstar was formerly known as New York Community Bancorp and came under pressure in 2024 in part due to its real estate exposure.
Deutsche Bank analyst Bernard von-Gizycki wrote in a note to clients that between $16 billion and $18 billion of the bank's multi-family loan portfolio would be exposed to New York rent regulations.
He added that the figure represents roughly a quarter of the bank's total loan book.
Mamdani, a state assemblyman from Queens, galvanized young, white, Asian, and Latino voters with a platform focused on affordability.
5 Former Governor Andrew Cuomo could still re-enter the race as an independent, further splitting the Democratic vote in the election.
Luiz C. Ribeiro for New York Post
His signature pledges also include free city buses, universal child care, and city-owned grocery stores, funded by taxing the wealthy that will prompt fears of capital flights from the Big Apple to tax-friendly states such as Florida.
Mamdani's campaign amassed over 50,000 volunteers and leveraged ranked-choice voting to secure 43.5% of first-round primary votes. If elected, he would be the city's first Muslim and South Asian mayor.