It appears many traders are betting that things are going to continue to be really, really chaotic in the world of tariffs. The biggest problem, however, is that the Trump administration has not made it clear what exactly they want to accomplish with these tariffs.
This has been my point. There are times when tariffs can be useful. In fact, of the three times tariffs could theoretically be useful, two could actually be useful.
First: Tariffs are important to protect vital industries such as defense industries. You need to produce those goods here at home instead of producing them elsewhere. Thus, you actually protect and give what are effectively artificial subsidies to American defense industries. That is totally understandable.
Second: Using tariffs to leverage other countries, either because those countries are our enemies and we want to do harm to them, or because we wish to get other countries to lower their own tariffs. In the end, the goal is a lower-tariff regime.
But there&#8217;s the third possibility, one that is retailed by President Trump and many other members of his administration. Of all of the various rationales given for the tariffs, this is the most problematic and currently roiling the markets.
Third: Tariffs are good and trade wars are good and easy to win. Tariffs will make us rich; ignoring the fact that they are a tax on American consumers.
The idea that tariffs are inherently good and make the American economy strong is wrongheaded. It is untrue. The idea that these tariffs will result in mass reshoring of manufacturing is also untrue.
<h3><a href="https://www.dailywire.com/episode/bss-ep-2174-member-exclusive?row=0&amp;elementPosition=0&amp;rowType=Horizontal+Show+Carousel&amp;rowHeadline=The+Ben+Shapiro+Show" target="_blank" rel="noopener">WATCH: The Ben Shapiro Show</a></h3>
And this is why Bill Ackman, investor extraordinaire and ally to President Trump, put out <a href="https://x.com/BillAckman/status/1908992002366292286">a statement</a> over the weekend. He said: 
<blockquote>The country is 100% behind the president on fixing a global system of tariffs that has disadvantaged the country. But, business is a confidence game and confidence depends on trust. President @realDonaldTrump has elevated the tariff issue to the most important geopolitical issue in the world, and he has gotten everyone’s attention. So far, so good. And yes, other nations have taken advantage of the U.S. by protecting their home industries at the expense of millions of our jobs and economic growth in our country. But, by placing massive and disproportionate tariffs on our friends and our enemies alike and thereby launching a global economic war against the whole world at once, we are in the process of destroying confidence in our country as a trading partner, as a place to do business, and as a market to invest capital. </blockquote>
Here&#8217;s what Ackman is basically saying to Trump: Take a time-out, figure out what it is that you want to do here.
Ackman continued: 
<blockquote>The president has an opportunity to call a 90-day time out, negotiate and resolve unfair asymmetric tariff deals, and induce trillions of dollars of new investment in our country. If, on the other hand, on April 9th we launch economic nuclear war on every country in the world, business investment will grind to a halt, consumers will close their wallets and pocket books, and we will severely damage our reputation with the rest of the world that will take years and potentially decades to rehabilitate.
What CEO and what board of directors will be comfortable making large, long-term, economic commitments in our country in the middle of an economic nuclear war? I don’t know of one who will do so.
When markets crash, new investment stops, consumers stop spending money, and businesses have no choice but to curtail investment and fire workers. And it is not just the big companies that will suffer. Small and medium size businesses and entrepreneurs will experience much greater pain. Almost no business can pass through an overnight massive increase in costs to their customers. And that’s true even if they have no debt, and, unfortunately, there is a massive amount of leverage in the system.
Business is a confidence game. The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for.
The President has an opportunity on Monday to call a time out and have the time to execute on fixing an unfair tariff system. Alternatively, we are heading for a self-induced, economic nuclear winter, and we should start hunkering down. May cooler heads prevail.</blockquote>
The problem here is a vast combination of radical uncertainty and overtly bad policy being spouted by members of the administration. There is no one in the administration who&#8217;s making the overtly good case. There are many people in the administration, however, who are making bad to strained cases right now.
Over the weekend, Trump put out <a href="https://truthsocial.com/@realDonaldTrump/posts/114285375813275308">a statement</a> on Truth Social writing:
<blockquote>THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic. We will, MAKE AMERICA GREAT AGAIN!!!</blockquote>
But the words “hang tough” scare the living daylights out of the entire market because “hang tough” sets up a lengthy, significant period of tariffs. If that is to happen, we&#8217;re getting all the consequences. Basically, it melts down the markets. If you&#8217;re talking about these tariff rates on countries maintained as they currently stand, if they are implemented just a few days from now, you are talking about an economic catastrophe.
And even if on the other end there is a brand new world, we still have not heard what exactly that brand new world looks like. Is that a brand new world where we are reshoring manual labor from Vietnam to make T-shirts? This is the confusion.
No one knows what is actually going on. People like Bill Ackman are hopeful that this is a sort of 4D chess game in order to leverage other countries to open up their tariffs. If that&#8217;s the case, it sounds great. We can get there if the final policy is good.
In the meantime, we can all hope and pray that’s what this chess game is.

Markets Open Monday Morning After Plummeting Prior Week On Tariff News

Market Sell-Off Continues: What’s Next?

Ben Shapiro

Bill Ackman

Dow Jones

Economics

Opinion

President Trump

Stock Market

Tariffs

Billionaire <a href="https://www.dailywire.com/news/democrat-billionaire-bill-ackman-warns-of-dire-anti-semitism-at-harvard-that-is-getting-worse" target="_blank" rel="noopener">Bill Ackman</a>, a long-time Democrat donor, sharply criticized President Joe Biden and Vice President Kamala Harris over their administration&#8217;s response to the October 7th massacre in Israel, saying that their weak response to the Hamas terrorists who perpetrated those attacks had made Americans less safe.
Ackman was among the first to call out the virulent anti-semitism — at Harvard University and on other college campuses nationwide — in the wake of the attacks, and he noted in a Sunday X post that the Biden-Harris administration had done little in the months since to suggest that they had any interest in fixing the clear and present problem.
<blockquote class="twitter-tweet">
Consider that Hamas chose to execute an American hostage with a bullet to the back of his head during the last two or three days (along with five other hostages) whose parents just spoke at the DNC less than two weeks ago, while hostage negotiations were underway.
Consider that…
— Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1830215212693062062?ref_src=twsrc%5Etfw">September 1, 2024</a></blockquote>
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&#8220;Consider that Hamas chose to execute an American hostage with a bullet to the back of his head during the last two or three days (along with five other hostages) whose parents just spoke at the DNC less than two weeks ago, while hostage negotiations were underway,&#8221; Ackman began, referencing the <a href="https://www.dailywire.com/news/american-israeli-hersh-goldberg-polin-among-six-dead-hostages-recovered-by-israeli-forces-in-rafah" target="_blank" rel="noopener">tragic news</a> that American Israeli hostage Hersh Goldberg-Polin was one of six recently-executed hostages found by Israeli Forces in Rafah.
&#8220;Consider that the U.S. strategy over the last 330 days has been to pressure Israel to achieve a ceasefire in Gaza, including through the withholding of weapons from @Israel, and by periodically leaking our failure to support our ally to the media in the midst of hostage negotiations. Consider what pressure if any the U.S. has brought to bear on Hamas and our friends in the region who harbor Hamas’ leadership?&#8221; Ackman continued, asking, :Why? Why has our leadership adopted this failed strategy?&#8221;
The answer, Ackman said, was simple: politics. The Democrats were under political pressure not to help Israel or to stand against the terrorist group Hamas, but to stand by and allow the terrorists to operate unchecked — all to appease a small but vocal group within their own party.
&#8220;Biden (who has been on vacation for 16 days) and @KamalaHarris, who also just skipped a ceremony at Arlington Cemetery to honor 13 fallen soldiers from the failed Afghanistan withdrawal, along with their advisers in the DNC, believe they will lose important votes in certain key swing states and from Hamas supporters on campuses,&#8221; Ackman explained.
He went on to argue that strength, &#8220;brute force,&#8221; was historically the only language to which terrorists respond — and that instead of pressuring Israel to stand down, the Unites States should have been rallying any and all willing forces to aid Israel in their attempts to stamp out Hamas altogether.
&#8220;The United States should have put more pressure on our other allies in the region to help, and done everything we can to help Israel defeat Hamas and recover the hostages, but unfortunately this was not good politics for Biden/Harris and some of their supporters,&#8221; he said.
But the real problem is that in addition to ramping up the danger for Israel, the Biden-Harris response had also made Americans at home &#8220;less safe.&#8221;
&#8220;By being weak and lacking resolve, we failed our captured, now dead citizens, and the other hostages and their families while emboldening terrorists around the world. The result: It has become much less safe to be an American since October 7th because of our failed leadership. It has become much less safe to be a member of the free world since October 7th because of our failed leadership,&#8221; he concluded. &#8220;We are in desperate need for a change in leadership so our enemies once again fear the United States and think twice before they act against us and/or our allies. The time has come.&#8221;

Legion of Honour Award Ceremony And Dinner For Olivia Tournay Flatto At the Park Avenue Armory

Bill Ackman: Biden-Harris Response To October 7 Made America Less Safe

2024 Election

anti-Israel

Anti-Semitism

Donald Trump

October 7

Former President Donald Trump secured major endorsements Saturday afternoon after a man who <a href="https://www.dailywire.com/news/police-ransack-home-of-20-year-old-suspected-shooter-who-donated-to-liberal-org-on-bidens-inauguration-day?topStoryPosition=2">donated</a> to far-left causes shot Trump in the ear during what federal law enforcement officials have officially labeled an assassination attempt.
The suspect — identified by the FBI as 20-year-old Thomas Matthew Crooks — was shot and killed after he fired multiple rounds at Trump, one of which was literally an inch from being a potentially fatal hit. At least one Trump supporter in the crowd was killed and two more were seriously injured during the attack, the U.S. Secret Service said in a statement.
As shots rang out, Trump <a href="https://www.dailywire.com/news/trump-stops-secret-service-from-carrying-him-off-raises-fist-and-tells-supporters-fight-fight-fight">grabbed</a> his ear — a journalist captured a <a href="https://www.dailywire.com/news/journalist-captures-photo-of-bullet-whizzing-past-trumps-head-after-it-hit-his-ear">photograph</a> of the bullet after it hit Trump and traveled past his head — and Secret Service shouted &#8220;Get down! Get down! Get down!&#8221;
Trump dropped to the ground as he was tackled by Secret Service until Matthew was neutralized by law enforcement.
Before they moved him off the stage, Trump yelled at the agents: “Wait! Wait! Wait!” Then looking at the thousands of supporters who showed up, he raised his fist and shouted: “Fight! Fight! Fight!”
X owner Elon Musk posted a video of Trump&#8217;s remarks to the crowd: &#8220;I fully endorse President Trump and hope for his rapid recovery.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I fully endorse President Trump and hope for his rapid recovery <a href="https://t.co/ZdxkF63EqF">pic.twitter.com/ZdxkF63EqF</a>
&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1812256998588662068?ref_src=twsrc%5Etfw">July 13, 2024</a></blockquote>
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Musk&#8217;s endorsement comes after Bloomberg News <a href="https://www.bloomberg.com/news/articles/2024-07-12/elon-musk-donates-to-trump-tapping-vast-fortune-to-swing-2024-race">reported</a> last week that Musk has donated a &#8220;sizable amount&#8221; of money to a super PAC backing Trump. The amount will not be known until later this week.
Musk also called for &#8220;the head of the Secret Service and the leader of this security detail&#8221; to resign immediately after they failed to stop the attack.
&#8220;Extreme incompetence or it was deliberate,&#8221; he added. &#8220;Either way, the SS leadership must resign.&#8221;
Hedge fund manager Bill Ackman, who is friends with Musk, posted on X: &#8220;I am going to formally endorse @realDonaldTrump . I came to this decision some time ago as many @X followers have already understood from my supportive posts of Trump and my criticisms of @POTUS Biden.&#8221;
He said that he would explain his decision in a lengthy post but he hasn&#8217;t had time to put together everything that he wants to write.
&#8220;I believe the upcoming presidential election is one of the most consequential elections in my lifetime so I am taking the proper time to articulate observations that I will share widely and for which I assume an important responsibility,&#8221; he said, adding that people&#8217;s perceptions of him have been wildly skewed by a dishonest media.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I am going to formally endorse <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>. I came to this decision some time ago as many <a href="https://twitter.com/X?ref_src=twsrc%5Etfw">@X</a> followers have already understood from my supportive posts of Trump and my criticisms of <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> Biden. 
The reason why I have not yet formally done so is that I want to explain my…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1812308245194682749?ref_src=twsrc%5Etfw">July 14, 2024</a></blockquote>
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Elon Musk

Elon Musk, Bill Ackman Endorse Trump After Left-Wing Donor Attempts Assassination

Billionaire Bill Ackman, who has reportedly <a href="https://www.influencewatch.org/person/bill-ackman/">donated</a> hundreds of thousands of dollars to Democrats like former president Barack Obama, Senate Majority Leader Chuck Schumer, and Transportation Secretary Pete Buttigieg, blasted First Lady Jill Biden for her apparent refusal to consider her husband stepping down from being the 2024 Democratic presidential nominee.
After President Joe Biden’s disastrous performance at the debate with former President Trump on Thursday, numerous Democrats called for Biden to step aside so someone else could enter the race, but Jill Biden fiercely claimed her husband would keep running. Vogue <a href="https://www.vogue.com/article/first-lady-jill-biden-august-2024-cover-interview#:~:text=Jill%20Biden%20believes%20we%20can,America%20she%20refuses%20to%20tell.">reported:</a>
<blockquote>
The debate on June 27 spurred a discussion about whether President Joe Biden should remain the Democratic nominee. Dr. Jill Biden, the first lady and Vogue’s August cover subject, has fiercely defended her husband and stood by him. Reached by phone on June 30 at Camp David, where the Biden family had gathered for the weekend, she told Vogue that they “will not let those 90 minutes define the four years he’s been president. We will continue to fight.” 
</blockquote>
Ackman took to X to post his reaction to Biden staying in the race. He wrote:
<blockquote>
I no longer blame @POTUS Biden for not stepping aside. He no longer has the mental acuity to make important judgments about himself. It is becoming increasingly clear however that the fault lies with  @FLOTUS  Jill Biden. FL Jill Biden becomes irrelevant the moment her husband is no longer president. No more Air Force One. No more glamorous life. No more White House dinners for dignitaries. No more being treated like a queen when traveling the world.
</blockquote>
“I am sorry to be harsh, but what has become entirely clear is that the First Lady values what is best for herself over her husband’s health and the safety and security of the country at large,” he continued. “Stress is a contributor to neurological deterioration and the doctors must have told her so. Think about how much stress she is putting Biden under by making him continue. Now in public appearances she treats him like an infant (‘You answered every question!’) or an old man as she walks him off the stage. And she gets the crowd wound up and cheering at events.”
“Perhaps she thinks the crowd is cheering for her,” he surmised. “Her power has clearly grown as he gets weaker. And she likes the feeling of power. She speaks for the president when he can’t or when he is napping. She tells his team and staff when he is available, and when he is not. She likes being in control.”
“We all do,” he commented. “Which begs the question, how many decisions of the president are actually made by the FL? Her ‘friends’ likely don’t tell her the truth as they want to continue to be invited to the White House and to be able to say that they are friends with the FL and the president. Jill Biden is destroying her own legacy along with the president’s. The whole thing would just be a tragedy for the Biden family if it didn’t put the country at greater risk in a world in turmoil.”
“Perhaps she didn’t understand what ‘in sickness and in health’ meant,” he concluded.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I no longer blame <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw">@POTUS</a> Biden for not stepping aside. He no longer has the mental acuity to make important judgments about himself. 
It is becoming increasingly clear however that the fault lies with <a href="https://twitter.com/FLOTUS?ref_src=twsrc%5Etfw">@FLOTUS</a> Jill Biden. 
FL Jill Biden becomes irrelevant the moment her husband…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1807553239111303209?ref_src=twsrc%5Etfw">June 30, 2024</a></blockquote>
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&nbsp;

jill

‘She Likes The Feeling Of Power’: Billionaire Dem Donor Bill Ackman Rips Jill Biden For ‘Making’ Joe Stay In The Race

Elections

Executive

Jill Biden

Joe Biden

Politics

Billionaire hedge fund manager <a href="https://www.dailywire.com/topic/bill-ackman" target="_blank" rel="noopener">Bill Ackman</a> is reportedly leaning toward backing former President Donald Trump over President Joe Biden in the upcoming presidential election.
The Financial Times reported that Ackman — who has given heavily to Democrats in the past — is likely to make his endorsement of Trump on X in the near future.
Those close to Ackman told the publication that his &#8220;dislike for Biden far outweighed his ambivalence for Trump.&#8221;
Ackman, 58, signaled his support for Trump following the guilty verdict that the jury returned on Thursday in the Manhattan District Attorney&#8217;s Office&#8217;s highly controversial criminal case against Trump, which top legal experts have <a href="https://www.dailywire.com/news/top-cnn-legal-expert-shreds-manhattan-trump-case-was-created-just-to-get-trump">said</a> was purely political persecution.
He commented on Florida Governor Ron DeSantis&#8217; reaction to the verdict in the case, writing: &#8220;I think any objective person would have to agree with @GovRonDeSantis here.&#8221;
“Today’s verdict represents the culmination of a legal process that has been bent to the political will of the actors involved: a leftist prosecutor, a partisan judge and a jury reflective of one of the most liberal enclaves in America—all in an effort to ‘get’ Donald Trump,” said Florida Governor Ron DeSantis, who was Trump’s top challenger during the Republican Party primaries earlier this year.
“That this case—involving alleged misdemeanor business records violations from nearly a decade ago—was even brought is a testament to the political debasement of the justice system in places like New York City,” he continued. “This is especially true considering this same district attorney routinely excuses criminal conduct in a way that has endangered law-abiding citizens in his jurisdiction.”
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“It is often said that no one is above the law, but it is also true that no one is below the law. If the defendant were not Donald Trump, this case would never have been brought, the judge would have never issued similar rulings, and the jury would have never returned a guilty verdict,” he concluded. “In America, the rule of law should be applied in a dispassionate, even-handed manner, not become captive to the political agenda of some kangaroo court.”
Related: <a href="https://www.dailywire.com/news/trump-regains-support-from-key-gop-billionaire-megadonor" target="_blank" rel="noopener">Trump Regains Support From Key GOP Billionaire Megadonor</a>

Key Speakers At The New York Times DealBook Conference

Billionaire Bill Ackman, A Longtime Democrat, Likely To Back Trump Over Biden: Report

Billionaire hedge fund manager Bill Ackman said on Friday that the U.S. needs to reexamine allowing foreign contributions to U.S. universities in light of the recent pro-Hamas protests that sprung up on campuses across the country.
His comments come as illegal encampments popped up on major college campuses in what numerous law enforcement entities have said was a <a href="https://abcnews.go.com/US/nyc-officials-allege-agitators-opting-columbia-university-protest/story?id=109821934">coordinated</a> movement by outside agitators who were not connected to the universities.
Despite professional outside agitators being a significant source of the mayhem, university leaders were largely weak in quelling the uprisings on their campuses — as exemplified by Columbia University where extremists managed to take over an entire building.
&#8220;Foreign governments are not allowed to own our radio and TV stations for fear they might be used for anti-American propaganda and influence,&#8221; Ackman posted on X. &#8220;The Congress just banned TikTok for the same reason.&#8221;
<blockquote class="twitter-tweet">
Foreign governments are not allowed to own our radio and TV stations for fear they might be used for anti-American propaganda and influence. The Congress just banned TikTok for the same reason.
Why then do we allow foreign governments to give money to our universities, funds… <a href="https://t.co/5CA0N7lDl9">https://t.co/5CA0N7lDl9</a>
— Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1786361982137880992?ref_src=twsrc%5Etfw">May 3, 2024</a></blockquote>
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&#8220;Why then do we allow foreign governments to give money to our universities, funds that are used to set up Middle Eastern, Asian studies and other programs which can be designed to fit the desired narratives of the donors?&#8221; he asked.
Ackman said that will students should learn more about the Middle East and Asia, it was a &#8220;big mistake&#8221; to have these programs &#8220;funded, influenced, and sometimes designed by foreign governments&#8221; who are U.S. adversaries.
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&#8220;Our universities have a profound impact on our younger generation at a time when they are particularly vulnerable to being manipulated, that is, away from home for the first time, and young and naive,&#8221; he continued. &#8220;Notably, these foreign governments concentrate their ‘gifts’ to our most elite institutions where they can influence our next generation of leaders — judges, politicians, members of the media and more. Based on recent events on campus, this seems to have been a bad strategy for America. We need to rethink this.&#8221;

Hedge Fund Manager Bill Ackman Pushes To Ban Allowing Foreign Contributions To U.S. Schools

Education

U.S.

Billionaire hedge fund manager <a href="https://www.dailywire.com/topic/bill-ackman" target="_blank" rel="noopener">Bill Ackman</a> pledged over the weekend to donate $1 million to help the campaign of Rep. <a href="https://www.dailywire.com/topic/dean-phillips" target="_blank" rel="noopener">Dean Phillips</a> (D-MN), a Democrat who is running against President <a href="https://www.dailywire.com/topic/joe-biden" target="_blank" rel="noopener">Joe Biden</a> for their party&#8217;s nomination.
<a href="https://twitter.com/BillAckman/status/1746381227798487424" target="_blank" rel="noopener">In a post to X</a>, Ackman noted that he believes Phillips, who has <a href="https://www.usnews.com/news/top-news/articles/2023-11-02/democratic-lawmaker-phillips-loaning-himself-2-million-in-campaign-against-biden" target="_blank" rel="noopener">loaned his own campaign</a> millions of dollars, &#8220;would be a truly outstanding&#8221; president and argued the congressman &#8220;has a credible path to winning the nomination despite what the oddsmakers may think.&#8221;
To assist in that effort, Ackman said, he is wiring $1 million to We Deserve Better, a political action committee that is supporting Phillips. &#8220;This is by far the largest investment I have ever made in someone running for office, and I am making this investment at a high-risk, but critically important moment for his campaign,&#8221; Phillips added.
Phillips, like other challengers against the incumbent, <a href="https://projects.fivethirtyeight.com/polls/president-primary-d/2024/national/" target="_blank" rel="noopener">trails</a> Biden by a wide margin in polls and faces hurdles in trying to <a href="https://abcnews.go.com/Politics/bidens-democratic-challengers-hit-ballot-access-roadblocks/story?id=105882807" target="_blank" rel="noopener">get on the ballot in key states</a> such as Florida and North Carolina. But Phillips aims to give voters an alternative as Biden struggles with low approval numbers and other issues.
Ackman said he met Phillips two months ago. &#8220;I have kept in pretty close touch with him over the last two months, and spent 90 minutes with him yesterday when he presented to nearly all of our employees, which inspired me to top up my initial $3,300 donation to his campaign,&#8221; he added.
Biden is &#8220;polling poorly&#8221; against former President Donald Trump, the GOP frontrunner, and the incumbent&#8217;s numbers &#8220;are only going to get worse as he ages, and he is not looking good as it is,&#8221; Ackman said. He also warned there is a &#8220;reasonable chance that Biden is forced to withdraw for health reasons.&#8221;
Ackman, CEO of Pershing Square, garnered headlines over the past few months as he railed against Ivy League presidents who <a href="https://www.dailywire.com/news/house-passes-resolution-condemning-testimony-of-university-presidents-on-anti-semitism" target="_blank" rel="noopener">dodged on the question</a> of whether calling for the genocide of Jews on campuses violated their schools’ policies on bullying and harassment. He has particularly focused on Harvard, where he is an alum and donor, in the <a href="https://www.dailywire.com/news/major-players-in-harvard-controversy-sound-off-on-gays-resignation" target="_blank" rel="noopener">successful push</a> to get President Claudine Gay to resign in the face of another controversy involving plagiarism allegations.
Another area in which Ackman has <a href="https://twitter.com/BillAckman/status/1742441534627184760" target="_blank" rel="noopener">trained his fire</a> is on the Diversity, Equity and Inclusion (DEI) movement that has permeated his alma mater and beyond. That led some to suggest that there may be a <a href="https://twitter.com/njhochman/status/1746616463455088725" target="_blank" rel="noopener">conflict of interest</a> because Phillips has a record that indicates support for DEI and appears to have had a <a href="https://www.washingtonexaminer.com/news/2796445/bill-ackman-grilled-over-1-million-dean-phillips-donation/" target="_blank" rel="noopener">now-scrubbed section</a> on his website dedicated to the cause.
In response to the attention the issue was getting on social media, Ackman <a href="https://twitter.com/BillAckman/status/1746731308116517264" target="_blank" rel="noopener">said</a> he believes Phillips &#8220;didn’t understand what DEI was when that was made part of his website. I made the same mistake. He is getting educated as we speak. Let’s listen to what he has to say after he gets educated. That’s the danger of the DEI movement. It comes inside a Trojan horse &#8230; constructed of beneficent sounding words.&#8221;
During a Spaces conversation with Ackman and X owner Elon Musk on Monday — Martin Luther King Jr. Day — Phillips invoked the late civil rights leader after whom the holiday is named in speaking favorably of the &#8220;equality of opportunity&#8221; while dismissing attempts to &#8220;guarantee the quality of outcomes.&#8221; He added, &#8220;I think it&#8217;s time to reframe this entire conversation and reunite this country by all agreeing on this simple notion: it&#8217;s time to elevate the foundation so that every person in this country starts from a place [where] they can succeed.&#8221;

Billionaire Bill Ackman Pledges To Give Biden Challenger Dean Phillips A $1 Million Boost

Dean Phillips

Billionaire hedge fund manager Bill Ackman, who lent his considerable power to push for the ouster of Harvard president Claudine Gay, is fighting back against Business Insider, which published stories accusing Ackman’s wife, Neri Oxman, of plagiarism.
Ackman posted a tweet Tuesday morning in which he accused Nicholas Carlson, the Global Editor-in Chief of Business Insider, of either lying or being misled by others when Carlson reportedly emailed his staff that Ackman had not disputed the claims in the outlet&#8217;s report.
“The facts of the stories have not been disputed by Oxman or her husband Bill Ackman,&#8221; Carlson emailed, according to Ackman. &#8220;Ackman and others have raised concerns about our reporting process, as well as the motivation for publishing the stories.”
“Mr. Carlson is lying or he has been misled by others,” Ackman responded. “I personally disputed the facts (as well as the reporting process) of Business Insider&#8217;s stories initially in an approximately one-hour conversation with a director of Business Insider on Sunday morning beginning at 10:01 a.m.  I did so again in an about 35-minute or so conversation with Martin Varsavsky, a director of Axel Springer who called me unsolicited at 12:34 p.m. later that day.”
The German publishing house Axel Springer <a href="https://variety.com/2015/digital/global/axel-springer-buys-business-insider-343-million-1201604768/">acquired</a> Business insider in 2015.
“In the a.m. call with the Business Insider director, he told me that Business Insider had already launched an investigation of the stories and the reporting processes around them,” Ackman continued. “In light of the investigation, I asked him to have Business Insider publicly release a statement to that effect as I thought it would help mitigate the reputational damage of the stories while they were being investigated. He said he would discuss this request and the other issues I raised with his colleagues and get back to me within ‘an hour or so.’”
Ackman wrote he made “multiple efforts to reach the director by phone and by text when he did not call back within an hour or so,” adding that one text read, “You need to withdraw the story now as you have an investigation pending regarding factual and other review. You need to put this out now. I just got off the phone with Martin [the director of Axel Springer who called me unsolicited] and he agrees.”
Ackman noted that the story about his wife had become the number one story on X.
“He finally called at 3:45 p.m., more than four hours after he said he would call,” Ackman wrote. “On the call, he told me that Axel Springer would be putting out a statement about the investigation.  I was initially encouraged by what he had said, and asked if BI would be withdrawing the stories. He said that they would not be doing so at this time as they stand behind the stories.”
“Shortly, thereafter Axel Springer&#8217;s statement was released which said in part: ‘While the facts of the reports have not been disputed, over the past few days questions have been raised about the motivation and the process leading up to the reporting — questions that we take very seriously,’” Ackman continued. “The fact that both the Editor in Chief of Business Insider and its owner Axel Springer have both falsely stated that the stories were not disputed have greatly contributed to the enormous reputational and emotional damage that have occurred to my wife @NeriOxman. By making these statements, Business Insider and Axel Springer have effectively confirmed that their reporting is entirely factually accurate. This could not be further from the truth.”
Ackman mentioned that his wife had acknowledged “she had inadvertently omitted quotation marks in four paragraphs in her 330-page dissertation, all of which, however, were properly cited. In addition, Neri acknowledged that she had inadvertently omitted to cite one paraphrased sentence in her 330-page dissertation.  Neri did, however, cite the same author whose citation she missed in each of the other eight times she referred to his work in her dissertation, which makes it clear that this one missed citation was unintentional.”
“Shortly after Neri issued her statement, Business Insider published the following headline and the materially false and misleading article which followed. ‘Neri Oxman admits to plagiarizing in her doctoral dissertation after BI report.’”
“Neri admitted to making four clerical errors of punctuation and one missed footnote in her 330-page dissertation, and she apologized for doing so. To this day, she has never admitted to plagiarism.  She has never committed fraud of any kind,” Ackman declared.
Ackman brought up a subsequent email sent by Business Insider alleging other purported plagiarism and an article about that which followed. “The article makes novel and speculative assumptions about what is plagiarism including asserting that definitions of basic terms and words from Wikipedia and quotations from software and hardware manuals that describe products used in Neri&#8217;s research are plagiarism,” Ackman charged.
“Neri hired counsel yesterday and it is going to take weeks to properly respond to all of the assertions and factual misstatements and errors in all of the stories. &#8230; The Oxman plagiarism story was the number one trending story on X with 10 times the number of postings of the next most posted story. It remains one of the top read stories in the world. As a result of the above, Neri has suffered catastrophic reputational damage, and enormous emotional harm.”
“I can&#8217;t believe this is happening,” Ackman concluded.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
On Sunday afternoon, Nicholas Carlson, the Global Editor-in Chief of Business Insider stated in an email to his staff that:
&quot;The facts of the stories have not been disputed by Oxman or her husband Bill Ackman.
Ackman and others have raised concerns about our reporting process,…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1744702145360720049?ref_src=twsrc%5Etfw">January 9, 2024</a></blockquote>
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Claudine Gay was the president of Harvard and, as such, a legitimate subject for public scrutiny. The attack on your wife, who is not working as an academic, was motivated by revenge against you. This matters. Even the mafia has a rule against targeting wives and children.
&mdash; Christopher F. Rufo ⚔️ (@realchrisrufo) <a href="https://twitter.com/realchrisrufo/status/1744386173056036868?ref_src=twsrc%5Etfw">January 8, 2024</a></blockquote>
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Some have questioned my commitment. They don’t know me. <a href="https://t.co/4Jmaam148x">https://t.co/4Jmaam148x</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1744367689361981770?ref_src=twsrc%5Etfw">January 8, 2024</a></blockquote>
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Pershing Square Capital Management LP Chief Executive Officer Bill Ackman Interview

Bill Ackman Readies His Fight Against Business Insider After They Target His Wife

Business Insider

Billionaire Bill Ackman, who gave $26 million to Harvard in 2014, called for the resignation of the presidents of Harvard, UPenn, and MIT after they would not say calling for the genocide of Jews on campus violated their rules against bullying and harassment.
On Tuesday, New York Republican Congresswoman Elise Stefanik repeatedly asked Harvard President Claudine Gay, University of Pennsylvania President Liz Magill, and MIT President Sally Kornbluth whether calling for the genocide of Jews constituted bullying and harassment. They all dodged the question, citing the need for &#8220;context.&#8221;
After noting the question that Stefanik repeatedly asked the university presidents, Ackman wrote, “The answers they gave reflect the profound moral bankruptcy of Presidents Gay, Magill and Kornbluth. &#8230; they gave the same answers over and over again. In short, they said: It ‘depends on the context’ and ‘whether the speech turns into conduct,’ that is, actually killing Jews. This could be the most extraordinary testimony ever elicited in the Congress.”
“The presidents’ answers reflect the profound educational, moral and ethical failures that pervade certain of our elite educational institutions due in large part to their failed leadership,” he continued. “Don’t take my word for it. You must watch the following three minutes. By the end, you will be where I am. They must all resign in disgrace.”
“If a CEO of one of our companies gave a similar answer, he or she would be toast within the hour,” he declared. “Why has antisemitism exploded on campus and around the world? Because of leaders like Presidents Gay, Magill and Kornbluth who believe genocide depends on the context.”
“Throughout the hearing, the three behaved like hostile witnesses, exhibiting a profound disdain for the Congress with their smiles and smirks, and their outright refusal to answer basic questions with a yes or no answer,” he concluded.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The presidents of <a href="https://twitter.com/Harvard?ref_src=twsrc%5Etfw">@Harvard</a>, <a href="https://twitter.com/MIT?ref_src=twsrc%5Etfw">@MIT</a>, and <a href="https://twitter.com/Penn?ref_src=twsrc%5Etfw">@Penn</a> were all asked the following question under oath at today’s congressional hearing on antisemitism:
Does calling for the genocide of Jews violate [your university’s] code of conduct or rules regarding bullying or harassment?
The… <a href="https://t.co/eVlPCHMcVZ">pic.twitter.com/eVlPCHMcVZ</a>
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1732179418787783089?ref_src=twsrc%5Etfw">December 5, 2023</a></blockquote>
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During the exchange with Stefanik, Magill said, “If the speech turns into conduct it can be harassment,” angering Stefanik, who fired back, “&#8217;Conduct&#8217; meaning committing the act of genocide? The speech is not harassment? This is unacceptable.”
After Gay was questioned last, agreeing that calling for the genocide of Jews violated Harvard’s code of conduct depending on the context, Stefanik declared, “It does not depend on the context. The answer is yes.&#8221;
Stefanik then said to the three presidents, “And this is why you should resign. These are unacceptable answers across the board.”
Transcript of the tense exchanges below:
<blockquote>
Stefanik: Dr. Kornbluth, at MIT, does calling for the genocide of Jews violate MIT’s code of conduct or rules regarding bullying and harassment? Yes or no?
Kornbluth: With targeted individuals, not public statements.
Stefanik: Yes or no? Calling for the genocide of Jews does not constitute bullying and harassment?
Kornbluth: I have not heard calling for the genocide of Jews on our campus.
Stefanik: But you’ve heard chants for intifada.
Kornbluth: I’ve heard chants which can be anti-Semitic depending on the context when calling for the elimination of the Jewish people.
Stefanik: So those would not be according to the MIT’s code of conduct or rules?
Kornbluth: That would be investigated as harassment if pervasive and severe.
Stefanik: Ms. Magill, at Penn, does calling for the genocide of Jews violate Penn’s rules or code of conduct? Yes or no.
Magill, smiling: If the speech turns into conduct it can be harassment. Yes.
Stefanik: I am asking, specifically calling for the genocide of Jews, does that constitute bullying and harassment?
Magill: If it is directed and severe or pervasive it is harassment.
Stefanik: So the answer is yes.
Magill, smiling: It is a context-dependent decision, Congresswoman.
Stefanik: It’s a context-dependent decision? That’s your testimony today? Calling for the genocide of Jews is depending on the context? That is not bullying or harassment? This is the easiest question to answer yes, Ms. Magill. So is your testimony that you will not answer yes? Yes or no?
Magill: If the speech becomes conduct, it can be harassment. Yes.
Stefanik: &#8220;Conduct&#8221; meaning committing the act of genocide? The speech is not harassment? This is unacceptable, Ms. Magill. I’m going to give you one more opportunity for the world to see your answer. Does calling for the genocide of Jews violate Penn’s code of conduct when it comes to bullying or harassment? Yes or no.
Magill: It can be harassment.
Stefanik: The answer is yes. And Dr. Gay, at Harvard, does calling for the genocide of Jews violate Harvard’s rules of bullying and harassment? Yes or no.
Gay: It can be, depending on the context.
Stefanik: What’s the context?
Gay: Targeted as an individual; targeted at an individual.
Stefanik: It’s targeted at Jewish students. Jewish individuals. Do you understand your testimony is dehumanizing them? Do you understand that dehumanization is part of anti-Semitism? I will ask you one more time: Does calling for the genocide of Jews violate Harvard’s rules of bullying and harassment? Yes or no.
Gay: Anti-Semitic rhetoric —
Stefanik: And is it anti-Semitic rhetoric?
Gay: Anti-Semitic rhetoric, when it crosses into conduct, it amounts to bullying, harassment, intimidation, that is actionable conduct and we do take action.
Stefanik: So the answer is yes, that calling for the genocide of Jews violates Harvard’s code of conduct, correct?
Gay: Again, it depends on the context.
Stefanik: It does not depend on the context. The answer is yes. And this is why you should resign. These are unacceptable answers across the board.
</blockquote>

Billionaire Donor Calls On Harvard, MIT, Penn Presidents To Resign After They Cited Need For ‘Context’ In Calls For Genocide Of Jews

genocide

Harvard University

Massachusetts Institute of Technology (MIT)

University of Pennsylvania

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