JNS
"Owning an exchange is like owning a royalty on the success of a country," said the CEO of Pershing Square Capital Management hedge fund, in Israel to ring the opening bell of the Tel Aviv Stock Exchange.
American hedge-fund billionaire Bill Ackman said on Tuesday that his acquisition of 5% of the Israeli stock market was “one of the best investments” he made in his life, adding that he sees a bright future for the Israeli economy, which has proven to be resilient through regional turmoil since the start of Israel's war against Hamas in Gaza.
“Less than two years ago, I predicted that there was no better time to invest in Israel, and I’m proud to say I was right,” he told JNS after ringing the opening bell of the Tel Aviv Stock Exchange during a visit to the Jewish state.
Last year, the 59-year-old billionaire investor and his Israeli-born wife, Neri Oxman, spent $25 million for an equity stake of around 4.9% in the Tel Aviv Stock Exchange.
"Owning an exchange is like owning a royalty on the success of a country," said the CEO of the New York-based Pershing Square Capital Management hedge fund.
The investor is one of the most prominent and influential figures in the U.S. capital market. He has been a staunch and vocal supporter of the Jewish state in the nearly two-year-old war against Hamas in Gaza, triggered by the Hamas-led attacks in southern Israel on Oct. 7, 2023.
“I come from a very proud Jewish family, which was very supportive of Israel,” he said at the special Tel Aviv ceremony, citing the influence of both his late father, who was concerned over mounting antisemitism even before the Hamas attack, and his wife.
Ackman called the terrorist invasion “one of the worst days of my life,” which caused him to recognize that the simmering hatred his father had warned him about in a letter shortly before his death three years ago was “a much bigger problem in the world” than he had ever thought.
“I realized there was a much bigger problem in the world. That realization came from my own university, where 34 student organizations released a letter saying, 'Israel is solely responsible for the acts of Hamas,' even though Hamas was still operating on Israeli soil,” he stated.
It was at this point that he decided to be more financially active in Israel. “I have always been a strong believer that while philanthropy can solve some problems, capitalism can solve many more,” he said.
Acknowledging that Israel has "a major PR problem," he said that the Jewish state still has many friends, despite the impression caused by the fallout from the war. “While Israel has enemies, Israel has many more friends, and most Americans support Israel,” he said.
“It is hardest in dark times to see the light, but the light is shining very bright,” he said. “We are on the path to prosperity and peace. I’m very optimistic.”
The Tel Aviv stock market has risen 65% since Oct. 7—a sign of Israeli resilience and an improved geostrategic situation in the region.
