Bill Ackman Switches Endorsement to Cuomo in NYC Mayor Race

Billionaire hedge fund manager Bill Ackman has reversed his previous endorsement of NYC Mayor Eric Adams and now supports Andrew Cuomo in the mayoral race, urging Adams to step aside to improve Cuomo's chances against progressive candidate Zohran Mamdani. Ackman praised Adams' leadership but cited his declining poll numbers as a barrier to defeating Mamdani, whom Ackman characterized as promoting socialism that would harm the city. He described Cuomo as an experienced leader who has learned from past mistakes and is best positioned to win. Ackman also proposed a controversial strategy suggesting Adams bet on Cuomo's victory on Polymarket, a decentralized prediction platform, then withdraw from the race to benefit financially, which former SEC officials condemned as potentially illegal under commodity exchange laws. Polymarket recently received CFTC approval to operate in the U.S. as a futures exchange, heightening scrutiny of Ackman’s betting proposal. The debate highlights tensions between political strategy and legal boundaries amid a contentious NYC mayoral election.