'We Are Heading For A Self-Induced, Economic Nuclear Winter.' Billionaire Investor Bill Ackman Has Turned On Trump Over Tariffs

• Billionaire investor Bill Ackman has publicly split with President Donald Trump over tariffs
• On Sunday, he posted to X that the tariffs amount to an "economic nuclear war" for the U.S.
• Ackman is not the only billionaire to turn on Trump over the tariffs; several others have also vocalized their disapproval of the levies

As President Donald Trump's tariffs begin to take effect and their impact on the economy is becoming more evident, billionaires who were once vocal supporters of Trump have begun to turn their backs on him, CNN reports. 

Bill Ackman, the CEO of Pershing Square Capital Management, who endorsed Trump in July, is one of the latest billionaires to express his disagreement with the president over his levies. Ackman on Sunday made a lengthy post on X, writing that, thanks to Trump's plan, "we are heading for a self-induced, economic nuclear winter, and we should start hunkering down."

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"Business is a confidence game. The president is losing the confidence of business leaders around the globe. The consequences for our country and the millions of our citizens who have supported the president — in particular low-income consumers who are already under a huge amount of economic stress — are going to be severely negative. This is not what we voted for," he continued. 

Ackman isn't the only wealthy businessman to express displeasure with Trump's new tariffs that range from 10% on all countries to 104% on big trading partners like China. 

Stanley Druckenmiller, the billionaire founder of the Duquesne Family Office, also took to X on Monday to express his thoughts on the tariffs. In one of only about two dozen posts to his account, he wrote, "I do not support tariffs exceeding 10%."

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Hours later, Ken Fisher, the founder and executive chairman of Fisher Investments, wrote on X, "What Trump unveiled Wednesday is stupid, wrong, arrogantly extreme, ignorant trade-wise and addressing a non-problem with misguided tools.  Yet, as near as I can tell it will fade and fail and the fear is bigger than the problem, which from here is bullish." He followed the initial post with: "I was not much vocal on Biden's errors or Trump's in first term & don't usually go there with any POTUS but on tariffs Trump is beyond the pale by a long shot."

Even Elon Musk, the world's richest man, Tesla TSLA CEO, seems to be opposed to the president's tariff agenda. He told Italian Deputy Prime Minister Matteo Salvini on Saturday in a video-link interview during the far-right League party in Florence that he hoped for a "zero-tariff situation" between the U.S. and the E.U. "At the end of the day, I hope it's agreed that both Europe and the United States should move ideally, in my view, to a zero-tariff situation, effectively creating a free-trade zone between Europe and North America," he said. 

Historically, Trump has relied on the support of billionaires like Ackman, who publicly endorsed him throughout the last election cycle, and Musk, who spent an estimated $200 million to help elect him in November. But it remains to be seen whether their displeasure with the decision and their advice against it will sway Trump's decision-making going forward. 

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