The billionaire investor is engaged in a prominent conflict with Harvard president Claudine Gay concerning antisemitism and threats to Jewish students on campus. However, underlying personal animosities also contribute to the dispute.
Mr. Ackman has criticized the management of Harvard University, the institution where he studied.
In the two-month battle over the future of Harvard’s president, billionaire investor William A. Ackman has positioned himself as a defender of Jewish students and a champion for those who feel that colleges have created an unwelcoming environment for critics of liberal beliefs.
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However, beneath his public stance are personal grievances that precede the recent campus controversies related to the Hamas attack on Israel and Israel’s subsequent invasion of Gaza on October 7. Ackman, as he admits and according to others close to him, is displeased that officials at his alma mater, to which he has donated tens of millions of dollars, and its president, Claudine Gay, have not taken his advice on various matters. This includes his recent suggestions on addressing complaints of antisemitism and potential violence against supporters of Israel on campus.
In an interview, Ackman expressed frustration, stating, “It would have been wise for her to listen, or at least pick up the phone.” He described his recent efforts to reach out to Dr. Gay through a series of calls, texts, and letters to university officials.
On Tuesday, Harvard’s board announced that Dr. Gay, the institution’s first Black president, would remain in her position despite calls for her removal. Although Ackman’s campaign, which included claims that she was hired partly due to her race and gender, did not succeed in removing her, it did influence the discourse on antisemitism in universities and raised questions about the influence of major donors in steering elite institutions. Ackman stated his intention to be a “positive force” at the school.
Some on campus, sensitive to the perception that a wealthy alum could exert significant influence, launched a campaign in support of Dr. Gay. Nevertheless, Ackman retains support from certain quarters, including Jewish groups critical of what they perceive as the university’s slow response to condemning the Hamas attack and its alleged equivocation on threats of violence against Jewish students. Ackman highlighted his town hall meeting with 230 Jewish students during a recent visit to campus.
Rabbi Hirschy Zarchi of Harvard Chabad, who hosted Ackman on campus, commented, “When the history of this moment is written, Bill will be a part of it.”
Mr. Ackman, who frequently shares updates on social media with almost one million followers, is notably the only high-profile donor openly opposing Harvard. Unlike other affluent contributors such as financier Kenneth Griffin, who advocate their views privately, Ackman has taken a public stance.
Chris Rufo, a senior fellow at the conservative Manhattan Institute for Policy Research, credited Ackman as an “elite defector” and emphasized that the backlash against institutions like Harvard wouldn’t have been as intense without his involvement. Several Harvard donors, supporting Ackman’s goals but hesitant to harm their relationship with the school, echoed this sentiment anonymously.
However, not everyone agrees. Harvard Law School professor Ben Eidelson labeled Ackman as an “interloper” and argued against universities being answerable to wealthy individuals and their Twitter followers.
At 57 years old, Ackman, with an estimated fortune of $3.8 billion, has a history of supporting Democratic causes. He founded Pershing Square Capital, engaging in high-profile battles against companies he deems mismanaged. Despite losing a billion-dollar bet against Herbalife, which he accused of fraud without proven allegations, Ackman made a significant profit at the onset of the Covid-19 pandemic by betting on the stock market’s decline.
In recent years, Ackman has weighed in on various public issues, from the pandemic to global events like Russia’s attack on Ukraine and matters related to Elon Musk.
Pershing Square’s approach, involving extensive efforts to pressure companies, appears to be a strategy Ackman has adopted in his conflict with Harvard.
While Ackman has donated tens of millions to Harvard over the years, his contributions do not rank among the top donors at a school accustomed to receiving substantial nine-figure donations. His most substantial gift, dating back to 2014, involved a $25 million donation with his former wife to enhance the economics department and endow three professorships.
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