Hedge fund CEO says Adams has no chance against Mamdani in NYC race

Bill Ackman, CEO of New York City-based hedge fund Pershing Square Capital Management, is imploring Eric Adams to drop out of the contentious New York City mayoral race, saying that he doesn’t stand a chance against newcomer Zohran Mamdani. 

“It is time for Mayor Adams to step aside,” Ackman posted on X. 

While he commended Adams, who has been mayor of New York City since 2022, succeeding Bill de Blasio, for doing a “very good job” in the position, Ackman said that Adams polls have “deteriorated substantially” since the primary in June, and it has become increasingly clear that he does not have a chance” to beat Mamdani. 

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Eric Adams, mayor of New York, arrives for a campaign event at the Local 831 Union Hall in New York, US, on Wednesday, Aug. 27, 2025.  (Christian Monterrosa/Bloomberg via Getty Images / Getty Images)

“The economy is strong. Crime is down. He has managed the migrant situation very effectively. He has set the stage for more affordable housing and material improvements in our quality of life and a better NYC for all. And he hasn’t gotten the credit he deserves for the progress he has made,” Ackman said.

Mamdani, a self-identified democratic socialist and favored among younger voters, won the Democratic primary for New York City mayor. He is also leading in November’s general election despite going up against a crowded field that includes former governor Andrew Cuomo and the incumbent mayor, both running as independents, Republican nominee Curtis Sliwa and defense lawyer-turned-independent candidate Jim Walden.

Fox Business reached out to Adams’ office but they deferred questions to his mayoral campaign. 

BILLIONAIRE CEO WARNS HE’LL CLOSE GROCERY STORES IF DEMOCRATIC SOCIALIST CANDIDATE WINS NYC MAYOR RACE

Democratic mayoral nominee for New York City and current state Assemblyman Zohran Mamdani leaves a press conference where he accused Mayor Eric Adams of working with the Trump administration against him on September 03, 2025 in New York City.  (Spencer Platt/Getty Images / Getty Images)

If elected in November, Mamdani has said he would redirect city funds from corporate supermarkets to city-owned grocery stores “whose mission is lower prices, not price gouging,” according to a video posted on his campaign website. Aside from government-run grocery stores, Mamdani has also campaigned on things such as rent freezes and higher taxes on corporations and the wealthy. 

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Mamdani’s candidacy has proven controversial with several members of the business community, notably Wall Street’s Jamie Dimon, because he is running on a number of controversial policy proposals that could prove costly for the city’s finances. 

NEW YORK, NY – MAY 22: Bill Ackman attends 2025 Pershing Square Foundation MIND and Cancer Prize Award Dinner at The Pool on May 22, 2025 in New York. (Photo by Michael Ostuni/Patrick McMullan via Getty Images) (Michael Ostuni/Patrick McMullan via Getty Images) / Getty Images)

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Some business leaders in the city, notably John Catsimatidis, the CEO of grocery chain Gristedes, have even threatened to sell or close down the business if Mamdani is elected. Catsimatidis has argued that his business couldn’t compete in the market if there were city-run supermarkets. Conversely, Lidl CEO told FOX Business the German grocer is  pushing forward with plans to expand its New York footprint no matter what.