In a post on X (formerly Twitter), Ackman said:
I just figured out why @howardlutnick is indifferent to the stock market and the economy crashing. He and Cantor are long bonds. He profits when our economy implodes.
It’s a bad idea to pick a Secretary of Commerce whose firm is levered long fixed income. It’s an irreconcilable…— Bill Ackman (@BillAckman) April 7, 2025
However, he followed up saying it was ‘unfair’ to lash out at Lutnick, who became Commerce Secretary in early 2025, after having served as Chairman and CEO of Cantor Fitzgerald, a global financial services firm. “I am sure he is doing the best he can for the country while representing the President as Commerce Secretary. It is not an easy job and we don’t know how the sausage was made,” he added in a subsequent tweet.
Ackman has a vast financial portfolio spanning over 800 businesses and reported earnings exceeding $350 million over the past two years, according to Economic Times report. The founder and CEO of the two-decades-old Pershing Square Capital Management, a hedge fund with $15 billion in assets under management.
Ackman has a real-time net worth of $8.8 billion as of April 8, 2025, according to Forbes. His fund holds concentrated stakes in companies like Chipotle, Hilton, and Alphabet.
Over the past year, he has taken public positions on various political and corporate matters, including endorsing former President Donald Trump in the 2024 election.
First Published: Apr 7, 2025 1:04 PM IST
