Bill Ackman, CEO of New York City-based hedge fund Pershing Square Capital Management, is imploring Eric Adams to drop out of the contentious New York City mayoral race, saying that he doesn't stand a chance against newcomer Zohran Mamdani.

"It is time for Mayor Adams to step aside," Ackman posted on X.

While he commended Adams, who has been mayor of New York City since 2022, succeeding Bill de Blasio, for doing a "very good job" in the position, Ackman said that Adams polls have "deteriorated substantially" since the primary in June, and it has become increasingly clear that he does not have a chance" to beat Mamdani.

"The economy is strong. Crime is down. He has managed the migrant situation very effectively. He has set the stage for more affordable housing and material improvements

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