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.
China’s EV leader is quickly making a name for itself in Europe. In April, BYD outsold Tesla in Germany and the UK as sales surged in the region. With new models on the way, this looks to be just the start of BYD’s global sales run.
BYD sales outpace Tesla in Germany and the UK in April
BYD is like a freight train right now. There’s no slowing its roll. The company sold over 380,000 new energy vehicles (NEVs) last month, up 21% from April 2024.
Like most Chinese automakers, BYD reports NEV sales, or electric (EV) and plug-in hybrid (PHEV) vehicles. Since it stopped making gas-powered cars in 2022, BYD has focused entirely on EVs and PHEVs. So far, it has paid off.
For the first time in over a year, BYD’s electric vehicles outsold its plug-in models. Last month, the company sold over 195,000 electric cars (+45% YOY) and nearly 176,000 (+0%) PHEVs.
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Although its EVs got most of the attention, BYD sold over 79,000 vehicles overseas last month, its fifth straight month of growth. Through April, the company has sold over 285,000 vehicles in overseas markets, more than doubling from last year.
BYD launches Sealion 7 smart electric SUV at 2024 Paris Motor Show (Source: BYD)
According to the latest sales numbers released by the German federal road traffic agency, KBA, BYD even outsold Tesla in Germany, Europe’s largest auto market.
BYD sold 1,566 vehicles in Germany last month, an over eightfold (+756%) increase from April 2024. In comparison, Tesla’s sales fell 46% with just 855 cars sold in Germany last month.
Michael Shu, Managing Director of BYD Europe, speaks at the IAA (Source: BYD)
Closing the gap in Europe
Through the first four months of 2025, BYD sold 2,791 vehicles (+385%) in Germany, while Tesla remains ahead at 5,820 (-60%).
And it’s not just in Germany. BYD outsold Tesla in the UK last month as well. Data from SMNT shows BYD sold 2,511 vehicles in April 2025. Tesla only sold 512 vehicles in the UK last month.
BYD’s wide-reaching electric vehicle portfolio (Source: BYD)
BYD is quickly closing in on Tesla in the UK. Through April, BYD sold 11,782 vehicles while Tesla’s sales reached 12,986 vehicles.
Will China’s EV leader overtake Tesla in Europe? With several new vehicles rolling out, BYD is poised to see even more demand later this year. After launching its luxury Denza brand last month, BYD’s cheapest EV, the Seagull, is set to arrive later this year.
BYD Seagull EV (Dolphin Mini) Source: BYD
BYD will launch the low-cost EV later this year in Europe under the name Dolphin Surf with prices starting under £20,000 ($26,000). In China, the Seagull starts at under $10,000 (69,800 yuan) and was BYD’s top seller last month with over 55,000 units sold.
According to forecasts from S&P Global Mobility, BYD’s sales are expected to double in Europe from 83,000 last year to 186,000 in 2025. By 2029, that number could reach upwards of 400,000.
As it looks to drive growth this year, BYD is aggressively expanding overseas. BYD’s fourth car transport ship, the “BYD Shenzhen,” officially set sail last week with enough room for 9,200 vehicles. It is now the world’s largest.
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In true Lectric style, North America’s largest e-bike company just unveiled the latest generation of its best-selling electric bike in a high-energy, adrenaline-fueled product launch this morning. The Lectric XP4 is the newest generation of the ultra-popular e-bike line, and once again brings a shocking level of upgrades at price points never before seen in the industry.
To put it simply, Lectric has done it again; they’ve absolutely crushed it and set a new high watermark for value in the US folding e-bike market.
The XP line is the best-selling electric bike in the US, so this was bound to be a hotly-anticipated launch. With roughly 1 out of every 10 electric bikes sold in the US being a Lectric XP (out of many hundreds of models available in the market), any new launch in the product line was set to grab eyeballs. And despite the extremely high expectations, Lectric appears to have risen to not only meet them but likely exceed what most could have expected at this price point.
The launch of the new XP4 actually includes a pair of launches, with the base 500W model offering the same $999 price tag we’ve come to know ever since the XP 2.0 days. A new long-range XP4, which swaps the 10.4Ah battery for a massive 17.5Ah battery and upgrades the motor to 750W, bares only a slightly higher $1,299 price tag.
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“Because this model is so important to us and our riding community, we were determined to hold the line on price,” said Lectric eBikes co-founder and CEO Levi Conlow. “While other e-bike companies continue to raise prices and launch new products at higher price points, we know riders are going to appreciate Lectric going against the grain and making huge improvements for the same entry price we set more than four years ago.”
Levi isn’t paying lip service there, either. Both models share a number of key upgrades covering everything from the hardware design to the included componentry, and even the riding feel.
Both models include a new in-house designed torque sensor, offering smoother and more responsive pedal assist across the full range of power levels. A new 56-tooth chainring is larger and provides a more comfortable pedal cadence at higher speeds, meaning those taking advantage of the Class 3-capable 28 mph (45 km/h) speed can do so without their feet needing to spin uncomfortably fast.
The handlebars now feature an upgraded TFT color display with a built in USB-C port for phone and device charging. Having personally tested the e-bike yesterday, I can attest to just how beautifully designed the TFT screen truly is, providing much more information to the rider yet in a neatly laid out way that keeps it clear and easy to read, even in bright sunlight.
My full first ride experience will be coming soon, but first let’s continue with what makes these models so new and innovative.
The frame has been redesigned with a novel rack setup, a larger main frame tube to accommodate the longer-range battery, and a new handlebar stem that provides a more comfortable reach in the cockpit. That rear rack adds to both the bike’s appearance and utility, providing a color and styling accent but also offering more compatibility for accessories mounted to its round tubes while still maintaining the boxier tubes consistent with the design legacy across the XP models’ successive frames.
New hydraulic disc brakes were developed specifically for Lectric and provide punchier stops than the previous version’s hydraulic disc brakes. The brakes’ model number of 602 even pays subtle homage to the area code in Phoenix, Lectric’s headquarters.
The transmission also received an upgrade, with the lower tier 7-speed Tourney derailleur getting replaced with a step up in Shimano’s hierarchy to an 8-speed Altus.
Other hardware improvements on the bike include the quick-release pedals, which have been redesigned, increasing the quality and making them easier to use. The new derailleur is matched with new trigger shifters on the right side of the handlebars paired with Lectric’s upgraded locking ergonomic bar ends. The new shifters and bar ends required a new throttle though, resulting in an updated left-side paddle-style thumb throttle.
The lighting on the XP4 has also been upgraded, now including rear turn signals.
The keyway for locking the battery has been relocated to the non-drive side of the main tube, making it easier to access, and is located next to a newly designed cover for the charging port and on/off button for the battery.
Like all of Lectric’s e-bikes, the XP4 is compliant with UL2849, and the two battery sizes are both compatible with a 5A fast charger that provides a full recharge in either 2 or 3.5 hours for the smaller or larger battery option.
New 20×3.0 tires include a mixed-terrain tread with a novel design that creates a smoother center patch for quieter riding on smooth surfaces like asphalt but retains enough knobbiness on the edges for better grip in off-road riding conditions. The tires’ quiet ride has been specifically designed to complement the ultra-quiet Stealth motor that Lectric has brought from its other models to the new XP4.
Unlike the XP 3.0 that had previously been available in just white or black, the new XP4 comes in multiple color options, a nod to customers who often asked the company for more variety in colorways. The XP4 now includes color options of Stratus White, Tempest Gray, Raindrop Blue, and Pine Green. The bike is also available in two frame styles of standard and step-over.
Pre-orders are now open for the XP4, priced at either $999 or $1,299 for the 500W and 750W versions, with shipping expected to begin next month.
Electrek’s Take
It’s hard to overstate how big of a deal the XP4’s launch is, especially considering that the starting price has remained the same affordable $999. At a time when tariffs are forcing other companies to increase prices, the XP4 stands head and shoulders above other folding e-bikes in the US market, not just on price but also on features.
If you take the $1,299 long-range version with the 750W motor and 840Wh battery, it’s easy to see how far ahead it is of the competition. If the only thing Lectric had done was put that big battery and torque sensor in it, the bike already would have surpassed any other leading brand’s folding e-bike on value. There just isn’t another torque sensor-based 840Wh folding e-bike out there at this price point. But then Lectric went so much further. All of the additions are like a mountain of cherries on top of an already alluring XP4 sundae. From the beautiful new TFT display to the super punchy new brakes, from the upgraded derailleur to the quieter tires and motor, from the easy-to-use quick-release pedals to the improved ergonomics of the handlebars – it’s just more heaped on top of more.
The one feature I wish they would have included would have been Apple FindMy integration to allow for easy tracking of a lost or stolen e-bike. Trust me, I tried to plant the bug in Lectric co-founder and Chief Innovation Officer Robby Deziel’s ear, but to no avail. Oh well, maybe but there’s still hope for including location tracking on the XP5.
There’s one thing for sure though: Everyone else is still competing for second place against Lectric. That’s nothing new, but now the gap between Lectric and others has continued to grow. There was already no better option when it comes to bang-for-your-buck in the folding e-bike space, and now Lectric has grown that value gap even further.
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A Zoox autonomous robotaxi in San Francisco, California, US, on Wednesday, Dec. 4, 2024.
David Paul Morris | Bloomberg | Getty Images
Amazon‘s Zoox issued a software recall for 270 of its robotaxis after a crash in Las Vegas last month, the company said Tuesday.
The recall surrounds a defect with the vehicle’s automated driving system that could cause it to inaccurately predict the movement of another car, increasing “the risk of a crash,” according to a report submitted to the National Highway Traffic Safety Administration.
Zoox submitted the recall after an April 8 incident in Las Vegas where an unoccupied Zoox robotaxi collided with a passenger vehicle, the NHTSA report states. There were no injuries in the crash and only minor damage occurred to both vehicles.
“After analysis and rigorous testing, Zoox identified the root cause,” the company said in a blog post. “We issued a software update that was implemented across all Zoox vehicles. All Zoox vehicles on the road today, including our purpose-built robotaxi and test fleet, have the updated software.”
Zoox paused all driverless vehicle operations while it reviewed the incident. It’s since resumed operations after rolling out the software update.
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Amazon acquired Zoox in 2020 for over $1 billion, announcing at the time that the deal would help bring the self-driving technology company’s “vision for autonomous ride-hailing to reality.” However, Amazon has fallen far behindAlphabet‘s Waymo, which has robotaxi services operating in multiple U.S. markets. Tesla has also announced plans to launch a robotaxi offering in Austin in June, though the company has missed many prior target dates for releasing its technology.
Zoox has been testing its robotaxis in Las Vegas, Nevada, and Foster City, California. Last month, Zoox began testing a small fleet of retrofitted vehicles in Los Angeles.
Last month, NHTSA closed a probe into two crashes involving Toyota Highlanders equipped with Zoox’s autonomous vehicle technology. The agency opened the probe last May after the vehicles braked suddenly and were rear-ended by motorcyclists, which led to minor injuries.