Bill Ackman pledges $1 million donation to boost Biden challenger Dean Phillips

Bill Ackman, founder of Pershing Square Capital Management, has pledged to give $1 million to help back Democratic Rep. Dean Phillips' White House bid.

"On Tuesday, I am wiring $1 million to wedeserve.org, a political action committee that supports Dean's run. This is by far the largest investment I have ever made in someone running for office, and I am making this investment at a high-risk, but critically important moment for his campaign," Ackman in a very lengthy social media post.

Phillips, a lawmaker from Minnesota, launched a self-admitted long-shot Democratic presidential primary bid last year.

"I met Dean two months ago. I have kept in pretty close touch with him over the last two months, and spent 90 minutes with him yesterday when he presented to nearly all of our employees, which inspired me to top up my initial $3,300 donation to his campaign," Ackman noted.

Ackman suggested that there is a possibility incumbent Democratic President Joe Biden will have to drop his re-election bid.

"Biden is polling poorly against @realDonaldTrump, and his numbers are only going to get worse as he ages, and he is not looking good as it is. There is also a reasonable chance that Biden is forced to withdraw for health reasons," Ackman opined.

Ackman previously noted that he had already donated to Phillips and several GOP presidential primary candidates. "I have made direct and PAC donations to three Republican candidates in this election, @GovChristie, @NikkiHaley and @VivekGRamaswamy. I recently wrote a check for @deanbphillips," Ackman tweeted. Former New Jersey Gov. Chris Christie dropped out last week.

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