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Bill Ackman has grown Pershing Square Capital Management to more than $16 billion from $54 million since he founded the fund nearly two decades ago. The 57-year-old activist investor speaks with On The Money about his return to office policy, his possible presidential picks and why hes still bullish on New York City.

Lydia: You are among the big names on Wall Street who didn’t move to Florida. Why?

Bill: The short answer is that I love New York City. My desire to be successful is founded on a desire to be independent. It always seemed crazy to me to sacrifice that independence to save money on taxes. If you make $100 million some people in finance make even more than that you can save $25 million of that by living somewhere cheaper.

Some people choose to manage their lives that way. I do think it’s incumbent upon New York City to make this a desirable place to live and we have to make it an attractive place to do business. If one super wealthy person leaves the city thats really bad for the revenue. I dont think it’s smart to push taxes higher I think that would actually generate less revenue.

Lydia: There have been some top players in finance like Ken Griffin who have made a show of moving to Miami and talking about how smart it is for their business. But do you think that trend will be reversed? Will we see a lot of headlines in the next year about people moving back?

Bill: I think it’s a great thing that [Citadel founder] Ken Griffin is building a major campus, if you will, in New York City on Park Avenue. I think thats an amazing thing for NYC whether it’s his primary office or not, and it speaks to the fact that a lot of the youngest, most talented people want to be here. My nephew graduated from Harvard and many of his classmates moved here even before they had a job. The city is still a big draw for young people and if this is where the talented, young people want to be, then the companies will have to have a major presence here.

Lydia: Given the younger generation wants flexibility, is it realistic to expect people to return to the office five days a week? On the flip side, can New York City flourish if you dont have people back in Midtown and back in office buildings?

Bill: Everyone wants more flexible work whether its a school play, a sports game you dont want to miss and we have technology that lets you do that. What weve done at Pershing Square is bring people back five days a week 10 months a year. Of course if theres something you need to do like a doctors appointment or working from home one day, use your best judgment. And then we give people July and August to work from anywhere with the caveat that if there’s something where we need to bring everyone together, you show up. Weve experimented with that for two years and thats worked well, people like the balance, and it works for our business.

Lydia: And you believe New York will still be a place where businesses want to operate? 

Bill: I think if NYC became an unsafe place the images you see of San Francisco where you have open air drug users lying on the street that would be very damaging and could be a tipping point for people leaving the city.

You have to manage the city and its population effectively. In San Francisco you have homeless people acting in a threatening and hostile way thats led to the emptying out and death spiral of San Francisco. Again you want to manage a city so that it is pro-business and pro-resident and you want to show care for people who are less fortunate, but that doesnt mean they can defecate on the street and threaten parents or kids.

Lydia: Is NYC poised to go into that kind of death spiral?

Bill: No, I dont think so. We have a mayor who has for obvious reasons respect for the police force and I think they respect him. I think thats really important. The whole defunding the police movement was not a good one. Bail reform went too far. If you believe the statistic, it’s several hundred people committing the vast majority of street crime and those people should be locked up.

Lydia: The new movie Dumb Money and the meme stock craze clearly a cautionary tale of a short bet gone wrong. What do you make of that film?

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Bill: We are among the most famous short sellers but thats because we shorted two stocks in the last twenty years. One short theres a movie about Herbalife [Betting on Zero] and the other short theres a book about MBIA [Confidence Game]. But we dont short stocks for precisely the reason you say. We gave up that business a long time ago because its too risky. Even when youre right you can lose a lot of money. Of course, short sellers can do amazing research.

Lydia: Youve publicly applauded the work Hindenburg has done on Carl Icahns firm. How are you thinking about Icahn now? Do you think the report captured whats going on at his firm?

Bill: What Hindenburg said has been proven out.

Lydia: Youve expressed support for a lot of different 2024 presidential candidates. Anyone else you plan to support? 

Bill: Id love Jamie Dimon to be president but hes made it clear hes not going to run. Id love for a candidate of his quality to run. I think Biden-Trump part II is not the best option for America. It would be great for us to be brought together by a more centrist candidate that members of both parties can vote for. 

Lydia: What about Vivek or RFK Jr. youve tweeted support for?

Bill: Id like to see multiple alternatives. Ive been supportive of Vivek because I know him and hes super smart and capable. I wish he was a more centrist candidate. Ive not yet met RFK but hopefully will have an opportunity to do so. But I still havent found my ideal candidate. Biden should step aside and that would create a flurry of alternative candidates. People are afraid to run against the president and I think theres some possibility of that happening.

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Donald Trump denies posting AI image of himself as pope

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May 6, 2025

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Donald Trump denies posting AI image of himself as pope

Donald Trump has denied posting an AI image of himself as pope – and said Catholics who were offended “can’t take a joke”.

A picture of the president wearing white and gold robes in the style of a pontiff was posted to his account on Truth Social and caused outcry among some Christians.

“I had nothing to do with it, somebody made a picture of me dressed like the Pope and they put it out on the internet,” he said on Monday.

“That’s not me that did it, I’ve got no idea where it came from, maybe it was AI.”

When it was pointed out to him that some Catholics were offended by the image, he replied: “Oh, they can’t take a joke.”

“The Catholics loved it,” he also claimed.

Pic: Donald Trump/Truth Social
Image:
Pic: Donald Trump/Truth Social

President Trump insisted that he first saw the image – which was posted on Friday night on his Truth Social account and later promoted by the White House on its official X account – on Sunday evening.

He also noted that first lady Melania Trump “thought it was cute”.

President Trump was not baptised as a Catholic and therefore is ineligible to be pope, neither is he allowed to participate in the conclave.

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Some 133 cardinal electors – those under the age of 80 – will take part in the conclave and begin voting for the new pontiff on Wednesday after the death of Pope Francis last month.

The rituals of the event, held in the Sistine Chapel in the Vatican, are elaborate and date back centuries.

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UK

Two motorbike racers killed in 11-bike crash during British Supersport race at Oulton Park

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3 hours ago

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May 6, 2025

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Two motorbike racers killed in 11-bike crash during British Supersport race at Oulton Park

Two motorcycle racers have died after a crash involving 11 bikes during a British Supersport Championship race at Oulton Park in Cheshire.

Owen Jenner, 21, was treated trackside and taken to the circuit’s medical centre, but organisers said he died from a “catastrophic head injury”.

Shane Richardson, 29, sustained severe chest injuries and was also given treatment at the scene.

He was transferred to Royal Stoke University Hospital but died before he arrived.

A third rider, Tom Tunstall, 47, is at the same hospital with what organisers called “significant back and abdominal injuries”.

Five others from the British Supersport race were taken to the track’s medical centre but didn’t need hospital treatment.

Motorsport Vision Racing, which runs the race series, said the crash happened on the first lap as riders exited turn one at Old Hall corner.

It said there was a “chain reaction” with 11 riders coming off their bikes.

“Due to the extreme severity of the incident and ongoing medical intervention, the remainder of the Bennetts British Superbike Championship event was cancelled,” organisers said in a statement.

Cheshire Police said they were investigating two deaths on behalf of the coroner.

“The Motorcycle Circuit Racing Control Board and MotorSport Vision Racing are investigating the full circumstances of the incident in conjunction with the Coroner and Cheshire Police,” the force said in a statement.

Jenner, from Crowborough, East Sussex, was the 2024 British GP2 champion and was signed to Rapid Honda.

New Zealand superbike racer Richardson was in the Astro JJR HIPPO Suzuki team sponsored by Hippo waste removal service.

Brady Dyer, a councillor in New Zealand’s Lower Hutt city, paid tribute to Richardson on Facebook saying he was a “talented” rider.

“My thoughts are with the family and friends of Shane Richardson, a talented Kiwi rider who tragically lost his life while doing what he loved.

“Shane was proud to be from Wainuiomata and was admired both locally and abroad for his skill and passion.

“This is a heartbreaking loss, and I know many in our community will be feeling it deeply.”

Harley McCabe paid tribute to Jenner as he said in a Facebook post: “Today I lost my team mate [heartbreak emoji], words cant explain how I feel right, now I’m absolutely devastated that I won’t see your smile again.

“You have been there for me over the years and been an amazing team mate and turned into more of an older brother to me!

“The awning will never be the same, we’ve lost a massive part of us all today.”

Mr McCabe added: “Sending love to Owen’s family and friends.”

The British Supersport Championship features 600cc machines and is the main support class to the blue riband professional British Superbikes series.

The Oulton Park event was the opening round of this year’s championship, which takes place at circuits around the UK.

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Both riders had posted on social media in recent days about looking forward to this weekend’s races

Jenner was also a superstock champion in 2020 and 2023, and won last year’s GP2 title with 18 wins out of 20 race finishes. After, he signed with British superbike team Rapid Honda.

Richardson, a father-of-two, worked as a part-time test rider for Triumph, according to his social media.

According to his team, Astro JJR Hippo Suzuki, he previously had a business crafting bespoke kitchens before moving into “competing on the UK’s premier racing circuits”.

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UK

Man charged after British student nurse stabbed to death in Texas ‘following fight over cat’

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3 hours ago

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May 6, 2025

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Man charged after British student nurse stabbed to death in Texas 'following fight over cat'

A man has been charged after a British student nurse was stabbed to death in Texas days before she was due to graduate, according to reports in the US.

Elizabeth Tamilore Odunsi, also known as Tamilore Odunsi, was found dead by police at her home in Houston shortly before 4pm local time on Saturday 26 April, Sky’s US partner network NBC News reports.

Officers had arrived to conduct a welfare check but when they knocked on the door there was no answer.

They saw blood on a rear concrete patio and entered the apartment, where they found the 23-year-old on the kitchen floor with multiple stab wounds.

Ms Odunsi, who is reported to be originally from London, was pronounced dead at the scene.

Chester Lamar Grant: Pic: Houston Police Department
Image:
Chester Lamar Grant: Pic: Houston Police Department

A man, later identified as her roommate Chester Lamar Grant, was found in a bedroom with at least one stab wound and was taken to hospital in a critical condition, police said.

The 40-year-old was arrested on Friday 2 May and has been charged with Ms Odunsi’s murder.

He currently remains in custody at Harris County Jail in Texas with a bond set at $500,000 (around £375,000).

A magistrate has said in a preliminary hearing that the roommates had been involved in a fight over Grant’s cat, according to ABC News.

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Ms Odunsi had a TikTok account, Tamidollars, with more than 44,000 followers, where she posted about her life as a student at Texas Woman’s University.

A GoFundMe page set up to bring Ms Odunsi’s body back to the UK for burial had received more than £63,000 in donations as of 3am UK time on Tuesday.

In a statement on the GoFundMe page, her sister Georgina Odunsi writes: “Tami was a beautiful soul, full of light, ambition, and kindness… She moved from the UK to the United States to pursue her dream of becoming a nurse, dedicating herself to a life of care and service.”

She continues: “Tragically, Tami was brutally murdered just days before she was set to graduate from university – an unimaginable loss at a moment that should have marked the beginning of a bright and promising future.”

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