Catastrophic flash floods kill dozens in Texas. What exactly is in Trump’s One Lovely Law? Plus, New Yorkers are beginning to wake up to the possibility of a socialist mayor.
It’s Monday, July 7, and this is the news you need to know to start your day.
Morning Wire is available on video! You can watch today’s episode here:
 
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<h2>Tragedy In Texas</h2>
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Topline: Catastrophic flooding has killed at least 82 people in Central Texas, including 28 children. Officials describe the situation as a once-in-a-century event.
Dozens are still missing in Central Texas after flash floods caused the Guadalupe River to surge early in the morning on Independence Day – an especially popular time for camping. In many cases, people didn’t realize the danger until the water had already reached their beds. Kerr County, west of Austin, was the hardest area hit – where the river rose 26 feet in just 45 minutes.
The episode that has garnered the most national attention is the Camp Mystic case– a Christian, all-girls camp in Kerr County. Every year, hundreds of girls visit to camp by the river and participate in a spiritual retreat. The flood caught the camp by surprise, and dozens of campers and counselors were killed, and at least 11 girls are still missing.
Hundreds of volunteers have turned out in each of the affected counties and are helping officials comb through the debris and mud for any sign of missing persons. Due to the flood damage to roads, helicopters have become indispensable. 
“There&#8217;s about half a dozen helicopters with all volunteers,” Gary Heavin, a pilot with the disaster response charity organization Operation Helo, told The Daily Wire. “We&#8217;re flying National Guard out… fire department, all sorts of emergency rescue people.. They trudge along in the debris because a lot of times the bodies will be caught in the debris… hopefully, we also get to find people that are alive and bring them back.”
 Heavin said they’ve also gotten some outside help from the federal government and Elon Musk. Musk sent Starlink devices to the impacted areas for use by first responders. Department of Homeland Security Secretary Kristi Noem has been on the ground to provide assistance wherever it&#8217;s needed. President Donald Trump also signed a disaster declaration on Sunday, making additional resources available for emergency response.
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<h2>Inside The Big Bill</h2>
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Topline: After months of heated debate, President Trump’s so-called &#8220;Big, Beautiful Bill&#8221; is now the law of the land.
President Trump’s July 4 deadline for passing his &#8220;Big, Beautiful Bill&#8221; looked implausible at the end of last week, because House Speaker Mike Johnson (R-LA) had promised members they would have 72 hours to review the changes made by the Senate – but when it became clear that timeline would push the vote past Trump&#8217;s deadline, he changed course and started the vote on July 3, when it passed 218 to 214. 
That allowed President Trump to sign his signature legislation from the White House lawn on Independence Day, complete with a band blasting patriotic tunes and a flyover from B-2 bombers — an apparent nod to last month’s strikes on Iran. President Trump has made it clear that he views this bill as a means of codifying many of his campaign promises and delivering to the American people what they voted for in November. 
“We delivered no tax on tips, no tax on overtime and no tax on social security for our great seniors,” Trump said, claiming that the newly signed legislation is “the biggest bill of its kind ever done by far…It makes the child tax credit permanent for 40 million American families.”
Among other things, the &#8220;Big, Beautiful Bill&#8221; allows taxpayers to write off interest payments on car loans, and it establishes new “Trump accounts” for babies born between 2025 and 28 — those will include a one-time $1000 federal contribution to an investment fund on the child’s behalf. From there, families can contribute up to $ 5,000 annually, and the funds can be withdrawn once the individual is 18. 
The bill will put $46 billion towards the construction of the border wall, and tens of billions more towards deportation efforts. 
In order to offset the massive tax cuts, the bill includes around a trillion dollars in reductions to entitlements like Medicaid over the next decade, and will add work requirements for able-bodied Medicaid applicants aged 18-64 – going forward, people in that cohort will have to work at least 80 hours a month to qualify, or prove that they’re actively looking for work, and once they’ve enrolled they’ll have to prove they still qualify for benefits every six months.
Democrats say this will force millions of Americans off of Medicaid and cut funding to hospitals nationwide. 
On the other side, Republicans say Medicaid has become bloated in recent years with folks who are taking advantage of the system. They note that Medicaid enrollment increased significantly during the COVID pandemic, when continuous enrollment was implemented. Eight million people were added to the program in the last four years alone, while disenrollments were put on pause. 
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<h2>The Mamdani Effect</h2>
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Topline: New York City elites are panicking about the prospect of Zohran Mamdani becoming mayor and enacting his socialist policies.
A few weeks after his upset victory in New York City’s Democratic mayoral primary, critics of outspoken socialist Zohran Mamdani – from high-ranking Democrats and finance and tech figures to bodega owners and cops – are sounding the alarm about what his policies might do to America’s largest city. During the campaign, Mamdani focused on the high cost of living in New York City and proposed several schemes to bring it down, including, among other things, government-run grocery stores and rent control. Mamdani has also pledged to raise taxes on wealthier and “whiter” neighborhoods to fund his reforms, and has stated that he “[doesn’t] think billionaires should exist.”
Billionaire hedge fund manager Bill Ackman is throwing his full endorsement and financial weight behind current Mayor Eric Adams. Ackman called Mamdani a socialist/communist and said his policies would be “catastrophic for NYC.” Previously, Ackman was considering funding a new challenger just to beat Mamdani and said he was ready to spend “hundreds of millions of dollars” backing a challenger.
The tech elite are also panicking. On election night for the primary, New York-based venture capitalists and crypto exchange founders melted down on X, posting messages like, “New York City on the brink of becoming Gotham City.”
The president of the Police Benevolent Association, Patrick Hendry, called Mamdani “anti-cop” and said he has an “extremist attitude and it’s going to scare other cops and they will go out the door.” In 2020, Mamdani was a vocal supporter of <a href="https://x.com/ZohranKMamdani/status/1324520792231714816">defunding the police</a>. The NYPD is already having trouble recruiting and retaining officers — more than 1500 cops have quit this year — and with Mamdani’s anti-police stances, union officials are warning that his election would only make it harder to keep cops on the streets.
NYC bodega owners have also expressed concerns that Mamdani’s proposal for government-run grocery stores will put them out of business. 
“Most bodega owners are immigrants,” Fernando Mateo, spokesperson for the United Bodegas of America, said. “They come here to try to make a living and do the right thing by the city… if you’re able to infiltrate government into the private sector, you’re basically ruining the dreams and the spirits of all these small businesspeople who have risked everything they have, borrowed everything they could borrow to open their small business.”

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Morning Brief: Tragedy In Texas, Trump’s Big Win & The Mamdani Effect

Bill Ackman

Donald Trump

Eric Adams

flooding

Floods

Media

Morning Wire

New York

New York City

Politics

Texas

Zohran Mamdani

Zohran Mamdani, the Democratic socialist candidate for mayor of New York, said on Thursday that he understood economics better than billionaire Bill Ackman, arguing that Ackman’s opposition to diversity, equity, and inclusion (DEI) policies was bad for business.
In the wake of Mamdani’s victory Tuesday night in the Democratic primary over former New York Governor Andrew Cuomo, Ackman had stated of Mamdani on X:
<blockquote>
 &#8230; his policies would be disastrous for NYC. Socialism has no place in the economic capital of our country. The ability for NYC to offer services for the poor and needy, let alone the average New Yorker, is entirely dependent on NYC being a business-friendly environment and a place where wealthy residents are willing to spend 183 days and assume the associated tax burden. Unfortunately, both have already started making arrangements for the exits.
</blockquote>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I awoke this morning gravely concerned about New York City. I thought “What has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn’t understand that freezing rents will only…
&mdash; Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1938094628034506984?ref_src=twsrc%5Etfw">June 26, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Asked by Erin Burnett of CNN about his insistence that New York City raise the top corporate tax rate, Mamdani preached, “I&#8217;d also tell Bill Ackman that I firmly disagree with his attempt to dismantle diversity, equity and inclusion across the country because it&#8217;s not only against the morals of so many, it&#8217;s also against the actual bottom line for so many businesses. And as a businessman, he should understand that.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Socialist Zohran Mamdani lectures billionaire <a href="https://twitter.com/BillAckman?ref_src=twsrc%5Etfw">@BillAckman</a> on the business case for DEI.
Oh, this is rich.
“I’d also tell Bill Ackman that I firmly disagree with his attempt to dismantle diversity, equity and inclusion across the country. Because it’s not only against the morals… <a href="https://t.co/az5x2XOjaH">pic.twitter.com/az5x2XOjaH</a>
&mdash; The Vigilant Fox 🦊 (@VigilantFox) <a href="https://twitter.com/VigilantFox/status/1938421381789577432?ref_src=twsrc%5Etfw">June 27, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Mamdani, 33, a state assemblyman who grew up the privileged son of “acclaimed Marxist scholar Mahmood Mamdani and Oscar-nominated film director Mira Nair,” as The Indypendent <a href="https://indypendent.org/2020/06/home-foreclosure-specialist-aims-to-take-the-fight-for-housing-racial-justice-from-astoria-to-albany/">reported</a>, attended Bowdoin College, where he <a href="https://nyassembly.gov/mem/Zohran-K-Mamdani">co-founded</a> the school&#8217;s chapter of the radical activist group, Students for Justice in Palestine. His entire job history outside of politics has consisted of working as a foreclosure prevention counselor and a rapper.
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Ackman, by contrast, has invested in businesses so successfully that he is now <a href="https://www.forbes.com/profile/william-ackman/">worth</a> an estimated $9 billion. He is a signatory of The Giving Pledge, committing to donate at least 50% of his wealth by the end of his life to charitable causes. The resident of New York City was a lifelong Democrat who crossed the aisle to support President Donald Trump in the 2024 election.
New York Democratic Mayor Eric Adams, who is running as an independent this mayoral election cycle, slammed Mamdani, <a href="https://nypost.com/2025/06/26/us-news/eric-adams-officially-kicks-off-nyc-mayoral-campaign-with-swipes-at-zohran-mamdani-blue-collar-or-silver-spoon/">saying</a>, “This election is a choice between a candidate with a blue collar and one with a soup silver spoon. A choice between dirty fingernails and manicured nails. &#8230; This is not a city where you use idealism to stake your giving everything to everyone for free. There&#8217;s no dignity in someone giving you everything for free. There&#8217;s dignity in giving you a job so you can provide for your family and the opportunities that you deserve. So, this is not a city of handouts. This is a city of hands up.”
Mamdani also issued a statement blasting President Trump, stating, “Zohran Mamdani will fight Trump&#8217;s attempts to gouge the working class, and deliver a city where everyone can afford a dignified life. Here&#8217;s how: Make NYC the Strongest Sanctuary City in the Country.”
After asserting his desire to “Get ICE out of all City facilities and end any cooperation,” the statement continued, “The Mamdani administration will:  Invest $165M in funding for immigration legal defense services . &#8230; Protect all personal data from other jurisdictions: The Mamdani administration will take seriously the threat Trump poses and will think expansively about ways to protect undocumented New Yorkers from deportation or other federal attacks.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
BREAKING: This is the memo that could be Zohran Mamdani’s downfall.
He wants to triple down on making NYC a Sanctuary City and crack down on ICE.
These two policies are extremely unpopular with New Yorkers, especially the middle class. <a href="https://t.co/EuvdjFUyhH">pic.twitter.com/EuvdjFUyhH</a>
&mdash; Douglass Mackey (@DougMackeyCase) <a href="https://twitter.com/DougMackeyCase/status/1938235458607018356?ref_src=twsrc%5Etfw">June 26, 2025</a></blockquote>
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Other actions by Mamdani have also elicited harsh criticism:
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Remember back in 2013 when two Islamist terrorists used a meat cleaver to try to behead British soldier Lee Rigby in the streets of London?
Zohran shared a 2013 article by Glenn Greenwald questioning whether the killing was terrorism because Rigby was a soldier <a href="https://t.co/F5eMdFQo9i">pic.twitter.com/F5eMdFQo9i</a>
&mdash; Drew Pavlou 🇦🇺🇺🇸🇺🇦🇹🇼 (@DrewPavlou) <a href="https://twitter.com/DrewPavlou/status/1938506747939066063?ref_src=twsrc%5Etfw">June 27, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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Mamdani/Ackman

Socialist NYC Mayoral Candidate Lectures Billionaire, Claims DEI Critics Don’t Understand Business

Democratic Socialism

Elections

Socialism

Socialists

Billionaire investor Bill Ackman vowed on Wednesday to provide &#8220;hundreds of millions of dollars&#8221; to back any viable challenger against Democratic socialist Zohran Mamdani in New York City&#8217;s mayoral race.
Mamdani <a href="https://www.dailywire.com/news/andrew-cuomo-falls-to-radical-socialist-zohran-mamdani-in-nyc-mayoral-primary?topStoryPosition=undefined&amp;author=Tim+Rice&amp;category=News&amp;elementPosition=0&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Andrew+Cuomo+Falls+To+Radical+Socialist+Zohran+Mamdani+In+NYC+Mayoral+Primary">defeated</a> former Governor Andrew Cuomo in New York City&#8217;s Democratic primary on Tuesday and will compete against incumbent Mayor Eric Adams (running as an independent this cycle) and Republican nominee Curtis Sliwa in the November general election.
Ackman, founder and chief executive of hedge fund manager Pershing Square Capital, <a href="https://www.mediaite.com/politics/billionaire-bill-ackman-promises-millions-to-anyone-willing-to-challenge-mamdani-for-nyc-mayor/">wrote</a> a lengthy post on X to express his alarm at Mamdani’s victory.
&#8220;I awoke this morning gravely concerned about New York City,&#8221; Ackman wrote. &#8220;I thought &#8216;What has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn&#8217;t understand that freezing rents will only make apartments scarcer and more expensive in the long run.'&#8221;
The billionaire investor compared a potential Mamdani-led New York to &#8220;another failed major city run by Democrats alongside Seattle, Chicago, LA, and SF,&#8221; quoting Senator John Fetterman&#8217;s (D-PA) assessment that Mamdani&#8217;s victory represented &#8220;Christmas in July for the GOP.&#8221;
&#8220;A mayor who disrespects the NYPD and has called for their defunding will get less effective policing, and Bratton&#8217;s &#8216;broken window theory&#8217; will operate in reverse,&#8221; Ackman wrote, warning that New York City would become &#8220;much more dangerous and economically unviable&#8221; under Mamdani&#8217;s administration.
Ackman assured potential candidates that funding would be instantly available, stating, &#8220;there are hundreds of million of dollars of capital available to back a competitor to Mamdani that can be put together overnight,&#8221; and adding that he is &#8220;in the text strings and the WhatsApp groups&#8221; organizing the effort.
The financier noted that any challenger would likely need to run as a write-in candidate, but suggested this could become &#8220;an important call to action that brings people in throngs to the polls&#8221; rather than a disadvantage.
<blockquote class="twitter-tweet">
I awoke this morning gravely concerned about New York City. I thought “What has NYC become that an avowed socialist who has supported defunding the police, whose solution to lowering food prices is city-owned supermarkets, who doesn’t understand that freezing rents will only…
— Bill Ackman (@BillAckman) <a href="https://twitter.com/BillAckman/status/1938094628034506984?ref_src=twsrc%5Etfw">June 26, 2025</a></blockquote>
New York City, with a gross metropolitan <a href="https://fred.stlouisfed.org/series/NGMP35620">product</a> of $2.3 trillion and a population exceeding 8 million residents, is America&#8217;s financial nerve center. Many on Wall Street reacted with dread following Mamdani’s primary win, and <a href="https://nypost.com/2025/06/23/us-news/nyc-biz-leaders-left-shaking-over-prospect-of-zohran-mamdani-mayoral-win-it-would-be-disastrous/">predicted</a> a mass exodus from the city if he is elected in November.
Mamdani, a state assemblyman representing parts of Queens, has championed policies that alarm fiscal conservatives and moderate Democrats alike. His <a href="https://www.dailywire.com/news/here-are-the-top-five-craziest-policy-proposals-from-nyc-mayor-candidates?author=Catherine+Maxwell&amp;category=News&amp;elementPosition=undefined&amp;row=0&amp;rowType=Vertical+List&amp;title=Here+Are+The+Top+Five+Craziest+Policy+Proposals+From+NYC+Mayor+Candidates">platform</a> includes advocating for city-owned supermarkets, rent freezing measures, and significant reallocations of police funding to social services.
Ackman expressed particular concern about Mamdani&#8217;s stance on Israel, noting that &#8220;a mayor who condones hate speech will incentivize more hate speech and violence,&#8221; adding that &#8220;words matter, and yes, they can inspire people to kill as we have recently tragically seen in our country and around the world.&#8221;
Mamdani has stated that he doesn’t believe Israel has a right to exist as a Jewish state, refused to condemn calls to “globalize the intifada,” and recorded a <a href="https://nypost.com/2025/06/21/us-news/socialist-nyc-mayoral-candidate-zohran-mamdani-once-rapped-about-his-love-for-hamas-teror-funding-group-holy-land-five/">rap song</a> expressing “love” to convicted Hamas financiers. His October 7 statement notably focused on “ending the occupation” with little mention of Hamas’ massacre of Israeli civilians.
Ackman suggested that former Mayor Michael Bloomberg might play a significant role in any challenge to Mamdani, stating that he was &#8220;sure that Mike Bloomberg will share his how-to-win-the-mayoralty IP and deliver his entire election apparatus and system to the aspiring candidate.&#8221;
The investor called on his followers to &#8220;crowdsource&#8221; potential candidate names and conduct polling to identify the most viable challenger.

US-POLITICS-ECONOMY-MILKEN

Billionaire Pledges To Bankroll Any NYC Mayoral Candidate Who Can Beat Zohran Mamdani

Andrew Cuomo

Democratic Party

Wall Street

President Donald Trump said Friday morning that he&#8217;s &#8220;not particularly&#8221; interested in speaking with Elon Musk after the massive blowup between the two former allies on Thursday.
Musk signaled his interest in smoothing things over with Trump Thursday night when he replied to an X <a href="https://x.com/BillAckman/status/1930738907081331040">post</a> from billionaire Trump supporter Bill Ackman calling for Trump and Musk to &#8220;make peace for the benefit of our great country.&#8221;
&#8220;You&#8217;re not wrong,&#8221; the Tesla and SpaceX CEO <a href="https://x.com/elonmusk/status/1930798791806050496">replied</a>.
According to <a href="https://www.politico.com/news/2025/06/05/trump-white-house-aides-signal-a-possible-detente-with-musk-00391502">POLITICO</a>, White House aides urged the president to avoid escalating the fight with Musk and scheduled a phone call with Musk for Friday. Trump, however, doesn&#8217;t appear ready to take that step, <a href="https://x.com/jonkarl/status/1930953493797273708?s=46&amp;t=o-U3qwC25WnWaylJ0oeG7Q">telling</a> ABC News Chief Washington Correspondent Jonathan Karl in a phone call Friday morning that while Musk wants to talk, the president is &#8220;not particularly&#8221; interested in a discussion. Karl added that Trump didn&#8217;t &#8220;seem angry or even concerned about the feud.&#8221;
Trump <a href="https://www.cnn.com/2025/06/06/politics/donald-trump-elon-musk-rift">told</a> CNN Friday morning, &#8220;I won’t be speaking to [Musk] for a while I guess, but I wish him well.”
“I’m not even thinking about Elon,&#8221; Trump added. &#8220;He’s got a problem. The poor guy’s got a problem.”
Just hours earlier, Trump said he was &#8220;very disappointed&#8221; with Musk for his comments on the &#8220;Big, Beautiful Bill,&#8221; sparking a back-and-forth between the two titans on social media, culminating in Musk <a href="https://www.dailywire.com/news/elon-musk-goes-after-trump-over-epstein-files-time-to-drop-the-really-big-bomb?topStoryPosition=undefined&amp;author=Daniel+Chaitin&amp;category=News&amp;elementPosition=4&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Elon+Musk+Goes+After+Trump+Over+Epstein+Files%3A+%E2%80%98Time+To+Drop+The+Really+Big+Bomb%E2%80%99">accusing</a> Trump of sitting on the Epstein Files because he is implicated in them, and Trump <a href="https://www.dailywire.com/news/trump-says-musk-just-went-crazy-threatens-his-governmental-subsidies-and-contracts">threatening</a> to strip Musk&#8217;s companies of government subsidies and contracts.
In a Truth Social post, the president rebuked his former senior adviser, <a href="https://www.dailywire.com/news/trump-says-musk-just-went-crazy-threatens-his-governmental-subsidies-and-contracts">saying</a> that Musk &#8220;just went CRAZY.&#8221;
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“Elon was ‘wearing thin,’ I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!” the president posted.
“The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon’s Governmental Subsidies and Contracts,” he added in a follow-up. “I was always surprised that Biden didn’t do it!”
Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/114632555927229642">added</a> later on Thursday night, &#8220;I don’t mind Elon turning against me, but he should have done so months ago.&#8221;
&#8220;This is one of the Greatest Bills ever presented to Congress,&#8221; he added, referring to his &#8220;Big, Beautiful Bill.&#8221; &#8220;It’s a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn’t pass, there will be a 68% Tax Increase, and things far worse than that. I didn’t create this mess, I’m just here to FIX IT. This puts our Country on a Path of Greatness. MAKE AMERICA GREAT AGAIN!&#8221;
Musk&#8217;s main <a href="https://www.dailywire.com/news/trump-says-hes-very-disappointed-with-elon-musk-fires-back?author=Zach+Jewell&amp;category=News&amp;elementPosition=2&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+Says+He%E2%80%99s+%E2%80%98Very+Disappointed+With+Elon%E2%80%99%3B+Musk+Fires+Back">criticism</a> of Trump&#8217;s key piece of legislation centers on the federal deficit and government waste, issues that Musk believes must be immediately addressed. The Tesla CEO denied that the bill&#8217;s lack of EV tax credits played a part in his opposition to it.
“Whatever. Keep the EV/solar incentive cuts in the bill, even though no oil &amp; gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,&#8221; Musk said in response to Trump&#8217;s comments.
Trump also told reporters that he “would have won Pennsylvania regardless of Elon,” a comment <a href="https://www.dailywire.com/news/musk-floats-creating-a-new-political-party-amid-fallout-with-trump?author=Zach+Jewell&amp;category=News&amp;elementPosition=1&amp;row=0&amp;rowType=Vertical+List&amp;title=Musk+Floats+Creating+%E2%80%98A+New+Political+Party%E2%80%99+Amid+Fallout+With+Trump">sparking the ire</a> of Musk, who shot back on X, writing, &#8220;Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate.&#8221;
Musk was Trump&#8217;s top campaign donor in the 2024 election, spending at least $277 million and launching an aggressive operation in Pennsylvania, a swing state Trump won by roughly 1.7 percentage points.
&#8220;Such ingratitude,&#8221; Musk added.

Donald Trump/Elon Musk

Musk Signals He’s Open To Speaking With Trump, But President ‘Not Particularly’ Interested

Celebrities

Elon Musk

Executive

SpaceX

Tesla

Trump Administration

White House

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

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

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, 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

Jill Biden

Joe Biden

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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
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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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
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

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