What's happened
Billionaire hedge fund manager Bill Ackman is backing Rep. Dean Phillips in a longshot bid against President Biden.
Why it matters
This story is significant as it highlights a prominent billionaire's support for a longshot Democratic candidate against the incumbent president, potentially impacting the Democratic primary race.
What the papers say
The NY Post emphasizes Ackman's call for Biden to step aside and his criticism of the Democratic Party's direction, while The Times focuses on Ackman's $1 million donation to Phillips' campaign. Axios highlights Ackman's criticism of Biden's low polling numbers and the challenges facing Phillips in securing the Democratic nomination.
How we got here
Billionaire Bill Ackman has been vocal in his criticism of Harvard University's handling of antisemitism, leading to the resignation of its president, Claudine Gay.
More on these topics
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William Albert Ackman is an American investor and hedge fund manager. He is the founder and CEO of Pershing Square Capital Management, a hedge fund management company.
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Claudine Gay is a scholar of government and African-American studies as well as a university administrator. She serves as Harvard's Wilbur A.
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Joseph Robinette Biden Jr. is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 and represented Delaware in the United States Senate
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Dean Benson Phillips is an American businessman and politician from Minnesota. A member of the Democratic Party, he has represented Minnesota's 3rd congressional district in the U.S. House of Representatives since 2019.
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Diversity, equity, and inclusion refers to organizational frameworks which seek to promote "the fair treatment and full participation of all people", particularly groups "who have historically been underrepresented or subject to discrimination" on the bas
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Elon Reeve Musk FRS is an engineer, industrial designer, technology entrepreneur and philanthropist. He is the founder, CEO, CTO and chief designer of SpaceX; early investor, CEO and product architect of Tesla, Inc.; founder of The Boring Company; co-foun
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Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Established in 1636 and named for its first benefactor, clergyman John Harvard, Harvard is the oldest institution of higher learning in the United States
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The Democratic Party is one of the two major contemporary political parties in the United States, along with its main rival, the Republican Party.