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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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Entertainment

Harry and Meghan extend Netflix partnership – but it’s no longer exclusive

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Harry and Meghan extend Netflix partnership - but it's no longer exclusive

Harry and Meghan have signed a new “multi-year, first-look deal” with Netflix, following the deal they struck with the streaming giant five years ago.

Described by the Sussexes as “extending their creative partnership”, while the news quashes rumours the relationship might not be renewed, it would appear to be a less prestigious deal than their first.

With Love, Meghan, has a second season out later this month. Pic: Jake Rosenberg/Netflix
Image:
With Love, Meghan, has a second season out later this month. Pic: Jake Rosenberg/Netflix

As a “first-look deal” rather than an overall deal, the entertainment giant will be able to say yes or no to their content before anyone else, but they will not be under an obligation to stream it.

Several US outlets have suggested it is a downgrade from the Sussexes’ previous contract, which saw the streaming giant pay for exclusive rights for the content and was thought to be worth more than $100m (£74m).

British PR expert Mark Borkowski described the deal as a “downgrade” and suggested Netflix was “pivoting away” from Harry and Meghan.

Read more: Some call the deal a demotion – but the company still sees them as a power couple

Harry and Meghan set up their media company, Archewell Productions, after quitting as senior working royals in 2020.

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Their partnership with Netflix had promised documentaries, docuseries, feature films, scripted shows and children’s television, but has so far only delivered documentaries and docuseries.

These include Harry & Meghan, a six-part series about their departure from the royal household, which is Netflix’s fifth most popular series of all time, and most recently, the lifestyle show With Love, Meghan, which is the streamer’s most-watched culinary show since its release earlier this year.

Speaking about the new deal, Meghan said: “We’re proud to extend our partnership with Netflix and expand our work together to include the As ever brand.”

As ever is Meghan’s lifestyle brand, launched in 2024, and rebranded this year, selling products including jams, shortbread and wine.

Meghan went on: “My husband and I feel inspired by our partners who work closely with us and our Archewell Productions team to create thoughtful content across genres that resonates globally and celebrates our shared vision.”

(R-L) Meghan, Duchess of Sussex and Mindy Kaling. Pic: Netflix
Image:
(R-L) Meghan, Duchess of Sussex and Mindy Kaling. Pic: Netflix

Netflix’s chief content officer Bela Bajaria called the Sussexes “influential voices” and said their stories “resonate with audiences everywhere”.

New output includes the second season of With Love Meghan later this month, and a Christmas special in December.

Archewell Productions is also working on a documentary about orphaned children in Uganda’s Masaka region, an area heavily hit by the HIV/AIDS crisis, titled Masaka Kids, A Rhythm Within, and is developing a feature adaptation of the bestselling romantic novel by Carley Fortune, Meet Me At The Lake.

It comes as Harry has cut ties with his Sentebale charity but has said he still intends to do what he can to help young people in Lesotho, Botswana and Southern Africa.

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World

CCTV shows men in combat clothing shooting hospital volunteer at point-blank range in Syria

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CCTV shows men in combat clothing shooting hospital volunteer at point-blank range in Syria

Sky News has obtained shocking CCTV from inside the main hospital in the city of Sweida in southern Syria – where our team found more than 90 corpses laid out in the grounds following a week of intense fighting.

Warning this article shows images of a shooting

The CCTV images show men in army fatigues shooting dead a volunteer dressed in medical scrubs at point-blank range while a crowd of other terrified health workers are held at gunpoint with their hands in the air.

The mainly Druze city of Sweida was the scene of nearly a week of violent clashes, looting and executions last month which plunged the new authorities into their worst crisis since the toppling of the country’s former dictator Bashar al Assad.

The new Syrian government troops were accused of partaking in the atrocities they were sent in to quell between the Druze minority and the Arab Bedouin minority groups.

The government troops were forced to withdraw when Israeli jets entered the fray, saying they were protecting the Druze minority and bombed army targets in Sweida and the capital Damascus.

Men in military fatigues enter the hospital.
Image:
Men in military fatigues enter the hospital.

The hospital volunteer is seen on the floor moments before he was shot
Image:
The hospital volunteer is seen on the floor moments before he was shot

A second man fires with a handgun
Image:
A second man fires with a handgun

Days of bloodletting ensued, with multiple Arab tribes, Druze militia and armed gangs engaging in pitched battles and looting before a ceasefire was agreed.

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The government troops then set up checkpoints and barricades encircling Sweida to prevent the Arab tribes re-entering.

The extrajudicial killing captured on CCTV inside the Sweida hospital is corroborated by eyewitnesses we spoke to who were among the group, as well as other medics in the hospital and a number of survivors and patients.

Body bags in the grounds of hospital
Image:
Body bags in the grounds of hospital

The CCTV is date- and time-stamped as mid-afternoon on 16 July and the different camera angles show the men (who tell the hospital workers they are government troops) marauding through the hospital; and in at least one case, smashing the CCTV cameras with the butt of a rifle.

One of the nurses present, who requested anonymity, told us: “They told us if we talked about the shooting or showed any film, we’d be killed too. I thought I was going to die.”

Dr Obeida Abu Fakher, a doctor who was in the operating section at the time, told us: “They told us they were the new Syrian army and interior police. We cannot have peace with these people. They are terrorists.”

Read more:
Inside Sweida: The Syrian city ravaged by sectarian violence
Who are the Druze and who are they fighting in Syria?
Why Israel is getting involved in Syria’s internal fighting

A destroyed ambulance in Sweida
Image:
A destroyed ambulance in Sweida

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Multiple patients and survivors told us when we visited the hospital last month that government troops had participated in the horror which swept through Sweida for days but this is the first visual evidence that some took part in atrocities inside the main hospital.

In other images, one of the men can be seen smashing the CCTV camera with the butt of his rifle – and another is wearing a black sweater which appears to be the uniform associated with the country’s interior security.

One survivor calling himself Mustafa Sehnawi, an American citizen from New Jersey, told us: “It’s the government who sent those troops, it’s the government of Syria who killed those people… we need help.”

Mustafa Sehnawi speaks to Sky's Alex Crawford
Image:
Mustafa Sehnawi speaks to Sky’s Alex Crawford

A destroyed tank in Sweida
Image:
A destroyed tank in Sweida

The government responded with a statement from the interior ministry saying they would be investigating the incident which they “denounced and condemned” in the strongest terms.

The statement went on to promise all those involved would be “held accountable” and punished.

The new Syrian president Ahmed al Sharaa is due to attend the United Nations General Assembly next month in New York – the first time a Syrian leader has attended since 1967 – and what happened in Sweida is certain to be among the urgent topics of discussion.

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World

Funeral held for five Al Jazeera journalists killed in Israeli strike in Gaza

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Funeral held for five Al Jazeera journalists killed in Israeli strike in Gaza

A funeral was held for five Al Jazeera journalists who were targeted by an Israeli airstrike in Gaza on Sunday night, as the UN said the killings were a “grave breach of international law”.

Correspondents Anas Al-Sharif and Mohammed Qreiqeh, camera operators Ibrahim Zaher and Moamen Aliwa, and their assistant Mohammed Noufal, died after a strike on a tent near Al Shifa Hospital in Gaza.

The Israeli military defended the attack, claiming the most prominent of the group, Sharif, was the head of a Hamas terrorist cell and only “posed as a journalist” – claims consistently denied by Sharif himself, Al Jazeera and the Committee to Protect Journalists (CPJ).

A sixth journalist – a freelancer called Mohammad al Khaldi – was also killed in the strike, medics at the Al Shifa Hospital told Reuters.

Mourners attend the funeral of the Al Jazeera journalists. Pic: Reuters
Image:
Mourners attend the funeral of the Al Jazeera journalists. Pic: Reuters

Al Jazeera called the killing of its journalists a “targeted assassination” and described its employees as some of the “last remaining voices within Gaza”.

Read more:
Israel silences more crucial reporting voices from inside Gaza
Al Jazeera condemns ‘assassination’ of its journalists in Gaza

Al Jazeera staff members gather at the network's studios, to remember their colleagues. Pic: Reuters
Image:
Al Jazeera staff members gather at the network’s studios, to remember their colleagues. Pic: Reuters

“Al Jazeera Media Network condemns in the strongest terms the targeted assassination of its correspondents… by the Israeli occupation forces in yet another blatant and premeditated attack on press freedom,” the broadcaster said.

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“This attack comes amid the catastrophic consequences of the ongoing Israeli assault on Gaza, which has seen the relentless slaughter of civilians, forced starvation, and the obliteration of entire communities.

“The order to assassinate Anas Al-Sharif, one of Gaza’s bravest journalists, and his colleagues, is a desperate attempt to silence the voices exposing the impending seizure and occupation of Gaza.”

The United Nations (UN) secretary-general condemned the killing of the five journalists and called for it to be investigated.

Mourners carry the body of Al Jazeera journalist Anas Al-Sharif.
Pic: Reuters
Image:
Mourners carry the body of Al Jazeera journalist Anas Al-Sharif.
Pic: Reuters

A spokesperson said in a media briefing: “These latest killings highlight the extreme risks that journalists continue to face when covering this ongoing conflict.

“The secretary-general calls for an independent, impartial investigation into these latest killings.”

He added that “at least” 242 journalists have been killed in Gaza since the war began.

The UN’s human rights office condemned the killings earlier on Monday, labelling the strike by Israel a “grave breach of international humanitarian law”.

The war began on 7 October in 2023, when Hamas-led militants stormed into southern Israel and killed 1,200 people, taking 251 hostages, according to Israeli numbers.

Of the 50 hostages still in Gaza, Israeli authorities say 20 are still alive.

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Israel’s offensive has killed more than 61,000 Palestinians, according to health officials in Hamas-run Gaza.

It comes as prominent journalists across media organisations continue to join calls for access to Gaza, which Israel has forbidden throughout the war.

On Sunday, Palestinian envoy to the UN Riyad Mansour said Israel’s Prime Minister Benjamin Netanyahu should let the UN Security Council into Gaza.

“Take journalists with you so that you can verify exactly what is happening in Gaza,” he said.

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