Bill Ackman pushes market accounts as his public role expands

Bill Ackman is using a new phase for Pershing Square to press a broader argument about American capitalism. Fortune reported that the billionaire investor, newly behind a double New York Stock Exchange listing, is promoting government-backed investment accounts as a way to give more Americans a stake in market gains.

According to Fortune, Ackman has converted Pershing Square into a public company and also launched a publicly traded investment fund. The publication said the combined market value of the firm and fund is about $16 billion, far below Berkshire Hathaway, whose permanent-capital model Ackman has cited as an inspiration and whose value exceeds $1 trillion.

Ackman built his Wall Street reputation through aggressive short selling and activist investing, Fortune reported. His early wins included pressure on bond insurer MBIA and a successful bet on Chipotle, while his setbacks included a $1 billion short campaign against Herbalife and a Valeant Pharmaceuticals investment that cost Pershing Square $4 billion, according to the magazine.

From markets to politics

Fortune described Ackman’s public profile as increasingly shaped by his activity outside finance. His X account has 2.5 million followers, and the magazine said he has used it to trade comments with Elon Musk, criticize Harvard’s handling of Gaza war protests and attack New York City Mayor Zohran Mamdani, whom Fortune identified as a democratic socialist.

Former Harvard president Lawrence H. Summers criticized Ackman’s pressure on Harvard to disclose student protesters’ names as “the stuff of Joe McCarthy,” Fortune reported. Carl Icahn, a longtime business rival, has also been sharply critical of Ackman, according to the magazine.

Ackman told Fortune he believes resentment of wealth has grown and said he wants a return to an America where success is admired. He contrasted that view with Rep. Alexandria Ocasio-Cortez’s criticism of billionaires; Fortune said Ocasio-Cortez did not respond to a request for comment.

A plan for stock ownership

Ackman’s policy idea centers on giving more people direct exposure to markets. Fortune reported that he argues roughly 60% of Americans benefit when stocks rise, while the remaining 40% do not participate and may feel shut out.

In a 2020 New York Times essay, Ackman proposed federally funded “birthright” accounts invested in zero-cost equity index funds, Fortune reported. His proposal called for $6,750 per person, locked until retirement, which he projected could grow to more than $1 million by age 65 if it earned a tax-free 8% annual return.

Fortune said Ackman backed Donald Trump in 2024 after years of supporting Democrats and described Trump as highly pro-business. Ackman told the magazine that Trump responded favorably to his thinking on government-supported retirement accounts; Fortune also reported that the administration created “Trump Accounts” for children with $1,000 in seed funding for newborns.

Ackman has also argued for financial education in schools, according to Fortune. He said young people need to learn investing early to improve retirement outcomes, and the magazine noted that his YouTube finance primer has drawn 13 million views.

Philanthropy and a family crisis

Fortune reported that Ackman’s Pershing Square Philanthropies, including the Pershing Square Foundation, says it has made more than $1 billion in grants and investments. Ackman told the magazine he views philanthropy as useful when a for-profit model cannot solve a problem, but generally favors market-based answers.

The magazine also reported that Ackman’s 26-year-old daughter, Lucy, suffered a brain hemorrhage in February and was found 15 hours later. According to Fortune, she regained consciousness after a month, has lost her voice and most of her sight, and is improving.

Ackman told Fortune he plans to build a brain institute with Mount Sinai Hospital, where Lucy is being treated. The magazine reported that he has bought a 400,000-square-foot property on Manhattan’s West Side with additional development rights for the project.

Mary Erdoes, chief executive of JPMorgan’s Asset and Wealth Management unit, told Fortune that Ackman brings the same intensity to philanthropy that he applies to business. “He’s going to go big,” she said.

This story draws on original reporting from Fortune.