Billionaire Ackman Backs Eric Adams, Calls on Cuomo to Quit 2025 NYC Mayor Race

Billionaire investor Bill Ackman is throwing his full support behind Mayor Eric Adams in the 2025 New York City mayoral race, urging Andrew Cuomo to step aside following his primary defeat. Ackman, who recently contributed to Cuomo’s campaign, now says Adams is better positioned to take on Democratic Socialist Zohran Mamdani in the general election.

Ackman, CEO of Pershing Square Capital Management, took to social media platform X this week to express his strong conviction after private meetings with both Adams and Cuomo. His verdict? Mayor Adams is the only candidate with the resolve and readiness to take on the increasingly radical progressive movement in the city’s political arena.

“Eric Adams is brimming with energy, focus, and a deep understanding of the city’s pressing needs,” Ackman wrote. “In contrast, Cuomo lacked the fire and urgency required to lead New York City into its next chapter.”

Ackman—who previously supported Democratic causes but now endorses former President Donald Trump—emphasized that the major concerns for New Yorkers remain public safety, cost of living, economic recovery, and quality of life. He credited Adams with achieving significant progress in each of these areas during his first term.

Financial and Real Estate Leaders Line Up Support for Adams

Ackman’s endorsement has catalyzed a wave of support from influential power players across finance and real estate. As Cuomo’s campaign falters following his 12-point primary loss to Mamdani, many of his high-profile donors are now shifting allegiance to Adams.

Marc Holliday, Chairman of SL Green Realty Corp., who previously contributed $100,000 to Cuomo’s political action committee, is organizing a major fundraising event for Adams next week.

“The transformation under Mayor Adams has been extraordinary,” Holliday stated. “Crime is down, business is slowly returning, and the city has started to feel livable again. His leadership is indispensable.”

Likewise, real estate developer Jared Epstein, Red Apple Group founder John Catsimatidis, and property mogul Ken Fishel are hosting a fundraising event in Bridgehampton this weekend, drawing more than 100 donors from Wall Street, venture capital, and the property sector. The entry fee? $1,000 per guest—directly boosting Adams’ reelection war chest.

“This is not just another election. It’s a pivotal moment for New York’s future,” said Fishel. “If Adams loses, we risk a return to the chaos and decline of the 1970s.”

Political Fallout and Billionaire Backing Redefine NYC Mayoral Field

The political dynamics of the race are anything but conventional. After resigning amid scandal in 2021, Cuomo launched an ambitious comeback, only to be decisively defeated by Mamdani, a 33-year-old Democratic Socialist from Queens. Though Cuomo has secured a third-party line for November’s general election, many donors are privately urging him to bow out to avoid splitting the centrist vote and inadvertently aiding Mamdani’s path to victory.

“Cuomo’s continued presence on the ballot risks fracturing the vote,” said a source close to multiple major donors. “We can’t afford to hand the keys to the city to someone who wants to tax corporations and drive investment away.”

Even longtime Democratic supporters are voicing caution. Joe Sitt, CEO of Thor Equities, stated in an interview that Adams must double down on grassroots engagement to overcome his recent political setbacks.

“Eric has to go door-to-door, neighborhood by neighborhood,” said Sitt. “He needs to reconnect with everyday New Yorkers, not just power brokers.”

Legal Clouds and Political Fortunes

Mayor Adams' first term hasn’t been without controversy. He faced a federal bribery indictment—becoming the first sitting NYC mayor in modern history to be indicted. However, those charges were later dismissed by the Trump administration, raising eyebrows over political favoritism.

Despite this, Adams has maintained a robust campaign operation, reporting $3 million in available cash. Insiders expect the Strong Leadership NYC Super PAC, which raised $7 million for Adams in 2021, to play a major role again this year.

Meanwhile, Cuomo still has over $30 million in campaign funds, supported by figures like Bill Ackman and Michael Bloomberg, though his path to victory appears increasingly narrow.

A Crossroads for the City’s Future

For many of New York’s business and civic leaders, the stakes in the 2025 mayoral election couldn’t be higher.

“This is a defining moment for New York City,” said Epstein. “We’ve weathered 9/11, the Great Recession, and a pandemic. But today’s threats—from political extremism to economic instability—require bold, competent leadership. Eric Adams is our best chance to preserve the city’s soul and rebuild its strength.”

With donors uniting, campaign coffers swelling, and endorsements mounting, Adams’ independent bid could become a formidable force in November. As New York City stands at a political and economic crossroads, all eyes are on a race that could shape its destiny for decades to come.

Also Read: NYC Mayor Eric Adams Might Face More Charges in Corruption Case