Billionaire Bill Ackman Pledges $1M to Biden Challenger Dean Phillips

Ackman's support comes despite his criticism of DEI initiatives, which Phillips supports, and in the wake of Trump's landslide victory in the Iowa caucuses.

Bill Ackman, billionaire hedge fund manager, has pledged $1 million to support the presidential campaign of Democratic Rep. Dean Phillips, who is challenging incumbent President Joe Biden for the Democratic nomination.
Ackman's support for Phillips has drawn scrutiny due to Phillips' support for diversity, equity, and inclusion (DEI) initiatives, which Ackman has publicly criticized.
Despite this, Ackman has defended Phillips, suggesting that the congressman did not fully understand DEI when it was included on his campaign website.
Phillips, who has loaned his own campaign millions of dollars, is seen as a long-shot candidate, but Ackman believes he has a credible path to winning the nomination.
Former President Donald Trump's landslide victory in the Iowa caucuses has led Ackman to warn Democrats that Biden's re-election is unlikely.