Billionaire hedge fund manager Bill Ackman has shifted his support in the New York City mayoral race, announcing Thursday that he is now backing former Governor Andrew Cuomo, as reported by The New York Post.

The endorsement marks a reversal from just two months ago, when Ackman supported current Mayor Eric Adams and urged Cuomo to withdraw.

In a post on X, Ackman credited Adams for his leadership but argued that the mayor no longer has a path to victory against Democratic Socialist candidate Zohran Mamdani.

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“Eric has been a charismatic and high-energy leader who has shown real empathy and provided critical moral and other support to NY communities in their time of need,” Ackman wrote.

“All of that said, Eric should step aside and not run for reelection. Eric’s polls have deteriorated substantially since the primary, and it has become increasingly clear that he does not have a chance to beat @ZohranKMamdani.”

Ackman’s announcement comes after months of turmoil in the mayoral race. Polling shows Adams now in the single digits, falling from mid-teens earlier this year.

Cuomo has climbed into the mid- to high 20s, while Mamdani remains in the lead with support in the high 30s to low 40s.

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Ackman had previously described Cuomo as lacking “energy” and “not up for the fight.”

Despite those criticisms, he donated $500,000 to Cuomo’s campaign during the Democratic primary. On Thursday, he suggested Cuomo is the only candidate who can prevent Mamdani from winning.

“Andrew had major accomplishments as our governor. He also made some mistakes. I am a huge believer in backing leaders who have learned from their mistakes and have something to prove,” Ackman said.

Image Credit: © Shawn Dowd/Rochester Democrat an via Imagn Content Services, LLC

Cuomo resigned as governor in 2021 after facing sexual misconduct allegations, which he has denied.

Ackman also acknowledged that Adams had managed certain challenges well, citing economic stability, falling crime rates, and his handling of the migrant crisis.

Still, he insisted the mayor’s role now should be to step aside. “Mayor Adams, it is time for you to play a critical role in NYC’s future by gracefully stepping aside to enable Andrew to win,” Ackman said. “We will all be eternally grateful.”

It is time for Mayor Adams to step aside. @ericadamsfornyc has done a very good job as our mayor. 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… https://t.co/opVvOx0Vv1

— Bill Ackman (@BillAckman) September 5, 2025

Reports this week indicated that White House officials have considered offering Adams a position in President Trump’s administration, including a potential ambassadorship, to clear the field.

Sources said members of Adams’ team have encouraged him to consider the option, but the mayor has publicly rejected the idea.

“I have a job. I’m running for re-election, I’m still doing that and I’m looking forward to getting re-elected,” Adams told reporters at a Wednesday press conference.

Meanwhile, Republican nominee Curtis Sliwa has resisted similar calls to withdraw. According to campaign sources, Sliwa has been urged by Trump officials to step aside in exchange for a potential role in the administration, but he has declined as donations to his campaign continue.

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