Bill Ackman Gives $1 Million to Long-Shot 2024 Democrat Dean Phillips

Hedge-fund billionaire Bill Ackman said he was committing $1 million to support Rep. Dean Phillips’s challenge to President Biden for the Democratic nomination in the presidential election.

Even with the new funding, Phillips (D., Minn.) remains a long shot in the primary contest against Biden, who enjoys the backing of the Democratic Party’s machinery, despite concerns about his age and polling showing him trailing likely Republican nominee Donald Trump.