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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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October 7 survivor dies two years after girlfriend shot dead by Hamas at Nova Festival

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October 7 survivor dies two years after girlfriend shot dead by Hamas at Nova Festival

A survivor of the October 7 attacks has died, two years after his girlfriend was shot dead by Hamas gunmen at Nova Festival.

Roei Shalev, 29, has been found dead shortly after the second anniversary of the death of his 27-year-old girlfriend Mapal Adam, who was killed by Hamas gunmen when they attacked Nova Festival.

The couple had been dancing with their friend Hilly Solomon, 26, on 7 October 2023 when the sound of rocket fire drowned out the music, causing them to flee the festival grounds in their car.

As Hamas fighters closed in from all directions, the trio hid under a car, but they were spotted by gunmen and shot several times.

Roei Shalev and Mapal Adam. Pic: Instagram/@roeishalev
Image:
Roei Shalev and Mapal Adam. Pic: Instagram/@roeishalev

Mr Shalev said he waited seven “agonising” hours with two bullets in his back – with his girlfriend and his friend lying dead beside him – until the Israeli army came.

A week later, his mother took her own life.

“In just one week, I lost three of the most important women to me in the world,” Mr Shalev wrote on a fundraising page for festival survivors and their families.

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“That day was the darkest I’ve ever known. In the months that followed, I struggled to cope. Flashbacks and anxiety consumed me, and sleep became a distant memory,” he added.

Now, two years after the horrifying attack, Mr Shalev was found dead in a burning car near Poleg Beach in Netanya, Israel.

Police have opened an investigation, Israeli media reports.

Shortly before his body was found, Mr Shalev had posted a note on his Instagram account, saying he “can’t go on anymore”.

“I’ve never felt such deep and burning pain and suffering in my life. It’s eating me up inside,” Mr Shavel wrote.

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Anyone feeling emotionally distressed or suicidal can call Samaritans for help on 116 123 or email jo@samaritans.org in the UK.

Alternatively, you can call Mind’s support line on 0300 102 1234, or NHS on 111.

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Want EV charging at your apartment, as an owner or a renter? Click here (update)

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Want EV charging at your apartment, as an owner or a renter? Click here (update)

EVs are great, and can unlock more transportation convenience with the ease of charging at home. But for apartment-dwellers, this can be a complicated conversation. So a nonprofit called Forth is here to help, through its Charge at Home program.

One of the main benefits of an electric vehicle is in the convenience of owning and charging the car in the place it spends most of its time. Instead of having to go out of your way to fuel it, you just park it at home, in the same place it spends at least 8 hours a day, and you leave the house every day with a full charge.

But this benefit only applies to those with a consistent parking space which they can easily install charging at. When talking about owners who live in apartment buildings, it can sometimes get more complicated.

While certain states have passed “right to charge” laws to give apartment-dwellers a solution for home charging, apartment charging is nevertheless a bit of a patchwork solution so far.

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And as a result of this, EV ownership among apartment renters lags behind that of single-family homeowners. It’s clear that apartments are holding back people from buying EVs, and that’s bad – lots of people live in apartments, and the gas those cars use pollutes the air just as much as any other.

Certain areas where EVs have hit a point of critical mass (namely, the large California cities) have pretty good EV ownership among renters, but it could still be better. And residents are clamoring more and more for easy EV charging in apartment communities.

So, Forth, a nonprofit advocating for equitable access to clean transportation, set up a program called Charge at Home, which is meant to connect renters, apartment building owners or other decisionmakers with resources to help install chargers at multifamily properties.

The site lets you select your situation – a resident or a decisionmaker for a new or existing multifamily development – and then gives you access to tools for your specific situation, whether you be a resident and developer.

The site houses links to help design a multifamily project, find electricians, inform you about right to charge laws or available incentives, and provide case studies, among others.

Charge at Home also hosts roundtable webinars periodically, and includes a library of past webinars with the information you need.

There are a lot of considerations for each of these projects, so it can be helpful to have someone with experience to help you go over it all. Personally, when talking to friends about getting an EV, charging considerations are usually the thing that takes up the bulk of the conversation.

So if the toolkits are still too daunting for you, Charge at Home is offering free charging consultations for multifamily developers, owners, property managers and HOAs.

The charging consultations will last through at least April 2026 – but it wouldn’t hurt to get your requests in soon. Forth may still offer consultations afterwards, but it all depends on funding availability (the program was previously funded by the Department of Energy, which has taken a turn). Regardless, the website will remain up for people to submit questions and find information, whether or not free consultations stick around.

But at the very least, as Forth points out, whether a multifamily development is interested in having EV charging at this moment or not, any developer should think about having the infrastructure, conduit and capacity ready to go for future install of EV chargers, and should consider the needs of current residents who are likely already considering EVs today.

It’s going to be necessary to install this capacity at some point, and doing so earlier can help save money down the line, make your development more attractive to renters today, and allow more renters to make the switch to cleaner transportation which helps air quality and to reduce climate change, both of which harm everyone on the planet.

Head on over to Forth’s Charge at Home site to get access to all the above resources – and to sign up for a consultation before the end of April if you’re a multifamily developer, owner, property manager or HOA.

Update: This article has been updated to account for an extension in program availability.

Electrek’s Take

I’ve long said that the only real problem with EVs is the problem of access to consistent charging for people who don’t have their own garage. Whether this be apartment-dwellers, street-parkers or the like, the electric car charging experience is often less-than-ideal outside of single family homes, at least in North America.

There are workarounds available, like charging at work, or using Superchargers in “third places” where you often spend time, but these still aren’t optimal. The best thing is just to charge your car wherever it spends most of its time, which is your home. When you do that, EVs outshine everything in convenience.

We’ve highlighted some projects before which showed how reasonable it can be to install charging for developments. Every project is going to have its complexities, but when you see projects like this condo complex that managed to install chargers for just $405 per parking spot, all of a sudden it becomes a no-brainer not to have EV charging.

But the fact is, there just aren’t enough apartment complexes out there which have EV charging. So if Forth’s Charge At Home program can help residents or landlords with that, it can go a long way towards solving the only real problem with EVs. Click here to check it out.


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The 40 jobs ‘most at risk of AI’ – and 40 it can’t touch

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The 40 jobs 'most at risk of AI' - and 40 it can't touch

AI has stolen £120,000 from Joe Turner.

The 38-year-old writer lost 70% of his clients to chatbots in two years.

His is one of 40 job roles that AI is fast replacing, according to conversations the Money team had with industry experts, researchers, and affected workers.

Read all the latest Money news here

“It’s a betrayal,” says Turner, who earned six figures as a freelancer before the rise of generative AI.

“You’ve put your heart and soul into it for so long, and then you get replaced by a machine.”

He adds: “You always think ‘it’s never going to happen to me’.”

Joe Turner
Image:
Joe Turner

Around 85% of the tasks involved in Turner’s job could be performed by AI, according to research published by Microsoft in July that has gone largely unnoticed.

The tech giant’s analysis of 200,000 conversations with its Co-Pilot chatbot concluded it could complete at least 90% of the work carried out by historians and coders, 80% of salespeople and journalists, and 75% of DJs and data scientists.

Also in the top 40 most exposed jobs were customer service assistants (72%), financial advisers (69%) and product promoters (62%). Search the table below to see how your role fares…

Speaking to the Money team, senior Microsoft researcher Kiran Tomlinson insists the study “explores which job categories can productively use AI chatbots, not take away or replace jobs”.

Turner for one doesn’t buy this. “That’s what they want to market it as,” he says.

Experts we spoke with were just as sceptical of Microsoft’s optimism.

Read more:
‘I’ve been turned into an AI voice over and nobody told me’
Cloned voices ‘could become as common as stunt doubles’
Stars release silent album in protest at AI copyright plans

‘Replaced entirely by the tool’

“If you were to look at these jobs in three to five years, there’s a very good chance they’ve been replaced entirely,” says an AI consultant with more than a decade of experience deploying the tech in nearly 40 companies.

“Except in areas where they are either relationship-driven or very judgmental,” they add, speaking on condition of anonymity due to their commercial relationships with a range of SMEs, multibillion-pound funds and public bodies.

“These types of jobs are by nature most likely to be replaced entirely by the tool,” agrees AI researcher Xinrong Zhu, an assistant professor at Imperial College London.

“We’re living in a world where we’re witnessing a very important turning point.”

Xinrong Zhu
Image:
Xinrong Zhu

It’s a verdict echoing job cuts announced by major companies over the summer.

Buy now, pay later firm Klarna shrunk its headcount by 40% due to investments in AI and a hiring freeze, while boasting its chatbot was doing the work of 700 employees.

Microsoft itself said it was laying off 15,000 employees while investing £69bn in data centres to train AI models and reportedly using AI to save $500m in its call centres.

Amazon chief executive Andy Jassy said he expected to “reduce our total corporate workforce as we get efficiency gains from using AI extensively”.

But don’t take this at face value, says the AI consultant. Just because AI will take jobs doesn’t mean it can right now: “I wouldn’t say AI is in a position that you can then generate layoffs immediately: What you tend to see in most businesses is hiring freezes.”

The UK hasn’t had a sharp decline in postings for the jobs most threatened by AI, but they grew four times slower than the least threatened jobs between 2019 and 2024, according to PwC’s AI jobs barometer.

“AI is being used as an excuse,” the consultant says.

“There’s a load of macroeconomic effects that are actually causing [job cuts].”

It’s the Money blog’s usual suspects: Increases to employer national insurance, the cost of hiring and the cost of energy – not an AI takeover.

But, they say, “that’s not to say it won’t happen next year.”

Some 78% of global businesses anticipate increasing their overall AI spending this fiscal year, a Deloitte survey found.

Approximately 40% of employers expect to reduce their workforce where AI can automate tasks, according to a World Economic Forum survey.

An email that changed everything

Freelancers may, then, be the canary in the coal mine.

Demand for gigs related to writing and coding fell by 21% within eight months of the release of ChatGPT, according to a study conducted last year by Zhu.

“The magnitude really surprised us,” she says.

It wouldn’t have surprised Turner.

A few months earlier, in December 2023, he received an email from a website where he’d worked for a decade.

“Do you ever use AI?” it read. “No,” he replied.

That was the last time he heard from them. Overnight, £30,000 was wiped from his annual income.

“I went on their website and I realised they had started using AI instead of me,” he says.

One by one, most of his other clients followed suit.

“It was just a complete desert,” he says of the job landscape.

If you listen to the heads of some leading AI companies, you’d be forgiven for thinking this desert is just one apocalyptic vista at the end of the working world as we know it.

Dario Amodei, chief executive of Anthropic, has warned AI could “wipe out half of all entry-level white-collar jobs”, while OpenAI boss Sam Altman said entire job categories would be “totally, totally gone”.

“They want to glorify the models,” says Dr Fabian Stephany, a Labour economist at the University of Oxford and fellow at Microsoft’s independent AI Economy Institute.

Impersonating a big tech boss, he continues: “‘Oh wow, look, if we can automate away 50,000 people, then that technology must be really tremendous – so you should be investing in our company!’

“I would advocate to have a bit of more of a cooled down, pragmatic approach.

“Think about it as a technology and look at how technology has been interacting with the labour market in the past.”

Fabian Stephany
Image:
Fabian Stephany

Inventions that revolutionised the workplace

Take Richard Arkwright’s invention of the Spinning Jenny in 1769, which churned out huge quantities of yarn to make cloth in some of the first factories at the start of the industrial revolution.

While putting home weavers out of a job, it increased the need for mill workers hundreds of times over, says Stephany.

Henry Ford’s invention of the assembly line in 1913 had a similar impact when it reduced the time taken to make a car from 12.5 hours to 1.5 hours.

Speed lowered production costs and forecourt prices, increasing demand, sales and the number of staff hired to fulfil them.

For the same reason, the invention of the ATM in 1967 led to more bank teller jobs despite automating one of their key functions – something Microsoft was keen to point out.

“Our research shows that AI supports many tasks, particularly those involving research, writing and communication, but does not indicate it can fully perform any single occupation,” Microsoft’s Tomlinson says.

Indeed, the study shows 40 jobs where AI can perform just 10% or fewer tasks.

Tradespeople feature heavily, like painter-decorators (4%), cleaners (3%) and roofers (2%).

Surgical assistants (3%), ship engineers (5%) and nursing assistants (7%) also make the list.

But history also includes a list of the losers of technological innovation.

Replacing horses with tractors wiped 3.4 billion man hours from American farmwork annually by 1960, according to research by economic historian Professor Alan Olmstead.

Spare a thought, too, for the pinsetters once responsible for stacking bowling alleys, who were more or less eliminated by the Automatic Pinspotter unveiled in 1946.

Quantity does not mean quality, either: Arkwright’s millers faced exhausting and repetitive 13-hour shifts in extreme noise, heat and dust.

How fulfilling would working with an AI be?

“Sterile and just not interesting, uniform and bleak and surface-level and hollow” is how Turner described its work after trying AI at the request of a client.

“Cars were a solution – a car was a horse that never got tired. But if you look at AI the same way, it’s basically saying: ‘There aren’t enough rubbish books out there, we need to make more.'”

More human work, not less?

That’s not what it’s for, though, says the AI consultant.

“I don’t see an AI right now coming up with wonderful ideas for creative writing authors,” they say.

But what it’s good at is taking an author’s idea and making a first draft extremely quickly, they explain.

“Now, does that mean we have fewer authors or does that mean we have more?”

The consultant’s optimism comes from seeing AI create extra human work at some of the companies that hired them.

A landscaping firm used ChatGPT to generate personalised services to upsell to existing customers.

At a pension provider with 350,000 scheme members, AI saved “literally thousands of hours” by scanning millions of notes, PDF documents and email chains for spousal support agreements.

That might seem like work stolen from a law firm at first glance, but it likely wouldn’t have been undertaken at all without AI due to the extreme cost of manual labour, says the consultant.

The cost of starting a digital business has also shrunk dramatically, he adds, if you use AI to organise a website, workflow, marketing and employment contracts.

“You end up in a world where you could have thousands more small start-ups because the cost of failure is so much lower.”

Pic: iStock
Image:
Pic: iStock

The ‘losers of technological change’

Such a positive attitude would do little to convince veteran audio producer Christian Allen, who has lost gigs worth £7,000 to AI in the past year.

“Hasn’t anyone seen Terminator, for Christ’s sake?” says Allen, 53, whose work over the past two decades has been played on major radio stations like Classic FM and Heart FM.

“I think it could very easily take over.”

AI started by depleting requests for voiceovers in company training videos, but Allen recently lost a potential radio client who instead bought the first AI advert he’s ever heard that’s good enough for broadcast.

“It was scarily good,” says Allen, who lives near Birmingham. “No one would know.”

The cost to the client? £11.99. Voice actors would expect £1,000.

“There’s no way anybody can compete.”

Pic: iStock
Image:
Pic: iStock

Shifting sands forming another job desert?

Not according to Oxford’s Labour economist Fabian Stephany, who was keen to “challenge the dystopian narrative”.

“It is very rare for a new technology to completely replace an entire profession,” says Stephany.

The only exceptions are jobs defined by a single task without any complexity, like bowling alley pinsetters or the translators at the top of Microsoft’s table, he says.

There’s complexity in Allen’s job, like creating video and TV soundtracks and mixing audio, but he’s still nervous.

“The AI subscription can mix for you too, so that’s production houses everywhere – we’re no longer needed. That’s quite scary.”

He adds: “I won’t be doing this in 10 years’ time.”

Microsoft researcher Kiran Tomlinson says AI “may prove to be a useful tool for many occupations” and “the right balance lies in finding how to use the technology in a way that leverages its abilities while complementing human strengths and accounting for people’s preferences”.

Read more:
10 most in demand jobs in 2025
Businesses ‘in the dark’ as Google reviews disappear
How AI decides online prices

Alexa, tell me what the government is doing

In January, Sir Keir Starmer said there was “barely an aspect of our society that will remain untouched” by AI in the coming years.

The technology is mentioned at least 126 times in the government’s industrial strategy for the tech sector, focusing heavily on its potential benefits.

Insufficient attention is being paid to its disruption, says Zhu. Why is Microsoft publishing reports on job exposure, but not the government? Where is the guidance on how employers and employees should adapt?

“The government should play some important role here, and they’re not,” she says.

Recalling how laid-off steelworkers were left to fend for themselves in the 20th century, Stephany warns it is “crucial to not make the mistakes of the past again”.

Allen couldn’t agree more: “All jobs under threat of AI need to be protected. Because otherwise, how the hell do people earn money?”

The government says it is putting people “at the heart” of its AI plans.

“That includes partnerships with leading tech firms to help us deliver AI skills training to 7.5 million workers, and initiatives to bring digital skills and AI learning into classrooms and communities,” a spokesperson says.

“This will provide training to people of all ages and backgrounds and is backed by £187m.”

They say “thousands of jobs” will be created by AI Growth Zones, areas earmarked for AI data centres where the state will support big tech companies with access to power and planning.

Keir Starmer announces the TechFirst programme teaching school pupils AI in June. Pic: PA
Image:
Keir Starmer announces the TechFirst programme teaching school pupils AI in June. Pic: PA

What can you do for yourself?

Workers should be concerned if they’re not trying to use AI, says the consultant.

CVs with AI skills have so far been consistently favoured by a group of 2,000 recruiters observed by Fabian Stephany in an ongoing study.

“If a worker is willing to invest in their skill set, in developing their profile, they should not be worried at all,” they say.

Almost half (45%) of global employers consider AI competency to be a core skill, according to the World Economic Forum.

LinkedIn data shows AI-related skills on member profiles rose 65% year-on-year in 2024.

Job postings on Indeed.com containing AI terms have risen by 170% since the end of June 2023 – albeit from a low starting point (1.7% to 4.6% by 31 August).

“If you’re willing to learn skills that allow you to integrate AI into the job that you’re currently doing, you will probably not only be doing fine, but you might actually have a big career boost ahead of you,” Stephany adds.

In a separate study of 10 million job vacancies in the UK, he found jobs asking for AI skills paid 23% more – a salary boost greater than that expected from a master’s degree (20%).

The best starting point is creating a free account with AI chatbots like ChatGPT, Claude or Gemini, says the AI consultant.

“Log into one of them, provide it a pretty detailed description of who you are, what you do day-to-day, both in your job and potentially in your personal life, and ask it how it can help.

“Right now, that can mean that you do your job better, which gets you promoted.”

Or maybe not.

In the past few months, writer Joe Turner has seen some clients make a sheepish return.

“I see an influx of new jobs coming in and people are now requesting no AI content at all,” he says.

Clients have found its hollow tropes and generic mannerisms carry the unmistakable mark of a “soulless machine”.

“It’s called AI, but it’s not artificial intelligence. It’s just a database of words with reasoning models,” he concludes.

“It puts the words in the right order, but at the end of the day, it means nothing.”

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