By: Arthur Popowitz

Billionaire investor Bill Ackman set off a political firestorm on Wednesday after alleging that New York City mayoral candidate Curtis Sliwa is refusing to drop out of the race because his campaign is financially profiting from millions in taxpayer-funded matching contributions. The claim, first made in a post on X (formerly Twitter), has added a new layer of controversy to an already turbulent mayoral contest just two weeks before Election Day.

According to a report that appeared on Wednesday at VIN News, Ackman said he had spoken to “a source who knows Sliwa” and was told that the Republican candidate had received approximately $5 million in matching funds through New York City’s Campaign Finance Board (CFB) program. Under the city’s public financing rules, individual donations from New York City residents can be matched at an 8-to-1 ratio, dramatically amplifying small-dollar contributions to encourage local engagement in municipal politics.

Ackman wrote that, based on the account he received, Sliwa’s campaign payroll allegedly includes his wife, friends, and other close associates, who are said to be “living off city taxpayers who are funding his race and lifestyle.” The hedge fund manager added that his source told him Sliwa “doesn’t want to end his campaign and have to return the funds.”

While Ackman emphasized that his information was “hearsay,” he described the source as “highly credible” and said the person “knows Sliwa well.” The financier concluded his post with a pointed challenge: “Curtis, please correct the record if I got anything wrong. Follow the money.”

As of Wednesday night, Sliwa had not responded publicly to the allegations, though the claims quickly gained traction across social media and drew attention from both supporters and critics of the fiery Republican candidate.

The accusations from Ackman come amid growing internal and external pressure for Sliwa to withdraw from the mayoral race, as polls show him trailing far behind both Democratic nominee Zohran Mamdani and independent candidate Andrew Cuomo. As VIN News previously reported, several prominent Republican figures — including WABC owner John Catsimatidis, who also serves as a key party donor — have privately urged Sliwa to step aside to give Cuomo a stronger chance of defeating Mamdani.

Ackman’s claims add an explosive new dimension to those calls, suggesting that Sliwa may have a financial motive to remain in the race despite mounting pressure from within his own political base.

Political analysts told VIN News that while Ackman’s assertions remain unverified, the optics could prove damaging to Sliwa, particularly given the timing of the remarks. “The suggestion that a candidate might be using public matching funds to subsidize personal expenses or family members on the payroll is politically toxic,” one campaign finance expert said. “Even if unproven, it reinforces the perception of dysfunction and desperation surrounding his campaign.”

The New York City Campaign Finance Board has not commented on Ackman’s post. However, under the city’s regulations, candidates participating in the public matching program must adhere to strict spending and disclosure requirements. Any personal use of campaign funds — including payments to family members that are not for legitimate campaign services — could trigger fines or other penalties.

According to the information provided in the VIN News report, all CFB candidates must file periodic disclosure reports itemizing their expenditures, including salaries and vendor payments. If Ackman’s claims hold merit, they could potentially prompt an inquiry by the board or other oversight agencies.

Sliwa, founder of the Guardian Angels and a fixture in New York City politics for decades, has built his campaign on populist themes of public safety, accountability, and working-class solidarity. But in recent weeks, he has faced increasingly pointed criticism for what rivals have called “theatrics over substance.”

As the VIN News report has noted, the Republican hopeful has been under siege from both ends of the political spectrum — attacked by progressives for his hardline stances on crime and immigration, and by centrists who view his continued presence in the race as a spoiler that could hand victory to Mamdani.

During last week’s heated debate, Sliwa clashed repeatedly with both Cuomo and Mamdani, vowing not to “bow to pressure” from party insiders or donors. “I answer to the people of New York — not to billionaires, not to Albany insiders, and not to anyone telling me to get out of the race,” Sliwa said at the time.

However, Ackman’s public allegations — particularly the claim that campaign funds are being used to support personal acquaintances — may undercut that populist image. If proven false, they would likely amount to defamation. But if any portion of the claim proves accurate, it could invite serious legal consequences and public backlash.

As one longtime city political consultant told VIN News, “Sliwa’s entire appeal rests on his reputation for integrity and independence. Allegations like this, even if just rumor, can damage that reputation in ways that are hard to recover from.”

Ackman, the billionaire founder of Pershing Square Capital Management, has in recent months become an increasingly vocal figure in New York political discourse. Known for his activism in both the corporate and social spheres, he has used his online presence to call out what he views as mismanagement in city and state government, especially regarding public spending and transparency.

As reported by VIN News, Ackman has also weighed in on education policy, policing, and antisemitism in New York City, positioning himself as an independent-minded critic of the political establishment. His intervention in the mayoral race — particularly his decision to publicly pressure Sliwa — reflects both his growing influence and his willingness to wade into controversial debates.

Political observers told VIN News that Ackman’s post may have been designed as a strategic “truth test” to force Sliwa to disclose details about his campaign finances. “Ackman isn’t a politician, but he understands leverage,” one analyst said. “By putting this in the public domain, he’s essentially forcing Sliwa to answer the question — or risk the assumption that he has something to hide.”

So far, Sliwa’s campaign has remained silent. Multiple outlets, including VIN News, have reached out for comment but have not received a response. It remains unclear whether Sliwa will address the allegations directly or attempt to dismiss them as political gossip.

For now, the claims remain unverified, and no official investigation has been announced. Yet the episode has already reshaped the final stretch of New York’s mayoral race, which has been characterized by unprecedented volatility, personal attacks, and deep divisions within both major parties.

As VIN News noted in its coverage, Ackman’s post has achieved one immediate effect: it has placed Sliwa’s finances — and his motives for staying in the race — squarely in the spotlight. Whether that scrutiny leads to vindication or scandal may determine how New York voters remember the final act of Curtis Sliwa’s campaign for City Hall.