Top Donor Says Democrats Need To Lose

Billionaire hedge fund manager Bill Ackman has called for voters to deliver a decisive defeat to the Democratic Party in the upcoming November elections, suggesting that only such a loss could compel the party to undergo necessary reforms. Ackman, a prominent Democratic donor who has recently endorsed former President Donald Trump, argues that the party is in desperate need of a major overhaul.

Ackman, the founder and CEO of Pershing Square Capital Management, took to social media to express his views shortly after Vice President Kamala Harris, the Democratic presidential nominee, selected progressive Minnesota Governor Tim Walz as her running mate. In his social media post, Ackman stated, “The most beneficial outcome for the long-term health of the Democratic Party would be for this election to result in a resounding defeat for them. Such a loss is essential for the party to undergo significant reform.”

Ackman criticized the Democratic Party’s recent actions, highlighting issues such as the suppression of competition during the primaries, misleading information about the health of President Joe Biden, and the undemocratic process by which the party selected its nominee and vice-presidential candidate. He argued that “when a system is fundamentally flawed, the most effective solution is to start afresh. The Democratic Party will not reform unless it faces a significant defeat in this election.”

Ackman has been vocal about his dissatisfaction with how the Democrats handled the presidential race, particularly the decision to support Biden for a second term. In a previous post, Ackman criticized the Democrats for giving Biden a “false sense of confidence,” which he believes prevented the emergence of stronger, younger candidates.

On July 21, Biden announced his decision to end his reelection campaign and subsequently endorsed Harris. On Monday, Harris secured the Democratic nomination following a five-day online voting process, receiving almost 4,600 votes, which the Democratic National Committee reported as 99% of participating delegates. The next day, Harris selected Walz as her running mate. Republicans have swiftly condemned the Harris-Walz ticket, with House Speaker Mike Johnson describing it as the “most radical left-wing ticket in American history.”