By: Carl Schwartzbaum

In a striking reversal that has upended the already turbulent New York City mayoral race, billionaire hedge fund titan Bill Ackman has thrown his support behind former Governor Andrew Cuomo — just weeks after dismissing him as too lethargic to mount a viable campaign. The dramatic pivot, reported and analyzed extensively in a report that appeared on Friday in The New York Post, highlights the volatile dynamics of a contest where socialist frontrunner Zohran Mamdani continues to consolidate support amid a splintered field.

Ackman, who had endorsed Mayor Eric Adams as recently as midsummer, announced his about-face in a late-night post on X Thursday, declaring that Adams should “step aside” to make way for Cuomo.

“Eric has been a charismatic and high-energy leader who has shown real empathy and provided critical moral and other support to NY communities in their time of need,” Ackman wrote. “All of that said, Eric should step aside and not run for reelection. Eric’s polls have deteriorated substantially since the primary, and it has become increasingly clear that he does not have a chance to beat @ZohranKMamdani.”

The endorsement marks a stunning turnaround. Just two months ago, Ackman publicly derided Cuomo’s “subdued energy,” insisting that it was “abundantly clear” the scandal-scarred ex-governor lacked the firepower to compete with Mamdani. At the time, Ackman urged Cuomo to exit the race altogether, while pledging his support to Adams.

But as The New York Post report noted, polling trends appear to have driven the billionaire’s shift. With less than 60 days until Election Day, Adams has sunk into single digits, weighed down by lingering corruption scandals and flagging enthusiasm among Democratic voters. Cuomo, in contrast, has stabilized in the mid- to high-20s, while Mamdani has plateaued between the high-30s and low-40s.

Ackman, who contributed $500,000 to Cuomo’s unsuccessful Democratic primary campaign earlier this year, now sees the former governor as the only candidate capable of consolidating the anti-Mamdani vote.

“There is a lot that needs to be improved in New York City. @andrewcuomo is an experienced leader that cares deeply about our city who has the relevant experience and skills necessary to lead and greatly improve NYC,” Ackman said.

He went further, reframing Cuomo’s controversial exit from the governor’s office in 2021 over sexual misconduct allegations — claims the former governor has consistently denied — as evidence of resilience and growth.

“Andrew had major accomplishments as our governor. He also made some mistakes. I am a huge believer in backing leaders who have learned from their mistakes and have something to prove,” Ackman said, in what many saw as a veiled attempt to rehabilitate Cuomo’s public image.

For Ackman, the message was unmistakable: Adams must go. While he praised the incumbent for presiding over a strong economy, declining crime, and a pragmatic response to the migrant crisis, Ackman argued that Adams’ diminished standing made him a spoiler rather than a savior.

“Mayor Adams, it is time for you to play a critical role in NYC’s future by gracefully stepping aside to enable Andrew to win,” Ackman wrote. “We will all be eternally grateful.”

The New York Post report revealed earlier this week that White House officials have been actively exploring off-ramps for Adams, including the possibility of an ambassadorship in a second Trump administration. A source in the mayor’s inner circle confirmed that advisers have urged him to take the offer, but Adams has shown little inclination to bow out.

“I have a job. I’m running for re-election, I’m still doing that and I’m looking forward to getting re-elected,” Adams told reporters at a press conference Wednesday, brushing off speculation.

The Post has reported extensively on President Trump’s deepening involvement in the race, motivated by concerns over a Mamdani-led City Hall. Trump advisers have floated positions for Adams and GOP nominee Curtis Sliwa in the administration to clear the field for Cuomo, who is viewed as the strongest candidate to challenge the Democratic Socialist.

But Sliwa, like Adams, has rejected entreaties. Despite pressure from Trump officials, the red-beret-wearing Guardian Angels founder has seen his campaign coffers swell with donor enthusiasm. He has made clear that he intends to stay in the race to the finish.

The Post has characterized Cuomo as a political resurrection story — a man once thought finished, now positioned as the establishment’s best hope to stave off a left-wing insurgency. The ex-governor, who dominated Albany politics for over a decade, has leaned heavily on his track record of infrastructure projects, budget deals, and crisis management to present himself as the steady hand New York City needs.

Cuomo’s resurgence has been aided by Mamdani’s inability to expand his base beyond progressive enclaves. While the Queens assemblyman stunned observers with his decisive primary victory, The New York Post report noted that his radical positions — from refusing to denounce “globalize the intifada” chants to his sharp criticism of Israel in the wake of the October 7 Hamas massacre — have made him deeply polarizing.

With Mamdani entrenched, Adams defiant, Cuomo resurgent, and Sliwa holding firm, the race has become a four-way brawl with existential implications for the city’s future. Political strategists cited by The New York Post argue that unless the field narrows, Mamdani’s plurality is virtually unassailable.

Trump himself has acknowledged the stakes, telling reporters, “I don’t like to see a communist become mayor. I won’t tell you that. And I don’t think you can win, unless you have one-on-one. I would like to see two people drop out and have it be one-on-one. And I think that’s a race.”

Bill Ackman’s endorsement of Andrew Cuomo, just weeks after dismissing him as unfit for the fight, highlights the rapidly shifting ground beneath New York City’s mayoral race. With Adams floundering, Sliwa refusing to yield, and Mamdani holding steady at the top, Cuomo has suddenly emerged as the establishment’s best hope to block a socialist takeover of City Hall.

As The New York Post report emphasized, the battle now hinges not only on policies or platforms, but on who is willing to step aside — and who refuses.