Billionaire Bill Ackman Donating $1 Million to Biden Challenger Dean Phillips

Hedge fund manager Bill Ackman has thrown his considerable wealth and support behind Democrat Rep. Dean Phillips presidential campaign.

Bill Ackman, CEO of Pershing Square Capital, speaks at the Wall Street Journal Digital Conference in Laguna Beach, Calif., on Oct. 17, 2017. Mike Blake/Reuters

Billionaire hedge fund manager Bill Ackman plans to donate $1 million to a political action committee (PAC) backing Rep. Dean Phillips (D-MN), a Democrat who launched a primary challenge to President Joe Biden in October last year.

Mr. Phillips is a 54-year-old, three-term congressman from Minnesota who launched a run for the Democratic nomination in 2023. According to his campaign website, he ran several successful businesses before being elected to office.