Bill Ackman will likely support Donald Trump for president

Bill Ackman, CEO of Pershing Square Capital Management, speaks during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” in New York on November 28, 2023.

Jeenah Moon | Bloomberg | Getty Images

Hedge fund executive and billionaire Bill Ackman has told associates that he will likely support Donald Trump for president over Joe Biden, according to a source familiar with the matter.

Ackman previously financed Robert F. Kennedy Jr.'s campaign. for president and Republican Nikki Haley's failed bid for the White House. Ackman has one net worth of just over $4 billionsaid Forbes.

Another source said Ackman has not yet made a final decision on whether he will support Trump.

Sources in this story were granted anonymity to speak freely about private conversations.

A spokesperson for Ackman declined to comment. The Financial Times was the first to report on Ackman's thinking.

If Ackman backs Trump, he will join a growing group of Wall Street executives who support Trump over Biden. Blackstone CEO Steve Schwarzman recently said in a statement that he would support Trump.

Schwarzman's announcement came after the billionaire said in 2022 that he would look for an alternative to support the former president during the Republican primaries for president.

Ackman has been publicly consistent about his distaste for Biden and his policies.

In an interview with CNBC in January, Ackman called on 81-year-old Biden to resign as president because of his age. When asked at the time whether he would vote for Trump over Biden, Ackman said, “I will make that decision if I have the choice.”

Ackman's biggest gamble yet this election cycle didn't pan out.

He donated $1 million in January to a political action committee backing Rep. Dean Phillips, D-Minn., in a Democratic primary against Biden, according to Federal Election Commission records.

Phillips quit the race in March.

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