Bill Ackman, CEO of Pershing Square Capital Management, publicly criticized Senator Chuck Schumer for endorsing progressive candidate Zohran Mamdani, calling him an "avowed socialist." Ackman expressed serious concerns that Mamdani's policies could drive wealthy taxpayers out of New York City, potentially costing the city $5-10 billion in revenue. Although he denied endorsing incumbent Eric Adams, Ackman indicated support for a new centrist candidate could materialize ahead of the November election, emphasizing significant funding availability for such alternatives.
"Socialism has no place in the economic capital of our country," Ackman wrote on social media platform X, highlighting the potential negative impact of Mamdani's policies.
Ackman criticized Schumer's praise of Mamdani as 'pathetic' pandering driven by fears that Rep. Alexandria Ocasio-Cortez might challenge him.
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