Bill Ackman suggests Eric Adams place Polymarket bet and then drop out of mayoral race

Billionaire hedge fund manager Bill Ackman suggests Eric Adams drop out of the New York mayoral race, but first "place a large bet on Andrew Cuomo and then announce your withdrawal from the race" to "fund [his] future".

He writes: "There is no insider trading on Polymarket." Americans are currently prohibited from trading on Polymarket (though Polymarket makes only perfunctory attempts to block it, which are widely circumvented.)

By "no insider trading on Polymarket" he likely is referring to the fact that the SEC can't bring insider trading charges because Polymarket contracts are not securities. That doesn't mean trading on insider information would be legal (or ethical), though.

Screenshot of the end of a long tweet: The mirror does not lie. Eric, please take a close and hard look. And to fund your future, you could place a large bet on Andrew Cuomo and then announce your withdrawal from the race. There is no insider trading on Polymarket. [Screenshot of Polymarket showing Zohran Mamdani with a large lead of 82% in a bet on the outcome of the NYC mayoral election, with Andrew Cuomo behind at around 15%]
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