Billionaire hedge fund manager Bill Ackman walked back public criticism of Commerce Secretary Howard Lutnick, days after accusing the former Cantor Fitzgerald CEO of profiting from the market fallout tied to President Donald Trump‘s latest tariff push.
Ackman, the founder and CEO of Pershing Square Capital Management, made the initial remarks April 6 on X, amid growing investor anxiety following the White House’s decision to hike tariffs on a wide range of imports.
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Tariffs, Tensions and a Public Walk-Back
The Trump administration imposed a 10% base tariff on most imports and levied duties as high as 145% on select Chinese goods.
Exemptions were initially granted for consumer electronics, including smartphones and laptops, according to the White House. However, Lutnick later said those exemptions could be revoked as the administration ramps up efforts to support U.S.-based semiconductor manufacturing.
The market reacted sharply. On April 8, the S&P 500 came close to bear market territory, falling nearly 20% from recent highs.
Shares of companies with global supply chains, including Apple, Microsoft and Nvidia, declined throughout April amid growing concerns over rising input costs and logistical delays.
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Ackman, whose fund manages approximately $15 billion, appeared to target Lutnick in a since-revised social media post. But in a follow-up post the same day, he said it was “unfair” to single out Lutnick, who became Trump’s commerce secretary after leading Cantor Fitzgerald for more than three decades.
“I am sure he is doing the best he can for the country while representing the President as Commerce Secretary,” Ackman said on X. “It is not an easy job and we don’t know how the sausage was made.”
The hedge fund mogul called for a 30- to 90-day pause in the implementation of the tariffs to allow for renegotiations. Ackman clarified in a post on X that his frustration stemmed from a fear of triggering a deeper economic downturn.
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His fund has already taken a hit. Shares of Pershing Square’s core holdings — including Chipotle Mexican Grill, Brookfield, and Alphabet — slid after the tariff announcement. Pershing Square fell 3.5% on April 7.
Ackman’s net worth stood at $8.9 billion as of April 26, according to Forbes. He has become increasingly vocal on political and market issues over the past year, including publicly backing Trump in the 2024 election.
Meanwhile, other high-profile figures have joined the criticism. Elon Musk, CEO of Tesla, expressed concern in a Wall Street Journal interview, advocating for free trade and warning of potential disruption in U.S. manufacturing.
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This article ‘It Is Not An Easy Job’: Hedge Fund Mogul Bill Ackman Walks Back Tariff Criticism Of Commerce Secretary Howard Lutnick originally appeared on Benzinga.com
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