United States: A New York-based hedge fund investor, Whitney Tilson, who once encouraged corporations to improve how they function for shareholders and staff, has announced that he will run as a primary challenger to Eric Adams.
Tilson Takes Aim at Incumbent Mayor
The 58-year-old Democrat took aim at incumbent Bill de Blasio, saying the city requires “a businessperson, not a bureaucrat career” and vowed to reduce violent crime, spending, and living costs while improving public schools, as reported by Reuters.
Tilson, who managed a hedge fund for 18 years and currently writes investment newsletters for Stansberry’s Investment Advisory, is also among the latest entrants in the impending battle to unseat Mayor Eric Adams, who has been charged with bribery and fraud.
Business Background and Campaign Priorities
“There is no clear favorite, and there is no one in my lane in terms of someone who has a business background,” said Tilson, who graduated with a degree from the Harvard Business School.
Kase Capital Management hedge fund, which is owned and operated by Tilson, bet on Netflix (NFLX.O), Apple (AAPL.O), and Amazon (AMZN.O) Lumber Liquidators.
When describing his campaign as audacious, Tilson sought the support of the crowd by stating he desires to be part of the solution that makes the Democrats win again after Kamala Harris’ defeat to Donald Trump in the presidential race.
Competition Heats Up in Mayoral Race
Despite his former job at Wall Street, Tilson firmly denied that he would be able to self-fund his bid for the mayor’s office and would accept matching funds. He will not expect his billionaire friends, such as Bill Ackman, an investor who was also his groomsman, to write big checks but will embrace small contributions, he said.
Some prominent contenders include city comptroller Brad Lander, former city comptroller Scott Stringer, and former federal prosecutor Jim Walden, as reported by Reuters.
Tilson Responds to Criticism and Ties to Billionaire Class
Eight years ago, when Trump was first elected, Massachusetts Senator Elizabeth Warren spoke against Tilson about being a member of the billionaire class, which is damaging the country and will benefit from Trump’s policies on the economy. Tilson said then and again on Tuesday that he is nowhere near being a billionaire, that he favors regulation of the financial industry, and that he has donated to Democrats, including Warren.