Bill Ackman likely to back Donald Trump for president

Hedge fund executive and billionaire Bill Ackman has signaled to associates that he is likely to 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 a net worth of just over $4 billion, according to Forbes.

Another source said that Ackman had not made a final decision on whether he’s going to endorse Trump.

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

A spokesman for Ackman declined to comment. The Financial Times was first to report on Ackman’s thinking.

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

Schwarzman’s announcement came after the billionaire had said in 2022 that he would search for an alternative to the former president to back during the Republican primary for president.

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

In an interview with CNBC in January, Ackman called on Biden, 81, to step down as president due to his age. When asked at the time whether he would vote for Trump over Biden, Ackman said, “I’ll make that decision when I have the choice.”

Ackman’s biggest bet so far in this election cycle did not pan out.

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

Phillips dropped out of the race in March.