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.
Two senior Labour MPs have suggested the prime minister may have to go within months if the government continues to perform poorly.
Sky News’ deputy political editor Sam Coates said his sources – a member of the government and a prominent politician – have “put Sir Keir Starmer on notice”.
Both warned that, if Labour performs badly in next May’s elections across Wales, Scotland and London, it could mark the end of his time in Downing Street.
Coates added: “The level of unhappiness and despair in parts of the Labour Party is so striking that right now, on the first anniversary, I am hearing from ministers in government that Starmer might have to go in months.”
Reform UK is surging in the polls in Wales, while Labour faces a threat from left-wing parties such as the Greens in London.
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1:16
Why was the chancellor crying at PMQs?
It comes as the prime minister made it clear that Rachel Reeves has his “complete support” as chancellor and remains integral to his project, Sky News’s political editor Beth Rigby understands.
She looked visibly upset during Prime Minister’s Questions, with a spokesperson claiming she had been affected by a “personal matter”.
A day earlier, Sir Keir’s controversial welfare bill was passed despite a sizeable rebellion from Labour MPs, with major U-turns meaning a new £5bn black hole has appeared in the country’s finances.
One senior figure told Rigby that the pair were as “as close politically” as any chancellor and prime minister have ever been.
“She is going absolutely nowhere,” they added.
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2:58
Welfare vote ‘a blow to the prime minister’
Ms Reeves’s tears sent markets spiralling, with the value of the pound and long-term government bonds falling sharply.
Later in the day Sir Keir, said Ms Reeves will be chancellor for a “very long time to come”.
The prime minister said it was “absolutely wrong” to suggest her tearful appearance in the Commons related to the welfare U-turn.
“It’s got nothing to do with politics, nothing to do with what’s happened this week. It was a personal matter for her,” he said while speaking to the BBC’s podcast Political Thinking with Nick Robinson.
“I’m not going to intrude on her privacy by talking to you about that. It is a personal matter.”
Asked if she will remain in post, he said: “She will be chancellor by the time this is broadcast, she will be chancellor for a very long time to come, because this project that we’ve been working on to change the Labour party, to win the election, change the country, that is a project which the chancellor and I’ve been working on together.”
He said Ms Reeves has done a “fantastic job” and added: “She and I work together, we think together. In the past, there have been examples – I won’t give any specific – of chancellors and prime ministers who weren’t in lockstep. We’re in lockstep.”
Sir Keir Starmer will set out his 10-year vision for the NHS in what the government says is “one of the most seismic shifts” in the health service’s history.
He will pledge three main facets of the plan: moving care into the community, digitising the NHS, and a focus on sickness prevention.
The prime minister will announce neighbourhood health services will be rolled out across England to improve access to the NHS and to shift care out of overstrained hospitals.
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2:30
What will the NHS 10-year health plan focus on?
Sir Keir has already promised thousands more GPs will be trained, and to end the 8am “scramble” for an appointment.
He also previously said his government will bring the NHS into the digital age, with “groundbreaking” new tools to support GPs rolled out over the next two years – including AI to take notes, draft letters and enter data.
And he will promise new contracts that will encourage and allow GP practices to cover a wider geographical area, so small practices will get more support.
Unite, one of the UK’s largest healthcare unions, welcomed the plan cautiously but said staff need to be the focus to ensure people are better looked after.
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2:04
Do you want AI listening in on chats with your doctor?
‘Reform or die’
Sir Keir said: “The NHS should be there for everyone, whenever they need it.
“But we inherited a health system in crisis, addicted to a sticking plaster approach, and unable to face up to the challenges we face now, let alone in the future.
“That ends now. Because it’s reform or die.”
He said the government’s plan “will fundamentally rewire and futureproof our NHS, so that it puts care on people’s doorsteps, harnesses game-changing tech and prevents illness in the first place”.
The PM said it would not be an “overnight fix”, but claimed Labour are “already turning the tide on years of decline”, pointing towards more than four million extra appointments, 1,900 more GPs, and waiting lists at a two-year low.
“But there’s more to come,” he promised. “This government is giving patients easier, quicker and more convenient care, wherever they live.”
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3:05
Why has Starmer axed NHS England?
Neighbourhood health services
The newly announced neighbourhood health services will provide “pioneering teams” in local communities, so patients can more conveniently access a full range of healthcare services close to home.
Local areas will be encouraged to trial innovative schemes like community outreach door-to-door to detect early signs of illness and reduce pressure on GPs and A&E.
The aim is to eventually have new health centres open 12 hours a day, six days a week to offer GP services as well as diagnostics, post-operative care and rehab.
They will also offer services like debt advice, employment support, stop smoking help or weight management.
More NHS dentists
Dentists will also be part of the plan, with dental care professionals part of the neighbourhood teams.
Dental “therapists” will carry out check-ups, treatments and referrals, while dental nurses could give education and advice to parents or work with schools and community groups.
Newly qualified dentists will be required to practice in the NHS for a minimum period, which they have said will be three years.
Sky News analysis shows that aid distributions by the Gaza Humanitarian Foundation (GHF) are associated with a significant increase in deaths.
Warning: This article contains descriptions of people being killed and images of blood on a hospital floor.
The US and Israeli-backed group has been primarily responsible for aid distribution since Israel lifted its 11-week blockade of the Gaza Strip last month.
The GHF distributes aid from four militarised Secure Distribution Sites (SDSs) – three of which are in the far south of the Gaza Strip. Under the previous system, the UN had distributed aid through hundreds of sites across the territory.
According to Gaza’s health ministry, 600 Palestinians have been killed while seeking aid from GHF sites, which charities and the UN have branded “death traps”.
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The UN put the figure at 410, but has not updated this number since 24 June. Both the UN and health ministry source their figures from hospitals near the aid sites.
Speaking to Sky News, GHF chief Johnnie Moore disputed that these deaths were connected with his organisation’s operations.
“Almost anything that happens in the Gaza Strip is going to take place in proximity to something,” he said.
“Our effort is actually working despite a disinformation campaign, that is very deliberate and meant to shut down our efforts.
“We just want to feed Gazans. That’s the only thing that we want to do.”
However, new analysis by Sky’s Data & Forensics Unit shows that deaths in Gaza have spiked during days with more GHF distributions.
On days when GHF conducts just two distributions or fewer, health officials report an average of 48 deaths and 189 injuries across the Gaza Strip.
On days with five or six GHF distributions, authorities have reported almost three times as many casualties.
Out of 77 distributions at GHF sites between 5 June and 1 July, Sky News found that 23 ended in reports of bloodshed (30%).
At one site, SDS4 in the central Gaza Strip, as many as half of all distributions were followed by reports of fatal shootings.
Sky News spoke to one woman who had been attending SDS4 for 10 days straight.
“I witnessed death first-hand – bodies lay bleeding on the ground all around me,” says Huda.
“This is not right. Food should be delivered to UN warehouses, and this entire operation must be shut down.”
Image: Huda told Sky News that she has been trying to obtain aid from SDS4, in the central Gaza Strip, for the past 10 days
Huda says that the crowds are forced to dodge bombs and bullets “just to get a bag of rice or pasta”.
“You may come back, you may not,” she says. “I was injured by shrapnel in my leg. Despite that, I go back, because we really have nothing in our tent.”
One of the deadliest incidents at SDS4 took place in the early hours of 24 June.
According to eyewitnesses, Israeli forces opened fire as people advanced towards aid trucks carrying food to the site, which was due to open.
“It was a massacre,” said Ahmed Halawa. He said that tanks and drones fired at people “even as we were fleeing”. At least 31 people were killed, according to medics at two nearby hospitals.
Footage from that morning shows the floor of one of the hospitals, al Awda, covered in blood.
The IDF says it is reviewing the incident.
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15:58
Doctor’s final moments revealed
Issues of crowd control
Unnamed soldiers who served near the aid sites told Israeli newspaper Haaretz that they were instructed to use gunfire as a method of crowd control.
An IDF spokesperson told Sky News that it “strongly rejected” the accusations that its forces were instructed to deliberately shoot at civilians.
“To be clear, IDF directives prohibit deliberate attacks on civilians,” the spokesperson said, adding that the incidents are “being examined by the relevant IDF authorities”.
Eyewitness testimony and footage posted to social media suggest that crowd control is a frequent problem at the sites.
The video below, uploaded on 12 June, shows a crowd rushing into SDS1, in Gaza’s far southwest. What sounds like explosions are audible in the background.
Footage from the same site, uploaded on 15 June, shows Palestinians searching for food among hundreds of aid parcels scattered across the ground.
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Sam Rose, the director of UNRWA operations in Gaza, describes the distribution process as a “free-for-all”.
“What they’re doing is they’re loading up the boxes on the ground and then people just rush in,” he says.
Sky News has found that the sites typically run out of food within just nine minutes. In a quarter of cases (23%), the food is finished by the time the site was due to officially open.
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27:55
Doctors on the frontline
Confusing communications
Sky News analysis suggests that the issue may be being compounded by poor communications from GHF.
Between 19 June and 1 July, 86% of distributions were announced with less than 30 minutes’ notice. One in five distributions was not announced at all prior to the site opening.
The GHF instructs Palestinians to take particular routes to the aid centres, and to wait at specified locations until the official opening times.
The map for SDS1 instructs Palestinians to take a narrow agricultural lane that no longer exists, while the maps for SDS2 and SDS3 give waiting points that are deep inside IDF-designated combat zones.
The maps do not make the boundaries of combat zones clear or specify when it is safe for Palestinians to enter them.
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The same is true for SDS4, the only distribution site outside Gaza’s far south. Its waiting point is located 1.2 miles (2km) inside an IDF combat zone.
The official map also provides no access route from the northern half of Gaza, including Gaza City, across the heavily militarised Netzarim corridor.
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“They don’t know what they’re doing,” says UNRWA’s Sam Rose.
“They don’t have anyone working on these operations who has any experience of operating, of administering food distributions because anyone who did have that experience wouldn’t want to be part of it because this isn’t how you treat people.”
Once the sites are officially open, Palestinians are allowed to travel the rest of the way.
The distance from waiting point to aid site is typically over a kilometre, making it difficult for Palestinians to reach the aid site before the food runs out.
The shortest distance is at SDS4 – 689m. At a pace of 4km per hour, this would take around 10 minutes to cover.
But of the 18 distributions at this site which were announced in advance, just two lasted longer than 10 minutes before the food ran out.
“We don’t have time to pick anything up,” says Huda, who has been visiting SDS4 for the past 10 days.
In all that time, she says, all she had managed to take was a small bag of rice.
“I got it from the floor,” she says. “We didn’t get anything else.”
More than 200 charities and non-governmental organisations have called for the closure of GHF and the reinstatement of previous, UN-led mechanisms of aid distribution.
In a joint statement issued on 1 July, some of the world’s largest humanitarian groups accused the GHF of violating international humanitarian principles. They said the scheme was forcing two million people into overcrowded, militarised zones where they face daily gunfire.
Additional reporting by OSINT producers Sam Doak and Lina-Serene.
The Data and Forensics team is a multi-skilled unit dedicated to providing transparent journalism from Sky News. We gather, analyse and visualise data to tell data-driven stories. We combine traditional reporting skills with advanced analysis of satellite images, social media and other open source information. Through multimedia storytelling we aim to better explain the world while also showing how our journalism is done.