Donald Trump, the presumptive Republican candidate for the 2024 election, may have won the backing of one of the most prominent voices on Wall Street. A Financial Times report suggests hedge fund titan Bill Ackman could throw his weight behind the former president.

What Happened: Ackman, the founder of Pershing Square, will likely announce his endorsement of Trump on X, the FT report said, citing a person briefed on his thinking. The hedge fund manager has been fluid with his preference of candidate for the presidency in this election cycle.

After saying he would prefer JPMorgan CEO Jamie Dimon to contest on behalf of the Democratic party, which apparently was more of wishful thinking, he has supported Republican primary candidate Nikki Haley and Democratic primary candidate Dean Philips, both of whom have dropped out of the race. Ackman also previously backed independent candidate Robert Kennedy Jr.

The FT report said the hedge fund manager now thinks alternative candidates such as Kennedy do not stand a chance in the pursuit.

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Following the Jan. 6, 2021 insurrection, most billionaires cut their ties with Trump. Now they are gravitating toward him, primarily due to his pro-business stance, the report said. The former president has promised to slash taxes and ease government regulations if he were to return to the White House.

On the other hand, President Joe Biden has alienated billionaires with stringent regulations, it added.

Scott Bessent, a fundraiser for Trump, told FT, “Wall Street is definitely swinging in Donald Trump's direction.”

Schwarzman's backing would be an “all-clear signal for others sitting on the fence,” he added. 

The likelihood of Trump reclaiming the White House could also be one of the reasons for Wall Street’s changed stance, the report. “Wall Street always wants to pick winners and most people think Trump is going to win — very simple,” an investment banker reportedly said.

But there are holdouts, including Citadel founder Ken Griffin, who donated to Haley in the primary. Griffin reportedly said he might get around to supporting Trump but such a move will hinge on the former president’s choice of his running mate.

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Photo by Center for Jewish History, NYC via Wikimedia Commons