By Lina Irawan 
His career has been a rollercoaster of high-stakes gambles and unyielding conviction. Pershing Square, under Ackman’s leadership, has navigated the treacherous waters of global markets with a distinctive strategy. Among its celebrated successes are prescient investments in companies like Chipotle Mexican Grill, where Ackman recognized the brand’s potential for recovery and growth, and Canadian Pacific Railway, where his activist campaign led to significant operational improvements and a surge in shareholder value. These investments showcased his ability to identify undervalued assets and drive change from within, yielding substantial returns for his fund and its investors. However, Ackman’s journey is equally defined by its "epic disasters." His protracted short-selling campaign against nutritional supplement company Herbalife, which he famously labeled a pyramid scheme, resulted in significant losses for Pershing Square and a highly public feud with fellow billionaire investor Carl Icahn. Similarly, his substantial investment in Valeant Pharmaceuticals (now Bausch Health) proved catastrophic, as the company faced intense scrutiny over its drug pricing practices and accounting, leading to a dramatic stock collapse and a major blow to Ackman’s portfolio and reputation. These episodes underscore the high-risk, high-reward nature of his investment philosophy and his willingness to stand firm on his convictions, even when faced with overwhelming opposition.
When Fortune Editor-in-Chief Alyson Shontell was researching Ackman for the latest installment of her acclaimed podcast, Fortune 500: Titans and Disruptors of Industry, she delved into the formative years that sculpted the man behind the headlines. What struck her most were the foundational qualities evident in his youth that would later become the bedrock of his extraordinary and often controversial career. These early traits, she notes, offer a crucial lens through which to understand his enduring ambition and unwavering conviction.
One of the most striking qualities that emerged from Shontell’s research was Ackman’s precocious and unbridled ambition. Even as a teenager, Ackman displayed a remarkable foresight and determination, laying out ambitious financial milestones to his father. Despite his dad’s pragmatic stance—providing no allowance and declaring no inheritance—young Ackman confidently predicted he would become a millionaire by age 30, amass $100 million by age 40, and achieve billionaire status by age 50. What makes this anecdote particularly compelling is that Ackman not only met each of these lofty goals but surpassed them, reaching each milestone ahead of his self-imposed schedule. This early demonstration of goal-setting and aggressive pursuit of wealth foreshadowed his future trajectory in the fiercely competitive world of finance.
His entrepreneurial spirit was evident from the inception of his first firm, Gotham Partners, which he co-founded shortly after graduating from Harvard. In a move that epitomized his audacious ambition and self-belief, Ackman secured initial financing by cold-calling moguls featured on the Forbes 400 list, the definitive ranking of America’s wealthiest individuals. He reasoned, "I figured if I want to raise $10 million, why not go to the richest people in the world and ask them for a relatively small amount of money?" This bold strategy, which might seem presumptuous to many, paid off, with a few of these high-net-worth individuals seeing potential in the young, determined investor and agreeing to back his venture. This early success in attracting capital from seasoned investors not only validated his approach but also set a precedent for his future fundraising efforts and his ability to persuade powerful figures.
Another indelible attribute from Ackman’s early life that has remained a constant force throughout his career is his unwavering conviction, often manifesting as an outspoken and unapologetic public persona. A friend’s comment in his yearbook—"a closed mouth gathers no foot"—proved to be ironically prophetic. In the decades since, Ackman has, by his own admission and public observation, gathered many "feet," not by remaining silent, but by speaking out loudly and frequently. With a formidable 2.7 million followers on X (formerly Twitter), Ackman has transformed the platform into a powerful megaphone, using it to articulate his views not only on financial markets but also on a broad spectrum of polarizing societal and political topics that extend far beyond the traditional confines of Wall Street.
His willingness to engage in public discourse on contentious issues has frequently placed him at the center of national debates. He has been a vocal critic of diversity, equity, and inclusion (DEI) initiatives, a fierce opponent of certain policies enacted by the Biden administration, and a prominent figure in the controversies surrounding elite universities, particularly Harvard University during the tenure of former president Claudine Gay. His public challenges to Gay, which included accusations of plagiarism and calls for her resignation amidst debates over antisemitism on campus, garnered significant media attention and ignited heated discussions about academic leadership and free speech. As he candidly articulated to podcaster Lex Fridman a few years ago, when reflecting on his various skirmishes: "I’m attacking the president, DEI, and elite universities; I’m going to make some enemies." This statement encapsulates his understanding and acceptance of the inevitable blowback that accompanies his public crusades.
Yet, Ackman appears largely unperturbed by the criticism and animosity his views often generate. He shared with Shontell that, contrary to popular perception, he receives more expressions of gratitude and support than he does outright condemnation. This feedback loop, he suggests, reinforces his belief in the validity of his positions and emboldens him further. His financial independence, as he explained, grants him a unique form of freedom: "I’m not going to lose my job, and I can say exactly what I think." This sense of invulnerability allows him to express unfiltered opinions, even on topics that might be considered politically sensitive or financially irrelevant by his peers. He offered a recent example of this candidness: "Some people are like, well, I’m not going to open a Trump Account for my child because I don’t like that it’s called ‘Trump’ Account. Okay, that’s stupid." This comment, while provocative, highlights his pragmatic, results-oriented worldview, suggesting that perceived political affiliations should not override sound financial decisions. Indeed, as a Fortune overview of "Trump accounts" suggests, the financial utility of such products for children might outweigh any branding concerns for some investors.
Beyond his public pronouncements, Ackman also shared insights into his current investment thesis and a deeply personal philanthropic endeavor. In his conversation with Shontell, he elaborated on why Pershing Square has recently invested in technology giants like Uber and Meta, indicating a bullish outlook on their future growth and market dominance, likely driven by their vast user bases and strategic positioning in the digital economy. He also expressed his optimism for Anthropic, a rising star in the artificial intelligence sector, while maintaining a degree of skepticism regarding the rumored initial public offerings (IPOs) of OpenAI, suggesting a cautious approach to valuations in a rapidly evolving, yet highly speculative, market.
However, Ackman also delved into a significant investment that transcends financial returns: a new, ambitious brain institute in Manhattan. This sprawling 700,000-square-foot facility, known as the Ackman-Oxman Institute for Brain Research, represents a profound personal commitment, directly inspired by a recent family health crisis. "I’ve been very close to that issue in the last six months," he revealed, underscoring the deeply personal motivation behind this major philanthropic undertaking. This institute aims to advance critical research into neurological disorders and brain health, an area that has historically been underfunded but holds immense potential for improving human well-being. This venture showcases a different facet of Ackman’s impact—one driven by personal experience and a desire to contribute to scientific progress.
Another passion project that Ackman champions with fervor is the advocacy for capitalism, especially at a time when he perceives a growing inclination towards socialist ideals among Americans. This shift, he argues, is exacerbated by the ongoing affordability crisis, which has led many to question the efficacy and fairness of the capitalist system. "Socialism is a disaster," he declared, expressing deep concern about the potential consequences of such policies. He specifically pointed to local political developments, stating, "Watch if Mamdani is successful in implementing these plans. Watch what happens to New York City." This likely refers to the policies advocated by progressive New York politicians like State Assemblyman Zohran Mamdani, who has championed initiatives such as universal rent control, increased public housing, and wealth redistribution measures, which Ackman views as detrimental to economic prosperity and individual liberty. For Ackman, promoting capitalism is not just an economic philosophy but a civic duty, believing it to be the most effective engine for innovation, wealth creation, and societal advancement.
True to his character, Ackman doesn’t just present his opinions; he openly invites scrutiny and challenge. This expectation of vigorous debate is not limited to public forums but is deeply embedded in the culture of his firm, extending to all his employees and board members. "I’m focused on what I believe to be the truth, and I’m very happy to hear your argument if you think I’m wrong. I’ll course correct if you convince me," he articulated. This commitment to intellectual honesty and a willingness to adapt his views based on compelling counter-arguments underscores a critical aspect of his leadership: conviction is not rigidity, but rather a starting point for rigorous, evidence-based discussion. In a world where echo chambers often dominate, Ackman champions a marketplace of ideas, even if those ideas challenge his own.
Top Leadership News
Can Mistral Answer Europe’s AI Sovereignty Question?
The recent, albeit brief, shutdown of foreign access to Anthropic’s Mythos model by Washington served as a stark validation of longstanding warnings from Mistral AI CEO Arthur Mensch. Mensch has consistently cautioned that Europe faces a significant risk of becoming overly reliant on American artificial intelligence technologies. He has strategically positioned his French startup, Mistral, as the continent’s most viable and competitive alternative, emphasizing the importance of indigenous AI capabilities for economic and national security. "It’s been a validation of what we’ve been warning our customers about," Mensch told Fortune, stressing the critical need for European entities to "make sure that you can actually own that technology." This highlights the growing geopolitical tension surrounding AI development and the race for technological independence.
SpaceX’s First Earnings Report Signals Ambitious Growth Amidst High Spending
In a highly anticipated, albeit privately circulated, earnings report since its significant valuation increase, Elon Musk’s SpaceX announced a staggering 92% surge in revenue, reaching $7.8 billion. This figure significantly surpassed Wall Street’s consensus estimate of $6.9 billion, indicating robust growth driven by its Starlink satellite internet service and lucrative launch contracts for both government and commercial entities. However, investor sentiment took a cautious turn, with shares falling more than 7% in after-hours trading, primarily due to the disclosure of $18.4 billion in quarterly capital spending. This substantial investment reflects the company’s aggressive expansion plans, particularly in the development of its Starship rocket and the ongoing deployment of the Starlink constellation, but raised concerns among some investors about immediate profitability. Despite the spending, Elon Musk reiterated an accelerated internal timeline for achieving $1 trillion in annual revenue, moving the target from 2031 to 2030, and even suggesting "there’s a non-zero chance of that being in 2029," underscoring the company’s audacious long-term vision.
McDonald’s Taps 26-Year Veteran Skye Anderson to Revitalize U.S. Market
McDonald’s has announced the appointment of Skye Anderson as its new U.S. president, entrusting the 26-year company veteran with the critical task of reinvigorating its largest market. This leadership change comes in the wake of a challenging second quarter, where U.S. same-store sales grew by a mere 0.8%, marking the slowest pace since early 2025. CEO Chris Kempczinski candidly acknowledged that the fast-food giant had "overwhelmed restaurants with too many product launches," leading to operational complexities and potentially diluting the customer experience. Anderson, whose career trajectory within McDonald’s has been remarkably swift, is expected to leverage her deep institutional knowledge and strong working relationship with Kempczinski to streamline operations, optimize the menu, and refocus on core offerings to stabilize and accelerate growth in the highly competitive U.S. market. Her appointment signals a strategic move towards operational efficiency and market stabilization.
The Markets
S&P 500 futures are exhibiting a positive trend this morning, up 0.28%, following a robust 1.79% surge in the previous session, reflecting continued investor confidence, possibly fueled by positive economic indicators or corporate earnings. Across Europe, the STOXX Europe 600 edged up 0.04% in early trading, while the U.K.’s FTSE 100 also saw a modest gain of 0.16%. Asian markets demonstrated significant strength, with Japan’s Nikkei 225 climbing an impressive 3.66% and South Korea’s KOSPI advancing by 3.76%, likely driven by regional economic optimism or favorable policy news. China’s CSI 300 posted a solid 1.24% increase, and Hong Kong’s Hang Seng rose 0.24%. India’s NIFTY 50, however, bucked the trend, closing down 0.41%. Bitcoin, the leading cryptocurrency, was trading around $64,000, indicating a stable but cautious sentiment in the digital asset space.
Around the Watercooler
OpenAI Fires Back at Apple, Publishing Private Emails to Counter Trade-Secret Claims
In an escalating legal battle, OpenAI has taken an aggressive stance against Apple, publicly releasing a trove of private emails. This unprecedented move is a direct counter to Apple’s allegations of trade-secret misappropriation, with OpenAI aiming to demonstrate that their collaboration and intellectual property sharing were more open and consensual than Apple now claims. The dispute centers on the use of AI technologies developed by OpenAI, highlighting the intense competition and legal complexities surrounding intellectual property in the rapidly evolving AI landscape.
DoorDash CEO Tony Xu Once Thought His $87 Billion Company Would Only Make $100 Million. He Tells Founders to Be ‘Greedy’ and Dream Bigger
Tony Xu, the co-founder and CEO of DoorDash, revealed a surprising early perspective on his company’s potential, admitting he once envisioned his now $87 billion enterprise would only achieve a modest $100 million valuation. Sharing this insight, Xu urged aspiring founders to shed conservative estimates, encouraging them to be "greedy" not just for wealth, but for impact and scale, and to "dream bigger." His message underscores the transformative power of ambition and the importance of setting audacious goals in the startup ecosystem.
Scott Bessent Is Using Moves From His Hedge Fund Days to Prop Up Japan’s Yen—and America’s $40 Trillion National Debt
Veteran hedge fund manager Scott Bessent is reportedly deploying sophisticated financial strategies, reminiscent of his earlier career, to influence currency markets. His focus is on bolstering the Japanese yen, which has faced significant depreciation, and indirectly addressing concerns surrounding America’s colossal $40 trillion national debt. This maneuver suggests a complex interplay of macroeconomic forces and strategic financial engineering, where private capital plays a role in stabilizing sovereign assets and currencies amidst global economic uncertainties.
‘This Is Insider Trading By Definition’: Trump Sells $100,000 Monthly Subscription Service to Wall Street to Further Monetize the Presidency
Controversy has erupted around a new financial service offered by Donald Trump: a $100,000 monthly subscription targeted at Wall Street professionals, allegedly providing early access or privileged insights related to his Truth Social platform or broader political/business dealings. Critics are swiftly labeling this initiative as "insider trading by definition," raising serious ethical and legal questions about the monetization of political influence and information, especially by a former president, and blurring the lines between public service and private gain.
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.
