Today’s News 

Hedge fund billionaire Bill Ackman is leaning towards endorsing Donald Trump in the upcoming U.S. presidential election, according to a source familiar with his thinking. This potential endorsement aligns with a trend of prominent Wall Street figures supporting the former president. 

Ackman, the founder of Pershing Square Capital Management, has previously backed Trump’s Republican rivals, including Nikki Haley, in the primary contest this year. However, he is now likely to make his endorsement on X, the social media platform controlled by Elon Musk, in which Ackman is a minority investor. 

Ackman has a history of donating to Democratic candidates, such as Dean Phillips, who challenged President Joe Biden in the primary this year. The source indicated that Ackman does not believe alternative candidates like Robert F. Kennedy Jr., whose campaign he also supported, have a realistic chance of winning. Ackman’s aversion to Biden appears to outweigh his ambivalence towards Trump. 

This anticipated endorsement from Ackman follows a similar announcement from Stephen Schwarzman, another Wall Street billionaire, who stated last week that he would support Trump as a “vote for change.” Schwarzman, the CEO of Blackstone, cited a rise in antisemitism in the U.S. as one reason for his support. 

Ackman has been vocally critical of U.S. university administrations for allegedly tolerating anti-Jewish discrimination on campuses. This stance may have influenced his decision to consider backing Trump. 

“Wall Street is definitely swinging in Donald Trump’s direction,” said Scott Bessent, founder of Key Square Group, who has raised funds for Trump. Bessent added that Schwarzman’s backing serves as an “all-clear signal for others sitting on the fence.” 

An investment banker noted that Wall Street’s growing support for Trump reflects confidence in his ability to reclaim the White House. “Wall Street always wants to pick winners and most people think Trump is going to win — very simple,” the banker said. 

Despite this trend, some billionaire donors, like Citadel founder Ken Griffin, who supported Haley in the primary, remain undecided. Griffin has indicated he might support Trump depending on his choice of running mate. Haley herself has announced she will vote for Trump. 

Separately, casino billionaire Miriam Adelson plans to direct significant resources to the pro-Trump super PAC Preserve America, according to a source familiar with the matter. In 2020, the group raised USD 105 million, including USD 90 million from Adelson and her late husband, Sheldon. The super PAC expects to surpass its 2020 fundraising mark. 

Despite the growing support, some Wall Street investors find it socially challenging to publicly endorse Trump due to his controversial reputation and ongoing legal issues. A top New York investor expressed reluctance to endorse Trump publicly, citing the liberal environment of his children’s school as a concern. 

“Nobody likes Trump for his family values,” the investor said, “but he’s a more commercial guy, our kind of people like that.” 

A senior corporate lawyer in New York observed that Trump is also gaining traction among disillusioned Democrats on Wall Street. “The Democratic party’s messaging has been terrible,” the lawyer said, adding that Wall Street Democrats remain pro-capitalism and feel alienated by the party’s far-left factions. 

A private equity executive managing billions in media, tech, and retail sectors echoed this sentiment, noting that Trump would be a “no-brainer for our industry” due to his pro-business stance. However, the executive also acknowledged the risk of public endorsement, fearing backlash and boycotts from customers.

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