Hedge fund billionaire Bill Ackman is expected to announce his endorsement of Republican presidential candidate Trump. Currently, Wall Street’s enthusiasm for former President Trump is high.
According to the Financial Times reported on Thursday (May 30th), a source familiar with Ackman’s thinking said that the major donor’s dislike of President Biden far exceeds his conflicting feelings towards Trump.
Insiders say Ackman is expected to soon announce his decision on the social media platform X.
Ackman supported Trump’s party rivals in the Republican primary earlier this year, including Nikki Haley.
Moreover, he has also made donations to Democrats, including Dean Phillips who challenged President Biden in the primaries this year.
People familiar with Ackman’s thinking said the billionaire does not believe that other candidates will win, such as independent presidential candidate Robert F. Kennedy Jr., although Ackman has previously supported Kennedy’s White House campaign.
Ackman is the founder of Pershing Square Capital Management.
Currently, Wall Street’s support for the former president is growing. Last week, another Wall Street billionaire, Republican traditional donor Stephen Schwarzman, announced his support for Trump as a vote for reform.
The Blackstone Group CEO also pointed out that the rise of anti-Semitism in America is one of the reasons to support former President Trump.
Ackman has always been against anti-Jewish movements on college campuses. Previously, he hinted at considering switching support to Trump.
Furthermore, Wall Street has criticized the Biden administration for excessive regulation, with many believing that the Federal Trade Commission’s antitrust agenda has hindered trading.
Scott Bessent, founder of Key Square Group Capital, told the Financial Times, “Wall Street is definitely leaning towards Trump.”
He raised funds for the former president. Bessent added that Schwarzman’s endorsement of Trump has “lifted vigilance” for others who were holding back their support.
An investment banker said that Wall Street’s support for Trump is continually growing, with investors’ confidence in his potential to regain the White House increasing.
“Wall Street always wants to back a winner, and most people think Trump will win—it’s that simple,” the banker said.
Some major investors on Wall Street who lean towards Trump express that openly supporting the former president on social media is still awkward.
The Republican candidate is currently facing a storm of “hush money” allegations, accused of making payments to a porn actress to obstruct criminal charges related to the 2016 election, in addition to facing a series of other criminal accusations.
Trump denies all allegations. However, these cases have put him in the media’s spotlight.
A senior corporate lawyer in New York said, “The Democrats’ messaging is terrible.” The lawyer requested anonymity, fearing criticism from friends and colleagues.
“Wall Street Democrats still support capitalism,” the lawyer added, “Unfortunately, many far-left extremists have hijacked the party…they don’t understand what it takes to win the country (elections).”