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Jun 20, 2024  |  
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Jose Nino


NextImg:Billionaire Investor Bill Ackman Declares Joe Biden is Washed Up and Should Drop Out of 2024 Re-Election Bid

Billionaire investor Bill Ackman recently said that President Joe Biden risks sullying his political legacy by pursuing re-election in 2024.  Additionally, Ackman said he’s intrigued by Michigan Congressman Dean Phillips’s primary challenge against Biden.

“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,” Ackman said in an interview with Bloomberg Television. “I do think the right thing for Biden to do is to step aside, and to say he’s not going to run, and create the opportunity for some competition.”

Ackman claimed that he recently met with Phillips and was “impressed” by the Minnesota congressman. Phillips launched his presidential campaign in October, declaring it was time for a new generation of leaders to answer the call of public service.

“You need to be at your intellectual best. And I don’t think Biden is there,” Ackman said during an episode of The David Rubenstein Show: Peer-to-Peer Conversations that will air on December 6, 2023 on Bloomberg Television. “I don’t say that, you know, with any derision of the president,” he added. “But I think he’s clearly past his physical and cognitive peak.”

Ackman has historically donated to Democrats but has said that he is “much more open to Republican candidates” than voting for Biden. The hedge fund manager expressed his partiality towards the campaigns of  former South Carolina Governor Nikki Haley and former New Jersey Governor Chris Christie, two other Republicans who are challenging former President Donald Trump for the nomination. He has also sent donations to entrepreneur Vivek Ramaswamy, but said he has been disappointed with his foreign policy.

“He’s just been a little too far off to the right,” Ackman stated. “I’ve been disappointed a bit with his geopolitics.”

Ackman is worth roughly $2.3 billion, per the Bloomberg Billionaires Index.

The billionaire hedge fund manager’s remarks are likely indicative of elite opinion concerning Joe Biden. Growing sectors of American elites likely recognize that the US is going through a period of growing instability. And with a president like Biden at the helm, the US will continue this descent into chaos. 

The sad part is that many of these elites will likely get behind candidates who will do little to reverse the very policies that brought about the present crisis. The US has a problem with its ruling class and ultimately it needs a completely different set of rulers so that order can be restored in the country.