The "biggest mistake" Democrats have made is stoking President Joe Biden's "false confidence" that he can win another term in the Oval Office, billionaire hedge fund manager Bill Ackman warned.
In a post on X, the founder and CEO of Pershing Square Capital Management, said the support has blocked "better and younger candidates to emerge."
"The biggest mistake Democrats have made is supporting … Biden for a second term," he wrote Monday, asserting that "by supporting Biden, they have given him false confidence that he can win the race."
"As a result, he did not step aside and allow better and younger candidates to emerge," Ackman asserted.
According to Ackman, polls are showing former President Donald Trump is on track to win big.
"Now as polls increasingly indicate that @realDonaldTrump will win by a large margin, it is likely too late for an alternative Democrat to emerge," he wrote.
"And I suspect the polls understate Trump's margin as I believe many are not willing to admit that they intend to vote for Trump."
"Handing the election to Trump will be Biden's legacy," Ackman declared.
The activist investor has been lauded for making his fortune by acquiring sizable positions in companies — and pushing management to make changes that increase shareholder value.
Those most recent stock decisions have included double-digit shares of Chipotle, Hilton, Restaurant Brands International, and Alphabet Class C shares.
Fran Beyer ✉
Fran Beyer is a writer with Newsmax and covers national politics.
© 2024 Newsmax. All rights reserved.