Billionaires Are Turning on Trump: Bill Ackman Leads a Growing Chorus of Discontent

In the ever-evolving landscape of American politics, the alliances of the ultra-wealthy often serve as early indicators of shifting tides. In recent months, one notable trend has caught the attention of political observers: a growing number of high-profile billionaires are beginning to distance themselves from former President Donald Trump. Among the most vocal is hedge fund manager Bill Ackman, whose recent public comments mark a sharp departure from the quiet support many in the business elite have previously offered Trump.

Ackman, the founder and CEO of Pershing Square Capital Management, has always been an influential figure in financial circles. Known for his bold bets and activist investing style, he is not one to shy away from controversy. But his increasing willingness to wade into political discourse—particularly with criticism directed at Trump—signals something deeper than personal opinion. It reflects a broader shift within the billionaire class: a reassessment of Trump’s viability, leadership style, and impact on America’s global standing.

A Subtle Shift Turns Public

While many billionaires have privately expressed concerns about Trump’s erratic behavior, few have done so as publicly as Ackman. In a series of posts on X (formerly Twitter) and public interviews, Ackman has criticized Trump’s divisiveness, his role in the January 6 Capitol riots, and his continued insistence that the 2020 election was stolen.

Ackman, who has historically leaned center-right in his political views, initially showed a degree of openness toward Trump’s economic policies during the 2016 campaign and presidency. After all, Trump’s tax cuts and deregulatory agenda were broadly welcomed by Wall Street. But over time, Ackman’s tone has changed dramatically.

In a February 2024 post on X, Ackman wrote: “We need a leader who unites, not divides. Trump’s brand of politics has become too toxic. It’s time for a new generation of leadership—principled, competent, and forward-looking.” These are not the words of a man sitting on the sidelines; they’re a call to action, urging the business elite and American voters to seek alternatives.

Trump’s Waning Grip on the Wealthy

Ackman is not alone. Several billionaires who once supported or tolerated Trump are now either withdrawing their support or actively working against his return to power. Investor and Dallas Mavericks owner Mark Cuban, for example, has been a long-standing critic, calling Trump “a danger to democracy.” Salesforce CEO Marc Benioff has spoken out against Trump’s stance on social issues and climate change. Even Rupert Murdoch’s media empire, which once enthusiastically backed Trump, has taken a noticeably cooler stance in recent months.

So, what’s changed?

The January 6 attack on the Capitol was a pivotal moment for many. While Trump has denied responsibility, the footage and testimonies from the House Select Committee laid bare the former president’s failure to act swiftly—or at all—in halting the violence. For many in the corporate world, this moment crystalized the dangers of Trump’s leadership. Stability, rule of law, and global reputation are crucial for business, and Trump’s actions were seen as jeopardizing all three.

Moreover, Trump’s rhetoric has grown more extreme. His campaign has leaned heavily into grievance politics, authoritarian language, and conspiracy theories. This style of politics may energize a segment of the Republican base, but it’s making many in the business community increasingly uneasy.

Bill Ackman: A Bellwether?

Bill Ackman’s outspoken stance is especially significant because he is not a lifelong political operative or partisan crusader. He represents a class of wealthy Americans who prioritize economic pragmatism, global stability, and long-term vision. When someone like Ackman publicly turns on Trump, it suggests that even the most success-oriented capitalists see danger in Trump’s return.

Ackman’s influence also extends beyond finance. He has made headlines for his involvement in higher education reform, free speech debates, and philanthropy. His public comments can sway opinion not just among investors, but also among policymakers and civic leaders.

In fact, in late 2023, Ackman was instrumental in pressuring Harvard University to address antisemitism on campus, using his platform to demand accountability and leadership change. This episode showed that Ackman is not afraid to challenge powerful institutions—and it suggests he’s equally willing to challenge powerful political figures when he sees fit.

The 2024 Election Landscape

As the 2024 presidential election heats up, the realignment of billionaire support will have serious implications. Trump still enjoys a loyal base and remains a dominant force in Republican politics. However, donors matter—a lot. Campaigns are expensive, and billionaires have the ability to fund candidates, super PACs, media operations, and think tanks.

If influential figures like Ackman continue to back alternative candidates—whether that’s a Republican challenger like Nikki Haley (who was in the race until early 2024), or a more centrist independent—they could alter the political math significantly. The billionaire class doesn’t just write checks; they host fundraisers, shape narratives, and signal legitimacy.

And let’s not forget: billionaires have media megaphones. Elon Musk’s X, Jeff Bezos’s Washington Post, and the broader influence of figures like Ackman on social platforms all contribute to shaping public discourse.

The Larger Picture: Billionaires vs. Populism

The rift between Trump and his former billionaire allies also illustrates a deeper philosophical tension: populism vs. elite capitalism. Trump rose to power by channeling the frustrations of working-class Americans, railing against the establishment, and promising to “drain the swamp.” For many voters, Trump was a weapon against the ruling class.

But Trump himself is a billionaire—or at least claims to be—and many of his policies benefited the wealthy. Over time, his anti-establishment appeal has started to look like a mask for cronyism, narcissism, and chaos. That’s becoming harder to ignore, even for those who once benefited from his tax cuts.

Now, as Trump positions himself for a political comeback, billionaires like Bill Ackman are asking hard questions: What kind of country do we want? What kind of leader do we need? And what are the risks of another Trump term?

Conclusion: A Moment of Reckoning

Bill Ackman’s criticism of Donald Trump is more than just another billionaire sounding off. It’s a sign of a potential turning point. When members of the business elite, who have historically prioritized tax policy and market performance, start warning about a politician’s danger to democracy, it’s time to listen.

The billionaire exodus from Trumpworld may not be complete, but it’s accelerating. As the 2024 election approaches, expect more high-profile figures to follow Ackman’s lead. Whether it’s a matter of ethics, stability, or simple risk management, the message is clear: for a growing number of America’s wealthiest, the Trump experiment has run its course.