Billionaire hedge fund manager Bill Ackman called for voters to deal Democrats "a massive loss" in the November election so that the party "will reform itself."
A longtime Democrat donor who has endorsed former President Donald Trump in the upcoming election, Ackman said the country's oldest political party needs a reboot.
The founder and chief executive officer of Pershing Square Capital Management took to social media late Tuesday afternoon, not long after Vice President Kamala Harris, the Democrat presidential nominee, named progressive Minnesota Democrat Tim Walz to be her running mate.
"The best thing that can happen for long-term supporters of the Democratic Party is for this election to be a massive loss for the party. That's the only way the party will reform itself," Ackman posted on X.
"Consider how the party shut down competition in the primary, misled the public about the health of the president, chose its nominee without a democratic process, and ultimately today selected its VP.
"When something is totally and fundamentally broken, the best thing to do is to start over. We won't see a reboot of the party unless it takes a massive loss in this election.
"Please vote accordingly."
Ackman has been highly critical of how Democrats ended up with Harris atop the national ticket.
In April, the billionaire said Democrats erred in stoking 81-year-old President Joe Biden's "false confidence" that he could win another term in the Oval Office.
"The biggest mistake Democrats have made is supporting @POTUS Biden for a second term. By supporting Biden, they have given him false confidence that he can win the race. As a result, he did not step aside and allow better and younger candidates to emerge," he posted on X April 29.
Biden on July 21 announced he was ending his reelection bid, and then threw his support behind Harris.
Harris on Monday claimed the presidential nomination after a five-day online voting process, receiving nearly 4,600 votes, which the Democratic National Committee said was 99% of participating delegates.
Tuesday, Harris named Walz to be her running mate. Republicans quickly denounced the choice, with House Speaker Mike Johnson, R-La., saying Harris-Walz was the "most radical left-wing ticket in American history."
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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