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.
A senior official in former president Joe Biden’s administration has told Sky News that he has no doubt that Israel has committed war crimes in Gaza.
Speaking to the Trump 100 podcast, Matthew Miller, who, as a state department spokesman, was the voice and face of the US government’s foreign policy under Mr Biden, revealed disagreements, tensions and challenges within the former administration.
In the wide-ranging conversation, he said:
• It was “without a doubt true that Israel has committed war crimes”; • That Israeli soldiers were not being “held accountable”; • That there were “disagreements all along the way” about how to handle policy; • And that he “would have wanted to have a better candidate” than Mr Biden for the 2024 election.
Mr Miller served as the state department spokesman from 2023 until the end of Mr Biden’s presidential term. From the podium, his job was to explain and defend foreign policy decisions – from Ukraine to Gaza.
“Look, one of the things about being a spokesperson is you’re not a spokesperson for yourself. You are a spokesperson for the president, the administration, and you espouse the positions of the administration. And when you’re not in the administration, you can just give your own opinions.”
Now out of office, he offered a candid reflection of a hugely challenging period in foreign policy and US politics.
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1:37
Miller: Israel ‘committed war crimes’
Gaza disagreements
Asked about Gaza, he revealed there were “small and big” disagreements within the Biden administration over the US-Israeli relationship.
“There were disagreements all along the way about how to handle policy. Some of those were big disagreements, some of those were little disagreements,” he said.
Pushed on rumours that then-secretary of state Antony Blinken had frustrations with Mr Biden over both Gaza and Ukraine policy, Mr Miller hinted at the tensions.
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“I’ll probably wait and let the secretary speak for himself… but I will say, speaking generally, look, it is true about every senior official in government that they don’t win every policy fight that they enter into. And what you do is you make your best case to the president.
“The administration did debate, at times, whether and when to cut off weapons to Israel. You saw us in the spring of 2024 stop the shipment of 2,000-pound bombs to Israel because we did not believe they would use those in a way that was appropriate in Gaza.”
Through the spring and summer of 2024, the Biden administration was caught between its bedrock policy of the unconditional defence of its ally Israel and the reality of what that ally was doing in Gaza, with American weapons.
Mr Mill said: “There were debates about whether to suspend other arms deliveries, and you saw at times us hold back certain arms while we negotiated the use of those arms…
“But we found ourselves in this really tough position, especially in that time period when it really came to a head… We were at a place where – I’m thinking of the way I can appropriately say this – the decisions and the thinking of Hamas leadership were not always secret to the United States and to our partners.”
Image: Matthew Miller during a news briefing at the state department in 2023. Pic: AP
He continued: “And it was clear to us in that period that there was a time when our public discussion of withholding weapons from Israel, as well as the protests on college campuses in the United States, and the movement of some European countries to recognise the state of Palestine – appropriate discussions, appropriate decisions – protests are appropriate – but all of those things together were leading the leadership of Hamas to conclude that they didn’t need to agree to a ceasefire, they just needed to hold out for a little bit longer, and they could get what they always wanted.”
“Now, the thing that I look back on, that I will always ask questions of myself about, and I think this is true for others in government, is in that intervening period between the end of May and the middle of January [2025], when thousands of Palestinians were killed, innocent civilians who didn’t want this war, had nothing to do with it, was there more that we could, could have done to pressure the Israeli government to agree to that ceasefire? I think at times there probably was,” Mr Miller said.
Asked for his view on the accusation of genocide in Gaza, he said: “I don’t think it’s a genocide, but I think it is without a doubt true that Israel has committed war crimes.”
Challenged on why he didn’t make these points while in government, he said: “When you’re at the podium, you’re not expressing your personal opinion. You’re expressing the conclusions of the United States government. The United States government had not concluded that they committed war crimes, still have not concluded [that].”
Image: Anthony Blinken, left, with then US President Joe Biden. Pic: AP
He went on to offer a qualification to his accusation.
“There are two ways to think about the commission of war crimes,” he said.
“One is if the state has pursued a policy of deliberately committing war crimes or is acting recklessly in a way that aids and abets war crimes. Is the state committing war crimes?
“That, I think, is an open question. I think what is almost certainly not an open question is that there have been individual incidents that have been war crimes where Israeli soldiers, members of the Israeli military, have committed war crimes.”
The Israeli government continues to strongly deny all claims that it has committed war crimes in Gaza.
On Joe Biden’s election hopes
Mr Miller also offered a candid reflection on the suitability of Mr Biden as a candidate in the 2024 US election. While Mr Biden initially ran to extend his stay in the White House, he stepped aside, with Kamala Harris taking his place as the Democratic candidate.
“Had I not been inside the government, had I been outside the government acting kind of in a political role, of course, I would have wanted to have a better candidate,” he said.
“It’s that collective action problem where no one wants to be the first to speak out and stand up alone. You stand up by yourself and get your head chopped off, stand up together, you can take action.
“But there was never really a consensus position in the party, and there was no one that was willing to stand up and rally the party to say this isn’t going to work.
“I don’t think there is anyone on the White House staff, including the most senior White House staffers, who could have gone to Joe Biden in the spring of 2023 or at any time after that and told him: ‘Mr President, you are not able to do the duties of this job. And you will not win re-election.’ He would have rejected that outright.”
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Biden’s presidency in 60 seconds
The Trump presidency
On the Donald Trump presidency so far, he offered a nuanced view.
He described Mr Trump’s Middle East envoy Steve Witkoff as “an extremely capable individual” but expressed his worry that he was being manipulated by Russian President Vladimir Putin.
“I know the people in the Biden administration who worked with him during the first negotiations for Gaza ceasefire thought that he was capable.
“I think at times he doesn’t know what he doesn’t know. And you see that especially in the negotiations to end the war in Ukraine, where you see him go into a meeting with Vladimir Putin and come out spouting Russian propaganda… I think he would benefit from a little diplomatic savvy and some experienced diplomats around him.”
Image: Trump’s Middle East envoy Steve Witkoff, left, with Vladimir Putin. Pic: Sputnik/AP
He continued: “But I do think it’s extremely important that when people sit down with an envoy of the United States they know that that envoy speaks for the President of the United States and it is very clear that Witkoff has that and that’s an extremely valuable asset to bring to the table.”
On the months and years ahead under Mr Trump, Mr Miller said: “The thing that worries me most is that Donald Trump may squander the position that the United States has built around the world over successive administrations of both parties over a course of decades.
“I don’t think most Americans understand the benefits that they get to their daily lives by the United States being the indispensable nation in the world.
“The open question is: will the damage that he’s doing be recoverable or not?”
Mount Etna in Sicily has erupted, sending a huge plume of ash into the sky.
Social media footage showed tourists running down the slopes as the highest active volcano in Europe erupted.
Italy‘s National Institute of Geophysics and Volcanology said it expected the erupting ash cloud to disperse in a west-southwest direction.
Image: Pic: Reuters
The monitoring institute said the “amplitude values of volcanic tremors are currently high” and were “showing a tendency to increase”.
Image: Pic: Reuters
It added the eruptive activity has “continued with strombolian explosions of increasing intensity that, at the moment, are to be considered to be very intense and almost continuous”.
“In the last few hours there’s been reports of [a] little thin ash in Piano Vetore,” the institute said.
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The Volcanic Ash Advisory Centre Toulouse has issued a “code red” aviation warning, advising planes that a significant volume of ash in the atmosphere is likely.
Image: Pic: Reuters
Mount Etna is one of the world’s most active volcanoes. It was added to the list of UNESCO World Heritage Sites in 2013.
The suspect in the Colorado attack told investigators he planned it for a year and said he wanted to “kill all Zionist people”, it is claimed.
Mohamed Soliman is accused of throwing Molotov cocktails and using a makeshift flamethrower on a group of people at a rally in support of Israeli hostages – with the FBI describing the incident as a targeted “act of terrorism”.
The 45-year-old, from El Paso County, Colorado, yelled “Free Palestine” during the attack, it is alleged.
Soliman has been charged with the federal crime of causing bodily injury because of actual or perceived race, colour, religion, or national origin. Authorities said they would announce further charges later on Monday.
Four women and four men, aged between 52 and 88, were injured and taken to hospitals. One victim is in a critical condition and others were seriously hurt, authorities said.
Image: Suspect Mohamed Soliman. Pic: Boulder Police Department
In a federal criminal complaint, investigators said Soliman confessed to the attack and told them that he had planned it for a year.
The alleged attacker said he researched on YouTube how to make Molotov cocktails – an improvised bomb made from a bottle filled with petrol and stuffed with a piece of cloth to use as a fuse, it was claimed.
He allegedly made them before driving to Boulder, Colorado, to carry out the attack on the weekly demonstration, where people were calling for release of Israeli hostages held in Gaza.
Soliman told investigators he “wanted to kill all Zionist people and wished they were all dead”, and “he would do it (conduct an attack) again”, according to the criminal complaint.
The suspect said he had been planning the attack for a year, and was waiting until after his daughter graduated to carry it out, it was alleged.
Unlit Molotov cocktails found near scene
According to the federal complaint, officers found a black plastic container with a yellow top near where Soliman was arrested, containing “at least 14 unlit Molotov cocktails”.
Investigators said the projectiles were comprised of “glass wine carafe bottles or Ball jars,” and that near the container “was a backpack weed sprayer, potentially containing a flammable substance”.
It was later determined the liquid in both the bottles and weed sprayer was the flammable liquid xylene, the complaint said.
Mark Michalek, a special agent in charge of the FBI’s Denver field office, described the sprayer as a “makeshift flamethrower”.
Image: The suspect was seen clutching two glass bottles
Trump condemns ‘horrific’ attack
Law enforcement officials told Sky News’ US partner network NBC News that Soliman is an Egyptian national who seemingly acted alone. They said he has no previous significant contact with law enforcement.
Tricia McLaughlin, assistant secretary at the Department of Homeland Security, said Soliman was in the US “illegally”.
She posted on X: “He entered the country in August 2022 on a B2 visa that expired on February 2023. He filed for asylum in September 2022.”
US President Donald Trump said the “horrific” attack in Boulder “will not be tolerated in the United States of America”.
Police chief Steve Redfearn said the attack happened at around 1.26pm local time on Sunday and initial reports were that “people were being set on fire”.
“When we arrived we encountered multiple victims that were injured, with injuries consistent with burns,” Mr Redfearn said.
The attack happened as a “group of pro-Israel people” were peacefully demonstrating, police said.
The walk is held regularly by a volunteer group called Run For Their Lives, which aims to raise awareness of the hostages who remain in Gaza.
Image: A bomb disposal robot at the scene. Pic: AP
Israeli Prime Minister Benjamin Netanyahu said he was praying for the full recovery of the people wounded in the “vicious terror attack” in Colorado.
“This attack was aimed against peaceful people who wished to express their solidarity with the hostages held by Hamas, simply because they were Jews,” he said.
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US Senate minority leader Chuck Schumer, a prominent Jewish Democrat, said the attack was “horrifying” and “this cannot continue”, adding: “We must stand up to antisemitism.”