Overview

• 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.