Billionaire philanthropist Bill Ackman announced a $1 million donation to support Rep. Dean Phillips’ campaign against incumbent Joe Biden, expressing his belief that Phillips would make an outstanding President.
Ackman likened the U.S. to a mismanaged business and endorsed Phillips as the best candidate for the position.
He detailed his reasons for supporting Phillips, citing the congressman’s experience and character. (Trending: Bombshell UFO Footage Released To The Public)
My best and favorite investments come from a deep understanding of the importance of asymmetry, that is, by understanding the potential risk and reward, and making sure that the reward overwhelming compensates for the risk. I have made some great asymmetric investments at…
— Bill Ackman (@BillAckman) January 14, 2024
Ackman said the U.S. was like a “great, albeit somewhat tarnished brand, massive resources, but it has been mismanaged for a long time.”
“The problem is that the incumbent CEO has a large base of support and a huge incumbency advantage because the CEO we want to hire is not known to nearly all of the shareholders,” he continued.
“The current CEO is well past his prime, and if he were available in the market for other opportunities, he would have no chance of getting any job, let alone be hired to run a business of this scale and quality,” wrote the billionaire.
“If you haven’t guessed by now, the business is the United States of America,” he added.
“This is not a joke, I am totally serious,” said Ackman about endorsing Phillips.
Ackman said Phillips was an “entrepreneur and a successful business leader” that demonstrated positive “character, credibility, and capabilities” in Congress.
Ackman’s donation is described as a high-risk but critical investment in Phillips’ campaign.
This comes after Ackman previously signaled support for Phillips and called for Biden to step aside in the primary.
“I think Biden’s done a lot of good things. But I think his legacy will not [be] a good one if he is the nominee,” explained Ackman.
“I do think the right thing for Biden to do is step aside, and to say he’s not going to run, and create the opportunity for some competition,” he added.
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