Billionaire Bill Ackman backs Dean Phillips to challenge Joe Biden

Billionaire Bill Ackman contributes $1 million to support Minnesota Representative Dean Phillips, a long-shot challenger to President Joe Biden in the 2024 Democratic presidential nomination. Ackman believes Phillips has a credible path to winning the nomination and emphasizes the importance of asymmetry in his investments. Ackman’s support of Phillips, 54, amplifies some of the worst fears of the Biden campaign: Donors and voters are unenthusiastic about reelecting the 81-year-old president. Ackman, who has donated to both Republicans and Democrats in recent years, is giving the money to a political action committee that supports Phillips.