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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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Zelenskyy says he would give up presidency in return for peace and NATO membership for Ukraine

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Zelenskyy says he would give up presidency in return for peace and NATO membership for Ukraine

Ukraine’s president has said he would step down in return for peace and NATO membership for his country.

“If (it means) peace for Ukraine, if you really need me to leave my post, I am ready,” Volodymyr Zelenskyy said at a news conference.

“I can exchange this for NATO [membership], if that condition is there, immediately,” he added.

Donald Trump has previously said Ukraine is unlikely to become a NATO ally and membership is a red line for Russia.

Mr Zelenskyy’s comment appeared to be a response to Mr Trump recently calling him a “dictator” as Ukraine hadn’t held fresh elections – despite laws prohibiting it during wartime

During a wide-ranging conference in Kyiv, Mr Zelenskyy also said talks on a minerals deal with the US were moving forward, adding “all is OK”, despite concerns of a stalemate in negotiations.

President Trump said on Saturday a deal was “pretty close” and he was determined to get payback for billions of dollars of aid provided to Ukraine.

Ukraine wants the deal to include robust security guarantees over any future peace settlement with Russia.

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Starmer trip to US vital, Zelenskyy tells Sky News

Mr Zelenskyy also told Sky’s Deborah Hayes that next week’s visits to Washington by Keir Starmer and Emmanuel Macron were vital.

He said Europe had to be “at the table” when a peace deal is negotiated.

“Who will represent Europe – I can’t tell you now exactly,” he said.

“But I think one person will represent the EU. And of course, the UK has to be at the table, if we speak, for example, about security guarantees.”

The prime minister has said he’s prepared to deploy British troops to Ukraine as part of a peacekeeping force.

Rescuers work at a site of a Russian missile strike, amid Russia's attack on Ukraine, in Kryvyi Rih, Ukraine February 23, 2025. Press service of the State Emergency Service of Ukraine in Dnipropetrovsk region/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. WATERMARK FROM SOURCE.
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Mr Zelenskyy said more than 260 drones were fired at Ukraine overnight. Pic: Reuters

The Ukrainian leader was speaking after his country was hit overnight with what he called the biggest drone attack since the war started.

Mr Zelenskyy condemned Russia for the “aerial terror” – a day before the third anniversary of Russia’s full-scale invasion.

“Every day, our people stand against aerial terror,” Mr Zelenskyy wrote on X.

“On the eve of the third anniversary of the full-scale war, Russia launched 267 attack drones against Ukraine – the largest attack since Iranian drones began striking Ukrainian cities and villages.”

A total of 138 of the drones were shot down and another 119 disappeared from radars after being jammed by electronic warfare, Ukraine’s air force said.

Damage was reported across five regions.

Mr Zelenskyy said nearly 1,150 drones, more than 1,400 guided aerial bombs and 35 missiles had been launched at Ukraine in the past week.

He thanked those operating air defences and called on allies to stand united to secure a “just and lasting peace”.

“This is achievable through the unity of all partners – we need the strength of all of Europe, the strength of America, the strength of everyone who seeks lasting peace,” he said.

Read more:
Fact-checking Trump’s claims on Zelenskyy and Ukraine

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Trump calls Zelenskyy a ‘dictator’

It comes amid concerns over Mr Trump’s recent war of words with Mr Zelenskyy and his false claim that Ukraine had started the war.

At a conservative conference on Saturday, Mr Trump – who alarmed Europe and Ukraine by holding a recent call with Vladimir Putin – repeated his optimism that a peace deal is possible under his watch.

“I’ve spoken to President Putin and I think that thing [the war] is going to end,” said Mr Trump.

Ukraine has insisted it won’t accept any peace deal agreed without its participation, after it was excluded from a meeting between US and Russian diplomats in Saudi Arabia.

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Body found in search for missing jogger Jenny Hall

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Body found in search for missing jogger Jenny Hall

A body has been found in the search for 23-year-old runner Jenny Hall. 

She was last seen leaving her home in Barracks Farm, County Durham, in her car just after 3pm on Tuesday.

Police said there are not thought to be any suspicious circumstances after a body was found in a very remote area in Teesdale on Sunday morning, five days after she went missing.

Jenny Hall. Pic: Durham Constabulary
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Jenny Hall went missing on Tuesday. Pic: Durham Constabulary

“We’re sorry to report that officers searching for missing woman Jenny Hall, have sadly found a body,” Durham Constabulary said in a statement.

“Officers carried out an extensive search alongside specialist partners and have been working around-the-clock to locate Jenny after she went missing on February 18.

“The body was found in a very remote area in Teesdale just after 9.30am today.

“Formal identification has yet to take place. Jenny’s family have been notified and are currently being supported by specialist officers. They have asked for privacy at this devasting time.

“It is not believed there are any suspicious circumstances and a file will be prepared for the coroner.”

A major police search was launched after Ms Hall’s disappearance.

Her car, a red Ford Focus, was found on Wednesday parked on the B6278, near remote moorland between Eggleston and Stanhope.

Mountain rescue teams, specialist drones and sniffer dogs had been combing the Hamsterley Forest and the surrounding areas, where there are a number of running trails, this week.

Digital intelligence officers also carried out extensive inquiries into Ms Hall’s mobile phone, smart watch and running apps.

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Fresh amber warning for rain as Met Office issues alerts for much of UK

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Fresh amber warning for rain as Met Office issues alerts for much of UK

A fresh amber weather warning for heavy rain has been issued by the Met Office – with much of the UK already on alert for high winds and showers.

Northern Ireland, Scotland and the UK’s west coast and the Midlands have yellow warnings for wind on Sunday – meaning the possibility of transport delays and short-term power cuts.

There are also rain warnings in place for several parts of western UK.

The new amber warning has been issued for rain in south and central Wales and is in force from 3pm on Sunday to 6am on Monday.

An amber warning means danger to life from floodwater, homes and businesses are likely to be flooded, and there is a chance some communities will be cut off.

Winds across the west of the UK will increase throughout the morning with gusts up to 70mph in exposed areas, the Met Office said.

Zoe Hutin, a meteorologist at the forecaster, said Sunday is expected to be the “worst day” before conditions improve.

“The wind warning itself for the mainland UK ends at 6pm, but we can expect to continue to see quite blustery conditions even into the evening as the mainland rain itself pushes through.”

She added: “By the time people get up on Monday, we’ll still have some of the residual rain from that front in the far south-east of the country, and quite cloudy across England as well.

“But actually elsewhere, it could be a decent start.”

The Met Office’s yellow weather warnings for much of England and Scotland came into force at 6am and are expected to run until 6pm on Sunday.

A separate yellow warning for Northern Ireland came into force at 3am and runs until 3pm.

Rain and high winds are expected across the west of the UK
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Rain and high winds are expected across the west of the UK

Read more from Sky News:
Motorways closed after human remains found
Starmer asks US to stand by Ukraine

People who have noticed some slightly higher temperatures the last couple of days may be dismayed at the latest predictions.

“Through the week, those temperatures are trending back down,” Ms Hutin said.

“And so it will be getting cooler each day, but they will actually just be recovering to around average for the time of year. So it won’t be cold.

“It will just be returning back to where we would expect to be for this time of February.”

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