By: Fern Sidman

In a pointed and impassioned intervention that underscores growing anxieties among New York City’s business elite, billionaire hedge fund manager Bill Ackman announced last Thursday that he will fund and support a centrist challenger in the city’s upcoming mayoral race, aiming to defeat Democratic socialist Zohran Mamdani—who is now the presumptive Democratic nominee after securing a surprising primary victory over former Governor Andrew Cuomo and City Comptroller Brad Lander.

As reported by Fox Business, Ackman, the founder and CEO of Pershing Square Capital Management, took to social media platform X (formerly Twitter) to issue a clarion call to moderate New Yorkers. He declared his deep concern over Mamdani’s emergence as the Democratic standard-bearer, characterizing the development as both “dangerous” and “transformative”—in the most unsettling sense.

“I am gravely concerned about New York City,” Ackman wrote. “This is a once-in-a-lifetime opportunity for the right candidate. More importantly, it is an opportunity to save our City and be a superhero.”

Zohran Mamdani, a New York State Assemblyman and prominent member of both the Democratic Socialists of America and the Working Families Party, won the Democratic primary in what observers have described as a campaign marked by grassroots enthusiasm, an unapologetically leftist platform, and deft rhetorical maneuvering. His policy agenda includes raising taxes on the wealthy and corporations, implementing a city-wide rent freeze for stabilized tenants, and creating publicly owned grocery stores—initiatives that align him closely with the progressive flank of the national Democratic Party.

As the Fox Business report emphasized in its analysis, Mamdani’s platform is a sharp departure from the pro-business consensus that has guided New York City governance since the fiscal crisis of the 1970s. Ackman, like many in the finance and real estate sectors, sees this ideological pivot as existentially threatening.

“The problem, however, is that his policies would be disastrous for NYC,” Ackman warned. “Socialism has no place in the economic capital of our country.”

In response, Ackman is leveraging both his influence and his fortune to crowdsource a viable centrist alternative. His social media appeal called on New Yorkers to nominate potential candidates who could challenge Mamdani not just on policy, but with the charisma and competence to “go toe-to-toe” on the campaign trail and debate stage.

This guy @ZohranKMamdani is bad. Watch him and listen to his words. https://t.co/yu9n1ngKmY

— Bill Ackman (@BillAckman) July 1, 2025

“If someone is ready to raise their hand, I will take care of the fundraising,” Ackman promised, noting that the financial support he’s prepared to offer could remove one of the most significant barriers to entry for late-stage political hopefuls.

As Fox Business reported, Ackman stopped just short of naming his preferred candidate, citing his own support for President Donald Trump as a potential political liability in overwhelmingly Democratic New York City.

“I have a superb candidate who I believe can win… but if I were to say his name or even reach out to him, it would have a negative effect on his candidacy,” he admitted. “That alone taints anyone I would recommend for many and perhaps most NYC Democratic Party members.”

.@ZohranKMamdani’s unwillingness to condemn ‘Globalize the Intifada’ has consequences, particular now that he has assumed a leadership role in the Democratic Party.

What if someone called for the killing or suicide bombings of those of a different ethnic background, Zohran,… https://t.co/dbX3yIqDnM

— Bill Ackman (@BillAckman) July 1, 2025

Ackman’s post also offered a frank post-mortem of Mamdani’s path to the nomination. He acknowledged the assemblyman’s rhetorical skill and ability to neutralize scrutiny over controversial past social media posts. More crucially, he cited a lackluster field of opponents and complacency among Democratic insiders.

“Mamdani’s best competitor failed to run an aggressive enough campaign and instead relied on name recognition and early polling,” Ackman wrote. “The competition was very weak.”

Fox Business has echoed similar sentiments in its coverage, highlighting the institutional inertia within the Democratic Party that allowed Mamdani to surge with minimal resistance. Cuomo, once considered a formidable contender, was hampered by his political baggage, while Lander’s campaign never gained traction beyond its initial base.

Ackman’s critique extended beyond campaign tactics to the broader implications of Mamdani’s ascendancy. He warned that such a shift could accelerate the departure of high-income residents and businesses—those he sees as foundational to the city’s economic health.

“The ability for NYC to offer services for the poor and needy, let alone the average New Yorker, is entirely dependent on NYC being a business-friendly environment,” he said. “Unfortunately, both [wealthy residents and businesses] have already started making arrangements for the exits.”

Ackman’s call for an alternative candidate is not merely rhetorical. Fox Business reported that he has already begun laying the groundwork for a robust political operation, ready to deploy financial resources and media strategy to propel the right candidate forward—should one emerge in time.

.@RitchieTorres appears to be one of the few Democratic politicians with a moral backbone. Seemingly, everyone else immediately fell in line with @ZohranKMamdani when he won the primary.

Let’s hope that @RitchieTorres can be the future of the Democratic Party rather than… https://t.co/8Yexm3MdFg

— Bill Ackman (@BillAckman) June 30, 2025

His remarks are also a litmus test for potential entrants with crossover appeal: individuals with enough credibility on public service, crime, and economic policy to appeal to centrists and even disaffected Democrats, but without the polarizing affiliations that might sink them in a city where progressive politics still dominate.

Political insiders interviewed by Fox Business speculated that former police commissioners, business leaders, or even moderate state legislators could be quietly weighing their options. “Ackman’s offer is going to tempt a lot of people,” one strategist noted. “The question is whether anyone has the stomach for the fight—and the ability to survive a Democratic primary in today’s climate.”

Ackman’s dramatic intervention in the mayoral race highlights the broader ideological fault lines not just within New York politics, but across the nation. As the Fox Business report  emphasized, the contest in America’s largest city could serve as a bellwether for the future of urban governance—testing whether voters are more drawn to transformative leftist policy or to centrist pragmatism.

A thoughtful piece on the NYC mayoral election. https://t.co/qJidkI9Usz

— Bill Ackman (@BillAckman) June 30, 2025

While Mamdani’s supporters argue that his proposals address long-standing inequalities and prioritize working-class New Yorkers, critics such as Ackman believe they represent a dangerous experiment that could unravel the city’s fragile fiscal ecosystem.

As the campaign season accelerates, one thing is certain: the battle for New York City’s future will be about far more than municipal budgets and housing policy. It will be a high-stakes referendum on the soul of the city—played out in the streets, the boardrooms, and the ballot box.