Billionaire hedge fund manager and influential investor Bill Ackman has publicly endorsed former President Donald Trump for the upcoming presidential election, promising a detailed explanation of his decision in a future post.

What Happened: On Sunday, Ackman went on the social media platform X to announce his formal endorsement of Trump, telling his followers that his decision was made rationally and based on empirical data.

"I am going to formally endorse @realDonaldTrump," Ackman posted. "I assure you that I have made this decision carefully, rationally, and by relying on as much empirical data as possible".

Ackman said that it would take another long-form post to lay out his thinking. "I just haven't had the time nor felt the urgency to write the post as we are still a few months from the election," he added.

"I came to this decision some time ago as many X followers have already understood from my supportive posts of Trump and my criticisms of Biden," Ackman said.

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Ackman also revealed that he had spent some time with Trump recently, promising to share his firsthand observations in a future post. He urged his followers to keep an open mind about the upcoming election, criticizing mainstream media's portrayal of Trump.

Ackman's endorsement followed that of Tesla CEO Elon Musk, who endorsed Trump and expressed "hope for his rapid recovery" from the shooting.

Why It Matters: Ackman's endorsement is significant due to his influence in the financial world. His decision to publicly support Trump could potentially sway other investors and business leaders.

Ackman's promise to provide a detailed explanation of his endorsement also indicates a desire to influence public opinion ahead of the election.

While Ackman has not yet provided his detailed explanation, his initial announcement has already sparked discussion and debate. His future post is likely to be closely watched by both supporters and critics of Trump.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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