Billionaire investor Bill Ackman has called on Andrew Cuomo to step aside from the New York City mayoral race and allow incumbent Eric Adams to face off against democratic socialist candidate Zohran Mamdani in the upcoming November election.
Ackman made his appeal on X after meeting with both Adams and Cuomo earlier this week, expressing that Adams is prepared to engage in a vigorous campaign while Cuomo seems “not up for the fight.”
In his post, Ackman emphasized the importance of addressing critical issues for New York City residents, including public safety, affordability, quality of life, and the local economy.
He noted, “In all of these areas, Mayor Adams has had impressive accomplishments.”
Ackman, who once identified as a Democrat but now supports President Donald Trump, described Adams as “blazing with enormous energy and clarity” as he prepares to take on Mamdani, in contrast to Cuomo’s “subdued energy.”
The founder of Pershing Square Capital Management had recently suggested the possibility of finding another viable candidate to challenge Mamdani but clarified that time constraints make it impossible to add any new names to the ballot at this juncture.
He concluded that a write-in campaign would have a “low probability of success.”
In response to Ackman’s endorsement of Adams, Republican mayoral candidate Curtis Sliwa criticized the Mayor, asserting that he sees “NO path to victory” and accusing Ackman of supporting the very political machinery that led to Mamdani’s rise.
Ackman’s shift in support coincides with various other former Cuomo donors mobilizing funds to back Adams’ renewed campaign after Cuomo’s loss in the Democratic primary.
Marc Holliday, Chairman of SL Green Realty Corp., who had previously contributed $100,000 to Cuomo’s political action committee, is reportedly hosting an event for Mayor Adams next week, according to sources familiar with the gathering.
Holliday stated, “Under Mayor Adams’ administration, the city has thrived and is far better off than it was three and a half years ago.”
He added that it is imperative for Adams’ leadership in the upcoming four years.
Holliday, a longstanding supporter of Adams, indicated he would have backed Adams even during the primary if given the opportunity.
In addition, several individuals including developer Jared Epstein and real estate executive Ken Fishel are reportedly planning an event for Adams this weekend.
Fishel noted that more than 100 donors from the Wall Street and real estate sectors have expressed interest in attending.
He emphasized the significance of the upcoming election, calling it “the most important election in many decades.”
The entry fee for this event is set at $1,000, which will directly fund Adams’ campaign, as Epstein stated.
Cuomo, navigating his way back into political relevance four years after resigning from the governorship, is contemplating his next steps following Mamdani’s significant primary victory over him.
Cuomo won a position on a third-party ballot line for the general election in November but faces mounting pressure from donors opposing Mamdani to withdraw from the race to avoid splitting the vote that could benefit Adams.
Cuomo’s spokesperson, Rich Azzopardi, conveyed that while they respect differing political opinions, they do not believe socialism represents a viable solution.
Azzopardi pointed out that most New Yorkers lie in the moderate center rather than identifying strictly with Trump’s ideology or with socialism.
In contrast, Joe Sitt, chairman and CEO of Thor Equities, praised Adams in an interview, stating, “Eric is the answer” and highlighted the need for tactical campaign changes based on Cuomo’s past strategies.
Adams had exited the Democratic primary amid declining public support amidst allegations of bribery.
He was recently indicted on federal charges, but those charges were subsequently dismissed by the Trump administration, raising questions about his connections to the political right.
Currently, Adams has approximately $3 million in cash reserves for his campaign efforts.
During his 2021 campaign, a super PAC named Strong Leadership NYC raised nearly $7 million to support his candidacy.
Sources suggest that a similar super PAC may also back Adams’ reelection campaign this year.
On the other hand, Cuomo had raised over $30 million through his campaign initiatives and his super PAC, attracting contributions from prominent supporters like Ackman and Michael R. Bloomberg.
Former Cuomo donor Jared Epstein articulated the urgency of defending New York City
He stated, “We have to make sure we’re defending New York City, and this is probably the biggest threat the city has had since the 1970s.”
Epstein asserted that the city is currently in a more precarious situation than during the COVID-19 pandemic or even the financial crisis.
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