Ackman Calls for a New Rival to Take on ‘Superb’ Mamdani in NYC

Zohran Mamdani, New York City mayoral candidate, during a news conference at Astoria Park during the New York City mayoral Democratic primary in the Queens borough of New York, US, on Tuesday, June 24, 2025. New Yorkers are heading to the polls Tuesday to choose a Democratic candidate for mayor as a sweltering heat wave engulfs the city, and with tightened security in place after the US unleashed airstrikes on Iran. Photo by Christian Monterrosa /Bloomberg

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(Bloomberg) — Bill Ackman has issued a call to his 1.8 million followers on social media to ask for suggestions on the “best centrist” candidate to take on Zohran Mamdani in the race for New York City’s mayor this November. 

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“If someone is ready to raise their hand, I will take care of the fundraising,” Ackman wrote in a lengthy post on X, describing Mamdani’s strengths and warning of the impact of his policies on the city. 

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Mamdani, a self-described Democratic Socialist, shocked the political establishment by easily beating Andrew Cuomo in the Democratic primary for Mayor. The 33-year-old Queens assemblyman ran on a platform highlighting the city’s affordability crisis and has proposed freezing rents and raising taxes on the wealthy and businesses to pay for free childcare and free buses. 

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Ackman, a former Democrat who’s become a vocal supporter of President Donald Trump, said that he believes Mamdani won because he’s a “superb politician who ran a remarkable and inspiring campaign” and not because of his actual policies. The billionaire investor had financially supported Cuomo’s campaign, but slammed the former Governor for running a terrible race, and the Democratic party’s “aging and over-the-hill leadership.”

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The hedge fund manager warned that a Mamdani mayoralty risks creating an exodus of the ultra-wealthy from the city, saying that if 100 of the highest taxpayers in just his industry become non-residents it could reduce state and city tax revenues by between $5 billion and $10 billion. Ackman went on to slam Mamdani’s policies saying “socialism has no place in the economic capital of our country.” 

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Ackman is one of several billionaires in the city seeking options after Cuomo’s failure. Current Mayor Eric Adams, who’s running as an independent, has low approval ratings, while the Republican candidate Curtis Sliwa, faces a mammoth challenge in heavily Democratic New York. 

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The investor cited former Mayor Michael R. Bloomberg, the founder and majority owner of Bloomberg News parent Bloomberg LP, as a “reference standard” for the type of candidate that could emerge from the New York business community. 

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“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,” Ackman wrote. “If the candidate does not win, there is no harm, no foul, because the perceived probability of beating the Democratic nominee in a NYC mayoral election is extremely small. 

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