Billionaire Dem Donor Bill Ackman Gives $1M to Biden Challenger Phillips
Billionaire investor Bill Ackman has declared his intention to make a substantial political investment by donating $1 million to the We Deserve Better PAC, a political action committee supporting Rep. Dean Phillips (MN), a Democrat who initiated a primary challenge against President Biden last year.
In a detailed post on X (formerly Twitter), Ackman conveyed his belief in Phillips's potential to be a "truly outstanding President of the United States" and expressed confidence in Phillips's "credible path" to the nomination.
Billionaire mega-donor Bill Ackman to donate $1M to Biden challenger Dean Phillips https://t.co/9jYteeWnU5
— NewsNation (@NewsNation) January 15, 2024
Ackman acknowledged the high-risk nature of this substantial investment but emphasized its critical importance for Phillips's campaign.
Phillips, despite trailing significantly behind Biden in Democratic primary polls, continues his pursuit of the nomination.
According to RealClearPolitics's polling average, Biden holds nearly 70 percent support, with Phillips at about 3 percent.
Ackman believes that Phillips has a viable way forward in the primary, particularly if he performs well in New Hampshire.
He predicted that as Phillips rises in the polls and Biden's numbers decline due to age, the Democratic Party will face a pivotal decision between candidates capable of defeating the Republican nominee.
Ackman's commitment to supporting Phillips stems from his assessment that Phillips, when compared to Biden, could emerge as a more competitive candidate against Trump.
Ackman sees a scenario where, as Phillips outperforms Biden substantially in polls against Trump, the Democratic Party will have no choice but to favor Phillips over Biden.
This political move by Ackman follows his previous expressions of support for Phillips's presidential bid, where he praised the congressman and suggested it was time for Biden to step aside in the primary.
Ackman believes that Phillips, if given the opportunity, can contribute to positive competition within the Democratic Party and leave a lasting, favorable legacy.