Bill Ackman Rips Chuck Schumer Over Zohran Mamdani Praise, Calls It 'Pathetic,' Warns NYC Risks $10 Billion In Lost Wealth

Pershing Square Capital Management CEO Bill Ackman launched a scathing attack on Sen. Chuck Schumer (D-N.Y.) on Wednesday over his endorsement of Zohran Mamdani, the progressive Democrat who won New York City’s mayoral primary.

What Happened: The hedge fund manager denied reports he endorsed incumbent Eric Adams and suggested a new centrist candidate could emerge for November’s general election.

Ackman expressed “grave concern” about Mamdani’s victory, calling the 33-year-old state lawmaker an “avowed socialist” whose policies would be “disastrous for NYC.” The billionaire investor warned that Mamdani’s anti-business stance could trigger an exodus of wealthy taxpayers, potentially reducing city and state revenues by $5-10 billion from his industry alone.

“Socialism has no place in the economic capital of our country,” Ackman wrote on social media platform X. He compared potential economic flight to Ken Griffin‘s move from Chicago to Miami, describing it as “on steroids.”

Ackman specifically criticized Schumer’s praise of Mamdani, calling it “pathetic” pandering driven by fears that Rep. Alexandria Ocasio-Cortez (D-N.Y.)  might challenge him. Schumer had lauded Mamdani’s “impressive campaign that connected with New Yorkers about affordability, fairness, & opportunity.”

The hedge fund manager clarified reports suggesting he endorsed Adams, stating he “may ultimately support” the incumbent but has made no decision. Adams is running as an independent after corruption charges were dropped following Trump administration intervention.

See Also: Trump Calls For Canceling Netanyahu’s ‘Witch-Hunt’ Corruption Trial, Calls It A ‘Travesty Of Justice’

Why It Matters: Despite his concerns, Ackman expressed optimism about potential alternatives. He indicated “hundreds of millions of dollars” in funding is available for a centrist candidate, with only 132 days until the election. The investor suggested former Mayor Michael Bloomberg could provide campaign infrastructure and expertise.

However, any alternative candidate would likely need to run as a write-in, since current ballot candidates cannot be replaced without established nominating committees.

Mamdani won the Democratic primary with 43.5% of the votes, defeating former Governor Andrew Cuomo‘s 36.4%. The victory came despite over $25 million in outside spending supporting Cuomo from major donors, including Home Depot co-founder Ken Langone and Avenue Capital Group CEO Marc Lasry.

President Donald Trump criticized Mamdani’s victory on Truth Social, while Sen. Elizabeth Warren (D-Mass) and Sen. Bernie Sanders (I-VT) praised his grassroots campaign. The outcome represents a significant shift for America’s financial capital, with potential implications for business confidence and municipal bond markets.

Final ranked-choice voting results are expected July 1, though Mamdani’s substantial lead makes his nomination likely. He would become New York’s first Muslim mayor if elected in November.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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