‘Hedge Fund Billionaire’ Bill Ackman Likely to Declare Support for Trump

Bill Ackman, billionaire hedge fund manager and chairman of Pershing Square Capital on Wall Street, is reported to support former President Donald Trump, the Republican candidate in the upcoming U.S. presidential election this November.

[Image source=Reuters Yonhap News]

On the 30th (local time), major foreign media outlets cited sources saying that Ackman’s inclination has shifted toward former President Trump and that he may soon formalize this through the social networking service X (formerly Twitter).

Ackman had previously supported former U.S. Ambassador to the United Nations Nikki Haley, not Trump, in the Republican primary. Sources said Ackman believes that a third-party candidate like Robert F. Kennedy Jr. has no chance of winning the election, and that his dislike for President Joe Biden is stronger than his mixed feelings toward former President Trump.

In addition to Ackman, support for Trump has been increasing recently among billionaire asset owners. Steven Schwarzman, CEO of Blackstone and a leading billionaire on Wall Street, declared his support for former President Trump last week. One reason he cited for supporting Trump was the growing anti-Semitism in the United States.

In particular, dissatisfaction is widespread among Wall Street asset owners regarding President Biden’s excessive regulatory measures. In contrast, former President Trump is campaigning on promises of tax cuts and deregulation. Scott Bessent, founder of Key Square Group, said, "Wall Street is definitely moving toward former President Trump." He also added that Schwarzman CEO’s declaration of support last week would serve as a clear signal to those who have so far been reluctant to publicly endorse either side.

An investment banker evaluated that as investors’ expectations that former President Trump will return to the White House spread, voices supporting him are growing on Wall Street. He said, "Wall Street always wants to pick the winner."

However, some, such as Ken Griffin, founder of Citadel, who publicly supported former Ambassador Haley in the Republican primary, have yet to declare support for former President Trump. The media reported that some are reluctant to publicly endorse Trump due to judicial risks surrounding him.

Meanwhile, former U.S. President Trump was found guilty on 34 counts related to the so-called ‘hush money for sexual misconduct’ case on the same day. As a result, former President Trump became the first ex-president in U.S. history to be convicted in a criminal trial. Sentencing following the guilty verdict will take place on July 11, ahead of the Republican National Convention.

This content was produced with the assistance of AI translation services.