Investor Bill Ackman has become more vocal about the 2024 election in recent months. He has supported several candidates who have argued that voters deserve better candidates than Joe Biden and Donald Trump, the two current frontrunners.
With the recent results of the Iowa Republican caucus, Ackman has a new prediction about the 2024 presidential election.
What Happened: Former President Donald Trump won the Republican caucus in Iowa in decisive fashion, getting 51% of the vote, compared to the 21.2% and 19.1% received by Ron DeSantis and Nikki Haley, who finished in second and third respectively.
Trump has also ranked ahead of Biden in nationwide polls and polls conducted in important swing states.
“If you haven’t figured it out already, it is now abundantly clear that Donald Trump is going to crush Joe Biden,” Ackman tweeted on Tuesday after the Iowa results.
The investor made the case for the Democratic party to make a change for a chance to win the 2024 presidential election.
“If the Democrat party wants to have a chance of putting up a candidate who can compete with Trump, it needs to quickly get behind a strong, credible contender for President, and Biden needs to step aside.”
Ackman said U.S. Representative Dean Phillips (D-Minn.) is that candidate.
“He is super smart, highly experienced and successful in business and politics, and he is a moderate, appealing to both Republicans and Democrats.”
Ackman added that the Democratic party and Biden are heading toward a potential train wreck in the election.
“We need to pull the train off the tracks now!”
Why It’s Important: Ackman’s call for Phillips as the next president comes after the investor took part in a Twitter Spaces conversation with the presidential candidate, alongside Elon Musk and Jason Calacanis.
The investor recently endorsed Phillips and donated $1 million to a political action committee backing the representative.
“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,” Ackman said of the donation.
Ackman previously showed support for Robert F. Kennedy Jr. and Vivek Ramaswamy and has long been supportive of candidates other than Biden and Trump securing their party’s nominations.
While Phillips ranks behind Biden in Democratic polls, Ackman sees the candidate gaining support as the current president is losing support.
For several months, Trump has consistently outperformed his Republican competitors, maintaining substantial leads of around 50 points in the national Morning Consult poll on most weeks. Trump has also dominated Biden in a head-to-head poll of the two frontrunners.
In the most recent poll, Trump received 43% of the vote and Biden received 41% of the vote. Over the past 16 weeks, Biden tied with Trump five times, placed ahead of the former president four times and ranked behind the former president seven times. The shift comes after Biden dominated the poll for months.