Bill Ackman donating $1M to Dean Phillips' White House bid
Why it matters: The hedge fund manager's donation toward Phillips' long-shot presidential run comes as 81-year-old President Biden struggles in polling against several GOP opponents and faces low approval ratings.
What he's saying: "This is not a joke, I am totally serious," Ackman said Saturday in a lengthy post on X.
- Ackman said this donation is "by far the largest investment I have ever made in someone running for office" and that he is "making this investment at a high-risk, but critically important moment for his campaign."
The billionaire's X post addressed Biden's low polling numbers, particularly when against former President Trump.
- "Biden is polling poorly against [Trump], and his numbers are only going to get worse as he ages, and he is not looking good as it is," Ackman said.
- Ackman said there is a "reasonable chance" of Biden having to withdraw for "health reasons."
However, the Minnesota Democrat still has a long road ahead in clenching the Democratic nomination and beating Biden.
- 69% of likely Democratic primary voters in New Hampshire plan to vote for Biden, compared to just 7% for Phillips, according to a University of New Hampshire poll from last week.
- Ackman, an alumnus of Harvard, also pushed heavily for the resignation of Claudine Gay as its president.
- Gay ultimately resigned following an antisemitism hearing and plagiarism probe.